Tag: Costa Dorada

HardRock to Invest €2bn in Future Leisure Mega-Complex in Tarragona

25 May 2018 – Eje Prime

Hard Rock has been given the green light to build its gaming and leisure mega-complex in Tarragona. The Generalitat de Cataluña has unblocked the plans of the US group, which is going to invest €2 billion in this complex. The economic plan includes one line item amounting to €300 million for the purchase of land, located in Vila-seca, from CaixaBank.

The Ministry of Economy reported on Friday that it had awarded the US company the authorisation to install and operate a gaming casino, which will be located at the centre of the project and which is going to be called Hard Rock Entertainment World.

The next step that the group must take is to make a €10 million deposit within the next ten days, although that amount includes the €3 million that the company already paid in June last year to guarantee its involvement in the project.

Despite those assurances, Hard Rock has not had a rival in the public tender that was opened to develop the complex. The first multi-national leisure project in Spain will have a gaming area spanning 7,595 m2, as well as two large hotels with a surface area of 63,000 m2.

Similarly, the US company will promote a commercial space measuring 15,000 m2 in which 6,000 m2 will be dedicated to an extensive restaurant offering and the same amount of space will be used for the centre itself, where leisure and live entertainment spaces will also be opened.

€700 million to begin with

During the first phase of the project, Hard Rock is going to invest €700 million to purchase the land, cover the construction and financing costs and to acquire furniture, amongst other aspects.

The group expects that its multi-million euro investment to set up this mega-complex, will allow it to reach an economic impact in the tourist area of Tarragona, where it is located, on the Costa Dorada, of €1.3 billion. The Port Aventura World leisure resort is located in the vicinity of the future Hard Rock Entertainment World.

Original story: Eje Prime

Translation: Carmel Drake

Tinsa: Investment In Coastal Housing Soars

19 June 2017 – Expansión

Guide for investors along the coast / House prices rose in 62% of Spain’s coastal towns during the first quarter of the year, in particular, along the Mediterranean Arc and in the Canary and Balearic Islands, thanks primarily to an increase in demand from investors and foreigners. The forecasts from analysts point to a clear improvement in prices this year in more than half of the areas analysed along the coast. Antigua, in Fuerteventura, recorded the best YoY price rise in Q1 2017, up by 26.1%. (…).

The holiday home market is performing well once again in the majority of Spain’s coastal regions and some economists say that 2017 could be the year of consolidation in the real estate sector. Property prices recorded YoY increases in 84 of the 136 coastal towns analysed, based on data for the first quarter of 2017. In 2016, that figure amounted to 71 and in 2015, just 32, according to the latest report from the appraisal company Tinsa about Coastal Housing.

Political stability, following the failed motion of no-confidence, has combined with economic growth, thanks to the good outlooks from analysts. The forecasts for GDP growth show that the figure is going to exceed 3% this year for the third consecutive year. Moreover, Spain is a strong candidate to become the tourism leader at the global level, with a record forecast in terms of visitor numbers of 82 million this year. The increase in confidence has opened the financing tap, driven by demand for housing, amongst Spanish and overseas investors alike, looking to acquire a second home. (…).

The highest increases were recorded in the Mediterranean Arc – Costa Dorada, south of Alicante, the western coast of Málaga and the Cádiz coast – and the islands, both the Canary and Balearic Islands – in particular, Mallorca and Ibiza. The Atlantic and Cantabrian coasts are recovering more slowly, above all in the area of A Coruña and Asturias, in part due to more significant price decreases following the crisis. Nevertheless, that area has some exceptions, such as Guipúzcoa, where demand for holiday homes mergers with demand for primary residences.

The burst of the real estate bubble meant that this sector was one of the hardest hit by the crisis. In some regions, prices dropped by 60%. (…). It is true that this decrease was less marked in some of the coastal areas, thanks to demand from tourism. Along the Mediterranean Coast, the areas that lag behind the most are the coasts of Almería and Granada, which are still recovering, as well as the south of Valencia and Barcelona, and Gerona, Tarragona and Castellón, to the north of the arc. (…). Excluding those capital cities that have a coastline, Antigua (Fuerteventura) recorded the highest house price increase, with a rise of 26.1% in the first quarter of 2017, compared to the same period in 2016. That was driven by an increase in demand, given that sales there soared by no less than 81% in 2016. The second highest price rise was seen in Gavà (Barcelona), with 17.8%, followed by Mojácar (Almería), with 17.3%. The outlook for prices in 2017 is promising. According to analysts, prices will improve in more than half of the areas analysed (52%). (…).

Original story: Expansión (by Inma Benedito)

Translation: Carmel Drake

ST: Costa Del Sol Accounts For Most New Homes On Mediterranean Coast

25 May 2017 – El Economista

The Costa del Sol is the stretch of the Mediterranean coast where the largest number of new homes for sale can be found, according to a report prepared by ST Sociedad de Tasación, which analyses a total of 67 towns along the coasts of Girona, Tarragona, Alicante, Murcia and Málaga.

ST has analysed 456 new housing developments in total and has identified 5,594 units for sale, along the five coasts analysed. According to the study, the average price of these homes amounts to €210,760.

In fact, the study shows that the coasts that are located towards the South of Spain have the most homes up for sale, compared with the coasts located towards the North, and it reveals that the Málagan coast has a total of 2,482 new homes on the market.

Specifically, the report highlights that along the Costa Brava, Dorada, Blanca, Cálida and del Sol, there are 5,594 new housing units in total, however, they are not distributed in a homogeneous way along these coastlines. In addition to the homes in Málaga, the other dwellings are located in Alicante (2,100 homes), Tarragona (378 homes), Murcia (345 homes) and Girona (279 homes).

ST also said that the supply is unequal within these coastal regions and that Murcia and Málaga are the areas where the available housing supply is distributed in the most balanced way.

The pending supply for sale does not exceed 70% of the properties developed, although that percentage is higher in Altafulla, Cambrils and Cunil, all towns in Tarragona. Along the coasts of Girona and Alicante, only two towns in each one, Blanes and Finestrat, have a volume of supply that is similar to these towns.

The study reflects that there are four coasts with an average house price of between €150,000 and €200,000, whilst in the case of the Costa del Sol, that figure soars to €353,000.

Although on the Costa Dorada and the Costa Cálida, there is not a single dwelling being sold for €500,000, on the Costa del Sol, 287 homes are on the market for that price, accounting for 12% of the total. Moreover, that figure decreases to 4% in the case of the Costa Blanca and 2% on the Costa Brava.

The average surface area of the homes for sale is 112 m2. Nevertheless, the homes on the Costa del Sol exceed that average (145 m2). Meanwhile, the towns on the Costa Brava (100 m2) offer the smallest homes in general, followed by those on the Costa Blanca (102 m2) and the Costa Brava (103 m2).

In terms of the type of home, only 60% of the dwellings on each coast are family homes and almost none of the properties are studios (i.e. few have no bedrooms), given that most homes typically have one or two bedrooms.

Taking into consideration the construction status of the homes, ST has recorded that the majority (60%) of the properties up for sale have already been completed, more than 25% are still under construction and 10% have not been started yet.

Original story: El Economista

Translation: Carmel Drake