Andalucia
Malaga property market sets new record as sellers ‘find buyers within hours at never-before-seen prices’
PROPERTY prices across Andalucia have rocketed by 15% in the past year, with Malaga cementing its position as the most expensive province in the region.
The Costa del Sol hotspot now commands an eye-watering €3,775 per square metre for (not counting new builds) – the highest price since records began, according to the latest idealista property report.
Francisco Iñareta, spokesman for idealista, warned that properties entering the market are finding buyers within hours at never-before-seen prices, as Spain’s chronic housing shortage reaches crisis point.
He described it as a ‘perfect storm’ unprecedented even during the property bubble of 2007.
READ MORE: Bubble alert: Property prices in the Balearics shoot up another 15%
“We hadn’t seen price increases like this even in the most tense moments of the housing bubble,” the expert said.
“It’s the result of accumulated housing construction deficits, thousands of new households each year, the rental emergency, falling interest rates and cheaper financing.”
Malaga province led with a 15% year-on-year increase as the regional average, whilst the capital city recorded a 14.7% rise, making it the priciest place to buy a home in Andalusia at €3,459 sqm.
The dramatic price hikes have pushed Andalucian property values to €2,518 sqm on average – a historic high for the region and a quarterly increase of 5.4%.
READ MORE: EU investigates Spain for targeting foreigners with ‘discriminatory’ property taxes
Only Jaen bucked the trend, with prices dropping a modest 0.4%, making it the most affordable province at just €837 sqm.
Cadiz followed Malaga’s lead with a 12.3% increase, whilst Granada saw rises of 10.3%. Almería, Sevilla, Huelva and Cordoba all recorded significant jumps ranging from 1.7% to 9.5%.
The surge reflects a nationwide crisis, with Spain hitting record property prices as demand vastly outstrips supply.
Madrid topped national price increases with a staggering 25% rise to €5,642 sqm, followed by Valencia’s 20.1% surge.
READ MORE: Expert warns investors looking to profit from Spain’s property boom against buying up ‘cheap homes’
Barcelona, despite an 11.1% increase, remains cheaper than both at €4,920 sqm.
The expert warned that properties entering the market are finding buyers within hours at never-before-seen prices, as Spain’s chronic housing shortage reaches crisis point.
With 14 of Spain’s 51 provincial capitals hitting record prices in June, the government faces mounting pressure to accelerate housing construction and tackle the affordability crisis gripping the nation.
Click here to read more Malaga News from The Olive Press.
Andalucia
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Andalucia
Earthquake shakes homes from Malaga to Alicante and briefly triggers tsunami alert in the Mediterranean
AN EARTHQUAKE of magnitude 5.4 centred off Cabo de Gata in Almeria was felt in large parts of eastern Spain on Monday.
A tsunami alert was activated briefly for some coastal areas after the quake occurred at 7.13am.
Besides Almeria, reports about the tremor came in from Granada, Malaga, Jaen, Alicante and Albacete provinces as well as the Murcia region.
READ MORE:
The tremor was also noted as far away as Morocco and Algeria, with no damage or injuries reported.
The National Geographic Institute said the quake was recorded at a depth of only three kilometres, which meant the shock could be felt over a wide area.
The 112 Andalucia emergency service received 25 calls about the quake, 20 of which were from Almeria, with four in Granada and one in Jaen.
Around 30 calls were taken by 112 operators in the Murcia region.
At 8.49am an aftershock of magnitude 3.4 was recorded, followed by another 10 smaller tremors, with two logged at magnitude 2.7- all with epicentres in the sea.
The initial tremor activated Android’s seismic alert system, which sent automatic notifications to numerous phones in the Almeria, Granada and Malaga areas.
The mobile phone alaet included a set of recommendations for action after an earthquake.
Among them, putting on shoes before moving, even inside the house, and checking for the smell of gas.
It also warned of possible aftershocks and included links to additional information.
Click here to read more Spain News from The Olive Press.
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