Recording a 15% increase in demand between 2014 to 2016 and having registered Spain’s highest percentage of home sales, Málaga province, home of the Costa del Sol, has been ranked as one of the countries most dominant real estate markets in a recent BBVA report.
Entitled “Situación Inmobiliaria España” or Spain Real Estate Outlook, the report was recently presented in the Costa del Sol’s capital by analysts from the leading Spanish bank.
Among a number of positive points relating to the health of the property market as it currently stands in southern Spain, the report highlights a 3.1% rise in property prices in Málaga province between 2014 to 2016, three times the national average and, throughout the whole of Spain, only trailing Barcelona and the Balearics who saw increases of 3.3% and 3.5% during the same period.
Again holding its own with the major metropolises of Barcelona and Madrid, Málaga province also recorded a 55% increase in building license approvals for new housing. Whilst the figures for new building projects are improving, the report points out that the number of approvals is still a long way below those prior to the 2007 financial crisis.
Whilst not all regions enjoyed the same positive results, with a recovery being led by Madrid, Barcelona and Mediterranean regions such as Málaga and the islands, the report concludes that 2017 will be another year of expansion in the Spanish real estate market, driven by continued growth from both overseas buyers and a domestic market which is benefiting from a growing economy, reduced unemployment, increased disposable incomes and low mortgage financing costs.