Estepona is attracting more and more tourists and investors. The city, located in the golden triangle of the Costa del Sol together with Marbella and Benahavís, has also achieved the best economic performance in its history.
The municipality of Estepona reports a surplus of no less than €30.25 million. This was announced during the last municipal meeting. It discussed the closure of the 2023 budget.
Financial stability and record investments
Estepona’s budget stability was set at €14.9 million. Furthermore, the remaining cash is at a record high of €37.8 million. This exceeds all expectations and puts the economic indicators in the green for the ninth consecutive year.
The surplus will benefit the citizens. Additional money will be used to strengthen infrastructure projects in and around the city. This includes road surfacing, improvements to museums and sports facilities, public lighting schemes and the extension of the coastal path (Senda Litoral). Additional credits and credit increases with a total value of €9.43 million were approved for these purposes.
Significant decrease in municipal debt
The municipality’s living debt stood at €28.5 million as of December 31. Of the debts inherited from previous municipal authorities, 90% of the more than €300 million has already been paid off. The city’s current debt ratio is the lowest in thirty years (24%).
Liquidity and investments at record levels
The city’s bank balances amounted to more than €67 million at the end of the year after payment of the assumed debt and implementation of €25.7 million in investments. The municipality’s average payment period is one of the best in Spain at 11.1 days.
Total investments in the city amounted to almost €26 million in 2023. This means that Estepona makes the most investments in facilities per inhabitant within the province of Málaga.
Private investments are picking up
The pick-up in private investment reflects the thriving local economy. Recent projects include luxury hotels and residential projects in the city centre. Examples include a recently opened shopping centre and a five-star hotel project by the United Arab Emirates investment fund Unicorn Royal Emirates, with a total investment of €150 million, scheduled for completion in 2027.
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