More than half a million euros for 70-square-metre apartments in Malaga city

Owning a home in Malaga is becoming more and more of a luxury and developers who until now had only created residential projects on the western Costa del Sol are being attracted to the city. And there seems to be no district that can resist the business plans of these companies. Proof of this is the project that Cogitari Homes has launched in the densely populated Carretera de Cádiz district on the west side of the city.

This Marbella developer, behind which is a businessman of Danish origin, specialises in the construction of luxury villas, a model it is bringing to the exclusive Pinares de San Antón area with 13 properties at prices ranging between 2.4 and 4.8 million euros, in a first phase.

However, it also plans to build apartments in Calle Héroe de Sostoa, a project that has involved the merging of three plots of land, already authorised by city hall, and which will also have a façade facing Calle Jordán Marbella. Following the demolition of the existing buildings on this site, preparations have already begun for work that will begin at the end of this year and is scheduled for completion in the summer of 2026.

Despite being located in the district of Carretera de Cádiz, between the Juan Pablo II bridge and the area known as La Princesa, the project has been christened 'Málaga Centrum' and is advertised as a complex of 35 'luxury apartments', with a basement for 64 parking spaces, 64 storage rooms and a swimming pool with a sunbathing area on the roof.

But what is most striking about the project are the prices detailed on the website that advertises it. They range from 260,425 euros (plus IVA - the valued added tax) for a one-bedroom flat with 39.24 square metres (the minimum surface area established by the city urban regulations for a dwelling to be considered as such is 30.5 square metres); and 576,708 euros (plus IVA) for a flat of 68.11 square metres, with two bedrooms, two bathrooms and a terrace of 6.67 square metres looking on to Calle Héroe de Sostoa.

These prices do not include the parking spaces, which are advertised at 30,000 euros plus IVA; nor the storage rooms, which cost 12,500 euros plus IVA. In addition, the complex will have a 90.99-square-metre commercial premises for which Cogitari has set a sale price of 300,000 euros, also excluding IVA.

Cogitari Homes explained that since July they have already received more than a hundred enquiries from people interested in this project, which is located next to a development of 36 flats built by the local company, Ñarucola, in 2020. In that case, the homes, which were sold around 2018, cost around 200,000 euros, with several bedrooms, including garage and storage room. According to sources consulted, they are now being resold for around 260,000 euros.

In Cogitari's new development, the minimum price for a two-bedroom flat is 331,430 euros plus IVA, in this case with a living area of 51.59 square metres, and without a terrace. However, each flat is sold with fitted kitchen, laundry room and furnished bathroom equipped with electrical appliances.

"The qualities are exceptional, with high-level Italian brands in finishes, sanitary ware, kitchen, installations and accessories. A Nordic style not seen before in Malaga," Cogitari said.

The company is asking for 10,000 euros (refundable during 30 days) for the reservation of these flats. Ten per cent plus IVA would have to be paid at the signing of the contract, once the promoter has opened the special account in early 2025; another ten per cent plus IVA, at the completion of the structure of the buildings; five per cent plus IVA on the cladding of the complex; and 75 per cent plus IVA at the signing of the deeds.