Housing prices in Malaga have skyrocketed to record highs, surpassing the peak reached just before the 2008 housing bubble burst. The price per square meter in the province has now exceeded 2,400 euros, marking a significant increase of over 2% compared to the previous peak. According to data from Spain’s ministry of housing, Malaga’s property market is turning over much faster than the national average.
While the average price per square meter for Spain stands at 1,895.60 euros, Malaga’s prices have surged, reflecting a booming real estate market in the region. The increase in housing prices is attributed to factors such as the importance of tourism and population growth in the area. However, concerns have been raised about the potential for a new crisis following the bursting of a new bubble.
The province of Malaga has seen a remarkable recovery in housing prices since the lows experienced in 2013. After hitting a low of 1,447.20 euros per square meter, prices have increased by around 66% in just a decade. This recovery is among the highest in Spain, with only the Balearic Islands surpassing Malaga’s growth rate.
Despite the surge in housing prices, there is no indication of a slowdown in Malaga’s real estate market. In fact, the province has witnessed the highest increase in house prices over the last twelve months. The rateable value per square meter of freehold housing has risen by 9.8% in Malaga, outpacing other regions in Spain.
Compared to the national average, Malaga’s housing prices have grown at double the rate, showcasing the province’s strong real estate market performance. The contrast is evident when comparing the first and second quarters of 2024, with Malaga registering a 3.1% increase while the national average is only up by 1.6%.
While Malaga ranks as the sixth most expensive province in Spain to buy a property, the province continues to attract buyers and investors due to its vibrant real estate market. With prices continuing to rise steadily, the future of Malaga’s housing market remains promising despite concerns about a potential crisis.
In conclusion, Malaga’s housing market has reached new heights, surpassing previous records and attracting increased interest from buyers and investors. The province’s strong performance in the real estate sector reflects its resilience and potential for further growth in the future.
