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Cristina Vallejo
Friday, 9 August 2024
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The real estate market always attracts enormous attention: after all, everyone needs a roof over their heads. But in times like the present, after intense price rises in both renting and buying, which have led to problems of accessibility for huge sections of the population, the interest in 'bricks and mortar' is redoubled. For this reason, real estate portals, valuers, consultants, investment banks and an innumerable number of sources publish daily reports on a variety of topics related to real estate. And Malaga always appears at the top or in one of the top positions in all the rankings.
The umpteenth report published, in this case by the real estate portal Idealista, talks about luxury housing and reveals that Malaga is the second most expensive market in Spain for those who want to buy this type of property. Idealista, to produce this report, looks at the 90th percentile, a technical designation that refers to the portion of the market made up of the ten per cent of the highest priced homes for sale: in other words, the study, of the entire volume of homes, looks at the ten per cent with the highest value, specifically, the starting price of this real estate segment.
In the case of the province of Malaga, the homes that form part of this property segment start at 1.95 million euros, a figure that is only exceeded by one Spanish province, the Balearic Islands, where the starting value of luxury homes is 2.675 million euros. Malaga thus far exceeds Madrid (1.2 million euros) and Girona, where the exclusive Costa Brava is located, where the most "humble" luxury property does not reach 1 million euros and is limited to 975,000 euros.
In Spain, the starting price for homes in the top ten per cent is 750,000 euros. In Andalucía, the second most expensive province after Malaga is Cadiz, with 620,000 euros. Meanwhile, Jaén is the Andalusian territory with the cheapest exclusive homes: they can be found from 240,000 euros. Only two other provinces, Ciudad Real and Zamora, have a more accessible luxury market than Jaén, with 210,000 and 220,000 euros, respectively, as a starting point.
870,000 euros
This is the starting price of luxury homes in Malaga city, below 1.95 million euros in the province.
A curious circumstance is that the luxury market in the Malaga capital is cheaper than in the province as a whole. Thus, the 870,000 euros that the first homes that make up the top ten per cent of the market in the city of Malaga contrasts with the almost two million euros that they cost in the province as a whole. Furthermore, this figure for the city means that it drops down the ranking with respect to the province: Malaga is the fifth most expensive capital city in Spain, behind Palma de Mallorca (1.896 million); Madrid (1.45 million); Barcelona (1.2 million); and San Sebastian (1.18 million).
Furthermore, the city of Malaga is only slightly above the Spanish average, which stands at the aforementioned 750,000 euros as a starting point for this luxury real estate segment. In this case, within Andalucía, the capital of Malaga is not followed by the city of Cadiz, but by the city of Seville, where the most expensive ten per cent of the market costs from 599,000 euros, compared to almost 498,000 euros in Cadiz.
It is striking to what extent the luxury market depends, or not, on the capital, or whether it is other municipalities that set the tone. Thus, in the Balearic Islands there is the biggest difference, as luxury homes in the province are priced from almost 2.7 million euros, and the capital is at 1.9 million; and similar is the case in Malaga (the province at 1.9 million and the capital at 870,000 euros). But in Madrid the phenomenon is the reverse: the most exclusive properties in the province start at 1.2 million, while in the city they start at 1.45 million.
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