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Date Published: 21/01/2025

Construction of new homes strengthens housing market in Málaga

In the first eleven months of last year, 32,313 property transactions were carried out in the province

Málaga continues to showcase a healthy housing market as transactions grow. High prices, for the moment, have not been an obstacle for the housing market in Málaga as they have been for the rest of Spain, largely thanks to the construction of new homes in the province.

According to data shared this Monday January 20 by the National Institute of Statistics (INE), in the province of Málaga, 32,313 houses had been sold in the first eleven months of 2024.

This number represents an increase of 1% compared to the same period of the previous year. Previously owned houses have experienced a drop in sales by 10% (22,848 in total). New homes, however, have saved the balance sheets by increasing their sales numbers by almost 50%. As a result, there were 9,500 new homes sold in the first eleven months of 2024 in Málaga.

The number of new homes purchased in Málaga last year places the province third throughout Spain on the list of most new houses bought. Málaga is only behind Madrid and Barcelona on this list.

Still, the performance of the housing market in 2024 did not reach the record figures of 2022, when more than 40,000 transactions took place in the province, a number that had only previously been achieved prior to the 2008 financial crisis.

The price of housing continues to grow by more than double digits in the province. The increase in sales is a result in the drop of mortgage rates, as well the incentives from the administrations to provide facilities to young people.

In regard to this data, and following the national trend, many experts highlight that the lower cost of financing and the prospect that prices will not fall due to the lack of available supply continue to push many families to buy new homes.

However, in Andalucía, Juanma Moreno, President of the Junta regional government, stressed on Monday that he is aware of the “drama of all those people and families who cannot access a decent place to live, which is aggravated by the lack of land, excessive taxes and bureaucracy and the fear of owners to rent out available housing at reasonable prices”.

For this reason, he has reminded people in Andalucía that he has a plan to build 20,000 homes over the next five years. For many, though, this measure is much too little, and the price increases will only lead to more people being unable to access housing.

For more information, news and what’s on visit our homepage at Andalucía Today

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