The real estate market in Málaga has seen a common pattern in the majority of rental offerings. The properties with the highest price per square meter are available for a lease period of no more than a year, do not allow previous visits, and belong to groups with a large number of properties. This situation is compounded by the fact that the price range makes it unfeasible to allocate one-third of one’s salary to rent, considering the city’s average wages.
An example of this can be seen on the Idealista portal, where homes ranging from 30 to 45 square meters are priced between 2,500 and 3,500 euros. In some cases, the price per square meter exceeds 110 euros, nearly ten times the average for the month of August. Out of the top 30 most expensive offerings in Málaga, 26 belong to the Homelike group, a company based in Barcelona.
The disappearance of long-term rentals has given rise to tourist apartments and temporary rentals for short periods at high prices. This creates unfair competition and causes fewer property owners to want to rent out their properties for longer periods. Moreover, the main users of these exorbitantly priced homes tend to be affluent tourists, non-EU individuals in need of legal residence, and high-earning remote workers.
In this fragmented real estate market, major commercial brands have a small market share, while the majority of transactions occur at the local level. This situation has led to the emergence of entities that seek to exploit the demand for high-priced and short-term rental properties.
In conclusion, Málaga has observed a trend of high-priced homes with short leases, which hinders access to housing for the middle class and creates unfair competition in the real estate market. This is a result of the disappearance of long-term rentals and the emergence of tourist apartments and temporary rentals.
Sources: Idealista