The Costa del Sol's capital is bidding to be Spain's 2016 European city of culture. Is it time to think about investing there? asks ANDREA WATSON
ALMOST everyone knows Malaga; as an airport. Which is not surprising
because 13 million passengers pass through it every year on their way
to the innumerable golf and beach developments along the coast from
Torremolinos to Marbella.
Soon the airport will double in size
but the vast majority of travellers who use it will still be unaware
that the city it serves is becoming a gem. Malaga, too, is "upgrading".
The bid to become European Capital of Culture stems from its
past as a multicultural centre. By the 4th century, the Romans had
established a major port there. Later, the Moors built a huge castle
and palaces and over the centuries the ebb and flow of humanity has
left cultural and industrial marks.
Like most modern cities,
Malaga is surrounded by high-rise apartments and cursed with busy
traffic but its heart is a living open museum. The ancient centre is
packed with impressive monuments and fine buildings, including the
Roman amphitheatre, the Moorish castle and what locals refer to as
their "mini Alhambra"; La Alcazaba, an imposing 11th-century Islamic
fortress.
PICTURE PERFECT: There are plenty of elegant restored apartments on the market in the city
This great past is being added to with a
regeneration programme that includes planting thousands of palm trees
along Malaga's seafront, the pedestrianisation of hundreds of square
metres of the historic centre and the renovation of building façades.
Much remains to be completed before the decision on the Capital of
Culture is announced next year. The question is: will the city have
done enough to win it?
Marbella hotelier Marie Burot, who owns
the Casa la Concha, believes so. "It's going to be a very beautiful
city with many trees and magnificent gardens. There are a lot of new
museums and other cultural attractions now which Marbella does not
have."
Almost everyone knows Malaga; as an airport
Foremost among the new attractions is the Museo Picasso, opened in 2003 and housing a cross-section of work by the late artist.
Pablo Picasso was born in Malaga and the museum has become a place of pilgrimage for devotees.
The
Centre for Contemporary Art which opened in the same year also plays an
important role; famed artist pair Gilbert and George have just launched
their latest show there. Now everyone is awaiting the arrival of a
Thyssen-Bornemisza museum.
The city's film festival, often
attended by actor Antonio Banderas, is adding to the weight of the
cultural bid. Banderas says he
plans to launch a theatre in the
port area. All these attractions have spawned new hotels and
high-quality restaurants, cafés and bars.
It's not only
culture that has blossomed. As part of the strategic plan, the campaign
Open For Business is promoting Malaga's economy with an emphasis on
technology. A high tech park is now home to more than 500 companies.
Victor
Sague, marketing director of Taylor Woodrow, which has a development in
the business area, said: "It's a city with major growth potential in
Andalusia because of its location near the sea as well as the
residential and golf resorts of the Costa del Sol. It also has great
infrastructure, such as the new airport, high-speed train service to
Madrid and a good network of motorways and express ways."
From
a property perspective, the changes ensure a strong market and rental
possibilities. Malaga is a university city and a top destination for
students studying Spanish as a foreign language. With the country's
property market in recession, it's possible to find a bargain. "Buying
a place to renovate is not popular with the typical Spanish but it's
good for English people, " added Marie Burot.
Despite the housing market decline prices in the historical centre have not suffered.
Investors
who prefer the convenience of a restored property will find quite a
wide selection where others have done the work for them and, for a
major European city, prices remain low.
Mr Sague said:
"According to Idealista.com, housing in the historic downtown area
costs an average of £2,900 per square metre; which is significantly
higher than the average price of just over £1,740 for new property
elsewhere in the Malaga area but lower than most major European
cities."
Agency Viva Malaga lists several apartments priced from £122,000 to £287,000, all in restored older buildings.
Primelocation lists a restored two-bedroom apartment at £261,000 in an elegant, old building.
Malaga
Estates has a charming restored apartment in a central position priced
at £274,000. The two-bedroom, south-facing flat has an open-plan layout
and both the living room and master bedroom have balconies.
If
it is a location near to the new business district that appeals, Taylor
Woodrow has flats for sale in the neighbourhood of Teatinos near the
university. The project includes large two and three-bed apartments
with garages, priced from £200,000.
"The rental market in
Teatinos is dynamic as it draws students from the University of Malaga
and personnel from the Palace of Justice, " said Mr Sague.
THE BASICS:
Founded in 7th century BC
Population of 570,000
Warmest winters of any large European city
Welcomes six million visitors a year
MUST-SEE ATTRACTIONS:
Museo Picasso Roman amphitheatre and city walls
La Alcazaba - Islamic fortress
16th-century cathedral CAC - Centre for Contemporary Art
