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"
Six months after the introduction of new regulations regarding holiday properties in Andalucía, figures show that in some municipalities such as Nerja, Rincón de la Victoria and Casares, there are nowmore places available in rental properties than in hotels.
Self-catering properties now represent 50 per cent of holiday accommodation on the Costa del Sol and 30 per cent of hotel places in the province. The figures refer to rental properties whose owners have complied with the regulations and have registered them with the Tourism Register of Andalucía, and they show that there are currently 26,321 places available in 5,321 holiday rental properties.
However, during the six months since the new regulation came into force, there have been more than 10,000 applications for these types of properties to be registered, and 5,321 of them have completed the whole process, explains the Junta de Andalucía’s Turism and Culture delegate in Malaga, Monsalud Galindo.
...continue reading "Holiday rentals represent 30 per cent of tourist accommodation in Málaga"
Centre Pompidou Málaga by architects Javier Pérez de la Fuente and Juan Antonio Marín Malavé.