Portal of new developments in Malaga and Costa del Sol
New developments in Málaga
Currently, there are over 300 new construction projects in the province of Málaga, with the highest concentration of projects in Benalmádena, Estepona, Marbella, and Mijas. It is the second province, behind Madrid, in demand for new construction housing, with over 8%, according to data from the College of Quantity Surveyors in Málaga. A report on housing from the appraiser Gesvalt in late 2020 states that Málaga was the most expensive Andalusian province, with an average price per square meter exceeding €1,900.
The cheapest square meter of new construction on the coast is in Vélez-Málaga, with average values of just over €1,200 per square meter. Next are Rincón de la Victoria and Torre del Mar, with prices ranging from around €1,800 to €2,000 per square meter. Slightly higher costs are found in Torremolinos and Manilva, where prices can exceed €2,000 per square meter. The towns with the highest prices are Marbella, Fuengirola, and Benalmádena, mainly due to their exclusivity and proximity to the coastal area. In these places, the value of a square meter for a new construction housing can reach €5,000. Behind them is Benahavís, with an average price of over €3,000 per square meter. The province of Malaga, with all its beaches, offers a wide range of new construction options on the Costa Del Sol.
Where are the most new construction projects under development and in commercialization?
Currently, the localities with the highest volume of new construction in Málaga are the capital, with over 1,700 homes, which translates to just over 30% of the total. Behind it is Fuengirola, accounting for more than 10% of the total; new construction in Marbella, with almost 10%; new construction in Mijas, around 6%; Benalmádena, close to 6%; Torremolinos, about 5%; Vélez-Málaga, less than 5%; Estepona, just over 3%; Torrox, below 3%; and Rincón de la Victoria and Benahavís, with just over 2% of the total. Meanwhile, Alhaurín de la Torre and Cártama also have over 150 and 100 new construction projects started, respectively.
Where are the main new construction projects on the coast located?
The standout new construction projects on the coast are located in the municipalities of Marbella, Torrox, Rincón de la Victoria, Estepona, Mijas, Benalmádena, Torremolinos, and Fuengirola.
What factors impact the price of new construction in the province of Málaga? The price per square meter of new construction in the province of Málaga depends, among other things, on the relationship between supply and demand. Other factors include the location, size of the dwelling, materials and finishes, height, orientation, as well as available facilities and services. The population density of the locality and its economic situation, foreign investment, and tourism are also elements that impact the final price.
The inherent aspects of the new construction dwelling, such as common services and installations, require special attention. Buying an apartment in a complex is not the same as buying a single-family home in a development. In the former case, the cost of the facilities is communal, while in the latter case, it is private, making it more expensive for the buyer. An advisable action to reduce the final cost of a new construction home is to buy it while it is still in the planning phase, that is, before construction begins. In these cases, the price can be reduced by up to 30%.
What is the situation of new construction projects in the real estate market in the province of Málaga?
The province of Málaga has over 500 new construction projects, which represents an increase of more than 12% compared to the previous year. The worldwide fame of the Costa del Sol and the development of the capital in recent years has caused many developers to focus on the Malaga area. During 2019, construction activity recorded record figures, as according to data from the Ministry of Public Works, it was the province with the highest number of approved new construction permits, 10.7 per 1,000 homes.
This offer of new construction projects in Málaga is primarily present in the areas of Málaga capital, Benalmádena, Estepona, and Marbella. Other localities such as Vélez-Málaga, Alhaurín de la Torre, and Cártama have experienced less growth.
What advantages does a new construction home offer compared to a second-hand one in the province of Málaga? The market for new homes in Málaga is one of the most active in Spain. In fact, major developers in Malaga have projects in the capital and its municipalities, with a wide variety of new construction homes, mainly focused on coastal areas. This is due, among other factors, to the opportunity to personalize the new home, as well as its guarantees and the assurance that it is a new construction. Added to this is the reduction in costs due to greater energy efficiency, providing a guarantee of purchase compared to second-hand homes, which has generated significant foreign investment.
Some of the new construction projects in Málaga include high-tech systems such as solar panels, promoting renewable energy. They have facilities with large garden areas, swimming pools, tennis and/or paddle courts. Many are even located in exclusive golf clubs.
Where to buy new construction in the province of Málaga?
Málaga, famous worldwide for its Costa del Sol, registers a high number of new construction apartments, both under construction and in commercialization phase. Most of the new homes are located in coastal areas such as Benalmádena, Marbella, Estepona, Torremolinos, Mijas, Axarquía, and the capital.
The province of Málaga has a variety of prices that start from €53,000 for an independent villa in Antequera, being one of the most affordable areas, up to €4.5 million that a new villa of 1,500 m² in Benahavís can cost. Marbella and its surroundings are one of the areas with the most expensive homes in Spain, with independent villas that cost around €5.95 million and villas over 1,000 m² that can exceed €7 million.
Málaga capital has a wide range of options, ranging from new construction one-bedroom apartments to luxurious penthouses or single-family homes, with a starting price of €90,000. In the Teatinos area, consisting of apartments and penthouses, prices range from €195,000 to €440,000. In the city center, and depending on the type of dwelling, the cost ranges from €90,000 to €658,000. In the urbanization area of El Limonar, the home price does not fall below €300,000 and can reach one million euros in some cases.
In addition, Málaga plans to build up to 27 skyscrapers in 13 urban projects that will include homes
In fact, a developer has started construction of two 30-story skyscrapers with 450 homes that will be completed in 2023.
In conclusion, the province of Málaga offers a wide range of options for those looking for new construction homes, with a variety of prices and locations. The demand for new construction homes in Málaga is high, driven by the opportunity to personalize the home, guarantees, energy efficiency, and the assurance of being a new construction. With the increase in construction permits and the development of new projects, it is a great time to invest in new construction homes in the province of Málaga.