10 May 2018 – El Confidencial
More than 40 homes have been reserved in just two weeks. And fifteen of them in the first 24 hours. TM Grupo Inmobiliario, the owner of the largest batch of land located one street from the beach in Benidorm, one of the most sought-after markets along the coast at the moment, has put the first units up for sale of what is going to be its most ambitious project ever.
In January, the Alicante-based company acquired 165,000 m2 of land in Benidorm, which will initially, in its first phase, be home to two buildings comprising 132 homes each, containing two-, three- and four-bedrooms. The appetite for buying homes in the city has been so great that in just two weeks, 15% of the units that are going to be built in this first phase have already been reserved.
The prices of the two-bedroom homes range between €275,000 and €325,000, whilst the prices of the three-bedroom homes range from €325,000 to €400,000. To give us an idea, on the market at the moment, you can find properties ranging from small apartments costing just €20,000, to detached homes costing as much as €4 million. The reality is that, since its origins as a tourist destination, Benidorm has always been suitable for all kinds of budgets.
In fact, the town boasts the most expensive property prices per square metre in the region, with an average of €1,585/m2 – for new build and second-hand homes – above the prices paid in neighbouring Altea, Calpe and l’Alfàs del Pi, according to data from Tinsa. Although prices have fallen by almost 44% since their peak, it is one of the places in Spain that is enjoying a fair wind. In the last year, prices have risen by 11%, according to the latest report from the appraisal company about the coastal market.
The land, acquired in January this year, is located one street back from Playa de Poniente in Benidorm – right opposite the In Tempo skyscraper, marketing of which will also begin shortly – and around 1,200 homes are planned for the site. In addition to the residential area, the overall project will also include commercial and social use plots. Moreover, the land is located next to the Sunset Drive development, another one of TM’s projects in Benidorm, which has been completely sold.
The project was chosen in accordance with the bases of an ideas tender held for that purpose, to provide an avant-garde serene and long-lasting image, characteristic of the environment in Benidorm. The winning studio was Gea Arquitectos, which has already collaborated with TM on other developments (…).
The buildings are going to be located on the highest part of the plot and their layout is going to be designed to maximise the sea views as you go up (…).
Given its design, TM’s project is reminiscent of Promora’s Delfín Tower, which is going to occupy the last available plot on the beachfront in Benidorm. The main difference between the two stems from the fact that the latter is a luxury housing project, comprising 44 homes containing two-, three- and four-bedrooms, spread over 22 floors. Almost 50% of the properties have been sold and the project holds the record for the most expensive home ever sold in Benidorm. According to different sources, the home is located on the 16th floor and the buyer, a foreigner, paid just over €2 million for it.
Original story: El Confidencial (by E. Sanz)
Translation: Carmel Drake