A woman looks at houses for sale in an estate agents. / SUR

House prices up 13 per cent in Malaga province in the last twelve months

The latest report from Pisos.com shows the province had the highest monthly price increase in Spain for November

SUR

The latest monthly report of sales prices from Pisos.com shows a continuing rise in house prices in Malaga province. In the last twelve months, the square metre price has risen by 13 per cent in the province, the highest increase in Andalucía, and costs 2,491 euros; the Andalusian average is 1,497 euros.

Furthermore, while prices at the national and Andalusian level are leveling off, in Malaga the rise continues unabated; in the last month the average property price increased by 2.9 per cent, the highest in Spain. Compared to other cities in Andalucía, Malaga is almost tied with Cadiz, which is the most expensive, at a cost of 2,695 euros per square metre, while Malaga is only three euros below, after a year-on-year increase of 9.4 per cent.

In Andalucía as a whole, the second-hand housing market in November had an average price of 1,497 euros per square metre. This represents an increase of 1.1 per cent compared to October, the fourth highest in Spain. Year-on-year, there was a rise of 6.8 per cent, the fourth highest in the country.

Ferran Font, director of research at pisos.com, said that "new construction has been very much affected by the rise in the price of materials".

As financing is no longer so affordable, buyers "are not going to be as dynamic", added Font.