We are pleased to share that the housing market in Malaga province has once again gained tremendous interest. It is clear that the real estate market in this region continues to grow and prosper. This is good news, not only for the local economy, but also for investors and homebuyers looking for their dream home in this beautiful region.
Málaga: the sixth largest city in Spain
Malaga, located in southern Spain on the Costa del Sol, is known for its sunny climate, beautiful beaches and rich cultural heritage. But the city also has an emerging real estate market that is attracting more and more investors. It is the sixth largest city in Spain, and is a popular destination for tourists, expats and retirees.
Why is Málaga popular?
The popularity of the Malaga housing market is due to a number of factors.
- First, there is the attractive value for money of properties in the region. Malaga offers a wide range of properties, from historic townhouses to modern new construction apartments, all at affordable prices.
- There is strong demand for real estate in the city, thanks to the growing population and increasing tourist industry.
- In addition, the city offers a high return on investment, with good rental income (more on this later) and solid property appreciation.
- Moreover, Malaga is a wonderful place to live. It has a mild climate, beautiful beaches and vibrant city life. It is no surprise that many people consider this region an ideal place to buy a home. Malaga’s warm and sunny climate is another attraction for tourists and investors. With more than 300 days of sunshine per year and an average temperature of 22 degrees Celsius, Malaga is an attractive destination
Tourists like Málaga better and better!
One of the main reasons behind the growth of the real estate market in Malaga is the increase in the number of tourists visiting the city. In 2019, the city received more than 13 million tourists, and this number is still growing. The city not only offers sun and sea, but also has a rich cultural offer, including the Picasso Museum and the Alcazaba Castle.
Want to know more about Málaga? Read our Malaga guide here
The future of the housing market in Malaga?
What can we expect in the years to come? According to the latest forecasts, the real estate market in Malaga will continue to grow, albeit at a slightly slower pace than in previous years. This means there are still many opportunities for investors and homebuyers to take advantage of the rising market.
If you are thinking about buying a house in Malaga, there are some things to consider. First, it is important to find a reliable real estate agent who can help you find the right home and handle the purchase.
Also read: Málaga the new Silicon Valley?
Sharp increase in number of mortgages closed in Málaga
The housing market in Malaga continues to grow and this can be seen in the increasing number of mortgages taken out. Between January and July this year, the number of mortgages completed in Málaga increased by 22 percent compared to the same period last year. With a total of 13,616 mortgages closed, this is the highest number for this period since 2010. For now, the rise in the Euribor does not seem to be an obstacle for people looking to buy a house in Andalusia. The data comes from Wednesday updated INE statistics and confirms the level of the property market on the Costa del Sol.
Increase contrasted with moderation of growth nationally
The surge in demand for mortgages in Málaga contrasts with the moderation of growth nationally. In the month of July alone, the latest month with published data and in which the Euribor rose sharply, the number of mortgages in Spain increased by 2.3 percent, while in Málaga this increase was 19.2 percent. Overall growth was around 15 percent nationally, while in Málaga, as mentioned earlier, it was 22 percent.
Average mortgage amount
Housing prices also continue to rise, as evidenced by the average amount for which mortgages are taken out. In the province of Málaga, this amount was 176,000 euros, compared to 159,000 euros in the same month last year and 144,000 euros in 2020.
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Most expensive properties in Marbella
Within the province, the most expensive homes are in Marbella. Here the average price is 3,340 euros per square meter, which is very close to the historical record of 3,353 euros per square meter in June 2006.
DISCOVER: The best newly built houses for sale in 2023
Also in Fuengirola, the cost of housing is currently at its highest level at 3,086 euros per square meter, making it the second most expensive city in the province of Málaga. In third place is Benahavís with 3,019 euros per square meter.
Read also: Buying new construction in Málaga: The new pearl of the Costa del Sol?
Important: Financial planning
It is also important to plan your finances well. Make sure you understand the cost of buying a house in Spain, including taxes, notary fees and lawyer’s fees. Also consider how you plan to finance the home, whether you plan to pay cash or take out a mortgage.
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Finally, it is important to remember that the housing market in Malaga is always changing. It is essential to stay abreast of the latest trends and developments in the region so that you can make the best decisions when it comes to buying real estate.
In conclusion, the housing market in Malaga remains an attractive option for investors and homebuyers. With affordable prices, a beautiful location and a growing market, it’s no wonder so many people choose to buy a home here. If you are looking for your dream home in Malaga, contact a reliable real estate agent and start your search today.
Thanks for reading: Malaga housing market continues to grow. View all real estate projects for sale in Costa del Sol here.