Malaga City – a real Estate Perspective

Malaga City

Until recently, the Malaga city was almost totally ignored visiting tourism. 10 years ago the tourist office made a survey and found that 95% of visiting tourists did not visit the city of Malaga, which is an incredible statistic. Since that time, Malaga has made great strides in its offering to its foreign guests and is now (in my opinion) one of the best cities in Spain. For lovers of art and culture, it has the renowned Picasso Museum (one of Malaga’s most famous residents), the Carmen Thyssen Bornemisza (one of the world’s foremost art collectors) and the Pompidou Center. As well as the cultural opportunities, there are many famous landmarks to visit – the ruins of the Roman theatre (1st century BC) and the magnificent Cathedral of Málaga, known locally as the One handed Lady because its second tower was never completed due to lack of funds. There are also monuments of Arabic architecture like the Alcazaba and Gibrafaro (the fortress lighthouse). As well as this wealth of attractions, there are many fabulous restaurants, tapas bars and cafés which are always popular for much of the year due to the ambient Andalucian climate.

Property prices in Malaga City

As stated above, Malaga was until recently largely ignored by visiting tourists and consequently there was little demand for acquiring property and hence prices were relatively low for such a major city. With the significant increase in cultural amenities, there has been a huge rise in interest form the foreign community and this has led to a steep price increase, especially in the areas of the old city with its narrow and charming streets.  Many properties in this area have undergone renovation and are being rented out as tourist apartments on and Airbnb. Malaga city has probably seen some of the biggest increases in real estate values on the coast. Despite this, it is still an interesting area for investors looking to acquire rental properties. The university of Malaga encourages a large incoming student population, that unlike other cities, often results in year round demand, because there are thousands that attend the university in the summer months (when the it is normally closed for regular students), principally for Spanish language courses).

Also, If you are interested, enjoy Mijas and Fuengirola – a real estate perspective and Torremolinos – a real estate perspective as well.