real estate Archives - Page 10 of 15

American company to invest 200 million in real estate projects on Marbella 2

SpainHouses.netSeptember 1, 2014September 1, 20142 Comments

Real Capital Solutions (RCS) is one of the leading American private capital investment companies specialising in property and the re-capitalisation of investment portfolios of developments that are ‘in difficulty’.

Based in Colorado, this extremely successful business is now moving in on Marbella as it begins its expansion into Europe.

The plans for the company, now on Malaga soil, are to invest an estimated 200 million euros into property development in the area within the next four years. The firm has already paid out 15 million euros in the purchase of two housing developments that were in the hands of Spanish banks. The new division of the company, RCS Spain, has acquired Cosmo Beach (between San Pedro and Estepona) and Valley Heights (on the outskirts of Benahavís). This area is better known to investors as the ‘Golden Triangle” (Marbella - Estepona - Benahavís).

Taylor Cox, Partner at RCS, reveals how 14.95 million euros will be invested into both projects (consisting of around 100 properties), which includes the maintenance costs and the down payments.
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Zara founder Amancio Ortega earned €93.3 million last year in real estate profits

SpainHouses.netAugust 25, 2014June 11, 2019Leave a comment

The vast fortune in the hands of Amancio Ortega, founder of Inditex – the parent company of clothing chain Zara – keeps growing.

Picasso Tower 200x300 - Zara founder Amancio Ortega earned €93.3 million last year in real estate profits — Picasso Tower

But the profits are not just coming in from his retail fashion outlets, which also include brands such as Bershka, Massimo Dutti and Oysho.

Ortega’s real estate activities are becoming more profitable every year. Pontegadea Inmobiliaria, the company that he uses to invest in office and retail space, posted net profits of €93.3 million last year, a 32% increase from the previous year, according to the company’s filings with the Spanish Business Register.

The Galician tycoon’s property company specializes in scooping up buildings on the best streets of the world’s major cities. Most of these buildings already have occupants, and Ortega becomes their new landlord. The building housing the Apple Store in Barcelona and the Picasso Tower in Madrid are among the properties in his portfolio.

In 2013, Pontegadea collected €98.5 million in rent, €4.3 million more than in 2012. Of this amount, €75.7 million came from Spanish investments and €22.7 million from foreign tenants.
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Spain: First Retirement Destination Among Britons 2

SpainHouses.netAugust 18, 20142 Comments

Scores of British expats who were drawn to Spain in the Nineties and early 2000s struggled to cope during the financial crisis and returned to Britain. Nearly 90,000 Britons packed their bags and abandoned the country last year alone.

Spain’s popularity as a retirement destination also suffered, with a poll last summer revealing the top destinations were the United States, Australia and Canada.

The results of a new study, however, suggest that Spain has regained its appeal among Britons planning to retire overseas.

Of more than 2,000 Britons polled by MGM Advantage, a retirement income specialist, 13pc said they planned to retire in Spain.

France took second place with 9pc of votes, followed by the United States and Australia.

After a six year property slump in Spain, during which prices are thought to have fallen between 40pc and 50pc nationally, recent data suggests the housing market is now recovering.
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Rise in Property Sales in Spain

SpainHouses.netJuly 28, 2014April 2, 2020Leave a comment

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.

The 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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Spanish Team Wins UN Prize for Plans to Create Solutions for Mass Housing

SpainHouses.netJuly 21, 2014March 31, 2020Leave a comment

A project designed by two Spanish architects has won a UN competition to create sustainable solutions for mass urban housing. Recooperation, presented by María García and Gonzalo Navarrete of architectural firm Improvistos is a project to revitalize the run-down Orba neighbourhood in Alfafar, in the southern outskirts of Valencia (Spain), which was built in the 1960s to house the families of workers employed in a nearby timber plant that has since closed, prompting an exodus from the area.

Orba’s housing stock is made up of just two types of low-quality, identical 70- and 90-square-meter apartments in blocks laid out on a grid system, originally designed to house around 6,000 people.

Improvisto’s project is based on the principle of cohousing, an approach that is popular in Scandinavia, where communities consist of private homes with shared facilities, and where residents play an active role in how the community is designed and managed.
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Spain: Magnet for Global Bargain Hunters

SpainHouses.netJune 23, 2014June 23, 2014Leave a comment

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.

British 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.
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Spanish Property Market is on the Verge of Recovery

SpainHouses.netJune 16, 2014April 2, 2020Leave a comment

The downward trend in the property market in Spain is drawing to a close and it is unemployment that is hindering a full recovery, according to the International Monetary Fund.

With unemployment still hovering around 26% the real estate sector is unlikely to move into full recovery mode just yet, says the report author James Daniel, head of the IMF’s Spain mission.

But the report does point out that the country’s economy has ‘turned the corner’ after economic improvements took hold in the second half of last year and continued in the first quarter of 2014. Indeed, it adds that the Spanish economy is now growing at its fastest pace since 2008.

It also says that labour reform and wage moderation are helping turn job destruction to job creation. Compared to a year before, unemployment fell in the first quarter of 2014 and jobs, as measured by social security affiliations, increased by about 200,000 in April.
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New plans for emblematic Madrid’s building ‘Edificio España’

SpainHouses.netJune 9, 2014June 9, 2014Leave a comment

The regional government of Madrid has given Banco Santander the go-ahead to begin work on redesigning the interior of the Edificio España. Once Spain’s tallest building, the 117-meter-high tower block dominates Madrid’s Plaza de España, but has been vacant since 2005.

Santander has already found a buyer for the 1950s building once the project, which has been designed by Norman Foster and Carlos Lamela, is finished. Chinese businessman Wang Jianlin has offered €260 million for the deal.

The interior of the building will be ripped out and is to be converted into a shopping mall, a hotel and around 300 luxury apartments. The distinctive red-brick façade and sides will be maintained.

According to information seen by EL PAÍS, the plans proposed by the bank will see the commercial space of the building increased from 10,000 to 15,000 square meters, creating a huge retail center in the heart of the capital.
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Beautiful Villa for Sale in Tenerife, Canary Islands

SpainHouses.netJune 6, 2014March 31, 2020Leave a comment

3 bedrooms, 2 bathrooms, Seaside Resort, Second Hand, Luxury property, In Urban Area, In a mountain area, Canary Islands

This lovely villa is located on the south- west coast of Tenerife, in a quiet area with wonderful views over the Atlantic Ocean, in the area of Torviscas Alto. It is situated apart from the larger resorts in the area of Adeje, between San Eugenio and Miraverde. As a residential complex, the environment is quiet and convenient. There are less than 10 minutes by car from the main beaches, golf courses, recreation areas, schools and parks.

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Still Waiting for a Fully Recovery of the Property Market

SpainHouses.netMay 12, 2014May 12, 2014Leave a comment

Despite reports of foreign buyers snapping up bargain properties in Spain, the country’s real estate market will not recovery fully until banks relax their lending rules, it is claimed.

Currently the maximum loan to value for non-residents in Spain is around 60% but a buyer also needs to pay up 15% of the purchase price in taxes and fees so some considerable upfront outlay is still needed to buy a dream home in Spain.

The latest official figures confirm that mortgage numbers in Spain have dropped for the 46th consecutive month up to February 2014. Experts believe that the country is in no danger of a full recovery, let alone a property boom, as average house prices have fallen by 30% since 2008 and mortgage lending dropped from a peak of €173 billion in 2007 to just €26 billion in 2013.
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