It may come as no surprise that despite current events such as a pandemic, Brexit, and now war, property in Malaga and the Costa del Sol is in extremely high demand. As more and more technology companies move their offices to this wonderful city, demand for properties to rent or purchase is increasing dramatically.
And with demand comes price increases …
Property prices in Malaga and the Costa del Sol
In a report published by the popular online portal, Idealista, this week, it stated that the average price of property in the Malaga province is 2,551€ per square metre. That is 10,2% higher than 12 months ago.
This increase in property prices in Malaga and the Costa del Sol means that an average 100 square metre property now costs 255.000€.
In April 2022, 17 municipalities in the Malaga provice, reached record prices:
- Málaga capital (2.225 euros per square metre),
- Alhaurín de la Torre (1.790 euros),
- Benahavís (3.818 euros),
- Benalmádena (2.424 euros),
- Cártama (1.568 euros),
- Casares (1.968 euros),
- Estepona (2.542 euros),
- Fuengirola (2.595 euros),
- Istán (3.704 euros),
- Manilva (1.861 euros),
- Marbella (3.581 euros),
- Mijas (2.245 euros),
- Monda (1.582 euros),
- Ojén (2.696 euros),
- Rincón de la Victoria (2.072 euros),
- Torre del Mar (2.074 euros),
- Viñuela (1,792 euros).
The average price of 255,000€ for a 100m2 property in the Malaga province is obviously influenced by areas around Marbella, Istán and Benahavis where luxury villas are in particularly high demand right now.
There are also still areas where the price per square meter is less than 1000€, however in some of these areas prices are also increasing. A prime example is Almogia where prices have increased by 17,7% last year, reaching 961€ per m2.
If you are looking to negotiate the price on property in the Malaga province, you will be interested to know that prices decreased slightly in the following areas: Algarrobo, Antequera, Archidona, Arenas, Benajarafe, Campillos, Colmenar, Frigiliana, Humilladero, Mollina, Nerja, Periana, Sierra de Yegüas, Tolox y Vélez Málaga.
Property prices in Malaga Capital
As can be seen from the figures above, property prices in Malaga Capital now average 2,225€ per square metre. However, the difference in prices by zone is increasingly noticeable. Based on the figures quoted in the Idealist report, prices range from 1,000€ in the Martiricos- la Roca range to over 3000€ per square metre in the East of the city.
So, which parts of Malaga Capital are the most expensive per square metre?
- At 4,589€ per square metre: Torre del Río-Finca El Pato, next to Parque Litoral, where the Málaga Towers project is currently underway and where other luxury developments are planned. This is a whopping 50% more than a year ago, thanks to the appearance of these new projects.
- At 4,284€ per square metre, 8% more than a year ago and its highest price to record is Carretera de Cádiz: the Paseo Marítimo and Calle Pacífico.
- At 4,242 euros per square meter we have the always popular La Malagueta-Monte Sancha neighbourhood. This is an increase of only 1.4% on last year but this price is still below the record of two years ago when it reached 4,500€.
- At 4,233€ per square meter, an increase of 7%, we have the Centro Historico.
At an average of 3,076€ per square meter, the East of the Capital holds the top position as the most expensive area in general. This is a 9.6% increase and a new record for this area.
- La Malagueta-Monte Sancha, Limonar (3,395€ per square metre),
- Mayorazgo (3,143€)
- Pedregalejo-Morlaco *(3,117€) *currently a 25% increase on last year and a new record!
- El Palo and El Candado (2400€)
- Cerrado de Calderón-Hacienda Paredes and Pinares de San Antón (approx. 2,500€)
The historic centre has an average property price of 2,889€ per square meter, a 5.2% increase from last year.
Location within this zone also has a great influence on the price:
- In the main, old quarter of the historic centre, the asking price is 4,233€ per square meter, a 7% increase on last year.
- The new and trendy Ensanche and Soho area is now 3,270€ per square meter.
- In the area of the Plaza de la Merced and El Ejido prices have risen to 3000€ per square metre, an annual increase of 17%.
Teatinos and Carretera de Cádiz
It is no surprise that Teatinos is the third neighborhood with the most expensive properties in the capital, with an average price in April 2022 of 2,426€ per square meter. This is an increase of 7%.
In this zone, El Tejar-Hacienda Bizcochero is generally the most expensive. Prices along the Carretera de Cádiz vary greatly, ranging from the top-end luxury of Málaga Towers and Pacífico to more modest neighbourhoods. The general price of this area has increased by 10% in a year to 2,169€ per square meter.
In Nuevo San Andrés and Dos Hermanas, the cost is now 1,644 euros per square meter, 28% more than in April 2021.