The price of housing in Malaga rose by 9.8% year-on-year in the first quarter of the year, making it the Spanish city where housing is most expensive. This is shown by the Knight Frank Global Residential Cities Index – which classifies the 150 main cities in the world by the evolution of residential amounts. In fact, Malaga ranks 69th, ahead of markets such as Madrid or Valencia, something that did not happen until this revision of the index.
In the same period, the cost of residential property in Madrid rose by 9.5%, occupying position 71 in the index. On the other hand, cities such as Valencia (ranked 80) and Seville (84), have seen the price of their homes rise by 8.6% and 7.9%, respectively.
The year-on-year variation in the price of residential in these four cities was higher than the average for Spain, where it grew by an average of 6.7% at the end of March this year, “mainly driven by inflation”, they point out from Knight Frank. So, Spain is among the 40 countries where housing has become more expensive according to the Global House Price Index of the consultancy.
The Spanish representation in the index is closed by Barcelona, which occupies position 94. Already below the country’s average, homes in Barcelona became more expensive by 6.1% in the first quarter of the year.
If we talk about outside of Spain, three Turkish cities lead the classification among those with the highest increase in housing prices. These are Istanbul, Ankara and Izmir, with increases of over 150%. This is due to high inflation, which is close to 80%, and the lack of supply due to the rise in construction costs.
Miami is in fourth place, with an increase of 34% at the end of the second quarter of 2022 compared to the same period in 2021. Two other North American cities, Halifax (Canada) and Dallas (USA), slightly exceed 30%.
At 2007 highs
The activity marked the first months of the Malaga residential market, since in all of them the sale of homes has exceeded 3,000 operations, even registering more than 4,000 in the month of June.
According to data from the National Statistics Institute (INE), 4,097 home sales were registered in the province of Malaga in June, 56% more than in June 2021. Therefore, the number of operations is at the highest level since May 2007, when 4,294 home sales were reached, the maximum since records began.
