Mortgage loans revive in Malaga province: up 24% despite price rises
The average loan approved in the province in September was over 260,000 euros
The mortgage market is reviving in the province of Malaga after the decline suffered in August. In September, 2,083 property-backed loans were signed in the province, which represents an increase of almost 24% compared to the same month last year, with 1,683 loans of this type.
The increase beats the rise in the average mortgage to over 260,000 euros, which is 36% higher than the price of the average mortgage at the same time last year (below 200,000 euros).
According to September data, the average mortgage in Malaga in September was the third most expensive in Spain, behind that of the Balearic Islands (over 282,000 euros) and Madrid (263,368 euros) and ahead of Barcelona (201,000 euros) and Guipúzcoa (191,000 euros).
Moreover, Malaga is the third province where the average loan has risen the most: the 36% increase here is only surpassed by 44% in Cadiz (to 158,000 euros) and 40% in Teruel (to 114,000 euros).
The average mortgage in Spain in September was 170,600 euros, 14% more expensive than a year earlier, although the number of signed mortgages has also accelerated by 12%, to a total of 46,120, compared to just over 41,000 in the same month last year.
Annual balance sheet
What is the balance of the first nine months of the year? Between January and September, almost 16,400 mortgages were signed in the province, an increase of 16.32% year-on-year and 1% higher than that recorded up to August, but 5% below the 21.41% growth recorded for the country as a whole, to a total of almost 303,000 loans.
Malaga is therefore the sixth province with the highest number of mortgages signed so far this year, behind Madrid, Barcelona, Valencia, Seville and Alicante. If we take into consideration only the month of September, Malaga surpasses Seville in mortgage activity.
The data reporting the average mortgage month by month is very susceptible to amplitudes due to the sale of very expensive or very cheap one-off promotions. In Malaga, for example, the loans signed each month are barely around 2,000. Therefore, the cumulative figure for the year can provide more accurate information about the market situation.
The average mortgage signed in Malaga so far this year is around 220,000 euros (below and far from the 260,000 of September), but it is also the third most expensive in Spain, behind the Balearic Islands (almost 280,000 euros) and Madrid (just over 251,000 euros).
This also means that the average mortgage in Malaga has risen by 13% compared to last year, when it was under 200,000 euros.
In Spain, the average mortgage this year stands at 161,500 euros, an increase of 13% year-on-year. Despite the rise in housing prices in recent years, there are provinces in which the average loan does not even reach 90,000 euros, as is the case of Cáceres, Ciudad Real and Zamora.
