Nestled along the Costa del Sol lies the scenic region of Malaga, a premier location for buying real estate in Spain for both personal use and rental purposes. This region is part of the autonomous community of Andalusia, with its capital sharing the same name—Malaga. The capital is the second most populous city in Andalusia and the sixth most populous in the country, home to over 1.7 million people. In terms of economic activity, Malaga ranks fourth in Spain, only surpassed by Madrid, Barcelona, and Valencia.
Malaga is about 2,800 years old, making it one of the oldest cities in Western Europe. The city is renowned for landmarks such as the Alcazaba, a Moorish fortress; the Picasso Museum, which hosts the works of famous artist Pablo Picasso who was born here; and the Malaga Cathedral.
The local real estate market attracts both Spaniards and foreign investors, offering apartments, townhouses, villas in Spain, and other types of accommodations. The average price of a residential property in Malaga in the second half of 2023 stands at €1.09 million, with the average cost per square meter being €4,450.
- Popular Cities in the Malaga Region for Real Estate Investments
- Most Affordable and Prestigious Neighborhoods in Malaga
- Real Estate Market Situation in 2023
- We'll Help You Make a Profitable Real Estate Purchase in Malaga!
Malaga is a favored destination for real estate investors. Aside from the regional capital, the cities of Marbella, Benalmadena, Torremolinos, and Estepona are also in high demand among property buyers.
Marbella is the second most populous coastal city in the province. Nestled along the Mediterranean Sea and close to the Sierra Blanca mountains, Marbella lies between Malaga and the Strait of Gibraltar. The city's tourist attractions and resorts, beautiful natural landscape, extensive beaches, and mild climate make it particularly attractive for winter residency. The most sought-after types of properties here include:
- Apartments, with prices starting from €150,000 for a studio, up to several million euros for luxury penthouses with sea views;
- Villas priced from €500,000;
- Townhouses, starting at €300,000.
Land plots are also on offer in Marbella for building your own home. The price of these plots varies depending on the location, size, and proximity to the sea.
It's important to note that property prices in central Marbella and near the beaches are higher than in the outlying districts.
Benalmadena is famous for its two large aquariums, amusement park, casino, cable car, and one of the largest marinas in Andalusia. It's also an excellent place to invest in Malaga real estate, offering a variety of home types. Apartment prices in Benalmadena start at around €100,000. Most residential properties are conveniently located near the sea and local attractions.
If you want more personal space, consider buying a house in Spain. Average house prices in Benalmadena range from €300,000–600,000. These houses are often situated in residential areas featuring gardens and swimming pools.
Villas in Benalmadena offer even larger sizes and luxurious amenities. Prices for these properties start at €600,000 and vary based on location and other features. Villas offer expansive grounds, large private swimming pools, and personal parking spaces.
Over time, Torremolinos, once a fishing village, has become a popular spot for foreign investors and real estate buyers in Malaga. People from all around the world, especially from the United Kingdom, Ireland, and Scandinavian countries, choose Torremolinos for their real estate purchases. In this region, you can find apartments in Spain starting from €100,000, houses from €300,000, and villas priced between €500,000–600,000.
Estepona is a picturesque resort stretching along a 21-kilometer coastline dotted with golden sandy beaches. The high quality of Estepona's beaches has made it a popular resort destination. The old town of Estepona retains a traditional Spanish ambiance, inviting you to immerse yourself in it by strolling through its narrow streets. Estepona also offers world-famous championship golf courses for golf lovers.
If you're looking for the perfect vacation spot or real estate investment, bear in mind that apartment prices here start from €200,000 for small apartments and can rise to several million euros for luxury penthouses and beachfront apartments. In Estepona, you can purchase a small country house for amounts starting at €300,000. Luxurious villas with large plots and direct access to the coastline are priced at several million euros.
In Malaga, there are several neighborhoods where real estate prices are below market average and more prestigious locations with prices above average. Among the most affordable is La Axarquia, where the average housing price is €339,797. The district is renowned for its beautiful architecture, narrow ancient streets, and rich historical heritage. Another affordable place is Valle del Guadalhorce, on the banks of the Guadalhorce river, with an average property price of €507,951. In the Metropolitan area of Malaga, the average property price is €588,967.
It's also worth mentioning prestigious areas where significant sums would be required to purchase a property:
- Antequera, with an average property cost of €882,374. The area is famous for its luxurious villas and apartments with views of the Mediterranean Sea.
- Serrania de Ronda, where the average price for a property is €1,154,410. Surrounded by mountains and valleys, the area offers a quiet and serene atmosphere, as well as opportunities for active recreation.
- Costa del Sol, where the average property cost is €1,262,586. Located on the Mediterranean coast, it boasts luxurious beaches, golf courses, and numerous entertainment opportunities.
These prices provide insight into the Malaga real estate market and can help you choose an area to invest in that fits your needs and preferences.
As of today, the average price for residential property for sale in the municipality of Malaga is €2,396 per square meter. This is 9.06% higher than in July 2022, when the average price was €2,197/m2. Investing in Malaga's real estate is an opportunity for capital preservation and growth, as the economic development of the province guarantees an increase in property value. The return on real estate investments in Malaga is higher than in other regions of Spain, thanks to its popularity among tourists.
Unlike most other Spanish destinations, the tourism sector in Malaga remains active all year round. The region's significant population growth contributes to the development of all market sectors, including real estate. Malaga has excellent social and transportation infrastructure. Malaga Airport is connected by direct flights to more than 60 countries.
To get up-to-date information on the residential properties available for purchase in Malaga, you can contact our experts today and ask any questions you may have about the region, prices, and the process of concluding a deal. Best of luck with your choice!