“Location, location, location”. What has become an almost hackneyed saying in Real Estate worldwide is still a concept that is very much valid today; the Costa del Sol is no different. If you do not know Malaga well, we can assist you in making the right decision before you put your signature on that purchase agreement. Here’s a shortlist of Malaga’s most sought-after neighborhoods.
Malaga: a city in rapid expansion
In recent years, two major developments put the city on the map and made it attractive to investors. In 2010, Terminal 3 was completed at the regional international airport Malaga-Costa del Sol. A year later, the new portuary area “Malaga Uno” was launched, making the city more accessible than ever both by air and sea. As a result of the above developments in infrastructure, a wide array of new initiatives were put in place throughout the city. Among other things, the many dilapidated historic buildings in the center were restored turning the ancient city into a favorite spot among travelers worldwide.
A decade later, the city was completely transformed. Until the COVID-19 pandemic made its gloomy appearance on the world scene, Malaga was a booming metropolis undergoing unprecedented growth. As we speak, the city seems to have gone on pause mode -as most places in the world- as we wait for better times to come.
The pandemic seems to have also suspended real estate activity for a period. The fact that many foreigners are no longer able to travel at the moment forced sales to drop drastically. Strangely enough though, it is to be noted that prices in Malaga’s most sought-after neighborhoods have not dropped as one would expect in the current climate.
Malaga as a municipality is broken down into 10 districts. If you plan on investing in real estate, we would recommend that you concentrate on the following three districts (preferably in that order): Centro, Málaga Este and Carretera de Cadiz. You can search for properties in said areas by using the handy neighborhood maps available on one of the industry’s most commonly used specialized website
Within the district “Centro” you will find a total of 10 neighborhoods. We recommend you to concentrate on the following (in this order): Centro Historico, Ensanche Centro (SoHo) or La Victoria. The first two areas are highly sought-after, while La Victoria is slightly less popular, at least among foreigners. As a rule of thumb, it is important that you do not move too far north from the Centro Historico.
It is to be noted though that the areas right north of Centro Historico called San Felipe and La Merced are also very attractive; you may find that there is a significantly greater opportunity to find a good deal in those areas. Another area that is worth mentioning is the Perchel Sur neighborhood close to the main train station, although it is not considered as demanded of an area as the rest of them.
The Malaga Este district has historically been known for being the home of wealthy locals. It is slightly far-removed from the historic center, yet it remains a very attractive area. This opulent district is also broken into 10 different neighborhoods. The trick is to stay focused on getting as close to the beach as possible. The three neighborhoods we would recommend are: La Malagueta, El Limonar and Pedregalejo. It is worth mentioning the El Candado neighborhood.
Carretera de Cadiz
The last district we would recommend is Carretera de Cadiz. There are numerous exciting projects being built in that part of the city that may prove to be good investments in the future. The district consists of eight neighborhoods. We would recommend Paseo Maritimo Oeste and Finca el Pato as the most desirable ones. In the Finca del Pato, the luxurious development “Malaga Towers” is currently being built. It is considered by many as Malaga’s most prestigious project at the moment. Please note that in this particular district, we would only recommend buying new construction on the 1st or 2nd line from the waterfront.
If you are planning to invest in a home in Malaga, it is highly recommended to buy in Malaga’s most sought-after neighborhoods. The property must features at least 2 bedrooms, 2 bathrooms and an elevator. In addition, we would recommend that the property has either a terrace and/or a view. Properties with said features are rented out significantly more, and at a higher price.
Many new projects now include a communal swimming pool, common areas and a gym. These extra features are also in great demand with many customers.
If you would like to know more about the viability of a property you are looking at buying, don’t hesitate to contact us, we will be happy to provide you with our professional advice.