Malaga property market recovering

Home owners stuck in ‘unsellable’ properties for years have a glimmer of hope as real estate sales rose 11% in the first three months of this year in Malaga province.

The National Institute of Statistics said there were 5,587 property sales, 552 more than in the first three months of 2013.

March was a particularly good month, with 1,839 properties sold in the province, a 105.7% rise from March last year.

However, the fact that property purchases were no longer tax deductable from March last year has to be taken into account because it meant there was a fall in purchases compared to the previous months of 2013.

Malaga was the Spanish province with the fourth highest number of property sales in 2013, reaching levels seen in 2010 and 2011.

If sales continue at this rate, more than 20,000 properties could be sold this year in the province.

Throughout Spain, property sales rose 22.8% in March compared to the same month last year.