31 May, 2014 @ 18:00
1 min read

Home sales on the rise in Malaga

mijas town hall legalizes homes

HOME sales in Malaga province have risen 6% in the first quarter of this year, compared to the same period last year.

From January to March a total of 5,587 homes were sold in the province, up from 5,263 in 2013, according to the National Statistics Institute (INE).

The increase bucks the national trend, which recorded a 14.4% decrease.

Tom Powell

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  1. It’s pleasing to read that there has been an increase of property sales. Hope that it will bring some relief to people wishing to sell and stops the continuous moaning of people regarding the downfall of the property market in Spain. Moan one/twice okay, but please give us a break. It was a world wide problem and some countries are gradually coming out of the situation. Best of luck to those that have sold or about to sell and hope you find your happiness and dream in the country you will be returning too.

  2. I read yesterday that every property for sale in my area of the UK has (on average) 12 buyers chasing it. I sincerely hope that this is the case in Spain very soon so that we can sell our place over there and buy a holiday home elsewhere.

  3. Lou,

    Where did you have in mind seeing as you already have a holiday home in Spain which is the most sought after country for Brits, whether to live or to have a holiday home.

  4. The property crash in Spain was unprecedented and was certainly not a worldwide problem, property fell in many countries but the crash in Spain was enormous, and there are over 2 million properties still for sale in Spain according to stats by R R Acuna etc.

    Other property markets like the UK’s are completely different too, there is more demand than supply in the UK, in Spain the complete reverse is true. In the UK agents have some regulation, anyone can be an agent in Spain.

    Then there’s the exorbitant completion costs in Spain, up to 11% to purchase and up to 7% to sell, this means in plain English, just to break even your property would have to rise approx 20% in Spain, to make any worthwhile profit the rise would need to be 30%. In the UK 1% SD on homes to £250k, 3% up to £500k, 4% over, plus conveyancing via a lawyer is competitive £500-£1000 easily negotiated. Then there’s the improving yet still poor exchange rate (compared to what it once was) for Brits meaning the price falls in Spain are not as good as they seem, the pound still some 25% down on what it was in the boom.

    The improving exchange rate though affects sellers of Spanish property hoping to return to Blighty.

    Just factual and not moaning, it’s still buyer beware!

    Apart from that the Serano, Rioja and weather (out of July/August) can be very pleasant.

  5. Majorca prices rise even faster than Chelsea, London. Well according to the Telegraph that is. Surely some mistake? “http://www.telegraph.co.uk/expat/10856763/Overseas-property-Majorca-property-prices-rise-even-faster-than-Chelsea.html”

  6. Broadly correct Angie. Except there are still property bubbles in both countries. Notably Marbella, Barcelona, Madrid? parts of the Balearics. In Britain, London and all in commutable distance of same. Parts of Cornwall, Brighton and other holiday/retirement honey-pots have queues of eager buyers.
    But it’s still grim up north. It’s possible to buy a whole street of terraced houses in places like Burnley, for what would amount to small change in London. There are actually thousands of vacant properties in the U.K. but in depressed workless areas.
    Spot on observations about buying/selling/agency/legal costs in both places.

  7. Nice to see some numbers quoted rather than just a %. It would be good to see this spread out a bit but I think the easy money with mortgage applications of years gone by has disappeared for the time being. While the wealthy who do not require mortgages pile into Malaga it may be a bit different for your average person to buy in the more affordable areas when they need finance. In the ideal world the Government over there would stop all new house building but then they will have fewer jobs, more unemployment. The Banks and Government should have kept developments at sensible levels during the boom years.

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