One of Marbella’s largest residential developments in years is now moving through its final administrative stages. The second phase of the Río Real Golf project — a 472,591 m² site straddling both sides of the AP-7 motorway — has entered land reallocation and public consultation, following the town hall’s original approval of the scheme back in September 2023.
Breaking Down the 47 Hectares
The project’s buildable area totals 68,538.82 m², but residential use only accounts for part of the site:
- 428 total homes — 41 detached villas on 84,014.57 m² of land, plus 387 apartments distributed across six plots totaling 135,758.20 m² (one plot alone will hold up to 152 flats)
- Commercial space: 2,493.29 m² allocated, with 1,246.64 m² of gross floor area
- Public land transfers: 250,325.29 m² — more than half the entire site — split between green space (19.77 hectares, 79% of all public land), road network (3.89 hectares), a school plot (just over 6,000 m²), a sports facility (3,000+ m²), a social facility (1,416.26 m²), and a water reservoir plot (3,160.22 m²) that will be handed over to the local water utility after passing through the town hall.
In total, residential construction covers 46.5% of the site — meaning more than half of Río Real’s second phase is being set aside for public infrastructure and green space, not private development.
A Notable Exclusion
One detail worth flagging for anyone tracking the site’s boundaries: part of the existing Altamira residential complex (4,421.65 m², about 0.94% of the developable area) has been carved out of the plan entirely. The rationale given is that those buildings already form a licensed, functioning unit with municipal service access, and splitting them between inside and outside the sector would create planning inconsistencies. The developer states the affected owners have consented, and the exclusion doesn’t reduce the 10% development-rights quota owed to the town hall.
Who’s Building It — and Why That Matters
The developer, Neinor Homes (operating as Neinor Península SLU), isn’t a minor player. In March 2026, the company completed a two-stage takeover of Aedas Homes — first voluntary, then mandatory — acquiring a 96.83% stake for a combined €923 million. That deal made Neinor the largest listed residential developer in Spain. This year, the company is breaking ground on 17 developments totaling 1,627 homes nationwide, per Brains Real Estate’s construction-monitoring data — making it the single biggest builder in the country for 2026. Río Real is one piece of that broader national pipeline, which signals real institutional confidence in the Costa del Sol as a growth market, not just a one-off local project.
The Money
Total development costs are projected at approximately €22.15 million. Of that, Marbella’s town hall stands to collect around €12.49 million in direct revenue, as Neinor fulfills its legal obligation to transfer 10% of development rights to the public sector — paid in this case as a direct payment rather than land.
Why It Matters for the Market
A 400+ home development with nearly half its footprint reserved for parks, schools, and public facilities is a different animal from the villa-and-apartment towers dominating Golden Mile headlines. It points to Marbella’s growth extending into more structured, family-oriented, infrastructure-backed development — backed by Spain’s largest listed builder — rather than purely luxury-driven supply.
Source: Sur in English, September 1, 2026
