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Malaga province in 'top three' ranking of year-on-year house price rises for pre-owned property in Spain
Property

Malaga province in 'top three' ranking of year-on-year house price rises for pre-owned property in Spain

With an average price of 2,874 euros per square metre, it practically tied with first-placed Santa Cruz de Tenerife and second-placed Valencia)

Nuria Triguero

Malaga

Tuesday, 9 January 2024, 15:48

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Malaga is the second-place provincial capital city in Spain where the price of second-hand housing increased the most in 2023, new figures show. Prices rose 19.1 per cent in the past year, meaning the price per square metre in Malaga city reached 3,262 euros in December, the sixth highest value in the ranking of provincial capitals. According to the real estate portal Pisos.com, a 70-square-metre property will now cost around 228,000 euros on the pre-owned market in the city.

Malaga province as a whole was also in the top-three in the ranking of year-on-year rises in house prices, with a 16.5% increase, just behind Santa Cruz de Tenerife and Valencia. The average price stands at 2,874 euros per square metre.

Nationally, the average price of housing stands at 2,160 euros per square metre, a monthly rise of 0.51% and a 3.41% increase quarter-on-quarter. A rise of 8.86% was recorded annually, the data also shows.

Prices across Andalucía

In Andalucía, second-hand housing reached an average price of 1,661 euros per square metre in December 2023, an increase of 0.87% compared to November. Year-on-year, a rise of 9.4% was recorded, the fifth highest in the country, according to Pisos.com. Andalucía was located at the same distance from the most expensive region, the Balearic Islands (4,141 euros per square metre), as from the cheapest, Extremadura (819 euros).

Within the region Malaga stands out as the province with the highest prices, both year-on-year and monthly, the data shows. Meanwhile, Jaén is the province where prices dropped the most: 2.1% monthly and 0.66% year-on-year. The average value per square metre ranges from 2,932 euros in Malaga to 694 euros in Jaén.

In other Andalusian cities, Huelva (2.53%) was fifth in the ranking of monthly national increases, while Cadiz (-1.13%) was the sixth Spanish provincial capital with the greatest decrease.

According to the data, in other Andalusian municipalities, Cuevas del Almanzora (9.3%), in Almería, was the fifth highest increase in Spain in the last quarter of the year. In the same period, Andújar (-8.8%), in Jaén, was the Spanish municipality where prices decreased the most.

Ferran Font, director of studies at Pisos.com, "the threat of a collapse in prices is ruled out in 2024", despite high financing costs, since "the lack of supply will stop the decline" and "the biggest problem could be finding a property on the market".

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