New houses and developments in Torremolinos
New developments Torremolinos
Torremolinos can boast of its excellent location, being the first town in the western area of the Costa del Sol. Just 13 kilometers from the center of Malaga and 8 from the international airport. Its proximity to the capital and to inland towns with a strong business fabric such as Alhaurín de la Torre, has made it a highly demanded municipality in the real estate sector and with a great supply of new construction housing. Currently, there are around twenty recently built developments, both completed and projected.
According to the latest market data published by the Ministry of Transport, Mobility and Urban Agenda, its price per square meter rose by 3.67% in the last year, currently standing at €2,300/m².
The average prices per square meter in the 5 most prominent districts of the town are:
- Center, over €2,100/m².
- Playamar, above €2,600/m².
- Montemar, around €2,300/m².
- La Carihuela, just over €2,900/m².
- El Pinillo, around €2,200/m².
Where are the majority of new construction projects located?
Currently, the neighbourhoods with the largest number of new construction projects in Torremolinos are:
Playamar: the most popular beach area located in the centre of the municipality. Surrounded by the main gastronomic, hotel, leisure and water sports offerings. This is also where the main newly built complexes with sea views are located.
Montemar: a purely residential neighbourhood in the southwest of the town, which stands out for its tranquillity and distance from the busiest areas. The newly built properties here are more luxurious, larger and, therefore, with higher prices than the average.
What influences the price of new build properties in the city of Torremolinos?
One of the most important factors that affects the price of developments with properties of this type is supply and demand. On the Costa del Sol, this premise is particularly evident due to the high rates of national and international tourism throughout the year. After this, the characteristics of the property are responsible for determining the final price. Location, quality, orientation, finishes, and amenities are determining factors, as well as common areas such as swimming pools, beach access, parking, or storage.
In some inland areas such as Montemar, privacy and proximity to the golf course especially raise the value of properties. In other areas, views of the sea or proximity to the beach will be crucial.
What is the situation of new developments in the real estate market in the city of Torremolinos?
Their supply is still small compared to nearby towns due to land limitations, although demand remains latent and the market is very active. According to data provided by the Ministry of Transport, Mobility and Urban Agenda, in 2019 total transactions of new construction homes were over 100, increasing to almost 150 in 2022.
The decrease in sales has been significant in the last year due to the increase in the supply of newly built homes in surrounding areas, as well as the limited approved visas. Despite this, the price per square meter continues to rise, thanks to tourism and foreign investment figures. In 2019, it was a little over €2,000/m², almost €2,200/m² in 2020, around €2,200/m² in 2021, up to over €2,250/m² in 2022.
What is the importance of buying new developments compared to second-hand properties in the city of Torremolinos?
The ability to own a new home, choose furniture, make modifications, its privileged location and quality, as well as its energy efficiency. Today's newly built homes, despite having a higher price than second-hand homes, represent a great medium and long-term investment. Initially, they assume lower monthly and annual expenses than usual, especially in electricity and gas. Perfect for owners who are away from their second home for a long time or decide to move to the Costa del Sol.
Acquiring a newly built property for the summer season is synonymous with security. New complexes have video surveillance, and private security, and are almost inaccessible to non-residents.
In addition, it is worth noting the main difference between the two, which is the common areas. Garage, storage room, swimming pool, gardens, play areas, outdoor courts, or private access to the beach. Second-hand homes require a total or partial renovation, not only of the house but of the entire building to be able to offer something similar to new residential properties.
Where to buy new developments in the city of Torremolinos?
Currently, among its 17 developments, all of the complexes consist of apartments, ground floors, penthouses, and flats. The orographic and territorial delimitation of this municipality makes it very difficult to build a large number of villas and townhouses. The supply of new construction homes in Torremolinos is located in:
Playamar. Being the most popular area, prices are higher. These are residential buildings in the second or third line of the coast, with sea views and very complete common areas. They offer amenities such as a pool, multipurpose room, gym, solarium, and private security. The properties start from €265,000 for a 2-bedroom apartment and 108 square meters, 3 bedrooms and 128 meters for €423,000, up to a 3-bedroom penthouse with 145 square meters for over €650,000.
Center. Being located inland, away from the main points of interest and the coast, the properties in this area are more affordable, without losing any quality. It is possible to buy a 1-bedroom apartment in the centre for €164,000, a 2-bedroom with 107 square meters for €252,000, up to more than 120 square meters and 3 bedrooms for €279,000.
Montemar. In this residential neighbourhood, the houses are more exclusive, with modern designs and high prices, being located in the interior of the town. These apartments stand out for their huge terraces and gardens of more than 30 square meters in penthouses and ground floors, even equipped with private pools and solariums. A 2-bedroom ground floor costs around €340,000, a 3-bedroom for €394,000, and a penthouse with views, 2 bedrooms, and 208 square meters is priced at €459,000.