New houses and developments in Málaga
New developments in Málaga City
Málaga has become one of the main cities, not only in its autonomous community but also nationally, in terms of the sale and purchase of new properties. In fact, it is already ranked fifth in Spain, behind Madrid, Barcelona, Alicante, and Valencia in terms of transactions. Currently, the city has around 70 new development projects. According to the latest market data from the Ministry of Transport, Mobility, and Urban Agenda, the value of a square meter in Málaga rose 7.7% in the last quarter of 2021, reaching 1,830 euros per square meter.
The average price per square meter in the 11 most prominent districts of Málaga is: Centro around 2,220 €/m²; Málaga East around 2,450 €/m²; Ciudad Jardín around 1,300 €/m²; Bailén-Miraflores a little over 1,500 €/m²; Palma-Palmilla around 1,400 €/m²; Cruz de Humilladero around 1,650 €/m²; Carretera de Cádiz a little over 1,900 €/m²; Churriana around 1,700 €/m²; Campanillas around 1,400 €/m²; Puerto de la Torre around 1,750 €/m²; and Teatinos-Universidad around 2,200 €/m².
Which areas of Málaga have the highest number of new construction properties?
Currently, the districts/neighbourhoods with the highest volume of new development projects in the city of Málaga are East, Center, Carretera de Cádiz, and Bailén-Miraflores.
In which areas/neighbourhoods along the coast of Málaga are the main new development projects located?
The most prominent ones in the coastal area are located in the neighbourhoods of East (Malagueta and Limonar), Center, Carretera de Cádiz, and Churriana.
What factors influence the price of new construction in the city of Malaga?
In addition to the generalized factor that determines the price per square meter of developments, such as supply and demand, the city of Malaga has two determining and very important elements: foreign investment and national and international tourism. After Alicante, the undisputed leader in foreign purchases with 17% of the national total, Malaga follows closely behind. Accounting for 11.4% of these transactions, positioning itself in second place. Ahead of Barcelona, Madrid and even the Canary Islands. These figures, along with being one of the main tourist destinations on the Costa del Sol, affect the final price of new construction developments. In addition to these external factors, when it comes to housing, it's the size, location, quality, and construction materials that make the difference in all aspects. The extra price to pay is found in common areas, such as a pool (in high demand in the area due to being the city with the most hours of sun in Spain), gym, outdoor courts, good access to the development or the beach. It's not the same to buy a development in the mountains or on the beachfront, as it is to buy an apartment building in the city center.
What is the situation of new construction projects in the real estate market in the city of Malaga?
The supply of new construction projects in Malaga continues to grow, as does the acquisition of these properties in the city. Data collected by the Ministry of Transport, Mobility and Urban Agenda is very positive, with transactions doubling in just a couple of years.
In 2019, total purchases of new homes in the city of Malaga amounted to 1,008 units, in 2020, 1,529, and rising to 2,084 in 2021. Despite the increase in purchases, prices have remained relatively stable. According to the same Ministry, the average value of these homes was 350,000 euros in 2019, 290,000 euros in 2020, and 300,000 euros in 2021.
These figures confirm the great success of newly built homes in the city of Malaga, both for local and foreign buyers, making them one of the most popular options in the real estate sector.
¿Cuál es la importancia de comprar pisos de obra nueva frente a casas de segunda mano en la ciudad de Málaga?
Las viviendas de obra nueva siempre han tenido cabida en la ciudad de Málaga. Al tratarse de una ciudad con gran afluencia de turismo, las ventajas que ofrecen frente a la vivienda de segunda mano son perfectas para su público.
De hecho, la más reseñable es la capacidad de las promociones de responder a las necesidades, modificaciones y demandas de los usuarios. Ya sea de forma presencial o remota, estos inmuebles dan a los futuros propietarios un contacto permanente con la situación de la vivienda. Algo que es realmente complicado con una vivienda de segunda mano.
Pero, la gran diferencia frente a ambas, y que hace superior a las de obra nueva son: la garantía de estrenar, la posibilidad de instalar opciones de energías renovables, los nuevos materiales y aislamientos de construcción. Así como, el garaje y el trastero, tan generalizado en la mayoría de las promociones de la actualidad. Además de la piscina, parque infantil o zonas verdes.
What is the importance of buying new construction apartments compared to second-hand homes in the city of Malaga?
Newly constructed properties have always had a place in the city of Malaga. Being a city with a large influx of tourists, the advantages they offer compared to second-hand homes are perfect for their target audience.
In fact, the most noteworthy advantage is the ability of these projects to meet the needs, modifications, and demands of users. Whether in-person or remotely, these properties provide future owners with permanent contact with the status of the property, something that is really difficult with a second-hand home.
However, the major difference between the two, and what makes newly constructed homes superior, is the guarantee of owning a brand new property, the possibility of installing renewable energy options, new materials and construction insulation, as well as a garage and storage space, which is commonplace in most new construction projects today. In addition to amenities like a swimming pool, playground or green areas.