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Malaga residents are already buying more homes in 2024 than last year. In the first ten months of the year (January to October), taking the latest data available from Spain's INE national statistics institute and made public last Friday, the number of sales and purchases amounted to 29,509, which represents an increase of almost 1.6% compared to the same period last year, when property sales totalled 29,051. The pace of recovery recorded in Spain as a whole is more vigorous: the 537,283 homes purchased up to October are 7.5% more than the just under 500,000 in 2023.
In both cases - Malaga province and across Spain - the events of October have been key following a weak start to the year in terms of real estate transactions. The number of transactions soared by 51% in the country, rising from 45,879 in October 2023 to 69,418 in the same month this year. Meanwhile, in Malaga the rise in sales and purchases was just over 44%, going from 2,565 to 3,698 from one year to the next, which also made it the fifth province where most houses were bought during that month, behind only the usual locations of Madrid, Barcelona, Alicante and Valencia. Malaga also saw more sales as a province than entire regions, those being Castilla y León, Castilla-La Mancha, Galicia and the Basque Country.
As far as mortgages are concerned, the Malaga market continues to slow down somewhat. According to the latest INE data, also corresponding to the month of October, if in Spain as a whole the subscription of loans has increased by almost 61%, rising from 32,057 to 51,535, in Malaga the rise has lagged far behind, limited to 5.3% from 2,205 in October 2023 to 2,322 in 2024. In fact, there is only one other province in which the performance of mortgage signings has been worse in the last month: Las Palmas, where the number of loans has fallen by 13.6% year-on-year.
In any case, the 2,322 mortgages contracted in October made it the best month since 2008, when 2,741 loans were signed for, although in 2007 the figure exceeded 4,300 (before the housing bubble burst).
16,333 mortgages
have been signed in Malaga between January and October this year. This is nearly 2% less than those signed in the same period last year. In Spain, however, mortgage signings have risen by 9.25% year-on-year.
Nevertheless, the 16,333 mortgage agreements signed in the province between January and October this year are less than the 16,636 registered in the same period last year, meaning around 1.8% less. In contrast, the 353,015 housing loans signed in Spain as a whole in the first ten months of 2024 are 9.25% more than those signed in the same period last year.
From these figures it is also possible to make another calculation: to measure the extent to which real estate transactions are paid for in cash. If so far this year (January to October) there have been 29,509 property transactions and 16,333 mortgages have been taken out in the province, this means that 55% of the houses purchased were financed with loans and 45% were paid for in cash. Last year the proportion was similar: 57% of transactions were financed and 43% cash deals.
In contrast, for Spain 65% of sales made this year - and also last year - were financed with mortgages, compared to 35% by cash. From these figures it can be deduced that there is a greater investment component in Malaga.
209,150 euros
This is the average mortgage being taken out in Malaga in October. It is 31% more expensive than the average amount taken out a year ago when it was less than 160,000 euros.
The INE data published last week also shows that the average mortgage contract signed in Malaga in October was the third highest in Spain at over 209,000 euros. Ahead of the Costa del Sol province are the Balearic Islands, where the average loan is 232,000 euros, and Madrid, where it stands at 222,560 euros.
Compared to the figures of a year earlier, Malaga is the second province in Spain where the average mortgage loan signed has risen the most: to be precise, it has gone up by 31%, having started at just under 160,000 euros in October 2023 to around 210,000 euros in the same month this year. Only in Las Palmas has it risen more, increasing by almost 80% from 81,400 to 146,000 euros. In comparison, the average mortgage signed in Spain has only risen by 7.3% from 140,000 euros in October 2023 to 150,500 euros in October this year.
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