Property prices on the Costa del Sol at record highs: Marbella beats Malaga
The property market on the Costa del Sol, and particularly in the province of Málaga, is characterised by high and constantly rising prices that are reaching record levels. The most expensive properties are in Marbella, while Torremolinos has seen the biggest price increase in the last year.
Prices in the region:
The average price per square metre of a flat in Málaga in the third quarter of 2024 was €2440, an increase of 6.4% compared to last year. Across Andalusia, the average price increase was slightly higher at 6.9%.
Price leaders:
– Marbella maintains its leadership position with the highest average price per square metre at €3324. The city attracts buyers with its luxury lifestyle and variety of offers.
– Torremolinos recorded the highest annual price increase, up 15%, reaching an average price of €3095 per square metre.
– This is followed by Benalmádena (€2918), Fuengirola (€2876) and Rincón de la Victoria (€2782).
Malaga vs resorts:
Prices in Málaga itself (€2605 per square metre) are lower than in the popular Costa del Sol resorts, but the city is still attractive for its cultural and historical offerings and dynamic market.
More affordable locations:
Those looking for lower prices can find attractive deals in locations such as Alhaurín de la Torre (€2326), Vélez-Málaga (€1965) and Antequera (€1213).
Record growth in Torremolinos:
Torremolinos has seen an impressive 37 per cent increase in prices compared to the previous boom period 15 years ago. Antequera, on the other hand, remains one of the cheapest places in the region, with prices 37 per cent lower than at that time.
Factors driving price growth:
The main factors driving property price growth on the Costa del Sol are:
– High tourist attractiveness.
– Foreign investment.
– Limited availability of building land on the coast.
– Increased demand for short-term rentals in towns such as Torremolinos and Benalmádena.
Forecasts for the future:
Experts predict further price increases, especially in the most desirable locations. Despite rising costs, the Costa del Sol remains a popular region for domestic and international buyers, competing with major cities such as Madrid, Barcelona and Seville.
In summary, the Costa del Sol property market is characterized by dynamic price growth, with marked differences between locations. Marbella and Torremolinos stand out from other cities in terms of prices and their growth, while other locations offer more affordable options. Factors such as tourism, investment and limited land supply are influencing this trend, and experts predict it will continue in the future.
