Málaga province

Q4 2024

The housing market in Malaga province closed 2024 with stable overall activity, supported by a slight increase in both domestic and foreign transactions. New-build sales saw strong growth, while resale activity remained steady. Prices continued a gradual upward trend across both segments, and construction activity recorded significant momentum compared to historical averages.

Sales volumes steady year-on-year

There were 10,297 home sales recorded in Q4, reflecting a year-on-year increase of 14% (Fig. 1-1). Compared to the ten-year average, overall sales rose by 23%, while over the decade total home sales have grown by 52%.

Foreign demand continues rising

Foreign buyers accounted for 3,963 transactions during the quarter, equivalent to a 16% increase on the same period in 2023. This was 25% above the ten-year average and 38% higher over the full decade. Purchases by foreigners resident in Spain (1,020) rose 7% year-on-year, while those by non-resident foreign buyers (2,943) increased by 19% (Fig. 1-2). Long-term growth over ten years was 60% for expats and 31% for non-residents.

Sales involving foreign buyers represented 38% of all transactions in Q4 (Fig. 1-3), slightly higher than the 38% seen a year earlier, and below the ten-year high of 45%.

New build vs. resales

Resales made up the majority of the market with 8,325 transactions, a 6% year-on-year increase and 15% above the ten-year average. New-home transactions reached 1,972 units, showing strong annual growth of 70% and 81% above the decade average (Fig. 1-4). This indicates marked expansion in the new-build segment during the quarter.

Price growth continues steadily

The average price of resale homes stood at €299,086 in Q4, representing a 6% increase compared to the same period last year. Over the past five and ten years, prices have climbed 51% and 82% respectively. New-build homes averaged €378,605, with annual growth of 3%, five-year appreciation of 22%, and a ten-year increase of 127% (Fig. 2-1 and Fig. 2-2).

Mortgage lending remains positive

A total of 20,070 new mortgages were signed in Malaga province during the quarter (Fig. 3-1), up 2% year-on-year. This figure is 18% higher than the provincial average over the previous decade, reflecting continued access to financing and sustained lending activity.

Construction activity strengthens

There were 9,349 housing starts based on building approvals in Q4 (Fig. 4-1). This represents an increase of 29% over the same period in 2023 and is 81% higher than the ten-year average, pointing to increased developer activity in the region.

Outlook

The Malaga housing market entered 2024 with momentum in both sales and construction sectors. High levels of foreign demand and a surge in new-build purchases underline the province's continued appeal, while consistent price growth and strong lending volumes support stability going into the new year.