A fast-growing Basque property developer has snapped up two major plots in western Malaga for €100million.
The purchase is part of plans to build around 500 luxury homes beside the city’s rapidly transforming La Termica coastline.
Naiz Homes, founded less than two years ago, said the huge project will form part of its ambitious plan to become one of Spain’s leading residential developers.
The company has acquired nearly 60,000 square metres of land near the luxury towers that have already dramatically reshaped the western seafront entrance from Torremolinos.
According to the developer, the completed project could eventually generate revenues exceeding €600 million.
The development will be carried out in phases across two separate plots.
Naiz Homes expects the first phase to be completed before the end of 2027, while the second phase is scheduled for delivery during the second quarter of 2029.
The acquisition further underlines the enormous investor appetite surrounding the Costa del Sol’s booming luxury property market, particularly in Malaga city where major international developments continue reshaping the skyline.
Enaut Saiz Zubeldia, managing partner of Naiz Homes, described Malaga and the Costa del Sol as ‘one of the most solid and attractive markets in Europe’.
‘The scale of the operation reflects confidence in Malaga’s potential,’ he said.
Founded in September 2024 by Enaut Saiz Zubeldia, Salvador Urbistondo and Domingo Arotzarena, the company plans to invest around €600million acquiring land across Spain over the next three years.
Naiz Homes says it hopes to reach full operating capacity by 2029, delivering around 1,000 homes annually with recurring revenues between €500million and €600million per year.
After establishing itself in Madrid, the Basque Country and Andalucia, the developer now plans further expansion into provinces including Sevilla and Cadiz, as well as markets such as Valencia and Alicante.
The company currently employs around 30 staff but expects significant expansion in the coming years, including a new Malaga office on Avenida de Andalucia and a showroom in Madrid’s Chamberi district.
The latest La Termica operation was reportedly advised by Colliers and law firm Gomez-Acebo & Pombo.
Read more Andalucia news at the Spanish Eye.
