Rapid Property Sales Surge in Malaga and Costa del Sol: A First Quarter 2024 Analysis

The real estate market in Malaga and the Costa del Sol is experiencing an unprecedented surge, with properties moving at a remarkable pace. According to data from the first quarter of 2024, a significant 43% of homes in Malaga are sold within just one month of being listed. This statistic underscores the dynamic nature of the property market in this region, which continues to attract buyers at an accelerated rate.

Speedy Sales in Malaga City

A deeper dive into the data reveals even more impressive trends. Just over one in ten properties sold in Malaga city during the first quarter of 2024 were snapped up within the first week of being listed. Specifically, 13% of homes found buyers in this remarkably short timeframe. The remaining 30% of properties that sold within the first month were typically sold after the initial week, showcasing a consistent demand throughout the month.

Malaga city has also distinguished itself as the Spanish city with the least number of homes remaining unsold a year after being listed. Only 5% of homes sold between January and March 2024 had been on the market for more than twelve months. This contrasts sharply with cities like Zamora, where around a third of properties remain unsold after a year, and similar scenarios in Lugo and Palencia.

Trends in Malaga Province

The trend of rapid sales extends beyond Malaga city to the entire province. During the first quarter of 2024, express sales, where properties are sold within the first week, rose to 14%. Furthermore, 36% of homes listed in the province were sold within the first month. However, approximately 10% of properties in Malaga's municipalities had been on the market for a year before finding buyers.

Comparative Insights Across Spain

When compared to other provinces in Spain, Granada stands out with its seven-day sales phenomenon. One out of every five properties sold in Granada during the first quarter was sold within the first week of being listed. Following Granada are Alicante, Madrid, álava, Barcelona, and Valencia, where between 15% and 18% of properties were sold within their first week on the market.

Nationally, the trend mirrors these rapid sales. On average, 13% of homes sold in Spain during the first quarter of 2024 were sold within the first week. Another 21% found buyers between one week and one month, 22% took between one and three months, and 31% of homes were sold within three months to a year. This leaves 13% of properties that lingered on the market for more than a year before being sold.

Market Implications and Opportunities

The rapid turnover of properties in Malaga and across Spain highlights a vibrant and competitive real estate market. For potential buyers and investors, this trend suggests a need for swift decision-making and readiness to act quickly when a desirable property becomes available. Sellers, on the other hand, can be optimistic about the likelihood of fast transactions, especially in hot markets like Malaga and Granada.

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Conclusion

The first quarter of 2024 has demonstrated that the real estate market in Malaga and the Costa del Sol is exceptionally active, with a significant percentage of properties selling rapidly. This trend, observed in both Malaga city and its province, reflects a robust demand and a dynamic market environment. Buyers and investors should take note of these trends and consider acting swiftly to capitalize on opportunities in this thriving region.