Laurence Dollimore
THE cost of buying a home in Malaga city has more than doubled over the past decade, new figures reveal.
According to a study by property portal Fotocasa, the cumulative price of a property in the Costa del Sol city has risen by 107% since 2014.
It means Malaga city is now the second-most expensive provincial capital when it comes to buying a second-hand home.
READ MORE: ‘A tu p**a casa!’ Anti-tourism movement arrives to Spain’s Costa del Sol
It follows Palma de Mallorca, which has seen prices rise by 140% over the same period.
In 2014, the average 80sqm apartment in Malaga city cost €135,821, today it is €234,561.
The third provincial capital in terms of price rises is Madrid city, which has seen a surge of 82% since 2014.
This was followed by Valencia city (66%), Las Palmas de Gran Canaria (55%), Alicante (51%), San Sebastian (46%), Girona (46%), Santa Cruz de Tenerife (45%) and Barcelona (43%).
Spokesperson for Fotocasa Maria Matos said: “Over time, it is common for all goods and services to increase in price. However, housing does so at a very hasty pace that conditions and limits access to the home.
“In recent years, the increase in prices has been very significant as a result of the existing imbalance between supply and demand, which is becoming increasingly larger.
“Today the purchase of a home costs €40,000 more (on average in Spain) than in 2014. There are communities in which a home is worth €160,000 more than 10 years ago, as in the case of the Balearic Islands.
“Furthermore, unfortunately, the trend indicates that this price increase will be the trend in the market year after year, as long as supply does not increase.”
On average in Andalucia, the cost of an 80sqm home is currently at €163,400, up from €117,900 some 10 years ago.
The Balearic Islands, the Canary Islands and the Community of Madrid have seen the largest increases when comparing autonomous communities.
Since 2014, prices on the Balearic Islands rose by 109%, followed by the Canary Islands (78%) and the Community of Madrid (68%).
Meanwhile, three autonomous communities have seen the cumulative price of housing decrease since 2014, Asturias (-5%), Castilla y Leon (-2%) and Extremadura (-1%).
