Málaga Real Estate
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How to Buy a House in Málaga
Málaga is the second largest city in Andalucía and is famous for its climate, hospitality, gastronomy, beaches, and culture. Founded by the Phoenicians, its 2800 years of history make it one of the oldest cities in the world. Málaga is exceptionally well-connected with the Costa del Sol Airport: the fourth busiest airport in Spain in terms of total number of passengers. Attracted by the climate, atmosphere, and leisure opportunities, thousands of Europeans either rent or buy homes on the Costa del Sol. The annual film festival, Holy Week, the Centre Pompidou, and the Picasso Museum make Málaga a European cultural center.
When buying a house in Málaga, you can choose between fabulous villas on the coast, beachfront apartments, or older and more charming apartments in the old town. Now is a good time to buy property in Spain. After the real estate crisis prices fell enormously and are just now beginning to rise again, thus offering interesting investment opportunities.
In Málaga, the average price per square meter varies between 1,600 and 2,300 euros. The average price for a home is about 200,000 euros.
The most remarkable areas in Málaga
La Malagueta: This area is close to the coast and very well-connected. The prices on the beach are obviously higher, but you will feel as if you are on vacation year-round. And if you are away, you will always have a chance to offer your apartment or a seaside villa for rent. Be sure, there will be demand.
Soho: Found in the city center, this area is more focused on urban life and culture. One step away from the Contemporary Art Centre of Málaga, Soho combines traditional charm with the advantages of downtown living.
Smaller spaces can cost more, as tends to happen in central areas, especially for new or refurbished houses, but opportunities to buy and repair old homes still exist.
Paseo Marítimo del Oeste: Families and lovers of the maritime lifestyle will find this area perfect. It offers an opportunity to live near the sea without having to pay exorbitant prices.
Teatinos: This is the newest area of the city full of university life and nightlife. Prices are not high. Newly constructed apartments are combined with rentals.
El Limonar y Pedregalejo: This area has higher prices with exclusive villas, sport facilities, swimming pools, and private security. This is Málaga’s most expensive and most exclusive area. Living here offers more privacy and space, while sacrificing, in part, proximity to shops, restaurants, and nightlife.
Buying a house in Málaga as a non-resident
The procedures to acquire a house in Spain as a foreigner are not complicated. You must only have a Foreigner Identification Number (Número de Identificación de Extranjeros [NIE]). This number is essential to perform any economic transaction in Spain. It is not necessary to live in Spain to obtain your NIE, but you must have a justification for the request. While not mandatory, a Spanish bank account is also advisable as it can simplify things when the time comes to make payments. If you are planning to reside permanently in Spain, it is worthwhile to review Spain’s tax policies.