Altamira Will Put 8,000 New Homes Up For Sale Before 2018

8 March 2016 – Expansión

The subsidiary of Apollo and Santander is in the process of constructing 217 residential developments across Spain.

Altamira Asset Management has started to construct more than 5,850 homes in the last three years and has delivered almost 4,700 completed homes in the last two years, as a result of its land development activity.

Thus, on the basis of the developments that it current has underway in various phases, Altamira estimates that it will put more than 7,948 homes onto the housing market over the next three years.

It currently has 217 developments in progress across all of the autonomous regions, which include 7,948 homes in total, figures that place it at the head of the ranking of the market for new property developments in Spain.

Of these developments, 102 are in the construction phase and include 4,480 homes, of which 49% have already been sold, according to internal data from the company.

Another 33 developments, containing 808 homes, are in the marketing phase, with 21% sold; the construction work will start at these sites once at least 30% of the homes have been sold.

A third group of developments (82 units containing 2,660 homes) are in a preliminary management phase, waiting for the marketing phase to start, which is expected to happen within the next six months.

Altamira’s Director of Business Development, Francisco Moreno, stressed that these figures mean that Altamira is “the largest manager of real estate developments in Spain and one of the largest in Europe”.

“We are leaders in the development of land and the construction of new homes in Spain and we want to continue to promote this business line with new investors and land owners who want to develop profitable projects”, he added.

Original story: Expansión

Translation: Carmel Drake

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