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Homes move fast in Malaga and on the Costa del Sol with 43% of properties sold in less than a month
Property

Homes move fast in Malaga and on the Costa del Sol with 43% of properties sold in less than a month

Just over one in ten properties sold in Malaga city and in the province as a whole during the first quarter of 2024 actually sold in their first week on the market

Cristina Vallejo

Malaga

Friday, 14 June 2024, 13:33

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Four out of ten (43% to be precise) of the properties for sale in the city of Malaga are sold in their first month on the market according to first quarter figures from the real estate website Idealista. Even more surprising is that 13% are sold within the first week, with the remaining 30% being sold once the adverts go live after the first week and before the month is up.

Still, Malaga is not Spain's provincial capital where most "express sales" take place (the term Idealista uses for homes that sell within a week of going to market). In fact, in comparison to a year ago, when 16% of properties were sold in under one week, the number has fallen. First place in express sales is occupied by Granada, where almost one in four properties sell within seven days, followed by Tarragona (20%), Barcelona and Valencia (both at 19%). However, Malaga is the city with the third highest number of sales (30%) after the first week on the market and before the end of the first month. In other words, with one out of every three properties sold within this short period, Malaga is only behind Jaén (45%) and Teruel (33%).

Express sales slightly down

In half of the provincial capitals the rate of sales in less than a week has fallen compared to last year. Girona is the most noticeable, falling from 36% in the first quarter of 2023 to 14% this year, according to data from Idealista, which uses the ads published on its portal as its data source. Next is Salamanca (from 19% to the current 8%), Vitoria (from 25% to 15%) and Cadiz (from 15% to 6%). Meanwhile, among the key markets, express sales have fallen in Alicante (from 14% to 10%), Palma (from 14% to 10%), Barcelona (from 22% to 19%), Malaga (from 16% to 13%) and Madrid (from 19% to 17%). In contrast, the highest growth was in Tarragona (from 13% to 20%) and Melilla (from 3% to 11%).

Malaga tops another ranking and is the Spanish city in which the fewest homes remain for sale one year after being advertised as for-sale: only 5% of the homes sold between January and March 2024 had been on the market for more than twelve months. Quite the contrast with Zamora, where around a third are still on sale after 12 months. It is a similar situation in Lugo and Palencia.

Turning our attention to Malaga province as a whole, express sales have risen to 14%, but those that sell at some point during their first month on the market account for 36%. Nearly 10% of the homes sold in a Malaga municipality during the first quarter had been advertised on Idealista for one year.

By province Granada is also the one where the seven-day phenomenon dominates: one out of every five properties sold in the first quarter of the year was sold in its first week on the market. Granada is followed by Alicante, Madrid, Álava, Barcelona and Valencia (between 18% and 15%).

In Spain as a whole, on average, 13% of the homes sold during the first quarter were sold within the first week and another 13% had been on the market for a year or more. Another 21% took between one week and one month to sell, 22% between one and three months and 31% had been on the market for between three months and one year.

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