The price of housing in Malaga rose by 9.8% year-on-year in the first quarter of the year, which is why it becomes . This is reflected in the Knight Frank Global Residential Cities Index -which classifies the 150 main cities in the world by the evolution of residential amounts-. The Andalusian city is ranked 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 real estate rose by 9.5% in Madrid. The capital of the country occupies position 71 of the index. For their part, cities such as Valencia (ranked 80) and Seville (84), have seen how the price of their homes rose by 8.6% and 7.9%, respectively.
The year-on-year variation in the price of residential property 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,” Knight Frank points out. Thus, Spain is among the 40 countries where housing has become more expensive according to the Global House Price Index of the consultant.
The Spanish representation in the index is closed by Barcelona, which occupies position 94. Already below the average for the country, housing in Barcelona became more expensive by 6.1% in the first quarter of the year.
Beyond our borders, three Turkish cities lead the ranking among those with the highest increase in housing prices. These are Istanbul, Ankara and Izmir, with increases of more than 150%. This is due to high inflation, which is close to 80%, and the lack of supply due to the rise in construction costs.
In fourth place is Miami, 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 has marked the first months of the Malaga residential market, since in all of them it has exceeded 3,000 operations, even registering more than 4,000 in the month of June.
According to data from the National Institute of Statistics (INE), in the province of Malaga, 4,097 home sales were registered in the sixth month of the year, 56% more than in June 2021. Thus, the number of operations is at the level highest since May 2007, when 4,294 home sales were reached, the highest since records were kept.
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