Tag: taylor wimpey

Taylor Wimpey Earned 9% More in 2018 up to €34M

27 February 2019 – Eje Prime

Taylor Wimpey improved its financial results in Spain. The company earned 9% more in 2018, up to GBP 29.2 million (€33.8 million). In parallel, the company raised its turnover to €104.2 million (€120.9 million), which represented growth of 10.6% with respect to the figure recorded a year earlier (GBP 94.2 million or €109.3 million).

The British property developer expects to see higher growth in 2019, according to the annual report published by the group. In 2018, Taylor Wimpey launched 342 new homes onto the Spanish market at an average sales price of €344,000. At the end of the year, the company had 284 homes reserved.

Taylor Wimpey España is working to start six new developments soon in the areas where it carries out its activity: three in the Balearic Islands, two on the Costa del Sol and one on the Costa Blanca (…).

Original story: Eje Prime 

Translation: Carmel Drake

Taylor Wimpey to Invest €70M in 8 Developments in 2019

22 January 2019 – Eje Prime

Taylor Wimpey is setting out its roadmap for 2019. The Spanish subsidiary of the British real estate group is going to launch eight developments with an initial investment of €71 million during the course of this year, according to comments made by Javier Ballester, the CEO of the company, speak to Eje Prime.

The company is planning to build between 350 and 400 homes in several parts of the country. Specifically, Taylor Wimpey has opted for areas where it already has a presence, namely: the Costa del Sol, Alicante, Mallorca and Ibiza. Moreover, according to the executive, “it is possible that, if we obtain the building permits in 2019, the group will launch three more developments, one in Marbella and two more in Mallorca”.

Taylor Wimpey is whereby reaffirming its commitment to the Spanish second home market, where it has been operating for more than seventy years. In fact, the company is currently one of the main property developers in the country that is building assets on beach fronts and overlooking golf courses,

In 2018, the company handed over 342 homes, 14% more than in 2017. It is currently marketing four developments in Alicante, in the municipalities of Torrevieja, Villajoyosa and Elche (…).

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake

Taylor Wimpey España will Launch 6 New Developments in H1 2019

7 December 2018 – Eje Prime

Taylor Wimpey is going to continue betting on second homes in Spain. The British property developer is going to launch six new developments in the country during the first half of 2019. The projects will contain 330 homes in total and will be located in three main areas: the Balearic Islands, the Costa del Sol and the Costa Blanca.

The real estate company, which celebrates its 60th anniversary this year, will start work on the three projects in the Balearic Islands, two on the Costa del Sol and a sixth on the Costa Blanca next year. “As always, our priority is to look for locations on the beachfront with access to golf facilities”, explained the company in a statement.

Specialising in international buyers, Taylor Wimpey España has received reservations from 37 different nationalities this year. Of all the countries, Germany stands out, where 27% of its clients have come from, and the United Kingdom, which has accounted for 12% of all the reservations made.

With more than 6,000 homes constructed over its six-decade history, the property developer is listed on the London Stock Exchange and undertakes its developments using own funds, a fact that “influences” buyers, according to Marc Pritchard, the company’s sales director. “For buyers, it is a guarantee of the development’s success since the investment is not affected by possible fluctuations in the market”, said the executive.

In 2018, Taylor Wimpey arrived in Sotogrande as an extension of its presence on the Costa del Sol, as revealed by Eje Prime. In the four months since its project Pier Sotogrande has been on the market, the property developer has managed to obtained reservations for 30% of the 56 homes that will make up the promotion.

Original story: Eje Prime

Translation: Carmel Drake

Taylor Wimpey Invests €95M in Costa del Sol to Meet Demand from Brits

14 June 2018 – Eje Prime

Taylor Wimpey España is going to invest €95 million in seven of the developments that it has up for sale on the Costa del Sol. The property developer is strengthening its commitment to the Malagan coast after verifying that Brits, one of its main client cohorts, have doubled their investment in housing in Spain.

“Demand is increasing in general”, explained the Director of Sales and Marketing at  Taylor Wimpey España, Marc Pritchard. The executive also added that “although the Brexit effect caused Brits to buy less in 2017, the fear is disappearing”.

Another important factor in the evolution of house purchases by Brits is the devaluation of the pound, which last year made investment in Spanish housing more expensive for buyers from the islands.

Nevertheless, Spain is still the preferred destination for Brits looking to buy a home, something that is reiterated by the British Embassy in the country. Across the whole of Spain, there are around 300,000 British citizens and “they are still the main overseas buyers of homes, accounting for 15% of the total”, says Pritchard.

In the ranking of foreign nationalities who buy homes in Spain, the Brits exceed the French, who account for 8.64% of the total; the Germans, with 7.77%; the Belgians, with 6.39%; and the Swedes, who continue as a historical investor, accounting for 6.38% of the total.

Original story: Eje Prime

Translation: Carmel Drake

Taylor Wimpey Enters Sotogrande & Strengthens its Presence in Ibiza

28 May 2018 – Eje Prime

Taylor Wimpey España is entering one of the most luxurious urbanisations in Spain. The Spanish subsidiary of the British real estate group is backing Sotogrande, synonymous with luxury housing, in its business plan for 2018, which also includes the launch of around twenty developments in the Balearic Islands, Costa del Sol and Costa Blanca, the three markets where it already has a presence and “in which we will continue working”, says Reyes Coll, Marketing Director at Taylor Wimpey in Spain, speaking to Eje Prime.

So far this year, the real estate company has launched eight new projects. Four of them are located on the Costa del Sol, three in Mallorca and the eighth is in Alicante. The aim of the company is to “launch between five and ten more promotions before the end of the year”, says Coll.

Taylor Wimpey’s main business in Spain is second homes for foreigners, which account for more than 90% of the company’s housing reservations.

In the Balearic Islands, where land is scarce and prices are growing rapidly, the company is finalising the requirements necessary to bring three new projects onto the market: Cala Lliteras, Cala Vinyes and Cala Gració. The latter is located in Ibiza, an island on which the real estate only has 22 homes to date, in Can Misses. The other developments in the Balearic region are located in Mallorca (…).

Almost twenty developments on the market

Without taking into account the aforementioned projects and those in the pipeline, the real estate company already has 19 developments up for sale in the country. Mallorca and the Costa del Sol are the two regions where most of its developments are located, with seven residential projects up for sale, whilst the company has five urbanisations on the market on the Costa Blanca.

Taylor Wimpey España’s business depends on foreigners interested in buying a second home in the country. This profile of buyer is growing again in line with the recovery of the economy. Indeed, the company recorded a 10% increase in its portfolio of international clients. “German, Scandinavian, British, Russian and Belgian buyers all stood out”, explains Coll. The General Council of Notaries explained recently in a report that those nationalities account for the fact that 20% of the homes purchased in Spain are acquired by foreigners. In 2017 alone, the company completed operations involving new homes with buyers from 32 different countries.

In the case of buyers from the United Kingdom, players in the Spanish residential market were fearful of the consequences that Brexit might have on sales. Nevertheless, sources at Taylor Wimpey explain that reservations from Brits have increased over the last nine months.

40% growth in post-crisis reserves

The end of the real estate crisis has also arrived for Taylor Wimpey España, whose reservations grew by 40% in 2015 and have continued to increase ever since (…).

According to its roadmap, the company is not planning any changes to the line of business that it has operated for sixty years. The property developer will continue to specialise in the construction of apartments and terraced homes in the most touristy areas of the country and will finance them solely using own funds.

Original story: Eje Prime (by J. Izquierdo)

Translation: Carmel Drake

Deloitte: Residential Property Developers Set Their Sights on Consolidation

1 March 2018 – Expansión

The residential sector is on a roll. After years of significant declines in property development activity in Spain, the housing industry recorded its best year since the crisis in 2017, with a total of 500,000 transactions, of which almost 85,000 involved new homes, although the evolution of house sales is still light years away from the levels seen in 2007.

In this context, prices also recovered, recording an increase of 6.6% between 2014 and the third quarter of 2017, albeit with significant differences by province. This recovery in prices came after a cumulative decrease of 27.3% between 2008 and 2014, according to data reflected by Deloitte in its report The Residential Development Handbook. According to that analysis, there are currently 2,150 developments underway, with 114,000 homes being built. Of the total new developments, almost 80% are located in just 10 provinces.

This recovery is happening in the context of a favourable macroeconomic evolution with GDP growth of 3.1% in 2017, a reduction in unemployment and a favourable demographic makeup: Spain has 21 million citizens aged between 25 and 55 years, who may become potential buyers.

Moreover, financing is working in favour of house sales as the banks have opened the credit tap once again, although with greater demands on borrowers and more rigorous controls.

Alberto Valls, Partner responsible for Real Estate at Deloitte, explains that there is “growing unmet demand, which extends beyond the 10 main provinces”. In this sense, sources at the Deloitte have identified 272 hotspots where both demand and prices are growing, unemployment is decreasing and the market dynamics are favourable. “One third of those hotspots are not being covered by any property developers”, explains Gonzalo Gallego, Partner at Deloitte in the Financial Advisory Real Estate team.

These hotspots are located in 158 areas of the country. Specifically, Madrid and Barcelona account for more than 35% of them. In this context, funds such as Castlelake, Cerberus, Blackstone and Värde saw an opportunity in the wake of the recovery and have set up shop in the country. Others, such as Lone Star, have already completed their cycles, and with the sale of its entire stake in Neinor, which has been listed for less than a year, has collected its gains.

For Valls, the Spanish market continues to offer opportunities for investors to create value. “They are continuing to invest through alternative structures: alliances in projects, purchases of property developers and development of platforms for their subsequent debuts on the stock market”, he says.

The Partner responsible for Real Estate at Deloitte also recalls that, despite the creation of new players, the residential market in Spain is “highly fragmented”. And he predicts: “The market for real estate property developers is going to become more concentrated”.

Specifically, the five largest property developers in Spain account for just 6% of the market in terms of units handed over and 12% of the units under development. If we compare those figures with other more mature markets, the Top 5 British property developers account for 39% of the total units handed over, whilst the top five French developers account for 42%, according to data from Deloitte.

Large listed companies

Placing the focus on the large listed property developers, Metrovacesa, Aedas and Neinor, which have a combined stock market capitalisation of €5.2 billion, together, they own a portfolio of land with capacity for the development of 61,500 homes. Their French counterparts Nexity and Kaufman Broad, which have a combined market value of €3.3 billion, own land for the development of 72,100 homes. Meanwhile, the eight largest property developers in the UK, including Persimmon, Taylor Wimpey and Barratt, which have a combined market capitalisation of €37 billion, have potential land for around 300,000 homes.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Brits Are Buying Homes On The Costa Del Sol Once Again

13 October 2017 – Inmodiario

The latest figures from the property developer Taylor Wimpey España relating to the sale of homes in urbanisations on the Costa del Sol to British citizens are encouraging. During the third quarter of the year, the number of citizens from the United Kingdom buying homes in developments such as Botanic, in the Reserva del Alcucruz, and Horizon Golf, in La Cala de Mijas, increased considerably, to make Brits the top-ranking nationality in terms of the sales made by Taylor Wimpey España.

Brits accounted for 19% of the buyers of Taylor Wimpey residential homes on the Costa del Sol, followed by Belgian citizens in second place and Swedes in third place.

For the Director of Sales and Marketing at the company in Spain, Marc Pritchard, “this data is a clear sign that citizens from the UK are continuing to choose the residential areas that Taylor Wimpey is creating when it comes to acquiring holiday homes”.

Moreover, adds Pritchard, another piece of data is noteworthy: the Brits who are buying holiday homes on the Spanish coast are very aware of sustainability and the environment and so prefer to invest a bit more in homes that fulfil those requirements (…).

This means that homes are being conceived to ensure minimum energy consumption and maximum environmental protection, through the use of solar panels, thermal insulation and maximum acoustic-protecting materials. As such, these homes have the highest energy rating in the market (“B”). In the same way, green spaces are becoming particularly important in the Botanic development, and the ecological environment of the Mediterranean pine tree wood is being further strengthened by the creation of a botanical garden for the enjoyment of all the neighbours.

These credentials that are respectful of the environment increase ownership values to 38%, according to CBRE Residencial, a company that also says that 82% of citizens from the United Kingdom are willing to pay more for a sustainable home.

The Botanic urbanisation on the Costa del Sol comprises 92 bright and spacious 3-bedroom homes, featuring large south-facing terraces. The 4-storey buildings have spacious penthouses with modern designs and spectacular solariums from where residents can enjoy the sunrise and sunset, with panoramic views over Los Arqueros Golf course, the sea and Gibraltar. The asking prices for these homes start at €365,000 (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Taylor Wimpey & La Cala Resort Invest €11M In New Project In Mijas

27 September 2017 – Inmodiario

The collaboration between the Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts is pushing ahead. On Thursday 21 September, Taylor Wimpey España and La Cala Resort convened media and real estate agencies to unveil the new show home, which represents the launch of the sale of the 2nd and 3rd phases of the Horizon Golf development in La Cala de Mijas. This new initiative between the two large companies will involve an investment of approximately €11 million.

It is worth remembering that the strategic alliance signed between the two companies will result in the construction of more than 600 homes over the next ten years, with forecast investment of more than €125,000,000.

Currently, Taylor Wimpey España is selling 2- and 3-bedroom homes in the 48-unit Horizon Golf Apartments development. Asking prices start at €280,000 and the first phase of properties, which have all been sold already, is expected to be ready by March. The second phase, comprising 18 apartments, is currently being sold.

Similarly, also in Horizon Golf Adosados in the La Cala Resort in Mijas, Taylor Wimpey is selling 55 terraced homes. The first phase has been completely sold and those homes will be handed over to their owners before the end of the year.

The second phase is currently up for sale and has been since March, with asking prices starting at €410,000. Those homes are expected to be finished by June 2018. The third phase was the one presented last week.

Through this alliance with Taylor Wimpey, La Cala Resort is not only consolidating its position as a unique golf and leisure destination in Spain, with three 18-hole golf courses, an exclusive 4-star hotel with 107 rooms, a spa measuring 1,300 m2, tennis, paddle and squash courts and a football pitch; it is also positioning itself as a leader of international residential tourism, with one of the best and most varied offers of residential homes in low-density complexes, with panoramic views over the golf courses, sea and mountain, and all this just 5 km from the city centre and Mijas Costa’s beaches, and just 30 minutes from Málaga airport (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

Taylor Wimpey & La Cala To Build Largest Golf Complex In Southern Europe

31 July 2017 – Inmodiario

The Spanish subsidiary of the British property developer Taylor Wimpey Plc and the Irish hotel chain FBD Hotels and Resorts have signed a strategic alliance for the development of more than 600 homes over the next ten years, with a planned investment of more than €125,000,000.

The collaboration between Taylor Wimpey España and the hotel chain FBD Hotel and Resorts, which manages La Cala Resort, took its first steps back in 2014. As a result of that joint venture, Taylor Wimpey completed the first batch of residential properties (60 contemporary apartments called Miraval) in 2016. Now, it is promoting the project Horizon Golf comprising 48 apartments and 55 terraced houses, some of which will be completed this year and the rest of which will be handed over to their owners in 2018.

Through this alliance, La Cala Resort is consolidating its position as a unique destination for golf and relaxation in Spain, with three 18-hole golf courses, an exclusive 107-room 4-star hotel and a 1,300 m2 spa, tennis, padel and squash courts, and a football field. It also leads the ranking in terms of international residential tourism, with one of the best and most varied supplies of residential housing in low-density complexes, with panoramic views over golf courses, sea and mountains and all just 30 minutes from Málaga airport.

The complex brings together the best facilities demanded by the European public, not only for lovers of golf, but also for those who want to live in an environment that respects the environment, with perfectly kept roads and gardens and a 24/7 security service, just 5km from the town centre and beaches of Mijas Costa (…).

Project Horizon Golf offers two housing formats from potential buyers to choose from. On the one hand, it has terraced houses measuring more than 300m2, with three bedrooms and two bathrooms, plus 90 m2 of terraces and solarium spread over four floors. Owners have the option of installing a private lift for easy access from the underground private car park to the panoramic solarium.

On the other hand, the complex has large apartments and penthouses with two and three bedrooms, and simple lounges leading onto spacious terraces measuring more than 30 m2. The penthouses are duplex spaces with solariums measuring more than 65 m2 (…).

The terraced houses currently have asking prices starting at €399,000 and the apartments are going for €280,000 (…).

Original story: Inmodiario (by Carmen Durán)

Translation: Carmel Drake

British Groups Invest Heavily In Spain’s RE Sector

9 May 2017 – Expansión

The Grosvenor group is embarking on its first residential project in Spain, developing luxury homes in Madrid. It is following in the footsteps of other compatriot companies such as Intu, Taylor Wimpey and Benson Elliot.

One of the latest real estate companies to show its commitment to Spain has a history that spans 340 years. The firm in question is Grosvenor, the centuries-old British firm, which closed its first investment in the Spanish residential sector about two months ago.

The project chosen by Grosvenor for its arrival in Spain is a luxury residential development on the Golden Mile of Madrid. To this end, Grosvenor, through its subsidiary Grosvenor Europe, completed the purchase of a plot of land measuring around 820 m2, located at number 53 on Calle Jorge Juan, for the development of six exclusive apartments and one penthouse with views over the Retiro Park. (…).

Grosvenor’s operation on Jorge Juan forms part of a joint venture signed by the Asian firm Amcorp in July 2016, whereby it undertook to invest €70 million during the first phase. “We hope to build a significant real estate portfolio in Spain during 2017”, said sources at the British group, which was founded in 1677 by Sir Thomas Grosvenor, and which is nowadays one of the largest landowners in the United Kingdom.

In light of this commitment to Spain, Grosvenor, which has four divisions through which it operates in Europe, Asia, America and the United Kingdom, has strengthened its office in Madrid, led by Fátima Sáez del Cano, by hiring Miguel Silmi, who formerly served in interim roles at firms such as Altamira, owned by Banco Santander. (…).

Investment

Grosvenor’s commitment to Spain is not a unique case amongst the large British groups. “Investors from the United Kingdom have always liked the Spanish real estate market and they have invested throughout the economic cycle. For example, Heron International, which is known today for the shopping centres that it built in Madrid, Barcelona and Valencia, used to hold a significant portfolio of office buildings in Madrid, in the 1990s”, said Javier García-Mateo, Partner in Financial Advisory at Deloitte. (…).

Meanwhile, Benson Elliot has been present since 2011. That fund has just closed the purchase of the Hotel Silken Diagonal, together with the joint venture between Walton Street and Highgate. Previously, BE had purchased two other assets in Barcelona, which it has now sold. “Another British firm, London Regional, has purchased hotels and offices in Spain and has also taken advantage of the cycle to sell them at a profit”, said Rafael Bou, Partner in Real Estate at PwC.

“Having invested more than €2,147 million since 2011, British funds are the second most significant international investor in the Spanish real estate market, after the United States (…)”, according to Savills. During the first quarter of 2017, British firms have already made real estate purchases amounting to €550 million, according to Deloitte.

One example of this commitment is the return of British Land to Spain, which last year purchased the Nueva Condomina shopping centre in Murcia, and the more than €120 million that has been invested by the UK & European Investment group in operations in Madrid, Barcelona and Marbella. (…).

In addition to real estate companies and investment funds, some of the large British insurance companies are also placing their focus on the Spanish real estate sector, such as the case of Prudential and Aviva, which just closed the purchase of the Tormes shopping centre in Salamanca.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake