The first quarter recorded 10,884 transactions, the highest figure since 2007 – Prices up 8.7% to around 2,250 euros per square meter – Registrars speak of a “surprising” cycle, influenced by inflationary processes
In terms of prices, the average value per square meter in the province over the past year is 2,220 euros, with a year-on-year increase of 8.7%.
Malaga’s values are the sixth highest in the country after Gipuzkoa (3,257 euros), the Balearic Islands (2,942), Madrid (2,911), Bizkaia (2,782) and Barcelona (2,654).
In the first quarter of 2022, the price peak in Malaga even climbed to 2,259 euros.
In the case of Malaga, the average price per metre is 2,185 euros.
The association of registrars points out in its report that the first quarter of 2002 ratifies a “clear and intense growth” in sales figures, with positive rates in 44 provinces, 29 of them in double figures.
In Spain, almost 600,000 homes have been sold in the last twelve months, revealing, it says, “notable confidence on the part of buyers”.
“The intensity of growth, together with the achievement of activity levels significantly higher than those recorded before the health crisis, when five consecutive years of growth had been accumulated, mean that the market has reached a level that is undoubtedly surprising”, commented the registrars.
In their view, inflationary processes “may lead to a reinforcement of the favorable underlying dynamics from which the market has benefited, insofar as housing can be considered a safe haven in this scenario”.
Factors such as the “dynamism” of the mortgage market, the perceived need for families to move in a context of high savings rates, as well as the profitability of renting for those who have considered buying a house to rent as an investment alternative, contribute to achieving these figures, say the registrars who, however, warn that, in this scenario, “logical vertigo may arise with regard to the future scenario, especially at a time of correction in economic growth and its possible consequences on employment levels”.
Thus, the Association would consider a certain drop in activity levels over the next few months as “normal”, but bearing in mind that sales and purchase levels in Spain of over 480,000 per year have meant active market scenarios.
“In the short to medium term, it will be difficult to achieve annual amounts below these levels,” he believes.
33% of purchases by foreigners On the other hand, home purchases by foreigners, which were lower than usual due to the pandemic, are starting to evolve at more normal rates.
In Malaga, 33.7% of first-quarter sales were made by foreigners, improving on a rate that had fallen to around 25%.
Only Alicante (40.7%) and the Balearic Islands (35.3%) lead the way, closely followed by Tenerife (32.1%) and Girona (27.8%).
The national average is 13.7%.
“Foreign demand has continued to regain levels after overcoming the most difficult phase of the health crisis and the effects of restrictions on international mobility. It is essential to understand the dimension of the real estate market in terms of current activity levels”, stresses the Association.
The strongest improvements were recorded precisely in coastal areas, with the greatest impact from non-resident foreign demand.
National data for the last quarter show that British buyers, who lost their customary top spot a few months ago, have regained it with 12% of total sales by foreigners.
Next come the Germans with 9.4%, the French (7%), the Moroccans (5.8%), the Swedes (5.7%), the Belgians (5.6%) and the Dutch (5%).
Source: La opinion de Málaga
