A recent survey has revealed that housing prices in seven locations in Malaga province have hit record highs.
The survey estimated the average price per square metre and was conducted throughout Spain.
The last housing boom came over a decade ago when the construction market was at its highest thanks to relaxed EU regulations. However the figures show that today’s prices even exceed that most profitable period.
The results show that the municipalities with the highest prices are Algarrobo Costa, Chilches, Estepona, Fuengirola, Marbella, Nerja and Ojen.
Not surprisingly Marbella tops the list at €2,910 per square metre. This figure represents a 10 per cent increase on the previous year and is nearly €300 above its last peak in 2007.
Neighbouring Estepona isn’t far behind with the average 100sqm home costing roughly €218,500,meaning a square metre figure of €2,185.
Nerja continues to record one of the highest prices further west with a square metre value of €2,760.
As a general rule, according to the survey conducted by Idealista, most regions have seen an increase of around 20 per cent over the previous year.
Spain’s National Statistics Institute has attributed the increases to a booming housing market but a lack of new housing. As the demand increases for what housing there is, the prices increase.
The good news for prospective home owners however is that although Marbella figures are staggering, it falls way down the list in Spain.To purchase a property on the island of Ibiza would set you back an average of €7,401 a square metre.