The residential market in Málaga, which was already showing signs of weakening demand in 2019, is expected to face a further slowdown in house sales this year, mainly in the second-hand segment, due to the crisis caused by the COVID-19 pandemic, according to forecasts from CBRE.
According to the consultancy’s report entitled “Keys to the residential market in Spain 2020“, the demand for housing in Málaga last year registered a year-on-year decrease of 10% to 30,827 units. The city of Málaga, which recorded 6,747 house sales after a 12% decrease, and the municipality of Marbella accounted for almost a quarter of the province’s transactions. In terms of the forecasts for this year, Rosa Madrid, Regional Director for CBRE in Andalucía comments that “this situation will be further affected by the impact of the pandemic, and in particular, the decrease in demand from foreigners in the province”.
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