Real estate and hospitality lead the way

Hospitality and tourism Photo: pxhere

Malaga province had its best rate of company start-ups in 19 years: almost 600 new companies per month in 2023. The year saw a total of 7,105 new trading companies set up in Malaga, an increase of 11.5 per centcompared to 2022.

Real estate, construction and hospitality were the most buoyant sectors, according to the IECA according to the latest data published by the Andalucian Institute of Statistics and Cartography (IECA).

Despite the economic slowdown caused by rising interest rates and international geopolitical uncertainty, these are the highest figures since 2004 (when the economic boom at the beginning of this century began). The figure for company start-ups in 2023 continued to be, moreover, much higher than the number of companies dissolved (around 1,200 in the whole year).

By sector, real estate and services related to tourism are the business drivers, accounting for most of the new start-ups. Real estate agencies and property management are by far the most prominent business sector accounting for over 20 per cent of the total.

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Written by

Kevin Fraser Park

Kevin was born in Scotland and worked in marketing, running his own businesses in UK, Italy and, for the last 8 years, here in Spain. He moved to the Costa del Sol in 2016 working initially in real estate. He has a passion for literature and particularly the English language which is how he got into writing.