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As of November 2024 there were 32,313 property deals done in Malaga province last year, according to data released by the Spain' INE national statistics institute on Monday. This is a figure that is 1.35% above the levels of a year earlier, when the accumulated number of transactions in the first 11 months was 31,878. Not bad, considering that mid-year in June the year-on-year fall in property sales in the province was more than 7%. Little by little, activity in the property market has been recovering, partly due to the fall in mortgage interest rates.
32,313 homes sold between January and November 2024
This figure is 1.35% higher than that recorded in the same period last year, when 31,878 property transactions were recorded in Malaga.
However, even with these figures, the recovery in property sales and purchases in Malaga is slower than in Spain as a whole. Transactions registered for all Spain in the first nine months of 2024 amounted to 591,582, a figure that is 8% higher than that recorded in the same period of the previous year. Not only that, the number of transactions carried out between January and November 2024 exceeded those registered in the whole of 2023 (583,651).
Although the Spanish property market suffered less than the Malaga market at the beginning of the year (sales fell more in the provincial market than in the national market), the differential balance between the province and the whole country in these first 11 months of the year is also influenced by what happened in the last month for which there are figures, November. Nationally there were 54,299 transactions this year compared to 47,203 in the same month in 2023, an increase of 15%. In contrast, in Malaga there was stagnation and even a slight decrease, because the 2,804 sales and purchases in November 2024 contrast with the 2,827 from a year earlier, which represents a year-on-year decline of 0.8%.
The 2024 figure is the lowest number of real estate transactions for the month of November since 2020.
2,804 transactions in November in Malaga
With this total Malaga's property market is the most active in Andalucía, well ahead of Seville
In contrast, for Andalucía as a whole house sales rose by 3.5% year-on-year in November to 10,288 transactions. Still, within the region itself there is great variation. On the one hand the highest growth in real estate activity took place in Cordoba, which recorded a rise of 19%, although it is a much smaller market (the number of transactions in the last month was limited to 711). At the other end of the scale was also a smaller market, Jaen, where sales fell by 16% year-on-year to 537.
Therefore, as far as Andalucía is concerned, Malaga is the most active market in terms of property sales and purchases: the 2,804 transactions registered in November compared with the 1,914 recorded for Seville, the second province with the highest number of deals done, although Seville's tally amounts to a rise of almost 13% in November compared to the same period a year earlier.
On a national level Malaga is the fifth province in terms of number of property transactions, behind only Madrid (6,876 for November), Barcelona (5,529), Alicante (4,371) and Valencia (2,980). More transactions took place in Malaga last month than in entire regions, for instance, Galicia and the Basque Country.
Let's look at what has happened by type of property. In Spain as a whole the improvement in sales and purchases in November is mainly explained by new homes, which have increased their sales numbers by more than 37% from 8,975 to 12,328. Also on the increase, albeit at a lower percentage, are the sales and purchases of used homes, rising by almost 10% from 38,228 to almost 42,000.
Malaga is at odds with this trend as, although recorded sales of new homes rose by almost 60% from 562 to almost 900, in the case of used homes the total fell by almost 16% from 2,265 in November 2023 to 1,907 in the same month of 2024.
This means that the number of new home sales in the province is the highest for the month of November since 2008, although the impact of the financial and real estate crisis was already noticeable for that year, given that in November 2007 the number of transactions involving brand new homes exceeded 1,500.
In addition, Malaga is the third province in Spain with the highest number of new home purchases in the last month of November, behind only Madrid and Barcelona and ahead of Alicante and Valencia.
At the same time, the volume of used home sales in November was the lowest since 2020, with 1,524 transactions.
50% the rise in new home purchases in Malaga
Between January and November, sales of brand new homes totalled 9,465, up from just over 6,300 a year earlier.
If the focus is extended to the year as a whole, the real estate market in Malaga is weighed down by second-hand homes, because the number of transactions that have taken place between January and November 2024 is 22,848, representing a decrease of 10.6% year-on-year. In contrast, sales of new homes amounted to 9,465, representing a year-on-year growth of 50%. However, the contrast between these figures also shows that, given the limited weight of new developments in the market as a whole, their strong rise does not offset the fall in the main component of activity - the used market.
In Spain as a whole, meanwhile, between January and November 2024, 123,671 transactions were carried out with brand new flats, representing a rise of 20%, while deals on pre-owned homes increased by 5.25% to almost 468,000.
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