Real estate in Andalusia: what to buy in the southernmost region of Spain
What is happening in the real estate market of Andalusia, how are prices changing and which objects are chosen by foreigners? Take a closer look at this region of Spain.
The real estate market in Andalusia feels confident, like no other region of Spain. According to the National Institute of Statistics (INE), for the entire 2018, 1,967,109 real estate transactions were made in the country, of which 338,506 fell to Andalusia, the largest share in the whole country. Purchasing activity in the southern region for the corresponding period jumped as much as 15.6%.
Housing prices are steadily increasing here. According to the estimated company Tinsa, in 2018 the cost of houses and apartments in Andalusia rose by 5.8%, amounting to € 1,220 per sq.m.
Andalusia is in the TOP-5 of the most popular regions for real estate purchase by foreigners. The share of the latter here reaches 13%. Above are located only the Canary and Balearic Islands, Valencia and Murcia.
According to a report from the Board of Registrars of Real Estate in Spain, the British most often buy real estate in Andalusia (18.62% of all transactions with foreigners in the region). They are followed by the French (9.39%), Germans (7.25%), Belgians (6.90%) and Italians (6.13%). Russians occupy the sixth place in this list with an indicator of 5.83%.
The study also describes the portrait of a typical Russian buyer of real estate on the Mediterranean coast of Spain. This is a man aged 35 to 45 years, married and with children. The main motivation for buying it is a high quality of life.
Malaga is the most popular province of Andalusia.
According to the Spanish Board of Registrars of Real Estate, in 2018, the province of Malaga ranked second in popularity among home buyers throughout Spain, second only to Alicante. There are almost 20 deals with houses and apartments per 1000 inhabitants.
In total, in 2018, 32,530 purchase and sale transactions were completed in Malaga, which is 7.3% more than a year earlier. At the same time, 28% of them were concluded by foreigners. In terms of consumer activity, the province ranked fourth in Spain, after Madrid, Barcelona and Alicante.
In 2018, Malaga became the leader in price increases for housing in Andalusia (+ 9.9%), an average per square meter in terms of value rose to the level of € 1,600 here.
What to buy in the real estate market of Andalusia
The most popular objects among foreigners are apartments with two or three bedrooms, with a terrace and a view of the sea, good infrastructure, a garden and a pool in the closed area of the residential complex.
Good examples of such projects are Sunny Hills in the town of Mijas (Malaga Province) and Oasis de Salobreña in Salobreña (Granada Province). Both residential complexes are made in the Mediterranean style. These are characteristic white walls, a roof with brown tiles, many open terraces and arches in the design of space. Everything is done so that you can feel the traditional flavor of Spanish life.
Both projects are perfect for their own living in the holiday season, and for investment purposes – renting.
Sunny Hills in Mijas
The residential complex consists of townhouses with a garage, located in a closed area with gardens and pools. Each townhouse includes three bedrooms and two bathrooms, one bathroom and a spacious terrace.
view of the residential complex
The surrounding infrastructure will appeal to sports enthusiasts. Within a radius of five kilometers there are four golf courses: Miraflores, Calanova Golf, El Chaparral and Siesta.
view of the complex
The project is distinguished by excellent transport accessibility. Just 35 minutes by car – Málaga and the international airport, 15 minutes from Marbella, 10 minutes from Fuengirola.
The cost of a townhouse with an area of about 140 sq. M varies from € 260,000 to € 285,000 depending on the view from the window, the number of garages and other factors. You can rent it out for € 1,200 per month.