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Malaga province was witness to the signing of 1,957 residential mortgage contracts last December. This represents an increase of 62.41% compared to the same month last year, when the number of homebuyer loans signed was limited to 1,205. In Spain as a whole, the last month of 2024 was also one of intense lending activity: the number of homeowner loans taken out was 32,249, a year-on-year increase of 30%.
Another metric that shows the intense increase in mortgage signings in the last part of last year: in Malaga the figure for December was the highest for that month since 2007 (3,078). Other years in which financing levels for property purchases approached that of 2024 were 2021 (1,862) and 2008 (1,904).
Likewise, Malaga was the fourth province in Spain with the highest number of mortgages signed for in December, behind only Madrid (2,942), Barcelona (3,827) and Valencia (2,026). Among these four provinces the Costa del Sol province was the one that recorded the greatest growth in mortgage contract signings, but it was surpassed by the province in fifth place for the highest number of loans signed, namely Alicante with a total of 1,520, leaving the year-on-year increase at over 80%.
Neither was the growth in mortgage lending in Malaga last year the strongest in Spain as a whole. In Melilla, Ceuta, Soria, Ourense, Castellón and Lleida lending activity doubled, or more than doubled, from one year to the next. Generally speaking, however, these are much smaller markets than Malaga's and any variation has a greater percentage impact.
Meanwhile, Spain as a whole was not able to break records as convincingly as Malaga province. This is because, of the 32,249 mortgages signed across all Spain in 2024, this total is below the 32,984 of 2021, also less than the 39,205 of 2010 and much less than the nearly 50,000 signings in 2009 and 2008 and the almost 72,000 of 2007.
20,070 mortgage agreements were signed in Malaga last year
This is an increase of 2.2% year-on-year compared to the 2023 figure.
Another interesting fact: Malaga, thanks to the upturn recorded in the month of December, managed to close the year with an increase in the number of mortgages signed. In 2024 as a whole 20,070 mortgage loans were taken out, representing a growth of 2.2% compared to the 19,638 loans taken out in 2023. As of November, the cumulative number of mortgages was 18,113, a decrease of 1.75% compared to the volume of loans signed between January and November 2023.
For the whole of Spain the number of mortgages taken out during the whole of 2024 amounted to 423,761, which represents an average growth of 11.25% nationwide. In this case, the month of December was not so decisive, given that by November the number of loans signed (391,512) was already higher than that recorded on the same dates in 2023 (356,159).
186,717 euros
is the average mortgage amount taken out in Malaga last year, a decrease of 5.35% compared to a year earlier. In Spain, the average housebuyer loan exceeded 152,000 euros.
The figures published on Wednesday by Spain's INE national statistics institute also provide another interesting piece of information: how much is the average mortgage signed in each region or province. In Malaga the average loan taken out in the last month of 2024 amounted to 186,717 euros, which represents a fall of 5.35% compared to the same month last year, when it was over 197,000 euros. In Spain as a whole, the average loan to finance a home purchase has risen by 8.27% year-on-year, from 140,736 to 152,376 euros.
Despite the decrease in the volume of the average mortgage, the Malaga mortgage is the third highest amount taken out in Spain in December last year. The Costa del Sol province is only behind that of the Balearic Islands, which reached 290,000 euros (up 27% year-on-year) and that of Madrid, which grew by 37.3% year-on-year, standing at 236,000 euros. Behind the Malaga price tag, in fourth place, is Barcelona at 183,857 euros (4.2% higher than a year earlier) and Guipuzcoa comes fifth (168,148 euros, a fall of 11.7% year-on-year).
The lowest average mortgage taken out in Spain last year was in Ciudad Real (72,296 euros), while the lowest mortgage taken out in Andalucía was Almeria's (92,358 euros).
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