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House prices continue to rise in Malaga with another 3.2% jump in the first quarter
Property

House prices continue to rise in Malaga with another 3.2% jump in the first quarter

This latest increase means property prices have increased by 9.9% in the past twelve months, and this is what you might now be expected to pay per square metre

Tuesday, 2 April 2024, 17:58

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The cost of housing in Malaga province is not letting up, with prices increasing by 3.2% in the first three months of this year, according to the latest figures.

Each square metre of property is valued at 2,169 euros, on average, according to data published on Monday 1 April by real estate group Tinsa. This is the biggest increase in Andalucía in this quarter, and by far. Malaga province is followed by Granada which recorded a 1.7% increase.

In the region, provinces which recorded a fall in prices are Cordoba (-2.7%), Jaen (-0.8%), Seville (-0.4%) and Almeria (-0.3%). As a whole, the price of housing in Andalucía recorded a 0.5% drop in the first quarter of the year, to 1,531 euros per square metre.

9,9% house prices in Malaga have risen over the last year

This is the largest increase of any province in Spain

This latest increase means house prices in Malaga have increased by 9.9% in the past twelve months, making it not only the leading province in Andalucía but also in Spain where house prices have jumped the most between March 2023 and the same month this year. It is followed by the Balearic Islands, which recorded an 8.3% increase. The rise in Malaga province is more than double that experienced in Andalucía, where the increase was just 4.1%.

The rise in Malaga city has been even higher than that registered in the province. At the end of March, the square metre was 4% more expensive than at the end of the 2023 financial year and 11.1% above the figure of twelve months ago, according to the data.

2,346 euros per square metre

is the average price of a property in Malaga city, which is only surpassed in Andalusia by the 2,379 euros in Cadiz.

However, the 2,346 euros per square metre that the price of a property in Malaga city has reached is surpassed in the region by the 2,379 euros it costs in Cadiz.

The Tinsa report also took a closer look at what has happened in the districts of the main Spanish cities, including Malaga. The figures show that Malaga east is the district where prices have risen the most in the past twelve months, by 17.3%, to 3,255 euros per square metre. It is followed by the centro district, with an increase of 13.8%, to an average of 2,801 euros per square metre. Rises also exceeded 10% in Bailén-Miraflores (10.5%, to 1,836 euros) and in Puerto de la Torre (10.1%, to 2,100 euros). The slightest increase was recorded in Palma-Palmilla, with a rise of 7%, to 1,617 euros, followed by Campanillas (7.2%, to 1,585 euros per metre, on average).

According to the Tinsa data, the average mortgage applied for is close to 180,000 euros in Malaga province, which puts it in third place, behind Madrid (204,554 euros) and the Balearic Islands (244,005 euros). Malaga is also third in the ranking in terms of monthly mortgage repayments, with around 900 euros, only behind Madrid (981 euros) and the Balearic Islands (1,284 euros).

51% of the income of a Malaga household

The percentage is only exceeded in the Balearic Islands, where the mortgage payment accounts for 58.6% of the family income.

But if Malaga is third in terms of both average mortgage and monthly repayments, in terms of the percentage of the average household's disposable income that has to be allocated to paying the first year of a mortgage, it rises to second place. For a Malaga household, housing accounts for 51% of income, a percentage that is only exceeded by the 58.6% of the average Balearic household's income that has to be spent on mortgage repayments.

By districts, residents of Teatinos-Universidad are the ones who have to make the greatest effort to pay their mortgage: 56.5% of their income is spent on housing; they are followed by residents of Centro (55.3%), Carretera de Cádiz (51.3%); Malaga Este (48.5%); and Puerto de la Torre (46.6%).

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