Property news in brief

Shortage

ACCORDING to the well-known and most consulted Spanish real estate portal, Idealista, the number of properties for sale on their portal dropped on average 6 per cent in the province of Malaga during 2023 and up to 40 per cent in some prime areas.

Prices

AVERAGE prices for the province of Malaga, according to the Property Registry increased in 2023 at just over 3 percent for new properties and 11 per cent for resale properties (although this doesn’t include properties that are off-plan or under construction).

Wealth

THE Knight Frank 2023 Wealth Report, puts Monaco at the top of the pile as the most expensive place to buy property in the world, at an average sales price of over €50,000 per square metre. Marbella comes 16th in the world table at €6,000.

Multicultural

MARBELLA had a registered population of nearly 170,000 in 2023, and of these, over 50,000 were foreigners of many different nationalities, Marbella Town Hall reports. There is also a unknown number of non-registered and part-time residents to add to that total.

Buyers

THE British are still the leading buyers of property in the province of Malaga, accounting for 16 per cent of all transactions, followed by the Swedish and the Dutch, at 12 per cent and 8 percent respectively, with the Belgians, French and Germans not far behind*.

Forecast

AN article published by the Bank of Spain in 2023, reported that, “due to the scarcity of new construction and the favourable financial situation of the different buyers in the market, the price of housing will continue to demonstrate resistance to decrease”.

*Marbella Property Market Report 2023-2024 by Christopher Clover of Panorama Properties