Malaga’s tourist property market weakens

Country:  Algarrobo, Malaga, Costa del Sol; Alozaina, Malaga, Costa del Sol; Malaga Province, Costa del Sol

4 February 2008

Sales of residential tourist property for sale in Málaga Province plunged by 50% last year, to an historic low total turnover of €540m (£405m), according to advanced figures released by the Costa del Sol Association of Constructors and Promoters.

The province has consequently gone from being Spain’s number one tourist property market to its last in just two years. Malaga has been overtaken by all the provinces in Cataluna, the Valencia region, Murcia, the Balearics, Canaries and the rest of the Andalucian coastline. Comparable data shows that while sales fell by 50% in Málaga, in Murcia they increased by 125%, during the same period of time.

Editor’s comment
Many prospective purchasers have undoubtedly been deterred by the corruption in Marbella. Some properties continue to face the prospect of being demolished, which does not bode well with property buyers confidence in the local market.