Aliseda Sold 1,300 Assets In ‘Eastern Andalucía’ In H1 2015

4 December 2015 – La Opinión de Málaga

Aliseda Inmobiliaria, the company that manages Banco Popular’s RE business, sold 1,300 assets in the region of Eastern Andalucía during the first half of 2015, for €250 million. 40% of that volume was concentrated in the province of Málaga, according to comments made yesterday by the Regional Director, Silvia Sánchez, who indicated that the forecast for the year as a whole is almost double those figures. Sánchez said that the region of Eastern Andalucía, spurred on by the Costa del Sol, accounts for 20% of Aliseda’s total national business, which sold 6,500 assets across Spain worth €1,200 million during the first half of this year. The objective at the national level is to close the year with asset sales worth €2,000 million.

In Eastern Andalucía, the stock held by Aliseda Imobiliaria includes more than 4,500 assets worth €700 million (43% are located in Málaga) not including land, work-in-progress developments or unique assets. The portfolio of land in this region amounts to a further €1,200 million.

The head of Aliseda said that the improvement in the market is “in no doubt” with areas such as the Costa del Sol leading the way. 80% of the assets sold during the first half of the year were homes (and more than half of those were new builds) and the remaining 20% were industrial warehouses, commercial premises and other types of rental assets, land and even hotels.

Sánchez announced that in 2016, Aliseda – which is jointly owned by Popular (49%) and by Värde Partners and Kennedy Wilson (51%) – will pursue a nationwide strategy that includes, in addition to sales, real estate development and the management of assets and land. In the case of the province of Málaga, the intention is to initiate the development of around 220 homes in Mijas, with plans also afoot in the Marbella-Benahavís-Estepone triangle and in Málaga city. “The stock is running low. It will run out within 18 months and so now is the time to launch new projects, they are going to receive a very warm welcome”, said the head of Aliseda. On the Costa del Sol, there is more demand from overseas customers, whilst in Málaga capital, demand comes mainly from Spaniards, although Sánchez said that foreigners are increasingly interested in homes located in the city centre and surrounding areas. By way of example, she mentioned the Félix Sáenz building and an apartment project that is going to be developed in Soho.

In terms of house prices, Sánchez said that sales and purchases are now “much more considered” with “more reasonable” values that those seen during the economic boom. “There is an upwards trend, but not at the rates seen in the past. Prices are not going to over-inflate. But buyers no longer have as much bargaining power, above all in the areas where prices are clearly on the rise”, she said.

Original story: La Opinión del Málaga (by José Vicente Rodríguez)

Translation: Carmel Drake