Malaga house prices double in a decade
Homes are now an incredible 100,000 euros more expensive in Costa del Sol
Over the past decade, the cost of buying a home in Malaga's capital has skyrocketed, with a staggering 107% increase in price, according to a recent study by Fotocasa.
This surge in housing costs makes Malaga the second most expensive city in Spain to purchase a second-hand home, trailing only behind Palma de Mallorca, where the price has risen cumulatively by 140 %.
In 2014, the average price of an 80 square metre apartment in Malaga was around 135,821 euros. Fast forward to 2024, and that same apartment now costs a whopping 234,561 euros – a difference of nearly 100,000 euros.
What's even more striking is that Malaga is one of the 12 cities in Spain that has seen a rise in housing prices compared to 2009, when the average price of a home was 195,513 euros.
“In recent years, the increase in prices has been very significant as a result of the existing imbalance between supply and demand, which is becoming increasingly larger,” explained María Matos, Director of Studies and Spokesperson for Fotocasa.
“There are communities in which a home is worth 160,000 euros more than 10 years ago, as in the case of the Balearic Islands. Furthermore, unfortunately, the trend indicates that this price increase will be the trend in the market year after year, as long as supply does not increase,” she added.
Other cities that have experienced significant growth in housing prices include Madrid, Valencia and Las Palmas de Gran Canaria.
In terms of Spanish regions, the Balearic Islands, the Canary Islands and Madrid are the autonomous communities that have seen the largest increase in housing prices over the past decade.
On the other hand, Asturias, Castilla y León and Extremadura are the only autonomous communities that have witnessed a decline in housing prices since 2014.
In other news: Costa del Sol hotel voted the best in Spain by TripAdvisor
Image: Archive
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