The Costa del Sol, located in the lively Andalusian region of southern Spain, boasts a stunning blend of upscale living, picturesque landscapes, and an infusion of art and culture. The city of Malaga, in particular, takes center stage in this sun-kissed paradise.
Malaga, situated in a stunning landscape, has become a hub for locals and a growing international community. It’s not just a place to call home, but also a lifestyle to fully embrace. While the breathtaking “vistas” and cultural richness are undoubtedly remarkable, what makes this region truly special is its transformation into a booming real estate and technology center.
Malaga’s Popularity: a surge in property purchases and rental prices
This vibrant has attracted a diverse group of individuals, including tourists, expatriates, and digital nomads, all seeking their place in the bustling city. This influx has intensified the competition for housing, driving rental prices to unprecedented heights. The rental prices have skyrocketed to a remarkable 14.25 euros per square meter, which is a 17% increase from just a year ago. It also positions Malaga as the pinnacle among all Andalusian destinations in terms of rental expenses.
The increasing popularity of Malaga has also triggered a surge in property purchases, as seen in the significant rise in secured mortgages. From January to July of this year, completed mortgages have increased by a remarkable 22% compared to the same period last year, totaling 13,616 mortgages, the highest since 2010.
Foreign interest in housing has also increased consistently, with 14.94% of housing acquisitions made by international and non-resident homebuyers in Andalusia. This impressive figure marks the second-highest result in the historical data series, suggesting that the rise in Euribor has not deterred prospective buyers.
The surge in mortgages and escalating rental prices in Malaga isn’t just a collection of numbers; it’s a reflection of a lively city that’s attracting attention and investment opportunities.
Solid Investments and Policies boost Malaga’s status as a thriving investment and residence destination on the Costa del Sol
Significant investments in infrastructure and policies that encourage financial companies have consolidated Malaga’s status as the main destination for those seeking a profitable residence on the Costa del Sol. If you are looking for a residence in this exciting location, the Residency Program Investment in Spain is an efficient option. Ranked seventh out of 26 programs in the 2023 Global Residency Program Index, the Spanish Golden Visa offers an opportunity for those seeking not only a place to live, but also a prosperous investment in the heart of Europe. These initiatives not only attract domestic investors but also global stakeholders, further raising the region’s profile on the global stage.
Despite staggering biennial growth, property prices have recently seen a slight drop for the first time in two years on the Costa del Sol and in Malaga, suggesting potential opportune timing for buyers. Although rental prices continue to rise due to increased demand, the market is still favorable for buyers. Rising demand outweighs dwindling supply, driving an increase in prices.
Exploring other interesting Investment Opportunities in Costa del Sol
Areas such as Estepona, Marbella, and Benahavis stand out as prime destinations within the Costa del Sol, each offering a diverse array of new developments tailored to meet varied property buyer needs. These lasts are experiencing a notable influx of internationals
Estepona itself is currently ranking second with a 4.6% increase in inhabitants compared to 2022, and not only boasts population numbers but also maintains impressively low unemployment rates and a thriving job market.
These figures depict a vibrant, multicultural hub experiencing exponential growth. While certain areas, like Marbella, reflect high demand and soaring prices, untapped regions offer exceptional investment opportunities the months ahead will undoubtedly unveil new trends and opportunities.
Conclusion: Costa del Sol, a growing real estate market
In this scenario Malaga’s status as a prime real estate market continues to evolve, promising further growth and potential in the months ahead. Investors and individuals looking for a place to invest or live should definitely keep an eye on Malaga’s real estate market, stay tunned!