Figures published this week by the National Statistics Institute (INE) confirm that property sales in Málaga province have shown a slight increase compared with the same month last year, with 1,796 transactions. Experts have noted that this figure is the best since the so-called economic crisis began, stating that it is necessary to revert to 2007 in order to find better results.
These encouraging sales mean that Málaga is one of ten provinces in Spain that have managed to extract themselves from the more negative trend visible in other parts of the country. Compared with October’s figures, November resulted in 55 per cent more property sales, a result that will give heart to property professionals and investors looking for evidence that the market in Málaga is beginning to pick up again.
National figures showed a decrease of 14.4 per cent, with 27,549 sales although this fall in transactions is less dramatic than August’s figures, which were down by 38 per cent on August 2010.
Taken month by month, the situation in Málaga is even more impressive, since sales increased by a massive 55 per cent from October to November. One of the very welcome results of this impressive revival in the property market’s fortunes has resulted in the Association of Builders and Developers (ACP) recently disclosing that the number of unsold new properties was almost halved during 2011.
Michael Liggan of Altavista Property Spain says: “This really just reflects what we’ve noticed ourselves. There has never been a lack of serious investors, since they have always realised that the property on the Costa del Sol represents good value for money, but now we are seeing the return of families. Despite the ridiculous reports in the UK media about expats having to be rescued from Spain in a Dunkirk-style evacuation, the truth is that at the moment there are more Brits than ever making the decision to leave Britain and settle in Spain.”
“Having made that momentous decision it makes sense for them to relocate to an area that has plenty to offer in the way of expat support networks and nowhere offers this in the same quantity and quality as the Costa del Sol. We’re already looking forward to a year of growth in 2012 as the Málaga property market shows a further recovery.”