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Plans for 2,442 new homes in the province have been approved.
New construction projects confirm recovery of the property market after the crisis

New construction projects confirm recovery of the property market after the crisis

Plans for homes have doubled in Malaga province, with the greatest investment being in Malaga city and the western Costa del Sol

jesús hinojosa

Friday, 21 July 2017, 14:14

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Everything seems to point to the fact that 2017 will be the year in which the recovery of the property market is definitively confirmed, after the most difficult years of the economic crisis.

This is certainly reflected in the statistics regarding the number of home-building plans authorised by the Colegio Oficial de Arquitectos (official association of architects), a compulsory step before work can begin.

The figures released earlier this month correspond to the period between January and June this year and refer to both flats and houses. They show that the college approved the plans for 2,442 properties in Malaga province; that is twice as many as in the same period of 2016.

Developers announce the construction of 1,500 homes

  • Housing developer Neinor Homes is to invest 100 million euros in several new construction projects in the province of Malaga. These first schemes involve more than 625 properties although the firm has plans in the pipeline for a total of 1,500 new homes over the next few years. The companys director Juan Velayos said on Tuesday that the firm had already spent 200 million euros on buying land.

  • The new housing developments will be located in Marbella, Casares, Benahavís, Vélez-Málaga and Malaga city. The city project involves a development of 114 flats in the Teatinos area, said Velayos.

The numbers have doubled in Malaga city and on the western and eastern Costa del Sol, but not in rural areas, where only 129 homes were authorised in the first six months of the year. The greatest investment by property developers continues to be in Malaga city, where the plans for 644 properties have been approved, and on the Costa del Sol, with over 1,000 in the past six months.

The increase has been particularly significant in Fuengirola, which has gone from just three homes stamped between January and June 2016 to 140 in the same period of this year; Manilva, increasing from two to 70; Benalmádena, from 22 to 143; and also Marbella, where 134 plans have been approved, compared with the 77 in the first six months of last year. Construction in Estepona is also increasing, and Mijas remains at the same level. In Torremolinos, however, the number has dropped: only 23 property plans were stamped in the first half of this year.

On the eastern coast, Rincón de la Victoria tops the list with 244 properties receiving the go-ahead, compared with 32 in the first six months of last year. In Vélez-Málaga, however, 24 fewer properties have been approved than in January to June 2016.

The figures show that the vast majority of new properties are outside any social housing schemes: in fact plans for only 10 subsidised apartments (nine in Malaga and one in Marbella) have been approved so far this year.

President of the association of builders and developers, Emilio López, said businesses are not as interested in these properties now because the government has reduced financial subsidies for their construction, so the profit margins have dropped.

López is optimistic about the property sector. The recovery is becoming more evident. It is possible that 5,000 plans will be approved by the end of this year, although before [the crisis] in a place like Malaga it would have been about 20,000 a year, he explained.

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