MALAGA PROPERTY MARKET SHOWS DYNAMISM WITH MORE THAN 15,000 HOMES SOLD UP TO MAY
2 Aug 2023
- Sales of new-build homes in Malaga continue to rise
- The municipalities of Marbella, Benalmádena Costa and Estepona account for 72% of the supply of new builds
With a total of 15,337 homes sold up to May 2023, Malaga has shown great dynamism in the real estate market and was the fifth province with the highest number of sales, behind only Madrid, Barcelona, Alicante and Valencia. Of these sales, 3,108 were new-build properties, while 12,229 were second-hand properties. This has been analysed by the real estate consultancy firm Activum Real Estate Consulting in its latest study on the real estate scene in the province.
The report highlights that sales of new-build homes in Málaga have shown steady growth from 2018 to 2021, peaking in 2022 with 4,134 units sold. Although there was a decrease of 24% compared to the same period last year, sales in 2023 (3,108 homes) still exceed previous years' figures, suggesting a long-term growth trend.
However, the sale of second-hand housing in Málaga has shown some stability during the period analysed. With 12,229 units sold between January and May 2023, sales are similar to 2019 figures (10,759 units), suggesting a stable demand for used housing in the region.
"Although there has been a decline in new and resale sales compared to the previous year, Malaga continues to show solid numbers in the property market. The growth trend in new build sales and the stability in second hand sales suggest continued buyer interest in the region", has explained Elisabet Martínez, Territorial Director of ACTIVUM in Andalusia.
In this regard, the report also reveals that the city of Málaga currently has 37% more supply of new-build properties than 8 months ago, while in the second-hand market there is 15% less. More than 70% of the new build supply is concentrated in the municipalities of Marbella, Benalmádena Costa and Estepona, suggesting a positive trend in the construction of new properties in these areas.
Variety of prices in new construction by area
In the city of Malaga the average price per square metre of new build property is 3,049 euros. With its privileged location, this city has attracted many investors and sun and beach lovers, which has contributed to the increase in property prices recently.
On the western Costa del Sol, the price per square metre of new build property is 3,332 euros. This region is known for its stunning scenery, spectacular beaches and luxurious properties that have captivated discerning buyers seeking the highest level of exclusivity.
Meanwhile, on the Eastern Costa del Sol the price per square metre of new build property remains slightly lower at 2,298 euros. And in the Guadalhorce Valley, surrounded by fertile fields and serene panoramic views, the price per square metre of new build property stands at 2,215 euros.
