HOUSE prices in Malaga province are rising at the highest percentage rate in Spain according to appraisal firm Tinsa.
Figures showed a 13% annual rise in the final quarter of 2024.
Malaga City recorded a 12.4% increase in the same period- the largest of any municipality in the country.
READ MORE:
- Revealed: These are the four most expensive towns to rent a property in Spain’s Andalucia – including Torremolinos
- Property sales in Spain reach their highest since May 2007 after surging by 51%
The cost per m2 in the province has reached €2,376 having gone up by 4.8% in the last three months.
Current Malaga property prices are among the highest in Spain, with the Balearic Islands leading at €3,187 per m2- a 10.9% hike in the last quarter.
Madrid comes in at €3,172 followed by Barcelona with €2,620 per m2.
Within Andalucia, Malaga province’s current per square metre price is the highest within the region, surpassing €2,185 in Sevilla.
The Tinsa report breaks down house prices within Malaga City’s 11 districts.
All of them register price increases ranging from 6.5% in Campanillas to 28.1% in Palma-Palmilla, while in the majority of the districts it grows between 10% and 15%.
In the middle range are the Centre (+13.6%), East Malaga (+14.9%), Ciudad Jardin (+15%), Bailen-Miraflores and Carretera de Cadiz (11.9%), Teatinos-Universidad (+11.6%), Cruz del Humilladero (11.3%), Churriana (11.1%) and Puerto de la Torre (7.7%).
The most expensive square metre is in the east of the City at €3,504, followed by the Centre, at €3,024, and Teatinos on €2,808.
Tinsa says the rise are fuelled by the lower costs of mortgages and easier access to credit which has boosted demand, especially among non-Spaniards.
In regard to mortgages, according to figures from the National Institute of Statistics mentioned in the report, the average mortgage loan in Malaga stands at €193,348- the third highest in Spain.
That represents an average monthly repayment of €980 which is set to fall due to lower interest rates.
Click here to read more Property News from The Olive Press.
