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Malaga and the Costa del Sol is home to the most expensive average mortgage in Spain
Finance

Malaga and the Costa del Sol is home to the most expensive average mortgage in Spain

Just a year ago, the province was in fourth position in the national ranking, but the average loan taken out has now risen by more than 30% in the past twelve months

Cristina Vallejo

Malaga

Wednesday, 24 April 2024

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Malaga province, which includes the Costa del Sol, has the most expensive average mortgage in the country, according to new data.

Figures released this Wednesday 24 April by Spain's INE national statistics institute (INE) show the average loan taken out in the province in February amounted to 234,777 euros, higher than the Balearic Islands, where the average loan was close to 187,000 during the same month.

Just a month earlier, the Balearic Islands was at the top of the ranking, with a mortgage worth just over 207,000 euros, while Malaga province was in second place, recording 194,700 euros.

And, just 12 months ago, the province was in fourth position with an average of 175,000 euros per loan and was overtaken by 177,000 euros in Barcelona, 203,000 euros in Madrid and almost 239,000 euros in the Balearic Islands.

But in the past year, Malaga has been the second province in which the average value of mortgages has increased the most: they have risen by more than 34%, a percentage only exceeded by Soria, with an increase of 42%. In Spain, the average mortgage loan has fallen by 5.2%, from 143,555 euros in February 2023 to 136,145 this year, according to the data.

143,555 euros

This is the value of the average mortgage signed in Spain, having fallen by 5.2% year-on-year.

In the provinces that follow Malaga in terms of mortgage values, there has also been a significant drop. To begin with, in the Balearic Islands the average mortgage has fallen by almost 22% in the past year, to 186,500 euros, while in Madrid the cut has been 12.7%, to 177,215 euros, a figure matched by Barcelona after its 0.25% drop.

In Andalucía, there is no other province where the average mortgage exceeds the national average. After Malaga, the most expensive is Cadiz, whose value barely exceeds 120,700 euros, a figure that practically equals that of a year ago. Seville's, meanwhile, stands at 117,300 euros, having fallen by almost 2%. The lowest mortgages in the region were signed in Almeria (81,000 euros, 7% lower than a year earlier) and in Jaén (84,600 euros, which represents a drop of 1.8% year-on-year).

25% decrease in those taking out a mortgage in Malaga

Meanwhile, in Spain, taking out loans to buy homes increased by 3.8% in February compared to a year earlier.

It is also worth noting another phenomenon in Malaga province that differs from the rest of the country. While in Spain the number of mortgages signed in February rose by 3.8% compared to the same month last year, to 37,232, in Malaga there was a fall of almost 25% in the number of loans taken out, to just 1,204. The province is the ninth in Spain in which the number of loans taken out to finance housing fell the most in February, the data shows.

With this, Malaga escapes the recovery that has been experienced in the Spanish mortgage market as a whole in the past month. And this is the same as what the INE revealed last Monday with regard to property sales and purchases. In February, property transactions fell by 14.15% in the province, to 2,462, while in Spain, transactions rose by 5.77% to over 53,000. However, purchases of second-hand homes in Malaga fell by 21.4%, while those of new homes increased by 14%.

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