Explore the 13% rise in Malaga real estate prices, the highest in Spain, with Malaga City seeing a notable 12.4% increase in late 2024.
In a remarkable turn of events, the Spain’s real estate landscape has witnessed an unprecedented surge, with Malaga province emerging as the frontrunner in property price increases. According to the esteemed appraisal firm Tinsa, the final quarter of 2024 has revealed a staggering 13% annual rise in house prices within this sun-kissed region. Malaga City, in particular, has outshone all other municipalities in the nation, boasting a commendable 12.4% increase during the same period.
The cost per square meter in Malaga province has now reached an impressive €2,376, reflecting a notable 4.8% uptick over the past three months. This places Malaga among the upper echelons of real estate prices in Spain, trailing only the Balearic Islands, which command a lofty €3,187 per square meter—a 10.9% increase in the last quarter. Madrid and Barcelona follow closely behind, with prices of €3,172 and €2,620 per square meter, respectively. Within the Andalusian context, Malaga province stands out with the highest per square meter price, eclipsing Sevilla’s €2,185.
The Tinsa report meticulously dissects the housing market within Malaga City’s 11 districts, revealing a spectrum of price increases. These range from a modest 6.5% in Campanillas to a staggering 28.1% in Palma-Palmilla, with the majority of districts experiencing growth between 10% and 15%. Noteworthy figures include the Centre (+13.6%), East Malaga (+14.9%), Ciudad Jardin (+15%), and several others, all contributing to the vibrant tapestry of Malaga’s real estate market.
The most expensive square meter can be found in the eastern part of the city, priced at €3,504, followed closely by the Centre at €3,024 and Teatinos at €2,808. Tinsa attributes this meteoric rise in property values to the favorable conditions surrounding mortgage costs and the accessibility of credit, which have collectively fueled demand, particularly among non-Spanish buyers.
In terms of mortgage statistics, the National Institute of Statistics reports that the average mortgage loan in Malaga stands at €193,348, positioning it as the third highest in Spain. This translates to an average monthly repayment of €980, a figure poised to decrease in light of falling interest rates. As the Malaga real estate market continues to flourish, one cannot help but marvel at the intricate interplay of economic factors that have propelled this province to the forefront of Spain’s real estate scene.
