Malaga is the fifth favourite city in the world for second home buyers

Valencia, the next Spanish city on the list, comes in at 18th - according to the new international rankings

P. M.

Malaga

Friday, 22 March 2024, 17:15

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Malaga is among the top cities in the world where people prefer to purchase a second home, new data shows.

It is the only Spanish city to rank in the top five in the study carried out by real estate agency comparator GetAgent. The interest in the Costa del Sol destination comes amid a tourism boom, where millions of people around the world are flocking to for its beaches, climate and rich culture.

"Malaga is a city known for its museums and galleries, it is perfect for art lovers and is home to beautiful beaches, making it a great getaway for owners and tourists," GetAgent pointed out.

Topping the list is Gold Coast, an Australian city also popular for its stunning sandy beaches and theme parks. It's rise to fame has seen a significant increase in house prices.

1. Gold Coast, Australia (49,200 property searches)

2. Melbourne, Australia (44,900 searches)

3. York, United Kingdom (33,800 searches)

4. Cape Town, South Africa (32,900 searches)

5. Malaga, Spain (26,200 searches)

Similarly, house prices are also on the rise in Malaga city with properties becoming 20% more expensive in the past year, according to data from Fotocasa. It now costs 3,300 euros per square metre.

The next Spanish city in the rankings is Valencia which sits in 18th place. GetAgent also analysed data by country to compile its rankings, with the top spot going to Ireland. The second country where there is greater interest in acquiring a second residence is New Zealand, followed by the United Kingdom, Equatorial Guinea, Italy, Portugal and, in seventh position, Spain, with 29,200 annual searches.

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