Malaga, renowned for its rich history, Mediterranean climate and vibrant culture, is a top tourist destination, drawing millions of visitors annually. Its art, cuisine and stunning nature provide tourists and locals with a truly unique and enriching experience.
In its dynamic property market, selling a home in Malaga has become a key goal for many homeowners. But how can you make your property stand out in such a competitive landscape? Here are some effective strategies and practical tips to help you maximise your property's value and secure a successful sale.
Property prices in Malaga
The average property price in Malaga has surged in recent years, solidifying its status as one of the most expensive cities in Spain. This significant increase reflects a sustained upward trend in the real estate market.
According to idealista's price report, the average property price in the province in June 2024 was €3,282 per square metre. This figure marks an 11.3% increase compared to the same period last year, indicating rising demand. Additionally, the quarterly variation has also been positive, with a 4.4% increase compared to the first three months of the year.
Demand for housing in Malaga remains robust, driven by its tourist appeal, favourable climate and high quality of life, which has created consistent pressure on prices.
Property valuation in Malaga
Property valuation in Malaga requires careful consideration of several factors to determine a fair price. Professionals in the sector and financial institutions employ several methods and resources to accomplish this task:
- The property's location plays a crucial role in its valuation. Proximity to essential infrastructure, such as public transport, educational institutions, healthcare facilities and other basic services, is highly valued.
- The condition of the property is equally important. Factors such as construction quality, general maintenance and the updating of facilities are thoroughly assessed.
- The dimensions and layout of the home are significant considerations as well. The number of rooms, the size of common areas and the overall organisation of space are taken into account.
- Amenities also influence the property's valuation. Features such as air conditioning systems, swimming pools and garden areas are considered in the appraisal process.
- The property's previous transaction history is another key factor. Prior sales and current market trends can impact the current listing price.
- Expenses associated with the property, including taxes, maintenance and utility costs, are also important factors to consider.
- The relationship between supply and demand in the real estate market plays a vital role. Excess demand in the face of limited supply can drive up value, while an oversupply can lead to depreciation.
- Local regulations, including urban planning restrictions and land use provisions, also affect the appraisal process.
How to sell a property in Malaga at the best price?
Selling a property in Malaga can be challenging, but success is achievable by following a few key steps:
- Ensure the property is in good condition. Make all necessary repairs and improvements to increase its value.
- Set a competitive price. Compare similar properties on the market to set an attractive price.
- Presentation is key. Keep the home clean and tidy. Consider hiring a professional to decorate and furnish the space.
- Post your property online. Post listings on real estate portals like idealista and consider working with a good real estate agency.
- High-quality photos. Make sure the photos are of excellent quality and show all the spaces in the home.
- Detailed description. Include precise information on location, size, condition and amenities.
- Organise viewings efficiently. Make it easy for potential buyers to view the property and feel comfortable.
- Negotiation. Set a reasonable price and be willing to negotiate.
- Documentation. Have all the documents required for the sale ready and up to date.
- Professional advice. Consider hiring an estate agent or a lawyer specialising in real estate law to help you through the selling process.
Documents you need to sell a house in Malaga
When selling a flat in Malaga, you must have the following documents to facilitate the process and ensure the transaction is legal:
- The owners' identity document – NIE or passport
- Property deed and updated nota simple (land registry report)
- Property tax receipt
- Certificate from the community of owners, if applicable
- Mortgage deed and certificate of outstanding debt
- Energy efficiency certificate
In addition to these documents, some other documents may be required depending on the seller's situation, such as powers of attorney or judicial authorisations in specific cases.
How long does it take to sell a flat in Malaga?
While it is difficult to predict exactly how long it will take to sell your property due to the numerous variables involved, certain indicators and studies can provide insight into Malaga's property market.
According to a recent report, the overall situation in the Spanish market during the first three months of 2024 was as follows: 13% of properties listed on idealista were sold within seven days. An additional 21% found buyers within one week to one month, while 22% took between one and three months to sell. Meanwhile, 31% remained on the market for three months to one year and the remaining 13% took more than a year to complete their sale.
In Malaga specifically, the city ranked twentieth nationally for quick sales. During the first quarter of this year, 13% of the properties listed in Málaga sold in less than a week.
The current market situation in Malaga
The real estate market in Malaga is currently dynamic and complex, characterised by sustained price growth and high demand that outstrips available supply.
In recent years, property prices have reached historic highs. This upward trend is partly attributed to the shortage of supply in both the property and rental markets, which has created additional pressure on prices.
The province has seen substantial demographic and economic growth, making it an attractive destination for both Spanish and international investors and buyers. The arrival of large companies and the establishment of a robust technological ecosystem have contributed to this boom, drawing qualified professionals and increasing the demand for quality housing.
As for when house prices in Malaga will fall, the market is expected to remain competitive; however, some analysts suggest that prices may stabilise.
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