Signs of Over-Development Seen on Spain’s Costa del Sol

12 December 2019 – Development on Spain’s Costa del Sol has taken off since the country has emerged from the housing crash. A boom is underway in the area between Málaga and Estepona where there are more than 200 developments under construction. Some of the developers are finding it increasingly more difficult to maintain the pace of sales, as oversupply, increased prices, and a generalised economic slowdown are beginning to bite.

The number of approvals for construction permits on the Costa del Sol has risen dramatically in the last year, reaching a level that is 50% higher than in Costa Blanca. Also, the issuance of construction permits in 2018 for the Costa de Sol rose by 50%, while there was a 10% drop in Costa Blanca.

The shortage of developable land has caused a sharp increase in the prices for both construction materials and the homes for sale. The price of land has doubled in the last three years, while house prices have been rising at annual rates of 8% and 10%, with even higher rates on the coast.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Residential Real Estate Developers Pull Back in Malaga

14 July 2019 – Richard D. K. Turner

Residential real estate developers in Malaga have significantly scaled back their operations after several years of continual growth. In the first semester of 2019, those developers registered 3,901 new homes in Malaga, a fall of 4.9% year on year. The fall stemmed entirely from a sharp cutback in the second quarter, with just 1,752 projected units, down 31% y-o-y.

Francisco Sarabia, the dean of the Malaga’s College of Architects, blames the sharp retraction on short-term factors, possibly due to seasonality. Juan Manuel Rosillo, the president of the Malaga Association of Builders and Developers (ACP) also downplayed the data, stating that the fluctuation was likely due to seasonality or the current election.

The main decline was also largely focused on the provincial capital of Malaga. Development continued unabated in other, smaller cities, including Estepona and Vélez Malaga.

Original Story: Málaga Hoy – Ángel Recio

Kronos Sells 111 Homes During Q1 2019

20 May 2019 – Press Release

Kronos Homes sold 111 homes in Spain and Portugal during the first quarter of 2019 and started work on the construction of a new development, Oasis 325, in Estepona (Málaga).

The company plans to take its total investment to €2.4 billion this year, of which €1 billion corresponds to the planned investment in land in both Spain and Portugal.

By the end of 2018, the property development arm of Kronos owned a portfolio of 12,000 homes across 16 developments, which it plans to increase by 4,000 units during 2019 across 24 developments.

Kronos Homes currently has eight projects under construction: Nature and General Marvà in Alicante; The Edge, Horizonte, Panorámica, La Finca and Oasis 325 on the Costa del Sol and H2O in Badalona. It is planning to start work on another 6 projects in Andalucía, Cataluña and Madrid this year.

All of the projects undertaken by Kronos Homes reflect its #Puredesign philosophy and place a special emphasis on good architecture, unique design and the special integration of the environment, whilst ensuring great finishes.

Original story: Press Release

Translation/Summary: Carmel Drake

Kronos Homes Begins Work on Oasis 325 in Estepona

29 April 2019 – Kronos Homes

KRONOS HOMES, Kronos’ residential real estate development brand, has started work on its new residential project, Oasis 325, in Estepona. Designed by the architect Joaquin Torres of the A-Cero studio, the development will have 127 2- and 3-bedroom homes, along with penthouses and ground-floor flats with gardens. Prices range between 261,000 and 560,000 euros and, currently, more than 50% of the 127 flats have been sold.

With views of the hills along the Guadalmansa River, Estepona and the Mediterranean Sea; the name Oasis 325 stems from the average number of sunny days per year in the area. The project takes full advantage of the sunlight, with its south-facing orientation, its large glazed areas and terraces that come with every home. In addition, the development has common areas such as a swimming pool and gardens that allow residents to enjoy the Mediterranean climate.

Kronos Homes is committed to high-quality architecture and design in all its projects. In Oasis 325, the A-Cero studio reinterprets the current vogue for minimalist design to offer an architecture that is very much in line with its usual play on volumes. The quality of the materials is complemented by its avant-garde design. Also, the landscape is integrated with its surroundings, using nature as a key element that defines the project’s identity.

A bet on the Costa del Sol

In addition to Oasis 325, Kronos Homes has five more projects underway on the Costa del Sol. This is the area where the company has the largest number of projects underway: The Edge, also in Estepona; Eden in Mijas; Panorámica, in Fuengirola; La Finca (The Farm) in Sotogrande; and Horizonte, in Benalmádena.

KRONOS HOMES has  €700 million of investments in land, 12,000 homes in its portfolio and 1.5 million m² of land. The company plans to invest another 200 to 300 million euros by the end of the year, buying additional land and expanding its portfolio of homes to between 15,000 and 17,000 units.


About Kronos Homes

Kronos Homes is Kronos’ real estate developer, focusing on residential projects with a clear commitment to architecture and design. The company was created in 2015, aiming to lead the Spanish market, with high-quality projects where we use architecture as a transformational agent, capable of energizing and enriching society. Therefore, we rely on prestigious architects and seek out innovative talent. Kronos Homes is #puredesign.

In all our developments, sustainability and integration are seen as fundamental assets.

Responsibility, rigour and dedication define our company’s values as we seek to satisfy and exceed our clients’ expectations at every stage of our projects.

KRONOS HOMES won the XI Porcelanosa Award for Architecture and Interior Design, recognizing its commitment to avant-garde architecture.

Original Story: Kronos Homes

Translation: Richard D. Turner


Dei Homes to Invest €100M to Build 200+ New Homes in Estepona

26 March 2019 – Eje Prime

Dei Homes is going to invest €100 million to build more than 200 luxury homes in Estepona (Málaga) in 2021. The company, created just two years ago, is already working on three high-end projects elsewhere in the town, comprising 48, 52 and 109 homes, respectively, at various stages of completion.

In addition, Estesur, the parent company of Dei Homes, is preparing finalist land for the construction of between 600 and 700 new homes over the next five years.

Original story: Eje Prime (by Marta Casado Pla)

Translation/Summary: Carmel Drake

Brexit Deters Brits from Buying Homes in Andalucía

17 March 2019 – ABC Sevilla

The residential market in Andalucían is booming, despite the slowdown in demand from British buyers. The regional market is split into two clear segments – the market for second-hand homes for holiday use along the Costa del Sol, centred around Marbella and Estepona – and the market for primary residences across the rest of the autonomous region, where Málaga, Córdoba and Sevilla stand out with the most activity.

In the former, despite the decrease in demand from British purchasers due to Brexit, there has been a notable increase in buyers from the north of Europe, especially from Belgium and the Nordic countries.

In the latter, the local population, which primarily comprises families aged between 45 and 55 years old, with savings and stable incomes, is driving demand. For example, house sales in Córdoba grew by 16% in 2018, according to INE.

Original story: ABC Sevilla (by E. Freire)

Translation/Summary: Carmel Drake

Mabel Capital Purchases the Los Llanos Estate in Estepona for €20M

14 February 2019 – Preferente

Mabel Capital, the investment company owned by Abel Matutes Prats y Manuel Campos in which the sports players Rafa Nadal and Pau Gasol also own stakes, has completed the purchase of Los Llanos estate, on the beachfront in Estepona, spanning almost 40,000 m2, for €20 million. Luxury homes are going to be constructed on the plot, according to La Información.

The owner of the estate was the company Vee Inmuebles Estepona SL, behind which, as the administrator, was the German magnate Uwe Cloppenburg, owner of the retail textile chain Peek & Cloppenburg, who was asking €20 million for the plot in a single payment.

The estate has a buildable surface area of 10,000 m2, therefore, it may be used for single-family homes. The most likely outcome is the construction of luxury apartments on the beachfront in one of the most sought-after and expensive areas of the Costa del Sol.

In March 2018, the investment company owned by Matutes closed one of the most important real estate operations in Portugal. Mabel Capital acquired four buildings in Lisbon, for which it paid more than €74 million, as previously reported by

Original story: Preferente (by R.P.)

Translation: Carmel Drake

INBISA Delivered 378 Homes in 2018 and Now has 1,500 Homes Under Construction

12 February 2019 – Press Release

INBISA Inmobiliaria closed 2018 with 378 homes delivered in privileged locations and the purchase of nine buildable plots of land. At the same time, it started 2019 with 1,500 homes under construction and it remains firm in its commitment to search for new opportunities and to its objective of developing new projects in accordance with the current market.

Thanks to the experience harvested since its creation in 1995 and its capacity to adapt to the needs of the market and its clients, in 2018, INBISA Inmobiliaria successfully achieved the objectives established at the start of the year and took another step forward in the fulfilment of its Strategic Plan 2017-2020.

In this context, last year, the company delivered three residential developments containing 379 homes in total (70% more than in 2017), located in the Madrilenian neighbourhood of Sanchinarro, Sant Cugat del Vallès (Barcelona) and the Vizcaya town of Etxebarri (…).

In terms of the new plots of land, during 2018, INBISA Inmobiliaria acquired nine plots on which to construct 600 new homes. The portfolio is distributed between Madrid, Barcelona, Málaga and Palma de Mallorca, priority enclaves for the company within its strategy to back locations with high and sustained demand in the real estate market. In the case of the Community of Madrid, INBISA Inmobiliaria backed the northwest of the capital, primarily the neighbourhoods of Valdebebas and Sanchinarro.

In Cataluña, the company continued its expansion across the metropolitan area of Barcelona, specifically, in Ripollet, Teià y Viladecans, whilst in the Balearic Islands, it acquired a plot in Palma de Mallorca. Finally, in light of the booming interest from primarily international clients in the Malagan coast, INBISA Inmobiliaria opted to purchase two plots in Mijas and Estepona (…).

All of this has allowed the company to start 2019 as one of the leading property developers in Spain, with 1,500 homes under construction distributed across different enclaves of the country and with a clear commitment to searching for new developments in residential and logistics areas this year (…).

Moreover, as part of its strategic plan for this year, the company is also planning to develop some new logistics projects in light of the great interest in the sector from domestic and international investment funds (…).

Original story: Press Release

Translation: Carmel Drake

Málaga Captures the Attention of Neinor, Aedas & Quabit, Amongst Others

20 January 2019 – La Información

The real estate sector is certain. After Madrid and Barcelona, the city where the property business is going to grow by the most is Málaga. The capital of the Costa del Sol is on everyone’s lips and is forming the focus of the real estate investments being made by many of the leading firms in the sector. Aedas, Neinor and Quabit are just a handful of the property developers that have decided to set up cranes in the Andalucían city, which is seeing how more and more people are choosing to live and spend their summers there.

The experts are not hesitating to point to the capital of the Costa del Sol as the third city in the shadow of the real estate market, behind only Madrid and Barcelona (…).

The attraction of foreign investment is another of the most important factors in Málaga. In this sense, Fernando Ferrero, Director of Merlin Properties, said that in the office sector, there is still “a lot of potential in Madrid” (…), but he highlights Málaga and Palma de Mallorca as the two cities where foreign investment is proving to be very important (…).

The property developers have been wise to it and so, in recent months, have started to launch promotions in Málaga. That is what Neinor Homes has done, which is offering several urbanisations in the capital, as well as some in nearby areas, such as Marbella and Estepona. In the same way, Quabit (…), has launched itself in the province with both single-family homes, and blocks of flats. Aedas Homes is not being left behind and is going to build Vanian Green Village, a housing complex in Estepona, another town that is growing in the capital’s shadow.

The boom in residential properties, both primary residences and holiday homes, has turned Málaga into a reference for the future of real estate. So much so that the data for the granting of new building permits soared in the province by 56.85% in 2018. In total, 7,678 permits were granted compared with 4,895 in 2017, according to data from the Official Architects College of Málaga (…).

Original story: La Información (by Lucía Gómez)

Translation: Carmel Drake

Dazeo Acquires a 5,000m2 Plot in Estepona to Build 20 Luxury Apartments for €15M

10 September 2018 – Eje Prime

Dazeo has closed its first operation following its creation. The joint venture between the Spanish real estate firm Dazia Capital and the French fund Eurazeo, has invested €15 million in the development of a 20-unit luxury apartment complex in Estepona.

The company has acquired a plot of land spanning 5,000 m2 on the coast of Málaga. The project, which will be undertaken by Arata Arquitectura, will house twenty apartments with terraces, a swimming pool, gardens, a spa and a gym.

Following this first purchase, Dazeo is planning to undertake further acquisitions in Madrid, Málaga and Valencia. The group is going to spend €70 million on residential projects in urban nuclei in its first phase. The joint venture, controlled by Eurazeo, will grow to reach €250 million, according to forecasts.

In addition to its venture with the French fund, Dazia Capital has signed other international alliances in recent years. In 2017, for example, it closed an agreement with the British fund Chenavari. Over the last four years, the Spanish real estate company, created in 2013 by Daniel Mazín, has acquired buildings and land with a surface area of 86,000 m2 and 500 homes located in Madrid and the Costa del Sol.

Original story: Eje Prime

Translation: Carmel Drake