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Cristina Vallejo
Malaga
Friday, 16 August 2024, 12:07
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One out of every five homes for sale for over one million euros in Spain is located in the province of Malaga, according to properties listed on the real estate site Idealista. Of the 40,076 homes costing over one million euros that have been put on the market via property-search website Idealista, 8,360 (20.9%) are in Malaga including the Costa del Sol. This is second only to the Balearics, where 9,678 (24.1%) of properties are listed over this price.
Together, the real estate markets in the Balearics and Malaga account for nearly half of all properties in the country listed for over one million euros. In third place is the Madrid market, with just over 5,000 homes for sale for over one million euros, 12.5% of the national total, followed by Alicante, with 4,502 properties (11.2%), and Barcelona, with 4,352 properties (nearly 11%).
Although every Spanish province has at least one property listed for over one million euros on Idealista, Malaga, the Balearic Islands, Madrid, Alicante and Barcelona together account for almost 80% of the entire luxury housing market in Spain.
Properties worth over three million euros are even more highly concentrated on the Costa del Sol and the Balearic Islands. Just 39 out of 50 Spanish provinces have at least one listing for a property worth this much. On Idealista on 1 August, there were 7,889 'ultra-luxury' properties listed (this is the term the site uses for properties worth over three million euros). Of these, 2,903 (36.8%) are in the Balearic Islands and 2,566 (32.5%) are in Malaga. The two provinces account for 70% of the national 'ultra-luxury' market. They are followed by Madrid and Barcelona, with 786 properties (10%) and 394 properties (6.1%) respectively.
The concentration of luxury housing in Malaga is fast-growing. According to the Tinsa report on coastal housing, prices on the Malaga coastline rose over 9% in the last year, following the same trend as the previous year, due to the influence of foreign demand in the area, which accounted for one out of every three sales.
In the whole of Malaga province, according to Idealista, prices have risen by 18.2% in the last 12 months, exceeding an average price of 3,000 euros per square metre for the first time ever. This figure is 30% above the national average (2,153 euros per square metre).
The mortgage rate requested in the province to buy a house has also risen by nearly 90% in the last decade, making it the third most expensive province in the country, behind only the Balearics and Las Palmas. The almost 190,000 euros that the average loan costs is higher than levels reached during the last property boom, which ended in 2008. However, almost one out of every two properties is paid for upfront, indicative of the heavy presence of investors on the Malaga market.
The most exclusive properties in the province cost up to 35 million euros. One is located in Las Lomas, in Marbella: a 16-bed which is over 2,000 square metres and sits on 9,000 square metres of land. It is equipped with a gym, a bowling alley, a bar, a private cinema, and a sauna. At just under 30 million euros, there are nine-bed villas measuring around 2,500 square metres also available in Marbella, as well as a 665-square-metre, six-bed duplex on sale for 22 million euros. In Estepona, one seven-bed villa is on sale for 20 million euros, similar to the starting prices of mansions in La Zagaleta de Benahavís.
The most expensive property for sale in Malaga city is in Parque Clavero, which has eight bedrooms, is 1,000 square metres and costs 16 million euros. In second place is a villa in El Ejido: a 1,674-square-metre seven-bed with an asking price of 13 million euros.
As for new luxury developments in the province, the ten-million-euro penthouses in Marbella's Sierra Blanca, and the one-and-a-half-million euro penthouses in the skyscrapers in Martiricos, stand out.
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