Malaga's Real Estate Market Witnesses Remarkable Growth in 2023
In the ever-evolving tapestry of Spain's real estate market, Malaga province has recently etched its name as a top contender. 2023 has been a landmark year, with Malaga not only shining as a popular destination but also as a hub for significant real estate growth, particularly in the pre-owned property segment.
A Surge in Prices: The Current Landscape
As reported by Sur in English (full article here), this Andalusian jewel is now witnessing a significant uptick in its property market. With an astounding 19.1% rise over the past year, Malaga city now boasts a price per square meter of 3,262 euros as of December 2023. This spike positions it sixth in the national ranking for provincial capitals. These figures, sourced from the esteemed real estate portal Pisos.com, paint a clear picture: owning a 70-square-meter property in the city now demands approximately 228,000 euros.
The entire province mirrors this upward trend. Ranking third in Spain for year-on-year price increases, Malaga province witnessed a 16.5% hike, landing at an average of 2,874 euros per square meter. This rate closely follows the leads of Santa Cruz de Tenerife and Valencia.
Comparative Insights: Andalucía and Beyond
Zooming out to a broader perspective, the national average for housing prices stands at 2,160 euros per square meter. This figure encapsulates a monthly rise of 0.51% and a quarterly increase of 3.41%. Annually, the national market saw an 8.86% escalation.
In the broader region of Andalucía, the second-hand housing market reached an average of 1,661 euros per square meter in December 2023, marking a 0.87% increase from the previous month and a 9.4% rise year-on-year. Here, Malaga stands out with the highest prices, both on a monthly and annual basis. In stark contrast, Jaén sees the most significant price drops, with a monthly decrease of 2.1% and a year-on-year decline of 0.66%.
Spotlight on Andalusian Cities
Other Andalusian cities also reflect diverse trends. Huelva, for instance, ranks fifth in the national monthly increase with 2.53%, whereas Cadiz records a 1.13% decrease, placing it sixth in the provincial capitals for the most significant downturn.
Looking Ahead: Stability in the Horizon
Amidst these fluctuations, Ferran Font, the director of studies at Pisos.com, offers a reassuring outlook. He dismisses the likelihood of a price collapse in 2024, citing high financing costs and a limited supply as key factors that will likely curb any significant downturn. Font suggests that the primary challenge in the coming year might be locating available properties in the market.
Conclusion: A Market Full of Opportunities
As we wrap up this detailed overview of Malaga's real estate market in 2023, it's clear that the province has not only sustained but also bolstered its position as a prime location for property investments. With its blend of scenic allure and robust market growth, Malaga continues to captivate investors and homebuyers alike, promising a landscape ripe with opportunities.
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