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The rise in house prices is once again gaining momentum in Malaga province according to the latest quarterly report by property consultants and valuers Gesvalt, which shows a year-on-year increase in the average price of 9.4%, something that has not happened since the middle of last year when this upward trend slowed off slightly. Thus, the average price of properties for sale has now risen to 2,573 euros per square metre, a figure only surpassed by the Balearic Islands (3,030 euros per square metre) and Madrid (2,692 euros). Over the last three months alone the price increase has been 3.4%.
In addition to those properties that are for sale, rents continue to soar with an average cost of 15.27 euros per square metre per month on average at the provincial level, which is 11.5% more than a year ago, and a rise of 1.2% in the third quarter of this year.
Malaga city does not escape this trend, with an average sale price of 2,491 euros per square metre, which is 10.7% more than a year ago and an increase of 5% in the last three months. As for renting, the capital of the Costa del Sol runs at an average cost of 15.16 euros per square metre per month, which is 12.6% more than a year ago and an increase of 5.2% in the last quarter.
At the provincial level, Marbella continues to take the lead in terms of property prices for sale and rent. According to Gesvalt, properties for sale in Marbella have an average price of 3,391 euros per square metre, the highest of all Spanish municipalities with more than 50,000 inhabitants, only followed at almost the same level by the Catalan town of Castelldefels (3,386 euros).
Likewise, rental prices in Marbella are exceeding 20 euros per month per square metre for the first time ever with an average rent of 20.90 euros, which means that this coastal town also leads the ranking for the most expensive rents in the most populated municipalities (over-50k inhabitants). Further east in the province is the town of Vélez-Málaga where the average price of property for sale is 1,495 euros per square metre and rents average 7.70 euros per square metre per month.
Gregorio Abril, Gesvalt's regional director for Andalucía and Extremadura, told SUR that the continued rise in housing prices in Malaga province is still governed by the lack of supply, which is not managing to grow at the same rate as demand. "In Malaga there is a residential pressure marked by the lack of new housing being created and caused by the lack of land, the difficulties that developers are encountering to obtain financing for their projects, the high scepticism of investors given the legal uncertainty and the deadlines from the ruling parties that are postponing many key residential projects for the city," said Abril.
As for the rise in rentals, Abril added: "this unstoppable growth is very much in line with the increase in the price of property for sale, but also with a seasonal factor." He explained further: "The high occupancy rate in the city during the summer period and the increase in tourism, both national and international, during these holiday months, which now lasts practically all year round, has not made it easier to ease up on prices." He also highlighted the influence of the "high profitability that tourist rentals offer owners and which contributes to increasing the shortage of housing supply."
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