Introduction to Gloval’s VIII Barometer of the Residential Market of Andalusia
Gloval, a renowned consultancy, has recently unveiled its “VIII Barometer of the Residential Market of Andalusia”. This comprehensive quarterly report offers an in-depth analysis of the price trends in the residential markets of the provincial capitals, the Seville metropolitan area, and, for the first time, towns in Costa del Sol.
Overview of Prices in the Andalusian Provincial Capitals
As per the report, at the end of the second quarter of 2024, Cadiz and Malaga emerged as the cities with the highest housing prices, with rates reaching €2,684/m² and €2,681/m² respectively. Other capitals recorded the following prices per m²: Seville (€2,176/m²), Granada (€1,988/m²), Cordoba (€1,458/m²), Almeria (€1,374/m²), Huelva (€1,287/m²), and Jaen (€1,176/m²).
Year-on-Year Increase in Housing Prices
The report indicates a year-on-year increase in housing prices across all Andalusian capitals, with Malaga leading the pack with a growth of 15.2%. Other cities like Granada (8.9%), Cadiz (7.1%), Huelva (6.2%), Almeria (6.1%), Seville (4.5%), Jaen (3.4%), and Cordoba (2.8%) also witnessed increases.
Quarterly Rise in Housing Prices
Compared to the first quarter of 2024, all provincial capitals saw a rise in housing prices, with Malaga once again leading with a growth of 5.4%. Other cities like Almeria (3.8%), Cadiz (3.4%), Jaen (3%), Seville (2.8%), Huelva (1.7%), Granada (1.5%) and Cordoba (1.2%) also experienced increases.
Insights into Property Gross Profitability
In terms of gross profitability, Almeria leads with 7.58%, closely followed by Huelva at 7.55%. Despite not topping the profitability chart, Malaga has the highest rental price at €14.43/m² per month, representing a gross profitability of 6.46%.
Property Prices in the Seville Metropolitan Area
The unit price in the Seville metropolitan area stood at €1,485/m² at the end of Q2, reflecting an annual increase of 6.2% and a quarter-on-quarter growth of 3.3%. Seville city remains the most expensive in its metropolitan area at €2,176/m², followed by Mairena del Aljarafe (€1,846/m²) and Tomares (€1,812/m²).
Property Price Trends in the Outskirts of Seville
On the outskirts of Seville, all towns, except Gelves (-4%) and Gines (-0.7%), recorded increased property prices compared to the previous quarter. The annual increases in Alcala de Guadaira (10.4%), Gelves (9.5%), and Camas (9.1%) are particularly notable.
Property Prices on the Costa del Sol
On the Costa del Sol, Marbella leads with the highest housing price at €3,920/m², followed by Fuengirola (€3,090/m²), Benalmadena (€3,019/m²), and Estepona (€2,984/m²). Malaga city costs €2,681/m², while towns such as Mijas, Manilva, and Velez-Malaga are more affordable.
Annual Trends on the Costa del Sol
No negative annual trends were recorded on the Costa del Sol, with Torremolinos and Malaga showing the largest year-on-year increases at 15.3% and 15.2%, respectively. Quarterly, Benalmadena (6.7%) and Malaga (5.4%) stand out for their price increases.
Final Remarks from Gloval’s CEO
“Malaga demonstrates a very pronounced annual growth in housing prices, setting itself apart from the other provincial capitals. Alongside Cadiz, it has the highest per-square-metre prices for both sales and rentals. However, Marbella leads in the non-capital areas, with prices approaching €4,000/m², highlighting that the Costa del Sol is a region of particular interest for real estate investment,” says Roberto Rey, President and CEO of Gloval.
