We’ve all heard the saying, “selling like hotcakes” and this is exactly what is happening with property for sale on the Costa del Sol According to the real estate portal, Idealista, in the first quarter of 2024, an impressive 43 percent of all property for sale on the Costa del Sol was sold in under one month.
Even more astonishing, 14 percent of properties in Málaga Province are selling after being on the market for less than one week, putting Málaga in third place nationally for quick sales (commonly referred to as express sales), behind Granada and Tarragona.
In comparison, the figures for the Spanish property market as a whole are slightly lower, with 13 percent of properties selling within one week, 21 percent selling in under one month and 31% remaining on the market for between three months to one year.
Malaga city, at the heart of the Costa del Sol, holds pole position, boasting the lowest number of properties remaining unsold 12-months after first listed on the market. In fact, only five percent of the property for sale on the Costa del Sol in the first quarter of 2024, had been on the market for more than one year.
Gesvalt’s regional director Gregorio Abril, explained in a quote in the Sur in English newspaper in April 2024, that the prospect of imminent interest rate cuts reinvigorated the market. The demand amongst both national and international buyers is continuing to push both up demand and prices, whilst developers struggle to increase the supply. These factors are expected to continue this trend for the foreseeable future.
Figures provided by valuation specialists Gesvalt show that in the first quarter of 2024, the average property price per square metre in Màlaga Province reached 2,412€. This represents an increase of 1.2% on the price at the end of 2023. Similarly, rental prices have soared by 13.5% to 14.32€ per square metre in the first quarter of 2024, an increase of 3.2% upon the cost in the last quarter of 2023.
The upward trajectory of the cost of buying and renting real estate on the Costa del Sol makes this region one of Spain’s most active and attractive property markets, for investment property and people looking for a permanent residence or a holiday home. The relative scarcity of supply is responsible for the speed at which properties are selling and also the uptick in the rental market prices. As demand pushes the purchase price up, more people are considering renting. This in turn pushes up the rental price.
Rental prices published by Gesvalt, show that Marbella real estate continues to hold the crown in the rental market, with prices pegged at 18.8€ per square metre, a 12% increase on figures for the same time the previous year. However, there has been a dramatic rise in other Costa del Sol coastal towns too, for example, Torremolinos’ rental rates have reached 14.4€ per square metre, representing a 12% year on year increase.
There is no denying the Costa del Sol’s universal appeal. This swathe of coastline offers a vast choice of properties to suit all budgets, from inland luxury living at Reserva del Higueron to Mijas property for sale …. But the question is, will there be enough property to satisfy the ever-increasing demand.
If you would like more information about property for sale on the Costa del Sol, whether your preference is for an investment property in Fuengirolaa holiday home in Puerto Marina Benalmadena or you would prefer to find the perfect Fuengirola apartments for sale, contact Birgitte at: birgitte@weberestates.com or call +34 683 391 512.
