Housing cooperatives are a great success in Malaga: these are the most in-demand areas to live in, with savings of around 20%

Housing cooperatives are a great success in Malaga: these are the most in-demand areas to live in, with savings of around 20%

  • The most in-demand properties in Málaga to live in or invest in have swimming pools and are in ‘hot spots’ such as Rincón de la Victoria, Estepona, Alhaurín de la Torre, Fuengirola or Torremolinos

If the pandemic has taught us anything, it is to value our freedom and our homes much more. The fact is that it has modified our customs and needs. We now spend much more time at home, working from home has become the norm and we no longer need to live in the city centre to carry out our work. All of this has encouraged many people to look for other areas to live in and homes that are more focused on enjoyment.

This was revealed by a study carried out by LACOOOPEstudios - the research department of ‘lamadredelascooperativas’, the No. 1 search engine for housing cooperatives. Specifically, the most frequent search criteria in Andalusia during confinement were houses with a terrace, a communal swimming pool and a paddle tennis court.

Moreover, in Málaga much value is placed on designer residential complexes, and housing cooperatives are popular as they allow for savings of around 20%, deposits can be paid in instalments while the property is under construction, and they offer a safe and professional environment.

Savings, and the suitability of the location, the facilities and the connections define the 'hot spots'.

Housing cooperatives are a great success in Malaga: these are the most in-demand areas to live in, with savings of around 20%

Once buyers have decided what they value most when looking for a home, the next step is to decide where they want to live or invest in property. Regarding the locations that arouse the most interest, the provincial capital city has given way to other ‘hot spots’ in the province which offer great advantages such as the surroundings, the services and bonuses or the connections.

One of these areas is Rincón de la Victoria. Located less than 20 minutes from Malaga, it has all the benefits of a coastal town, but at a slower pace than other areas with more population and overcrowding. It is therefore not surprising that in recent years it has positioned itself as a very profitable area to rent and a safe option to buy. Both the people of Málaga and many tourists from other parts of Spain or Europe choose this privileged location to buy a home, either to live there or to rent out for a good part of the year.

At the other end of the coast is Estepona, another of the most sought-after municipalities for buyers or investors. Known as 'the garden of the Costa del Sol', Estepona offers multiple opportunities for its inhabitants, including its extensive network of services, its quality beaches and its proximity to Marbella. It also has good roads and sea connections through its port. It is therefore not surprising that Estepona has residents from 103 countries on all five continents.

A little further inland is Alhaurín de la Torre, which has become one of the favourite options for those who want to live 20 minutes from the city centre in a natural enclave of great tranquillity and security. The municipality has a wide range of newly built single-family homes, perfect for families and people who want to be well connected to the capital. Moreover, the village is one of the best equipped in the province, and stands out for its care and variety of proposals for the enjoyment of the neighbours.

Other timeless classics that are guaranteed successes for living and investing are, without a doubt, Torremolinos and Fuengirola. These coastal towns, just a few kilometres from Málaga, have become hubs of population due to their excellent location, variety of services and comfort. Proof of the demand for further housing is that Fuengirola Town Hall has recently approved studies to promote the construction of almost 300 homes in the area of El Higuerón, in the northern part of Carvajal. This is in addition to developments currently in progress, which rank the town as a hot spot for investment with almost assured return, as has been demonstrated in recent years.

For its part, Torremolinos continues to be one of the favourite places for Málaga residents, other Spaniards and foreigners. Its combination of traditional town and modern and cosmopolitan enclave makes it irresistible for many. Expert cooperative managers know that new construction in Torremolinos is in great demand. That is why they all have housing developments at cost price on strategic land in Torremolinos, with all types of houses to suit all tastes and families.

Savings and tax benefits

Housing cooperatives are a great success in Malaga: these are the most in-demand areas to live in, with savings of around 20%

No matter where you choose to buy your new home, the smartest way to do so is through a housing cooperative. There are many reasons to choose this option, but these are the main three: savings of around 20% as there are no intermediaries, the possibility of paying the deposit in instalments and security.

Moreover, cooperatives have tax benefits that have a direct impact on the final price of the homes, allowing a significant reduction in the final amount. This looser tax system benefits both housing cooperatives and cooperative members. Housing cooperatives only pay 5% of the IAE (Business Tax) and are exempt from paying the ITP (Transfer Tax) in certain acts of constitution and application of capital, as well as loans. For their part, the members of the cooperative, in addition to being able to deduct instalment payments towards their homes in their tax returns, can also enjoy the tax benefits of their home savings account.

All this with the maximum security because, as explained by LACOOOP 'lamadredelascooperativas', due to the frauds of the past "the laws around housing cooperatives are very strict and have established strong controls". However, the company points out that it is essential that they are managed "with a lot of professionalism". Hence the importance of the cooperative being coordinated by an expert manager.

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