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All Market News: Spanish Real Estate Intelligence

Urbania to Open a Hall of Residence for Students in Pamplona

18 February 2019 - Expansión

Urbania is increasing its commitment to halls of residence for students. The real estate firm, through its subsidiary Syllabus, is planning to open a new accommodation block for university students in Pamplona, with 300 rooms and an investment of €17 million. This hall of residence in Pamplona will be added to the group’s other projects in Madrid, Málaga and Valencia. Moreover, the group is analysing new opportunities.

The hall of residence in Pamplona will occupy a plot with a surface area of 8,837 m2. Construction will commence in 2019 and is expected to be completed in 2021. This accommodation is going to be constructed in the area near to the El Sadar stadium, a stone’s throw from the Universidad Pública de Navarra and its sports facilities, the Uned campus and less than 2km away from the Universidad de Navarra campus.

The new hall of residence will comprise six storeys and will have an extensive green area inside. As well as the 300 rooms, it will have several shared kitchens, spaces for study, a gym, a cinema area, a coworking space, leisure areas and a laundry (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

 
Bankinter's Socimi Negotiates the Purchase of Hotel Meliá Valencia

18 February 2019 - Expansión

Atom wants to strengthen its portfolio with the acquisition of one of the main hotels in Valencia for €50 million.

Bankinter’s hotel Socimi, Atom, wants to strengthen its portfolio and add the Meliá Valencia (formerly the Hilton Valencia) to its list of assets. The property is one of the main hotels in the city, located on Avenida de las Cortes Valencianas, close to the Palacio de Congresos.

Atom, which made its debut on the Alternative Investment Market (MAB) in November, is holding negotiations with the fund Colony to purchase the 4-star hotel for around €50 million, according to explanations provided by market sources speaking to Expansión. Those same sources state that, although the negotiations are in an advanced stage, no agreement has yet been reached between the parties.

History

The hotel, located in a tower standing more than 110m tall, was officially inaugurated in February 2008 and has had several owners since then. The establishment, which has around 300 rooms and 21 meeting rooms, with the capacity to host up to 875 people, is managed by Meliá.

Colony purchased this asset along with some other Spanish hotels just a year ago from the investor group Continental Property Investment, controlled by the Lebanese businessman Boutros El-Khouri (…).

With this operation, Atom would increase its portfolio, which currently comprises 21 hotels and 5,232 rooms, with a gross value of €485 million. 82% of the hotels in its portfolio are 4-star properties and 60% are holiday establishments (…).

Original story: Expansión (by R. Arroyo, R. Sampedro & A.C. Álvarez)

Translation: Carmel Drake

 
CBRE: New Homes Under Construction on the Costa del Sol Will Be Sold for c. €6,000/m2

18 February 2019 - Diario Sur

Six thousand euros or one million pesetas (…). That is what the buyers of the new single-family homes in Nueva Andalucía, in Marbella, can expect to pay per square metre. The real estate consultancy CB Richard Ellis has compiled a report about the characteristics of the new build developments that are being constructed on the Costa del Sol. And, the changing trend is reaching such an extreme that the analysts involved are talking about “a new building paradigm” in the residential market on the Costa del Sol, in this cycle of reactivation of the sector. The general conclusion is simple: better quality homes are being built, with more considered designs and common services, but also with much higher prices.

The document points out that in the past, the large number of transactions were sold for speculative purposes and, therefore, fundamental questions such as finishes, orientation, views and distribution were often neglected in the developments that were put on the market (…).

But times have changed. In this new cycle, property developers are taking care of their products and focusing their attention on clients with medium/high purchasing power and primarily those from overseas. It is not so much a question of location, be it in one specific municipality or another, but rather the quality of the product. (…). Now, most of the developers are backing more contemporaneous designs, with straight lines and large windows, with some of the best finishes in the market.

Change in model

“The reality is that during the last cycle, homes were built for the average market, but following the crisis years, almost everything is now being constructed to serve a niche in the market, of average-high purchasing power, which was previously unmet demand”, explains Andrés Moreno, Director of the Valuations Department at CBRE in Andalucía (…). “Now, much more care is being taken. Everything is designed with the final purchaser in mind (…)”.

The report highlights that the Costa del Sol is consolidating its position as an exclusive and luxurious destination. And that trend means that the newest flats are far from affordable for the general public (…).

In areas around Torremolinos, there are developments with sales prices of more than €4,000/m2, when the average for the area does not exceed €2,500/m2 for second-hand properties. In the Fuengirola/El Higuerón area, new build homes are being marketed for more than €4,000/m2. Prices amount to close to €3,000/m2 in La Cala de Mijas and rise to €6,000/m2 in Nueva Andalucía and Behahavís. The average budget of these clients ranges between €500,000 and €1 million.

Original story: Diario Sur (by Ignacio Lillo)

Translation: Carmel Drake