Kanye West has a lot of construction going on at his Malibu home, and it's possible he's now working on a new relationship too ... after being spotted with a mystery woman.

Kanye and the brunette -- who did her best to keep her face hidden from cameras -- hit up Ye's nearly $60 million Malibu beachfront home. Unclear if the woman is just a friend, or something more, but she was decked out in tights, an oversized hoodie and possibly Balenciaga sunglasses.

Of course, if you know anything about Kanye and his recent girlfriends -- like Julia Fox and Chaney Jones -- they're almost always exclusively dressed in Balenciaga.

No word on how far along house construction is, Ye's completely gutted it ... but you gotta imagine it'll be quite the spectacle once finished.

As we've reported, Kim and Kanye have been on friendly terms as of late -- following her split with Pete Davidson -- but the home Ye bought next to Kim's remains unchanged ... so it doesn't look like he has any plans to actually move in.