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land Market News: Spanish Real Estate Intelligence

Proyme Buys Land from Sareb & Starts Construction at 4 Sites in Valencia

13 February 2019 - Valencia Plaza

Four residential buildings as it starts out life as a property developer. They are the figures with which the firm iHomes Urban Life is being created. It belongs to the company Proyme Grupo Gestión. The group, whose trajectory has focused exclusively on construction, decided to take advantage of the change in the cycle to develop residential projects.

Three of its projects are located in the city of Valencia and the fourth in Quart de Poblet. The largest of them is the latter, where 60 homes are being constructed in La Plaza San Rafael in the town of l'Horta Oest, on a plot acquired from Sareb. The smallest, known as Residencial Jardins del Botánic, will have 10 homes at number 16 Calle Turia.

The two remaining sites, which are both in the construction phase, are located on Avenida Primado Reig in the Valencian capital, specifically at number 136, with project Nexo Residencial, comprising 16 homes on a plot also purchased from the bad bank; and another 30 units at number 40, with project Alfa Residencial, on a larger plot before the tunnel that links to Peset Aleixandre.

According to explanations provided by sources at the group, which is originally from Algient and administered by Juan Bautista Pelufo Gayà, it is a family business with 30 years of experience, currently managed by the second generation and strengthened with personnel from other property developers (…).

Original story: Valencia Plaza (by Dani Valero)

Translation: Carmel Drake

 
INBISA Delivered 378 Homes in 2018 and Now has 1,500 Homes Under Construction

12 February 2019 - Press Release

INBISA Inmobiliaria closed 2018 with 378 homes delivered in privileged locations and the purchase of nine buildable plots of land. At the same time, it started 2019 with 1,500 homes under construction and it remains firm in its commitment to search for new opportunities and to its objective of developing new projects in accordance with the current market.

Thanks to the experience harvested since its creation in 1995 and its capacity to adapt to the needs of the market and its clients, in 2018, INBISA Inmobiliaria successfully achieved the objectives established at the start of the year and took another step forward in the fulfilment of its Strategic Plan 2017-2020.

In this context, last year, the company delivered three residential developments containing 379 homes in total (70% more than in 2017), located in the Madrilenian neighbourhood of Sanchinarro, Sant Cugat del Vallès (Barcelona) and the Vizcaya town of Etxebarri (…).

In terms of the new plots of land, during 2018, INBISA Inmobiliaria acquired nine plots on which to construct 600 new homes. The portfolio is distributed between Madrid, Barcelona, Málaga and Palma de Mallorca, priority enclaves for the company within its strategy to back locations with high and sustained demand in the real estate market. In the case of the Community of Madrid, INBISA Inmobiliaria backed the northwest of the capital, primarily the neighbourhoods of Valdebebas and Sanchinarro.

In Cataluña, the company continued its expansion across the metropolitan area of Barcelona, specifically, in Ripollet, Teià y Viladecans, whilst in the Balearic Islands, it acquired a plot in Palma de Mallorca. Finally, in light of the booming interest from primarily international clients in the Malagan coast, INBISA Inmobiliaria opted to purchase two plots in Mijas and Estepona (…).

All of this has allowed the company to start 2019 as one of the leading property developers in Spain, with 1,500 homes under construction distributed across different enclaves of the country and with a clear commitment to searching for new developments in residential and logistics areas this year (…).

Moreover, as part of its strategic plan for this year, the company is also planning to develop some new logistics projects in light of the great interest in the sector from domestic and international investment funds (…).

Original story: Press Release

Translation: Carmel Drake

 
A 17,000 m2 Residential Plot Goes Up For Sale in Central Santander

12 February 2019 - Eje Prime

An operation is on the horizon in the heart of Santander. A plot of land spanning 17,000 m2, with planning permission to build homes up to three storeys high, has gone up for auction with a starting price of €1.3 million. The land is owned by a local family, which inherited several plots.

The objective of the sale is to divide the "proindiviso", given that the land is currently owned by six members of the family and a third party. Nevertheless, an agreement between the owners allows the abbreviated procedure to apply to the auction, in other words, there is no need to set up a compensation board.

The plot, spanning 16,921 m2 and with a buildable surface area of 4,700 m2, is located in the urban centre of Santander, in a growth area next to the El Alisal shopping centre. The urbanisation has almost been finished and there are facilities and transport connections in the vicinity.

Following its publication on the auction website of the Official Gazette of the Mercantile Registry (BOE), interested parties have a period of twenty days to submit offers, after which a period will open for the owners to present the option to improve the bid to third parties.

The land has planning permission to build three-storey blocks with garages and storerooms, as well as a communal area with a garden and swimming pool. The land is valued at €2.15 million, according to an independent expert. That is the de facto starting price, although a discount of 60% has been established thereon. Hence, the minimum price of €1.29 million.

The same family owns another plot very nearby, spanning 9,157 m2, with a buildable surface area of 3,394 m2, which is not adjacent but which is located in the same urbanisation, according to explanations provided by sources speaking to Eje Prime.

Original story: Eje Prime (by I.P.G.)

Translation: Carmel Drake