The latest statistics from Idealista for asking prices in Spain reveal that those for property in Malaga have now surpassed their 2007 peak. In July, the capital of the Costa del Sol posted yet another hike in values, taking prices to a new height. Real estate in several other Spanish cities, including Madrid and Palma de Mallorca, followed suit.
New record for property in Malaga
Malaga property prices have spent 2022 breaking records and the figure for July was the fourth new high this year. In terms of asking prices, the average square metre in the city stood at €2,240, the most expensive on record.
Significantly, average asking prices are now ahead of those registered at the height of the last property cycle in 2007. Property in Malaga went up by 4.2% in the year to July, slightly above the national average of 3.4%.
East and Centre have the most expensive real estate
The East and Centre districts were, once again, the most expensive places to buy property in Malaga. In the East, the square metre came in at €3,124, up 9% in the 12 months to July. In the Centre, prices stood at €2,901, an uptick of 6% in the year.
Although the city registered an average annual increase of 4.2%, this figure hides huge variations. The biggest upticks were in the outlying districts of Campanillas and Churriana where prices went up by 17.3% and 16.6%, respectively.
Madrid and Palma property also breaks records
Along with Malaga, property in Madrid and Palma de Mallorca also smashed records in July. In both cities, real estate prices exceeded their 2007 maximums. Homes in Madrid soared to an average of €3,900, although property in the most expensive areas almost doubled this figure. For example, the district of Salamanca posted an average asking price of €6,658, one of the highest in the country.
Palma de Mallorca has had one of the hottest property markets in Spain this year and its figures for July confirmed its high temperature. The average price stood at €3,353, an increase of 9% in 12 months. Within the city, Portixol-Molinar ranked as the most expensive district. Here, the median asking price reached €5,348 per square metre, a leap of 25.2% compared to last year.
Costa del Sol prices
Meanwhile, in a separate survey from Tinsa, based on valuation prices, real estate on Spain’s Mediterranean coast saw a 7.4% rise in value in the year. However, despite this increase, the survey finds that prices are still 31.8% below their 2007 peak.
This figure, which includes property in different coastal areas such as the Costa Brava, Costa Blanca and Costa del Sol, also hides large variations. For example, prices for real estate in Benahavis and Marbella are now higher than their record set 15 years ago.
That doesn’t, however, that property in Marbella and its surroundings is currently overpriced. In fact, we believe many homes on the market represent excellent value for money. If you’d like to find out which ones they are, get in touch with our team who will be only too happy to share their expert knowledge.