The largest leisure park in Andalucía was given the go-ahead by Torremolinos council on Tuesday when the new town planning regulations (PGOU) were approved almost unanimously.

TorremolinosThe giant leisure park, built and developed by Intu Properties, will include shops, restaurants, a dry ski slope and large pool with surf waves. The chosen location will be the area between the Palacio de Congresos and the motorway.

Direct investment in the new leisure park is expected to reach 650 million euros. A further 550 million euros will be invested indirectly.
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For the first time in years, the Costa del Sol is beginning to see a new wave of development projects. The renewed confidence that investors have in Marbella’s property market is becoming apparent. Not only can it be seen in the appearance of cranes and billboard adverts overhead, but in the growing demand for land, particularly good plots in the best locations with the best views. This is becoming the Costa’s new luxury product.

...continue reading "The surge of interest in land purchasing and development projects"

Property sales in Spain increased by 12.6% in May compared with the previous month, with the Balearics seeing the biggest increases, according to the latest data from the National Statistics Office.

house in MarbellaThe data also shows that new home sales were down 8% from a year earlier and second hand homes up by 16% which could be good news for those who have been unable to sell.

The biggest annual increases in May were in the Balearics with a rise of 33.1, Cantabria was up 30.4%, Andalucia was up 10.7% and Catalonia was up 3.1%.

The biggest decreases were reported in Castilla-La Mancha with a fall of 15.2%, Galicia with a fall of 6% and Comunidad de Madrid was down 5.5%.

Meanwhile, the latest figures from the General Council of Notaires shows a sharp rise in the number of Chinese buyers in Spain, suggesting that they are responding to the golden visa rules which grant citizenship to non European Union nationals who invest a minimum of €500,000 in real estate.
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To find solutions for properties built on land not zoned for construction but which has been subject to subdivision and can therefore not be included in Decree 2/2012 which relates to making properties legal, and those properties for which the works licences have been annulled. These are two of the objectives of the Viñuela, embalseSave Our Homes Axarquía association – Salvemos Nuestras Casas en la Axarquía (SOHA) in Spanish - which is formed by about 400 foreign residents who own illegal properties, in a series of meetings it has begun with the Junta de Andalucía’s general planning directorate to look for solutions to the problems of illegal houses.

The president of SOHA, Philip Smalley, who is also a Partido Andalucista councillor in La Viñuela, and the association’s secretary and town planning councillor in Alcaucín, Mario Blancke, had a meeting on 19th June with the general director of the planning directorate, Rafael Márquez, to discuss the problem of houses which have been built on land not zoned for construction which had been illegally subdivided. According to article 185.2 of the Law of Urban Planning of Andalucía (LOUA), there is no time limit after which the authorities can no longer demand that the land be returned to its legal state and this means that the owners cannot hope to make their properties legal.
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As one of the most moribund housing markets in Europe, Spain has become a magnet for global bargain hunters. Real estate prices are down as much as 50 percent from their peak during a housing bubble, and investors from Asia to the United States and Britain are flocking to Spain to try to catch the uptick.

1British Airways flights to Madrid are packed with London-based real estate executives. The hedge fund Baupost is buying shopping centers, Goldman Sachs and Blackstone are buying apartments in Madrid, and Paulson & Company and George Soros’s fund are anchor investors in a publicly listed Spanish real estate investment vehicle. Kohlberg Kravis Roberts just bought a stake in a Spanish amusement park complex. Big-name private equity firms and banks are teaming up with and competing against one another on huge loan portfolios with names like Project Hercules and Project Octopus.
...continue reading "Spain: Magnet for Global Bargain Hunters"