Malaga Property Market Continues To Plummet

The effects of the coronavirus pandemic are being felt throughout Malaga’s real estate industry as property sales continue to fall.

Data from the National Institute of Statistics (INE) shows a drop of almost 58% in sales for the month of May, in comparison with the same month last year. This May, 1.160 apartments were sold, as opposed to 2.753 in May of 2019, which translates as 51 properties less sold per day for the month of May than the previous year.

Malaga is still quite high up in the nationwide rankings, sitting in fifth place behind Madrid, Barcelona, Alicante, and Valencia as the province with the most property sales. For some of these communities, the fall in sales is even sharper than the Andalusian region, 59,4% in Valencia, and 65,6% in Alicante.

Looking at the figures for the year so far, the results aren’t much better. Between January and May of 2020, 9.420 properties were sold in Malaga, which is 29,6% less than the period for the previous year.