The average price of new-build apartments in the provincial capital increased by 50% from 2017 to 2020 according to a new report.

A top property sales company has ranked Malaga city as the third most important real estate hotspot in the country in a new report. The report shows that the capital of the Costa del Sol is only beaten by Madrid and Barcelona in levels of interest from investors. The report, Visión Málaga 2021, looks at different sectors of the market, including residential, offices, business premises, logistics sites, hotels and alternative investments. The report highlights the interest of large technology firms in the city - Google and Vodafone among them - and how this acts as a draw for other investors.

Residential market - The residential property market in Malaga province overall has seen movement both ways over the pandemic. While Malaga capital has increased in price, there has been some slowing down on the Costa as potential international buyers of holiday homes have been unable to travel. In 2020 there were over 24,600 homes bought and sold in the province, half of the volume in the whole of the Andalucía region. Of these, 5,000 were new build, 52% more than in 2019. Savills says in its report that from 2017 to 2020 the average price of a new-build home in Malaga city increased 50%, from 216,713 euros to 340,387. “The rise is down to two things. On one hand, there is a lot of demand from people who want to buy in the city, either due to relocation or attracted by the quality of life. On the other hand, there has been a better-quality standard of home launched onto the market aimed at a higherend market segment,” explains the report, naming developments such as Malaga Towers, Halia or Colinas del Limonar. 2021 is forecast to see a stabilisation in prices with occasional increases.

Source: Savills Aguirre Newman

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