The property market in Spain has witnessed consistent growth since 2014, and the province of Malaga stands out as the country’s leading region in terms of this upward trajectory.
As of January 2024, the average price of residential properties for sale in Malaga reached €2762/m2, reflecting a notable increase of 16.29% compared to January 2023 (€2375/m2).
The lowest price level within the past two years was observed in March 2022, with an average asking price of €2,157/m2 for a property for sale.
January’s figures mark the highest point in the last two years, and industry analysts anticipate the upward trend to persist. The demand for residential properties in the Costa del Sol region remains strong post-COVID, contributing to the market’s resilience.
The market is still cautious due to the lingering effects of the 2008 property crisis, therefore current trends in the property market present favourable conditions for long-term investors.
(Source/Chart: INDIOMO)
RAPID SURGE IN RENTAL PRICES
In January 2024, the average rental price for residential property in Malaga soared to €13.95 per square meter, depicting a remarkable increase of 21.09% compared to January 2023 (€11.52 per square meter per month).
Similar to sales prices, January’s rental figures indicate that prices have reached their peak in the current month, and further increases are anticipated.
The lowest month for rental prices within the past two years was also March 2022, with an average of €10.02 per square meter per month for a rental property.
This positive trend extends beyond the past two years. Gesvalt’s 2021 national survey underscores Malaga’s dominance in the property market. The study reports a year-end 2022 price per square meter at €2,413, indicating a robust 15.5% increase from the year-end 2021 figure.
This percentage increase significantly outpaces the national average, with Malaga’s growth being five times higher than the 3.3% reported for the entire country. Furthermore, it surpasses the increases seen in other regions, such as the Balearic Islands, the province of Barcelona, Valencia, and Madrid. Malaga’s property market continues to exhibit strength and outperformance on a regional and national scale.
Source/Chart: SUR / GESVALT
