If you're thinking about buying a property on the Costa Del Sol, particularly in Malaga, there are some important trends to be aware of in 2024.
Quick Sales in Malaga
Malaga has a dynamic property market, with a significant number of homes selling quickly. According to data from the real estate website Idealista:
- 43% of properties in Malaga city sell within the first month.
- 13% are sold within the first week.
- 30% are sold after the first week but before the end of the month.
This rapid turnover indicates a high demand for properties in Malaga.
Comparing with Other Cities
Malaga isn't the top city for quick sales in Spain, but it ranks well:
- Granada leads with almost 25% of properties sold within a week.
- Tarragona follows at 20%.
- Barcelona and Valencia both stand at 19%.
However, Malaga shines in sales occurring after the first week and within the month, ranking third in this category behind Jaén (45%) and Teruel (33%).
Decline in Express Sales
Interestingly, the percentage of properties sold within a week in Malaga has decreased compared to last year, from 16% to 13%. This trend is seen in other key markets as well:
- Girona dropped from 36% to 14%.
- Salamanca from 19% to 8%.
- Vitoria from 25% to 15%.
- Cadiz from 15% to 6%.
Among major markets, express sales also fell in:
- Alicante from 14% to 10%.
- Palma from 14% to 10%.
- Barcelona from 22% to 19%.
- Malaga from 16% to 13%.
- Madrid from 19% to 17%.
In contrast, Tarragona and Melilla saw increases in quick sales.
Properties on the Market for a Year
Malaga also stands out as the city with the fewest homes remaining unsold for more than a year. Only 5% of homes sold between January and March 2024 had been on the market for over twelve months. This is a stark contrast to places like Zamora, where about a third of homes remain unsold after a year.
Province-Wide Trends
Looking at Malaga province as a whole:
- 14% of properties are sold within a week.
- 36% are sold within the first month.
In some municipalities, nearly 10% of homes sold had been on the market for a year.
National Averages
Across Spain, the trends for the first quarter of 2024 are:
- 13% of homes sold within the first week.
- 13% had been on the market for a year or more.
- 21% sold between one week and one month.
- 22% sold between one and three months.
- 31% sold between three months and a year.
Conclusion
If you're considering buying a property on the Costa Del Sol, particularly in Malaga, be prepared for a competitive market with many properties selling quickly. Understanding these trends can help you make an informed decision and navigate the market more effectively.