Ever since the late King Fahd decided to build a complex of five palaces and a number of mansions on the exclusive Golden Mile during the 1980s, Marbella’s image has been associated with the excesses of the Saudis.
Fahd’s building spree followed a successful visit to the ritzy Incosol Hotel In 1979 when he was still Crown Prince, prompting him to choose this corner of Andalusia over the South of France for his summer residence.
But while his presence and that of his extraordinarily extravagant entourage might have made the biggest splash, his Kuwaiti neighbors had already blazed the trail, investing their petrodollars in property and starting a love affair with Marbella that has lasted 40 years.
...continue reading "The ongoing love affair between Kuwait and Marbella"
The ultimate expression of luxury in Malaga province is showcased on the Muelle de Ribera in Puerto Banús. Decades ago, this became the epicentre of the most exclusive boutiques and now this street which runs alongside the Mediterranean and is lined by designer fashion stores, is the sixth most expensive shopping street in Spain.
Purchasing in these shops is something only the wealthy can do, and the same goes for setting up a business opposite the yachts: the price per square metre to rent a shop in this prestigious street is 2,280 euros.
This information is included in an annual report on the fashion business which is produced by the Asociación Empresarial del Comercio Textil y Complementos (Acotex), and it shows that rental prices slightly increased last year, from 2,160 euros in 2014.
...continue reading "Puerto Banús, the sixth most expensive shopping street in Spain"
The offer, from a group involving Credit Suisse, is set to be over 200 million euros and is linked to the possible extension of the site.
Both sides are acting in absolute secrecy, but the negotiations are happening. A group involving a Chinese investment fund, the holding company Credit Suisse and the Spanish construction company Fomento de Construcciones y Contratas (FCC) have presented an offer for the licence for Puerto Banús, which has been in the hands of a private company since construction of the site finished.
The offer was made recently and the deal could be concluded before the end of the year, according to sources consulted by SUR. Although they have no involvement in the negotiations, the Public Agency for Ports in Andalucía (APPA) as well as Marbella town council have been informed about the existence of the offer and the development of talks. Representatives from the group of investors have held at least one meeting in Marbella with the APPA.
...continue reading "Multinational investment fund negotiates the purchase of Puerto Banús"
The House of the Week: Vacational rental apartment in Puerto Banús (Málaga)
Our choice this week is luxury property in Puerto Banús. Details follow:
2 bedrooms, 2 bathrooms, Swimming-pool, 2nd Row from the Sea, Luxury property, In Urban Area
Fantastic apartment with two bedrooms and two bathrooms. Large terrace with views to the garden and the swimming-pools. The whole apt was refurbished and all is new. Fully equipped, satellite T. V., DVD, washing machine and tumble drier etc. The price is per week for spring and autumn and for July is 1,800 and August 2,000 euros per week.
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