New-Build Revival… Stellar Quality and Design
It is now clear that the Costa del Sol’s real estate market is experiencing a resurgence that is both well consolidated and accompanied by sensible expectations. Over the past year or so, this positive trend has been confirmed not only by industry insiders referring to their own personal business experience, but also by official figures. Two of the key indicators have been increases in both the number of homes sold and prices, at least in popular areas such as the Costa del Sol.
Arguably, however, the most significant development has been a resumption of new home construction, in part prompted by international investors seeking returns that are no longer available in other unstable international markets. These investors are globally-astute, have analysed the situation meticulously, are not likely to make the some mistakes as others during the infamous “boom and bust” property era, and have come to the universal conclusion that Spain’s property market offers excellent potential.
A recent updated report by Knight Frank on Spain’s luxury property market concluded that the country had “earned the title of Europe’s comeback kid”, noting that – specifically in the Marbella area – prices were especially rising for newly-built contemporary villas in attractive areas, interest from Middle Eastern buyers was increasing significantly and, in general, confidence was returning to the market, with Estepona and Benahavís (the other municipalities that form the “Golden Triangle” with Marbella,) also experiencing solid growth.
Back in July, Villa Marbella Now reported that the president of the Andalucian Federation of Developers and Residential Tourism, Ricardo Arranz, addressing a seminar in Marbella, had noted that the 10 best years for the “Golden Triangle” were beginning now, demonstrated by the influx of investment funds not only interested in already completed products but also initiatives to develop new projects.
Figures released at the time by Spain’s Ministry of Development backed his prognosis. Málaga province ranked third after Madrid and Barcelona in the sale of urban land for development in 2015: €209 million in total and an average of €254.20 per square metre – i.e. 19 per cent higher than 12 months previously. Servihabitat (La Caixa banking group’s Spanish real estate servicer) also forecast “moderate but sustained recovery” in its housing market report, including a 10 per cent rise in home sales to 440,000 and a 25 per cent drop in the stock of new homes (to 367,500).
Earlier this month, Aguirre Newman released details of its own study, showing that it was now taking less than half the time to sell a new development on the Costa del Sol than it did one year ago (i.e. 23 months on the market compared with 55 months previously). The real estate consultancy reported that the supply of new homes had increased for the first time since 2007 (five per cent), and that an impressive 49 developments were currently under construction on the Coast. They concluded that Marbella led the way for new projects, but that Estepona and Mijas Costa were also expected to experience significant growth over the next few years, and that the price of apartments in new developments would increase by eight to 10 per cent in Marbella, Estepona and Casares.
Not all the good news is merely focused on a bright future, however. The present is just as encouraging, with homes in superb locations, offering first-class amenities and construction features, already coming onto the market and reactivating the “off-plan” sector – which has always been an attractive option for many buyers. Virtually no new properties have been built over the past decade, so new projects now being offered for sale provide a tantalising combination of stellar build quality and contemporary design – as well as expedient access to finance.
One exceptional example is this new-build development in Atalaya Alta, comprising 56 units of two and three-bedroom apartments and penthouses – all currently available for purchase.
Strategically located between Marbella and Estepona, in a highly sought after area near Benahavís, the residential complex is just one kilometre from the beach, overlooks Atalaya Golf & Country Club, and is close to other well-established urbanisations and a burgeoning number of new villas.
The homes feature a modern architectural style, with large terraces and solariums enabling residents to secure the most out of their south and south-east exposure, panoramic views of the golf course (and, for some properties, the sea), open-plan kitchens leading into spacious lounge/dining areas and large windows, plus spectacular communal gardens, four swimming pools, one paddle tennis court and a small social area with a barbecue. The developers have agreements with some of the main financial institutions, so buyers can start enjoying their dream home immediately – without having to worry about anything else!
Exceptional Homes
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