New-build development in Malaga has just gained a decisive project: investment manager Azora and developer Naiz Homes have acquired plots R3 and R5 of the La Térmica development to build around 600 homes on the city's western seafront. The deal was closed with Nueva Marina Real Estate (NUMA), the company that owned the land, and turns one of the last major coastal sites in the city into a complete residential neighbourhood.
What exactly has been acquired
The two plots together cover more than 61,000 square metres and hold most of the residential use within the scheme. The full La Térmica development allows for over 800 homes and roughly 120,000 buildable square metres, split between residential, hotel, commercial and community uses. This is not a standalone development, then, but an urban district with its own services, retail and amenities.
The land reaches its new owners after passing through international fund Ginkgo, Aedas Homes and Constructora San José. Colliers acted as real estate adviser on the transaction, with law firms Gómez-Acebo & Pombo and Garrigues handling the legal side — a measure of the deal's size and complexity.
Project at a glance
| Item | Figure |
|---|---|
| Buyers | Azora and Naiz Homes |
| Seller | Nueva Marina Real Estate (NUMA) |
| Plots acquired | R3 and R5 |
| Surface acquired | Over 61,000 m² |
| Homes planned | Around 600 |
| Full scheme | Over 800 homes |
| Total buildable area | 120,000 m² |
| Uses | Residential, hotel, commercial and community |
| Housing type | Open-market and subsidised housing |
| Location | Beachfront, western Málaga coastline |
Why La Térmica matters for the Málaga coastline
Málaga's western coastal strip has long been flagged as one of the city's major urban transformation areas. It is a seafront band with beach access, a direct link to the centre and genuine room to grow — a rarity in a city that has used up much of its available land. The fact that two players the size of Azora and Naiz Homes are moving in confirms what the market already suspected: the western front is Málaga's next residential frontier.
One clarification for anyone searching online: the name La Térmica also belongs to a well-known cultural centre in the city, on Avenida de los Guindos. The urban development discussed here is the residential scheme that takes its name from the same area, not the cultural venue.
What it means if you are looking for a new build in Málaga
There are two practical readings. On one hand, 600 homes offer relief in a market where new-build supply is structurally short against domestic and international demand. On the other, a project of this scale is not delivered overnight: it is built in phases, and the first keys usually arrive years after the announcement. Anyone buying in Málaga city today is still operating in a tight-supply market.
- Beachfront is a finite product: the capital's coastal land cannot be replicated.
- Phased projects reward early entrants, usually with better pricing and more choice of unit.
- The mix of open-market and subsidised housing determines which units are genuinely available for investment.
- A setting with hotel and commercial uses tends to support long-term value better than a standalone development.
How to position yourself before units go on sale
No official construction or sales timelines have been announced yet. In deals like this, the advantage is built before launch: knowing the phases, understanding which plot comes to market first, and having your paperwork ready to reserve without friction. At EVS Property Group we follow new-build developments in Málaga city and across the Costa del Sol closely, and we can let you know when a project opens its reservation phase.
Conclusion
The Azora and Naiz Homes acquisition is more than another transaction: it sets the direction of Málaga's western seafront for the coming decade and adds around 600 homes to a market hungry for new product. If you are weighing up a new build in Málaga, now is the time to define your area, budget and investment horizon. Get in touch and we will review it with you, with no obligation.
Frequently asked questions
Where exactly is the La Térmica development?
On the western coastline of Málaga city, right on the beachfront. It is one of the city's main urban transformation areas and should not be confused with the cultural centre of the same name.
How many homes will be built?
Azora and Naiz Homes will build around 600 homes on plots R3 and R5. The full La Térmica scheme allows for over 800 homes across roughly 120,000 buildable square metres.
Will there be subsidised housing?
Yes. The project combines open-market and subsidised housing, alongside hotel, commercial and community uses within the same scheme.
When will the homes be completed?
No official construction or delivery timelines have been published. A development of this scale is typically executed in phases over several years.
Can a foreigner buy a new build in Málaga?
Yes, with no restrictions based on nationality. You will need an NIE, a Spanish bank account and, if financing, a non-resident mortgage. We guide you through the whole process up to signing before the notary.
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
