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What is the state of the housing market in Malaga province? One can give a quick answer by simply saying that it is on fire. But the quarterly real estate statistics compiled by the Colegio de Registradores - the professional body for property registrars in Spain - provide a whole battery of indicators from which the area can be measured against the rest of Spain to pad out that picture. For instance, what percentage of purchases fall to foreign buyers? Where does Malaga rank in the number of sales? Where in the country is it cheaper or more costly to buy a house?
In the third quarter of this year Malaga has become the second most important province in Spain in terms of foreign property purchases. Between June and September foreign investors accounted for 34.76% of all property transactions, a figure only exceeded by Alicante at 43.08%. The Costa del Sol province is now ahead of Santa Cruz de Tenerife (32.71%) and the Balearic Islands (32.5%).
34.76% of real estate sales and purchases in Malaga
involve foreigners. This proportion is only exceeded in Alicante (43.08%).
It is quite a milestone that Malaga has managed to surpass these two locations in particular. Malaga, over a similar period in previous years, at least since 2019, had been in third or fourth place in the ranking, behind the Balearics or the Canary Islands or both. So, for example, in 2023 foreign buyers accounted for 35.33% of all real estate transactions registered in the third quarter for Malaga - a slightly higher percentage than this year - ahead of Alicante (43.76%) as well as Santa Cruz de Tenerife (36.58%). Meanwhile, in 2021 Malaga occupied fourth position in this ranking with 26.53% of transactions completed by foreigners, behind the Balearic Islands, Alicante and Santa Cruz de Tenerife.
Turning to regions as a whole, then it is the Balearic Islands that still manage to attract most foreign investors. In second place is the region of Valencia with 28.45% of the purchases. Next are the Canary Islands (27.25%), then Murcia (24.68%). In fifth place is Catalonia (16.79%) and Andalucía sits just outside the Top Five in sixth place (14.31%) despite Malaga almost topping the ranking by province.
For Spain as a whole the proportion of home purchases by foreigners in the third quarter of the year was 14.85%. British buyers lead the pack in the statistics, accounting for 8.5% of all home purchases by foreigners.
Malaga, meanwhile, ranks fifth in terms of the total number of house sales and purchases. With 8,796 transactions executed in the third quarter of this year, it is only surpassed by Madrid (20,205), Barcelona (16,515), Alicante (13,771) and Valencia (10,237). It is also ahead of Seville (5,980 property transactions between June and September).
The report by the registrars' association goes into even more detail and sets out the pattern of behaviour with regard to new and existing housing. Thus, Malaga is once again the fifth province in terms of 'second-hand' house transactions, but it is the fourth Spanish province with the highest number of new flats sold (2,455 in the third quarter) behind Madrid (3,702), Barcelona (3,095) and Alicante (2,499) and ahead of Valencia (1,419).
33,254 homes have been sold in Malaga in the last 12 months
This figure puts the province ahead of Seville, which has fewer than 21,000 deals done.
In the last 12 months 33,254 homes have been sold in Malaga, a figure only beaten by Madrid (71,147), Barcelona (59,534), Alicante (48,930) and Valencia (36,357). The Costa del Sol province is ahead of Seville in terms of real estate activity, as the number of transactions carried out in the latter province is under 21,000.
In the same 12-month period Malaga is also in third place as the province in which most new homes have been sold - 8,688 units to be exact, a figure only surpassed by Madrid (14,285) and Barcelona (10,808), but this time ahead of Alicante (8,290), Valencia (5,517) and Seville (4,513).
Meanwhile, for pre-existing housing, the Costa del Sol province returns to fifth place: in the last 12 months 24,566 homes have been sold on to the next buyer, a figure that places it behind Madrid, Barcelona, Alicante and Valencia, but ahead again of Seville (16,478).
The registrars' report also reveals the proportion of real estate transactions that take place in the provincial capital in relation to the province as a whole. Malaga city only accounts for 18.9% of the total number of sales and purchases. There are only eight Spanish provinces in which their respective capitals have a lower percentage. They are Huesca, Alicante, Tarragona, Santa Cruz de Tenerife, Pontevedra, Girona, Toledo and, finally, Cadiz taking up only 8.24% of the transactions that take place in that province as a whole. Vitoria is at the opposite extreme: this city (capital of Álava province in the Basque Country) accounts for more than 80% of house sales and purchases.
2,912 euros per square metre
This is the average price of housing in Malaga in the third quarter of this year, making it the fifth most expensive province in Spain.
Although, most probably, what is of most interest from the whole battery of data are the property prices. The report's data reveals that Malaga is the fifth most expensive province in which to buy a house. It costs 2,912 euros per square metre, a figure that is only exceeded by the Balearic Islands (3,644 euros per square metre), Guipúzcoa (3,586 euros), Madrid (3,552 euros) and Barcelona (2,980 euros).
The average price of new housing in Malaga is 3,295 euros per square metre, while the average price of pre-existing housing is 2,763 euros.
In terms of provincial capitals, Malaga is the sixth most expensive in Spain, with a square metre standing at 2,917 euros behind only San Sebastian (5,613 euros per square metre), Barcelona (4,466 euros), Madrid (4,327 euros), Palma de Mallorca (3,558 euros) and Bilbao (3,017 euros).
This is after the price of housing in the capital of the Costa del Sol rose by 22.3% year-on-year. Just to be clear, this is by far the highest increase recorded in Spain. It is followed, but far behind, by Santander (15.3%) and Huesca (14.8%), as well as Alicante (13.6%) and Toledo (13.4%).
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