La Térmica Beach is the new luxury residential development that developer Naiz Homes and investment manager Azora have just put up for sale on the seafront of Playa de la Misericordia, in Malaga capital, on the former site of Endesa's old power plant. The first phase comprises 173 homes across seven blocks, with prices starting at €680,000.
Where exactly is La Térmica Beach?
The project sits on the former Endesa thermal power plant, right on Paseo Marítimo Antonio Banderas, one of the stretches of Málaga capital's coastline with the most momentum right now. It isn't a standalone building: it's part of La Térmica, a new district approved by Málaga's city council that will mix residential, hotel, office and public-facility uses across 11 hectares, with up to 870 homes in total (273 of them subsidised). Naiz and Azora control the plan's two main plots, known as R3 and R5, covering 120,000 m2 of buildable space, 60,000 m2 of which is theirs.
How many homes are for sale, and what do they cost?
Of the more than 600 homes Naiz and Azora plan to build on their plots, 173 are already on the market in this first phase, ranging from 120 to 515 m2 with one to four bedrooms. Prices run from €680,000 up to nearly €5 million, depending on size and views. The developer also offers a customisation service, letting buyers choose the layout, interior finishes, fittings and furniture before handover.
What communal areas and services does the complex include?
- Outdoor infinity pool with sea views, on a solarium of more than 450 m2 with a bar area
- Wellness area with spa, heated pool, sauna, Turkish bath and ice zone
- Private air-conditioned gym, with space for yoga and functional training
- Coworking space, children's areas, pet areas and bicycle parking
- Extensive gardens and bioclimatic architecture designed to make the most of natural light and the sea breeze
How does La Térmica Beach's price compare with the rest of Málaga capital?
Málaga capital's median asking price stood at €625,000 in October 2026, with a median €/m2 of €4,955, according to our monthly Costa del Sol market report. The smallest advertised home at La Térmica Beach, €680,000 for 120 m2, already works out at over €5,600 per m2, putting the project above the city average and closer to Marbella.
| Area / project | Median price | Median €/m2 |
|---|---|---|
| Málaga capital (city) | €625,000 | €4,955/m2 |
| La Térmica Beach (entry-level unit) | €680,000 | ≈€5,667/m2 |
| Marbella | €950,000 | €6,096/m2 |
| Benalmádena | €642,500 | €4,536/m2 |
| Costa del Sol (overall) | €650,000 | €4,738/m2 |
Why have Naiz and Azora bet on this stretch of coast?
Naiz Homes, a developer of Basque origin, bought two plots in La Térmica in May 2026 for a land investment of more than €100 million, taking over from Ginkgo Advisor. Two months later, in July, it partnered with Azora to acquire Nueva Marina Real Estate, the company that controls the complex and that previously belonged to Aedas Homes, Ginkgo and builder San José. Barely four months after that deal, the first phase is already on the market. The move confirms that Paseo Marítimo Antonio Banderas, a former industrial stretch next to Playa de la Misericordia, is consolidating as one of the city's highest-potential areas: little buildable seafront land left, good links to the centre, and the kind of story - from power-plant site to residential and hotel district - that tends to come with further price growth in the years that follow.
What does this mean if you're thinking about buying or investing in Málaga?
For anyone looking for a home to live in, La Térmica Beach competes with Málaga capital's top tier, not the average market. For investors, the project signals where institutional capital is heading in the city: a manager the size of Azora doesn't move into just any area. If you're weighing up an off-plan purchase on the Costa del Sol, it's worth checking taxes, payment schedules and guarantees first in our off-plan buyer's guide; and if you're interested in luxury beyond Marbella, our look at Andalusia's new luxury-property map covers which other areas are following the same path. At EVS Property we can help you weigh up whether this kind of asset fits your portfolio and compare similar opportunities across Málaga capital and the Costa del Sol.
Frequently asked questions
Where exactly is La Térmica Beach located?
Right on the seafront of Playa de la Misericordia, on Paseo Marítimo Antonio Banderas in Málaga capital, on the site of the former Endesa power plant.
How much do homes at La Térmica Beach cost?
From €680,000 up to almost €5 million, depending on size (120 to 515 m2) and number of bedrooms (one to four).
How many homes does the project have in total?
The wider La Térmica district plans for up to 870 homes (273 subsidised). Naiz and Azora will build more than 600 on their plots, of which 173 are already for sale in this first phase.
Who is developing La Térmica Beach?
Basque developer Naiz Homes, together with investment manager Azora. The two acquired Nueva Marina Real Estate, the company that owns the complex, in the summer of 2026; it previously belonged to Aedas Homes, Ginkgo and San José.
Is now a good time to invest in Málaga capital?
The city's median price (€625,000, €4,955/m2 in October 2026) is still below Marbella's, and institutional projects like this one often come ahead of further price growth in the area. Each case is worth analysing with up-to-date data before deciding.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
You may also find useful: sell your property invest on the Costa del Sol free valuation monthly price report
