Buying a property in Malaga
The city of Málaga is in the province of the same name, within the autonomous region of Andalusia. The province of Málaga covers the whole of the Costa del Sol, from close to Gibraltar in the west all the way back to past Nerja in the east. It encompasses such well-known resorts as Marbella, Fuengirola and Torremolinos, as well as inland cities like Ronda and Antequera.
The city itself is also a huge draw, both for tourists and property buyers. Here we look at the appeal of buying property in the city of Málaga as well as the province.
Why buy property in Málaga
The city of Málaga was voted one of the best cities for international buyers by Forbes in 2023. It’s not just Forbes that feels this way. Málaga is frequently cited as one of the most liveable cities and the best holiday destinations in Spain.
The city offers culture of every type: art, music, history and museums. The Picasso Museum is a big draw for tourists, but there are other wonderful museums to visit too, amongst them the Museo Carmen Thyssen, the Automobile and the Fashion Museum.
Andalusia may be the home of flamenco but Málaga has some very good jazz clubs too. The new Clarence Jazz Club is a favourite, just behind Málaga Cathedral. Málaga is a foodie haven, from upscale dining to friendly tapas bars.
To top it off, the city has 16 kilometres of its own beaches, including Playa La Malaguesta, just ten minutes from the centre. Málaga has become highly popular for the weekend break market, with all the potential that offers property owners from Airbnb.
The weather in Málaga
Sun-seekers will love Málaga. July and August are the hottest months with an average daily maximum of 31°C, and you can enjoy temperatures in the 20s from March to October. The sea breeze takes the edge off the intense heat. Even the coldest month of the year, January, can see highs of 17 degrees.
How to get to Málaga
Málaga is extremely well connected. There are flights here from every corner of the UK and Europe. It’s also just 2.5 hours from Madrid on the AVE (high-speed train). It’s a busy port too, with ferries to Morocco.
Within the region, the ‘Cercanias’, or regional trains, connect nearby towns to the city, and, within the city, the two-line metro system is cheap and efficient.
Where to buy property in the city of Málaga
[H3] El Palo
El Palo, just 20 minutes’ drive from the centre, is a former fisherman’s town undergoing a certain degree of ‘gentrification’ – while still being very much authentically Spanish. Frontline sea-view properties are generally low rise, giving the feeling of being much further out from the centre than you actually are.
[H3] Playa de la Malagueta
La Malagueta really puts you in the heart of everything that attracts people to living in Málaga. It’s located on the seafront, right in the centre of Málaga city. The spectacular 1,200m beach is one of the cleanest in Andalusia with a gentle slope to the sea (the advantage of being manmade). The shallow water, shady palm trees and plentiful facilities, as well as the lifeguards in season, make it ideal for families.
[H3] El Limonar
To the northeast of La Malagueta, El Limonar is a quiet, green neighbourhood that’s perfect for families. You can walk to the Playa de la Caleta, and you’re well linked by bus to the historic centre. Properties along the main road, Paseo Limonar, are mainly apartments, but the rest are largely spacious, detached family houses.
Centro Histórico
The Centro Histórico is Málaga’s characterful old town, situated at the foot of the medieval Alcazaba. Most apartments here are in historic, 19th- and early-20th-century buildings. While outdoor space tends to be at a premium, with just small balconies, this is more than made up for by the location, with plentiful cafés and bars lining the narrow streets and squares. It’s a typically Spanish district and can feel a world away from the tourist developments on the coast.
Paseo Marítimo de Oeste
Paseo Marítimo is between Málaga and Torremolinos and has more of a ‘holiday resort’ feel than the neighbourhoods closer to the city. It’s perfectly set up for visitors, with plenty of restaurants, bars, cafés and small shops in walking distance, and a long, sandy beach. The perfect spot for a holiday home or rental investment?
Cerrado de Calderón
Despite seeing some development over the past twenty years, Cerrado de Calderón is still relatively quiet. It boasts views over the hillsides and down to the sea. It might be a bit further from the beach (albeit only ten minutes in the car to Playa Pedregalejo), but the trade-off is that it’s very green and there’s not much of a bustle compared to the seafront.
Where to buy property in the province of Málaga
East of Málaga
Head out of the airport and turn right and you are in the slightly less developed stretch of coast. There is no train service here, but plenty of buses and a good road.
Property highlights include Rincon de la Victoria, a traditional Spanish town known for its beautiful beaches, golf courses and one of the only three visitable marine caves in the world. Torre del Mar is a tranquil coastal town with beautiful promenades overlooking sandy beaches. Vélez-Málaga is slightly inland, rich in history and culture with numerous churches, a fortress and museum.
Nerja, to the far east of the region where the Costa del Sol becomes the Costa Tropical, is a charming seaside town with a nicely Andalusian feel.
H3 Inland Málaga
You don’t have to drive far off the coast of Malaga province to find traditional Spanish charm and natural beauty. Dotted with white-washed villages, known as ‘Pueblos Blancos’ (white villages), olive groves, vineyards and mountain ranges, this area provides a tranquil and authentic Andalusian lifestyle away from the bustling coastal areas. Highlights include Ronda, Antequera, and the Guadalhorce Valley.
Ronda graces a thousand tourist brochures, perched atop a deep gorge offering spectacular views. Property in its old town, La Ciudad, will always be a favourite for family and friends to visit.
Antequera, a city of 40,000 or so, is at the very heart of Andalusia. It is well known not just for the history and culture of the city, but also the famous nature reserve, El Torcal, and its limestone landscape.
The Guadalhorce Valley, the ‘Orchard of Malaga’ has several charming towns for homebuyers to consider, including Alhaurín el Grande and Coín.
There is a vast choice of property here, including traditional homes in the pueblos blancos, farmhouses or just villas in the ‘campo’ (countryside). You can spend as little as €20,000 for somewhere needing renovation.
West of Málaga
You can catch a train from Malaga airport and reach many of the best places to buy west of Malaga. The section of coast, the Costa del Sol, is renowned for its glamorous marinas, world-class golf courses, sophisticated dining and shopping and beautiful Mediterranean beaches.
Closest to the airport are locations such as Torremolinos, Benalmadena, Mijas and Fuengirola. They are tourist-friendly in summer but are in many ways even more liveable in the winter months. Apartments start here from €100,000.
Key locations beyond these include Marbella, Puerto Banús and Estepona. Marbella is a playground of the rich and famous, with beautiful beaches but also a charming old town. Apartments here start at €300,000. Puerto Banús is most famous for its marina, a hub of luxury yachting, high-end shopping and nightlife, and is slightly more expensive than Marbella. Its waterfront is lined with designer boutiques, upscale restaurants, and trendy bars.
Estepona is a little more affordable, with apartments from €200,000. It is more of a traditional and well-preserved Spanish town, with a bustling fish market and beautiful beaches.
Is a property in Málaga a good investment?
Málaga is in Andalusia, one of the most tax efficient autonomous regions in Spain. Transfer tax is levied at 7% for a resale property (VAT is 10% for a new build). There is also no wealth tax here.
The climate in the Costa del Sol being pretty good all year round, Málaga has a 12-month season for tourism, which makes it great for holiday homes. You will have to register your property for a tourism licence, but they are not any rules preventing foreign buyers from doing this. At the start of 2024, Andalusia introduced new rules around short-term rentals. It gave local councils the power to regulate the number of tourist properties and perform inspections. There are also stricter rules on how the property is maintained. But owning a successful Málaga holiday home is still a viable option.
What can you get for your budget in Málaga
In the wider Málaga province, it’s easy to find low-cost property. Older, white-washed village homes go from well under €50,000, though it is likely that they’ll need more than a lick of paint. The new BBC series Amanda & Alan’s Spanish Job features a renovation in Málaga province.
In Málaga city, you can buy a one- or two-bedroom apartment for upwards of €130,000. There are quite a few refurbished apartments and townhouses set in beautiful historic buildings.
Málaga has a growing number of new-build apartments for sale, these often come with amenities like panoramic sea views, access to a communal swimming pool, gardens and a gym. In terms of luxury property, you’ll find sprawling villas in the Málaga province and penthouses with the best sea views in the city.
Property is more affordable in Málaga than Madrid or Barcelona. But city dwellers looking for a budget-friendly home might have better luck searching in Valencia, Seville or Granada.
Steps to buy in the Málaga
- Search online: The Your Overseas Home property portal has a fantastic choice of listings in the Málaga. Determine what you can buy for your budget, as well as a list of features you would like in a home (close proximity to the beach or golf, mountain or sea views).
- Form a team of experts. Once you have chosen a handful of properties that tick your boxes, reach out to an estate agent. They will be able to talk through the area and what you are looking for in a home in greater detail. You will also need an English-speaking lawyer to ensure that the purchase is legally secure. Plus, a currency specialist like Smart Currency Exchange can help you to transfer your budget over to the Málaga. You may also want to connect with a financial advisor and a mortgage specialist.
- Book a viewing trip. Once you have your team in place, head out to the Málaga to see your pick of properties. If you find a home that ticks your boxes, then reconnect with your professional team and make an offer.
- Once you have made an offer: If the seller accepts your offer, you will sign a reservation contract and pay a fee to take it off the market. Then, you will sign and pay the deposit, around 10% of the purchase price. As you’ve now committed to buying your dream home, lock in your exchange rate to ensure that you do not lose out on thousands. Meanwhile, your lawyer will contact the notary to ensure the legality of the sale.
Hold the keys in your hand: You will need to sign the sale contract, escritura pública at the notary’s office. Finally, pay the balance of the purchase price, minus the deposit you have paid. You must also pay the relevant taxes (ITP), stamp duty, notary fees and legal fees.