Average property prices in Malaga increased yearly by 4% from €1,977 to €2,059 per square metre. In September 2014 when prices across Spain were bottoming out, Málaga City prices were at €1,521 per square metre and have risen by almost 35% since then.
, formerly a traditional port town, has earned its place as one of Europe’s most desirable places to live in recent years. With a year-round sunny climate, a beautiful historic centre and an enviable range of restaurants, cultural venues and beaches to discover, Málaga offers an excellent quality of life.
Málaga is Europe’s southernmost city, enjoying a privileged natural setting, lapped by the Mediterranean Sea and sheltered from the cold by the mountains. Graced with an average of 320 days of sunshine a year, the area is ideal for those who enjoy outdoor living.
This lively city on the boasts kilometres of golden sandy beaches, including La Malagueta and La Caleta, two of the most popular. Playa de la Malagueta is situated within walking distance of the centre, just off Paseo del Muelle Dos, and is the perfect place for a swim and a spot of sunbathing before heading back to the city. Playa de la Caleta is a little further out and is clean and well maintained for a city beach.
The local government has invested generously in Málaga’s cultural scene in recent years and the city now boasts 30 museums and galleries.Rooted in history and tradition yet open to innovation and improvement, Málaga’s charm lies in its artful marriage of the old and new. Ancient Roman, Moorish and Iberian sites sit alongside cutting edge architecture such as the colourful Pompidou Centre and the newly revamped port promenade, lined with sculptures and bars.
Málaga’s restaurant scene draws on both culinary traditions and influences from contemporary cuisine, constantly reinventing age-old dishes and always offering something new. The Málaga Gastronomy Festival, held every year, is a great place to sample the best of local food culture. A famous local speciality is the “espetos”, skewered fish or meat cooked over coals, and often enjoyed in beachfront restaurants. Seasonal, locally sourced ingredients are used to create mouth-watering Mediterranean dishes in Málaga’s many restaurants and the enviable local climate makes al fresco dining an option all year round.
15.6 million passengers arrived at Málaga-Costa del Sol airport in the first nine months of 2019, an annual increase of 5% over passenger arrivals in the same period in 2018.
Málaga is one of the so-called second-tier cities that is attracting attention due to its investment potential. In the year to the end of October 2019, average property prices increased by 4% from €1,977 to €2,059 per square metre. In September 2014 when prices across Spain were bottoming out, Málaga City prices were €1,521 per square metre and have risen by almost 35% since then, giving a Compound Annual Growth Rate (CAGR) of 6.2%. Prices are now just 5.8% below the time of the peak in September 2007 when they averaged €2,176 per square metre.
Average rental prices in Málaga City also showed an increase of 4.4% in the year to October 2019, ending the month on €10.3 per square metre. Rental prices in Málaga City have already surpassed the prices they were in September 2008 when they were €7.8 per square metre and almost 27% less than they are currently. They are 46% higher than they were in September 2014 – when prices were bottoming out across Spain – when they averaged €6.8 per square metre.
Málaga Province (which incorporates the Costa del Sol) saw home sales rise by 9% in the first to the second quarter of 2019 although annually there was a decrease of 17%. Sales have increased by 31% from 6,349 to 8,229 sales since September 2014.
However the number of sales transactions is still 21% below that in 2007 when there were 10,490 sales, however. New homes sales in Málaga City currently account for 7% of the total number of sales and there is still a long way to go to reach the proportion in 2007 when they represented 35% of total sales.
Willing to buy or sell a home in or in the Costa del Sol region? Contact our property advisors.
Please enter your contact details and we will contact you shortly.