Prices up over 50%

Prices up in Torremolinos

Prices up in Torremolinos Photo: Flickr CC

Buying a new home in Malaga is now €100,000 more expensive than before the Covid pandemic. The average price per square metre of a house up to 5 years old has shot up 52 per cent in the last four years in the capital of the Costa del Sol.

The growth in house prices in the province of Malaga is not letting up. The latest official statistics published by the Ministry of Transport corroborate that far from stabilising, the line drawn by the rise in residential values continues its particular upward trend, giving continuity to the behaviour of recent years.

Proof of this is that in the first quarter of 2024, the increase in the average price of housing was 8.1 per cent, the third highest in the whole country. Only Santa Cruz de Tenerife, with 9.1 per cent and the Balearic Islands, with 8.3 per cent, are above the province of Malaga, where the average price per square metre reached €2,327.4 (€2,688.6 if it is a new home). This is 861 euros more than a decade ago.

In round numbers, the place where the price is highest is Marbella, with €3,955 per metre, followed by Fuengirola, with €3,238.7. The biggest year-on-year rise though is in Torremolinos where the average price of a new home has shot up by 24.4 per cent, to €2,811.6.

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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.

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