Malaga Property Market and Real Estate Guide
(Malaga, Costa del Sol, Spain)
Malaga is undergoing somewhat of a real estate boom, which has been largely bolstered by the influx of foreign investment since Spain's acceptance of the Euro and the dropping of borders. Prices for property in Malaga have risen, although it is still possible to pick up a good deal.
Malaga is one of the best places in southern Europe for buyers. It is a laid-back city with an international airport and is nice and close to the big resorts of the Costa del Sol, yet far removed from its brashness. In addition, Malaga boasts the finest weather in Spain, with more sunny days than any other major Spanish city, along with a fine lifestyle.
Real estate prices in Malaga are traditionally not as high as in other centres of comparable size and stature in Spain, which is somewhat a product of the popularity of the resorts of the Costa del Sol proper. The availability of re-sale, off-plan and new properties and rentals abounds. Location is everything, however, especially if you intend to buy-to-let, with properties along the coast among the most expensive. Expat families may prefer the cheaper homes of Alhaurin de la Torre.
Renting Serviced Apartments
Serviced apartments in Malaga are expensive, working out about two or three times the price of a standard apartment. They are becoming more common due to burgeoning foreign businesses in the city and the need for companies to put their expat workers up in no-hassle accommodation. Renting is easy, as there is generally no contract to sign. They are more available than standard apartments, and come furnished, often in convenient and pretty areas of the city. Deals on serviced apartments in Malaga can often be had out of season for those renting long-term.
Furnished apartments usually come with all modern conveniences, and these items will generally be of better quality as the price goes up. You can also expect air conditioning in serviced apartments in Malaga, as well as wireless Internet, which may or may not come with a monthly charge, and possibly the use of a fitness suite and swimming pool. Elevators are also standard.
Buying Apartments and Houses
It is a buyers' market in Spain and prices in Malaga are a little lower than elsewhere along the Costa del Sol as it is not, traditionally, a tourist haven. Bargains can be had in and around Malaga, but you will generally need to head back from the coast and out of the centre.
Foreigners can own apartments and houses in Spain freehold, although they need to contact a reputable lawyer for legal advice on the whys and wherefores of buying here. Finding an office-based local lawyer that has a firm grasp of the English language is a must.
There are various taxes and charges involved, and you will also need to do the legwork on due diligence, even though your lawyer will be able to brief you. Check for any maintenance costs and moneys owed on properties, particularly when buying from an individual, as all charges are typically ascribed to properties in Spain.
After transfer taxes, registration and deed transfer fees are paid, you also need to take into consideration the annual wealth tax, which is based on a property's value and any income from it. Community charges will also apply within gated communities.
Real Estate Agents
There are many real estate agents in Malaga and finding a reliable one that offers a non-pressure, friendly service with a decent portfolio can be hard-going. Many Malaga realtors are foreign-owned and know how to deal with foreigners and speak the language. Don't be cajoled into signing any contracts and handing over hefty deposits until you have carried out your own personal checks and consulted with a lawyer.
Check out these following Malaga real estate agents:
Sunset Country Properties
Address: Urb Montecristo Building 2, Local 3, Avenida Pablo Ruiz Picasso, Archidona, Malaga, 29300, Spain
Tel: +34 952 716 244
Sunset offers houses and apartments for sale and rent in Malaga and the Andalucia region in general.
Address: Suite 3, Barn House, Mengham Lane, Hayling Island, Hants, PO11 9JX, UK
A UK agent for property with small townhouses to large villas just outside of Malaga on their books.
1Casa Estate Agency
Address: Calle Cantarranas 1, Alora, Malaga, 29500, Spain
Tel: +34 95 249 5509
A local real estate agency offering a vast range of properties in Andalusia and nationwide.