Estepona Receives 287 Million In Luxury Real Estate Investments

3 February 2016 – ABC

Real estate in Estepona is flatly taking off. Investment property in luxury homes recorded consitently upward figures. “The euro is too low and that makes the British and the Nordic countries, which have the most valued currency, have raised their purchasing power by 20 percent,” Eddie Martinez, representative of Siesta Home, one of the companies that is considering investing in that town of Málaga, comments to ABC.  The City Council has received requests for construction of five maximum level residential properties that can exceed 287-million-euro investment. These are luxury constructions aimed at a customer with a high purchasing power and mainly coming from northern Europe countries.

So far, there are three promoters that have started their business and that are selling villas and luxury apartments on the ground. “Panoramia” from the Company Ikasa expects to build 400 homes in lands of the city with a progressive investment of 205 million euros during the coming years. In a first step, the company has already planned the building of the first 74 residences in the Park of Las Mesas. It is an exclusive area of ​​126,000 square meters, whose main attractive is to offer a place for both rest and longer stays.

As reported by the company, the complex will be equipped with an area of ​​large commercial centers, gardens, sports facilities, school and institute. A place that is not only intended to spend holidays or retiring, but also to build a life in the area. “Estepona ensures the greater appreciation of real estate investment on the entire Costa del Sol” says Haryán Rodriguez, CEO of Ikasa, who affirms that “the latest political developments in the neighboring towns make their recovery and growth rate double that of the rest of the coast”.

Under this revaluation Siesta Home is also making a strong commitment with urban development in the city. The company, of Scandinavian origin, is building luxury villas at 150 meters from the beach. This is a promotion of 52 mansions in “Sunset Bay Village”. The investment will be around EUR 50 million and will be a residential complex with private security and clubhouse for proprietors.

According to the promoter, the prices of these houses will start from 695,000 euros. “It is a combination of cultures,” says Eddie Martinez. The company seeks to build on this coastal enclave a residential complex that combines modern buildings with the Mediterranean vision of Estepona. “The views of the complex are also a mix of cultures with the appearance of the Strait of Gibraltar and the African coast,” emphasizes Martinez.

With the arrival of the new year, the municipality has given the green light to another housing investment. It is an enclosed  luxury complex with paddle courts, putt-green and facilities such as gym or spa. It is a complex of 123 homes with an investment of around 32 million euros in the area of El Marqués de Guadalmina. The properties are located within a privileged enclave, with direct access from the highway and the proximity to the sea or the Benahavis mountains. Zahira Group has already begun marketing these products with prices ranging from 139,000 euros to 417,000 euros per residence. On the other hand, in the area of Guadalobón, 50 luxury villas have already been planned.

Original story: ABC (by J.J. Madueño)

Translation: Aura Ree