The luxury residential market is growing in one of its favourite locations, the Costa del Sol. New single-family home developments are being constructed for the first time in areas such as Torremolinos and Fuengirola. Traditionally, high-rise homes and super-luxury multi-family projects were built in those areas, which used to be oriented towards villas. That is according to the latest report from the international real estate consultancy Savills Aguirre Newman.
The new concept of super-luxury multi-family developments is concentrated in the most exclusive urbanisations, such as Finca Cortesín with the Las Albercas project, or in more specific locations in Marbella and Estepona, such as The View and The Edge developments on the beachfront.
During 2019, single-family housing accounted for almost all of the activity in the luxury market along the Costa del Sol. Of the 1,468 single-family homes on the market, the new developments were concentrated in Marbella (26%), Mijas Costa (23%) and Estepona (16%). Torremolinos, Fuengirola and Benalmádena accounted for 17% of all of the new single-family homes along the coast. “In recent years, new build properties have returned with a bang with numerous projects and around 10,860 homes (of all types) on the market in total in 2019”, said José Félix Pérez-Peña, Director at Savills Aguirre Newman Andalucía.