Real estate market in the province of Malaga: prices by area and next properties for sale
7 Sept 2023
- It is the fourth Spanish province with the highest price per square metre.
- In the city of Malaga, a new-build flat of 80 metres on average would cost 315,920 euros. A second hand one is 36% cheaper, with an average of 201,280 euros for a property of the same dimensions.
- Malaga is the third most attractive province for foreign real estate investment with more than 39% of transactions.
Malaga leads the growth of the Andalusian provinces and the situation is reflected in all sectors, including the real estate sector. At a provincial level, Malaga and the Costa del Sol are in fashion, also beyond our borders, since, so far this year, 39% of the homes bought were in the hands of foreigners. Only Alicante and Santa Cruz de Tenerife exceed this percentage of foreign purchases. This is the result of the study "Malaga: present and future of real estate in the province that stands out in Spain". carried out by Activum Real Estate Consulting.
Prices also lead the rankings. The cost of housing in Malaga is in line with this demand: it ranks fourth among Spanish provinces with the highest price per square metre, only surpassed by the Balearic Islands, Guipúzcoa and Madrid. The price per square metre in the province of the Balearic Islands is 3,987 euros per square metre, in Guipúzcoa 3,490 euros, in the province of Madrid 3,139 euros and in Malaga 3,002 euros. These data have been analysed based on the publications of the real estate portal Idealist at present.
Prices in the city of Malaga: New Build VS Second Hand
In the city of Malaga, a new-build flat of 80 metres would cost an average of 315,920 euros. The lowest prices for new-build properties are found in the area of Camino de Antequera, where a new-build property of 80 square metres would cost an average of 304,720 euros. As for the highest prices, they are found in the Malagueta area with an average of 532,000 euros for a property of the same characteristics.
In the case of second-hand properties, prices fall by 36%. In the city, a property of 80 square metres would cost 201,280 euros. The cheapest area is the district of Ciudad Jardín with an average of 141,440 euros, while the most expensive is the East area with an average of 290,080 euros.
A city with a future: more than 9,442 new homes to be built in the near future
Its economic, cultural and tourist dynamism, its location in the heart of the Mediterranean, its magnificent communications and its extraordinary climate are leading the city to moments of maximum splendour. Moreover, its near future is also interesting and this future is due to several actions:
Repsol deposits: 1,000 homes
On the land formerly occupied by the Repsol depots, next to Avenida de Juan XXIII, there are plans to build four skyscrapers of up to 34 floors for housing and offices, another four towers for 400 subsidised housing, commercial areas and also a 65,000 square metre park.
"Zeta District": 3,500 dwellings
Activum's Director of Research, Ignacio Ortiz, states that: "The plots of land of the 'Zeta District', promoted by Urbania, are located close to the Intelhorce neighbourhood, where some of the main developers such as Aedas Homes or AQ Acentor are already selling flats. This new neighbourhood, which is already being developed, has modern, accessible and sustainable urban planning criteria.".
Cortijo Merino: 1,250 dwellings
Located in the old ammonia factory and Intelhorce, it is being converted into a new neighbourhood with 1,250 homes, of which 688 will be free rent and 562 social housing, currently majority owned by Nuovit Homes.
Nereo: 444 dwellings
Three towers will be built on the land currently occupied by the Nereo warehouses. Two 23-storey residential towers are planned, plus a third tower of the same height for hotel, flat and office use.
Manzana Verde: 1,000 dwellings
This residential project is located on the land currently occupied by the warehouses of the Municipal Operational Services and the headquarters of the Empresa Malagueña de Transportes (EMT), located next to the San Rafael road. It will be called Manzana Verde and will have 963 dwellings, of which 803 will be subsidised and 160 free rent.
San Rafael. 2,000 homes
The dismantling of the San Rafael estate will result in 2,248 dwellings.
Prices in the province of Malaga
The new developments in the province comparing new and second hand properties of 80 metres vary according to the area: in the area of Benalmádena Costa the price per square metre is 278,022 euros in new construction and 218,800 euros in second hand; in the area of Estepona 253.234 euros in new construction and 246,800 euros in second hand; in the Marbella area 268,531 euros in new construction and 338,640 euros in second hand; in Caleta de Vélez 182,275 euros in new construction and 169,920 euros in second hand; and in Torrox 190,142 euros in new construction and 183,040 euros in second hand.
Source: Activum.co.uk a 09/2023. In order to prepare this study we have analysed the dwellings published in Idealista and MITMA data.
