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Rapid Growth in Málaga Property Prices Tops Spanish Market in 2023
12 Apr 2024

Rapid Growth in Málaga Property Prices Tops Spanish Market in 2023

The Province of Málaga, alongside the Balearic Islands, has experienced the most significant increase in the price of free-market housing in Spain in 2023. According to data from the Ministry of Transport for the fourth quarter of the previous year, the average cost per square meter in Málaga reached 2,272.8 euros, marking a 9.7% rise compared to the same period in 2022, a rate of growth matched only by the Balearic Islands.

In absolute terms, the cost per square meter places Málaga as Spain's fifth most expensive region, following Madrid, the Balearic Islands, Gipuzkoa, and Barcelona. This is notable given that regions of similar size, such as Sevilla, Valencia, and Alicante, report significantly lower economic metrics. For instance, Sevilla's price per square meter is 1,534.2 euros, Alicante's is 1,532.3 euros, and Valencia's is 1,427.6 euros.

A remarkable aspect of the residential market in Málaga is its price evolution over the last decade. The Ministry of Transport's statistics indicate that in the last quarter of 2013, the price per square meter for free housing was 1,447.2 euros, an increase of 57% over the period.

The official data also sheds light on the pricing trends for both new and used free housing. For new homes, the price per square meter at the end of last year was 2,614.6 euros, an 8.5% increase from the previous year, and a 61.6% increase compared to the fourth quarter of 2013. Nationally, these figures are significantly surpassed by Madrid, the Balearic Islands, and Barcelona.

For used housing (more than 5 years old), Málaga province saw an annual increase of 9.7%, reaching 2,262.2 euros per square meter, the highest increase among all Spanish provinces. Compared to a decade ago, the growth is 56.8%, with the cost of a second-hand home in late 2013 being around 1,442 euros per square meter, 820 euros less than it is now.

In Málaga city, the price for a square meter of property in March 2024 is reported at €2,759, demonstrating a robust growth trend: a 1.5% increase from February 2024, a 3.4% rise from December 2023, and a significant 15.5% jump from March 2023.

Fuengirola, known for its beautiful beaches and vibrant lifestyle, has seen its property prices reach €3,268 per square meter in March 2024. This represents a moderate growth of 0.6% from February 2024, a 2.3% increase since December 2023, and an 11.3% rise year-over-year from March 2023.

Benalmádena, another sought-after location for property buyers on the Costa del Sol, saw a price per square meter of €3,109 in March 2024. This reflects steady growth, with a 1.0% increase from February 2024, a 3.3% rise from December 2023, and a significant 16.3% increase from March 2023.

Marbella, the jewel of the Costa del Sol, with its luxurious properties and exclusive lifestyle, has recorded a price of €4,596 per square meter in March 2024. This indicates a 1.5% increase from February 2024, a 3.0% growth from December 2023, and an 11.1% increase from March 2023.

These figures highlight the ongoing attractiveness of the Málaga province as a prime location for real estate investment. The year-over-year increases, especially notable in Málaga and Benalmádena, underscore the market's resilience and the high demand for properties in these areas.