Do you like going to the beach? And what about sunny weather nearly the whole year? Oh, well, if the answer to those questions is yes, this is your post, don’t miss it! ...continue reading "Homes for sale in Alicante under €150,000!"
The United Kingdom’s decision to leave the European Union in June has not discouraged London-based property developers from investing in Spain. Among the companies looking to establish a presence along the Mediterranean are Round Hill Capital, which has chosen the Costa del Sol as its launch pad into Spain.
The group, set up by Michael Bickford, has opened offices in Madrid, where it is also looking to buy property, along with Barcelona and the western part of Malaga’s coastline. It has paid €30 million for a 50-hectare plot of land in Ojén, close to Marbella, from Sareb, the entity set up by the government in 2012 to absorb the toxic assets of the country’s banks. It intends to build 600 luxury apartments there. Palo Alto will be the first major property development in the area since 2008, when the country’s real estate sector crashed.
With a total investment of €250 million, Palo Alto is planned in 10 phases, with work on 75 properties to begin early in the New Year. Ojén’s local council has approved construction and other permits in less than two months.
...continue reading "British developers lead the revival of Costa del Sol’s property sector despite the Brexit"
The Cordish Companies, a US real estate developer and entertainment operator, is planning to invest at least €2.2 billion on a Madrid resort. The complex will create more than 56,000 jobs for the regional economy, the company claimed in a presentation. The project includes hotels, restaurants, stores, theaters, cinemas, gaming areas and even a circus.
The company has already presented the project to the regional government, which is controlled by the conservative Popular Party (PP).
Brexit is bad news for the recovering Spanish property market with a real estate conference in Marbella hearing that it is already having an impact with a fall in British buyers.
Interest from British buyers in locations like the Costa del Sol where they have been the biggest group of foreign buyers for many years, began dwindling in the run up to the European Union referendum in June and since.
Property expert Mark Stucklin told the conference, organised by Spanish appraisal company Tinsa, that British buyers made up 36% of foreign market in the Malaga province last year, more than double the next biggest group from Sweden and 50% of the top six markets combined.
He believes that when reliable figures are made available they will show a big decline in British purchases, perhaps 50% or more in the six months after Brexit. Stucklin said that he also spoke to other property industry professionals at the conference, including lawyers and estate agents and most of them said that Brexit is having a significant negative impact on their business.
...continue reading "British buyers down in Spanish coastal areas due to Brexit"
The London-based British fund Pacific Investments has announced plans to invest 25 million euros in the construction of a complex of luxury villas in the Sierra Blanca area of Marbella.
The exclusive project is aimed at a privileged few, buyers with very high purchasing power; there will only be five properties in total, and the price is expected to be around seven million euros each.
The complex, which was launched by the director de Pacific Investments, Mark Johnson, and the head of Penna Properties Partners in Marbella, Christopher Penna, has been designed by the Torras y Sierra architecture studio, which also designed the Finca Cortesín hotel.
The construction of the villas will begin as soon as the council has issued the works licence – this should be done within the next few weeks, they say – and the site chosen for the exclusive development is the area known as Cascadas de Canoján, in the upper part of Sierra Blanca.
...continue reading "British fund to invest 25 million euros in five luxury villas in Marbella"