After the bursting of the housing bubble, Spain had to slowly digest the large volume of houses without a buyer. In the province of Malaga, which in 2010 came to accumulate 36,533 homes in ‘stock’ according to IPE data, the bulk of these assets are in Manilva, Casares, Torrox and Vélez-Málaga, which in recent years have begun to give exit to an offer that until then did not find demand.
Now the situation is very different: the stock falls to historical lows and more new promotions are signed every time. As for mortgages, the percentage of gross family income that is used to pay the first year of the new mortgages contracted in Malaga amounts to 21.7 percent, the highest figure in Andalusia. This calculation takes into consideration the average mortgage data published by the National Institute of Statistics and the gross income per household.
The average mortgage contracted amounts to 118,856 euros, with a monthly payment of 555 euros, also the highest of the entire autonomous community, almost 19,000 euros above the second average mortgage in Andalusia, which is Seville (99,940 euros). Experts agree that the professionalization of the real estate market, after years “in which anyone with some money became promoter”, will be key to meet the new demands of customers and avoid falling into the mistakes of the past. The new technologies play a fundamental role in the revolution that the promotion tools go through. To the classic plans, photographs and models are now joined virtual reality to preview real estate.