20 March 2019 - Eje Prime
Málaga is giving itself a makeover. It wants to be known as a smart city or the museum city, rather than the tourism hub for the Costa del Sol. To this end, the Town hall of Málaga is managing more than thirty projects to be launched over the next ten years. And the outlook is bright. The city offers high returns both on the high street, as well as in shopping centres and prime offices.
In this context, the Mediterranean city is working on three major projects. The first is a special plan for the port, which covers 1 million m2 of space, where a 37-storey hotel, three office buildings, a customs building and a large auditorium are going to be built if all of the relevant approvals are granted.
The second is the Los Martiricos development, a residential project on a site spanning 67,000 m2, where the plan is to build 220 social housing properties and 450 private homes. Offices and a commercial area will also be constructed if the corresponding building permits are approved.
The third major project is planned for the site of the former Repsol plant, where the Town Hall of Málaga wants to create an office area. Alternatively, it could build four blocks of social housing properties on that site.
The Andalucían city has many other projects underway. Most respond to the growth in residential demand, especially in the market for alternative assets, such as halls of residence for students and nursing homes for the elderly. But overall the real estate sector is booming. In fact, construction permits rose by 40% in 2018.
Original story: Eje Prime (by Marta Casado Pla)
Translation/Summary: Carmel Drake