Tag: TM Grupo Inmobiliario

TM Group to Build More Than 2,000 Homes on Last Major Plot of Land in Torrevieja

9 September 2019

The TM Grupo Inmobiliario has plans to build more than 2,000 homes on part of the last major plot of available land in Torrevieja. A total of 5,000 to 6,000 homes are in the works for the 1.9-hectare area, which is called La Hoya. TM would invest approximately 30 million euros. Urmosa, a local developer, will build the largest number of homes in La Hoya.

The real estate market in Torrevieja is booming, as developers built 5,225 new homes during the past year. The most significant difference between Torrevieja and other hot spots like Marbella and Estepona is in the price of the homes on sale. Torrevieja is considered a ‘low-cost’ market, with homes on the beach available for less than 100,000 euros. Prices in the city have also been increasing at a relatively moderate pace, up by 2.3% in the last year, according to Tinsa.

While the development still lacks the necessary municipal approvals, La Hoya is likely to consist of 5,000 to 6,000 new homes, down from an initial 7,000 homes, as demand these days is largely for bigger homes than had been in the past. Prices are expected to range from 170,000 to 200,000 euros (1,200-1,300 euros/m2), far below the price of similar homes in Orihuela itself.

Original Story: El Confidencial – E. Sanz

Adaptation/Translation: Richard D. K. Turner

TM Grupo Inmobiliario to Invest €307M in a New Project in Murcia

25 February 2019 – Alimarket

TM Grupo Inmobiliaria has just added a new project to its portfolio in Murcia, which is going to be located in Águilas and which will be constructed over the next ten years.

In this way, last Thursday 21 February, the firm presented the urban plan know as the Partial Plan SUNP-II Costa Playa de la Cola alongside the Town Hall of Águilas. The project will involve an investment of €307 million, as well as the creation of 5,133 jobs over the ten years that its execution is expected to take place. Present at the event were Mari Carmen Moreno, mayor of Águilas (pictured above, second from left); Tomás Consentino, councillor for Town Planning (pictured above, second from right); Cristóbal Ruiz, Director of Development at TM Grupo Inmobiliario (pictured above, far left); and Agustín Rodríguez, architect of the project (pictured above, far right).

The Partial Plan SUNP-II Costa Playa de la Cola in numbers

Specifically, the future development, which will be similar to Mar de Pulpí in San Juan de los Terreros (Almería) forecasts the construction of 2,313 tourist homes in total, and also reserves one plot for hotel use. Moreover, and with the aim of becoming an example of sustainable development, the project will dedicate 270,000 m2 to a public natural park, which will include more than 7km of scenic routes along natural paths with lookouts and picnic areas. It will also have 130,000 m2 of public parks and gardens (…).

Grupo TM Inmobiliario, which has set itself the objective of handing over 4,000 homes between 2018 and 2020, is also present in the hotel segment (…) and recorded sales of €222.53 million in 2017, up by 45.8%.

Original story: Alimarket (by Mónica de la Fuente)

Translation: Carmel Drake

Benidorm Fever: TM Sells 15 Apartments in Just One Day

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

TM Buys 165,000 m2 of Land in Benidorm

8 January 2018 – Eje Prime

TM Grupo Inmobiliario is starting 2018 with the largest purchase in its history. The property developer specialising in the construction and sale of large residential developments on the Mediterranean Coast has acquired 165,000 m2 of land in Benidorm. This purchase represents the company’s largest investment in land since it was created in 1969.

The acquired land is located one road back from the beach Playa Poniente in Benidorm and most of it will be used to build homes. The first properties are expected to go up for sale in the summer of 2019, which means that the first phase of constructed homes would be handed over in the middle of 2020.

This operation, the fourth undertaken by TM in the Alicante municipality in the last three years, not only completes the sales forecast per the company’s strategic plan for 2015-2019, it also assures its activity in the area for the next 10 years. The project will involve the development of around 1,200 homes in residential developments targeting both the domestic and European market, according to explanations provided by the group in a statement.

During this period, the company expects to invest around €260 million, over several phases of execution lasting two years each. Since 2015, TM Grupo Inmobiliario has successfully carried out the development, execution and sale of other developments in Benidorm, namely: Ocean Drive, Sunset Drive and ‘La Ermita del Mediterráneo’ in El Tosal.

Original story: Eje Prime

Translation: Carmel Drake

Two Funds Submit Bids For InTempo Skyscraper In Benidorm

26 May 2016 – El Confidencial

(…). InTempo, the tallest residential skyscraper in Spain and the second tallest in Europe could have a new owner within a matter of days.

Two offers were presented for this bizarre and unfinished building in the Commercial Court of Alicante on 4 May. The Court is trying to resolve the liquidation process of the company that constructed the tower, Olga Urbana, which filed for bankruptcy at the end of 2014 at the request of its largest creditor, Sareb, to whom it owes around €100 million.

According to sources, two investment funds have submitted the offers, which reportedly amount to between €50 million and €60 million, and it is now up to Sareb, whose Board met yesterday, to decide whether to accept either of them or, on the contrary, foreclose the asset, given that the amount obtained would not be sufficient to cover the debt.

Valued at just over €90 million, according to Olga Urbana’s liquidation plan, Sareb has already acknowledged that it would be willing to accept offers equivalent to 70% of the appraisal value (in other words, €63 million), provided the payment is made in cash. (…).

Recovery of the Alicante Coast

If the sale of this asset goes ahead, experts say that it would represent a clear sign that the real estate recovery is now reaching one of the areas that was hardest hit by the crisis, namely Levante and, specifically, the Alicante Coast. Since the end of 2013, we have been seeing signs of improvement there, thanks mainly to the growth in secondary residence purchases by foreigners, which have enabled the absorption of a significant proportion of the “stock” and a slight increase in prices. (…).

Further proof of this renewed appetite for the Alicante Coast came in the form of the sale of the former Hotel Sidi de San Juan, whose owner, Sidi Española, filed for creditor bankruptcy in June 2011. A few weeks ago, at the end of April, the hotel was auctioned, and the property developer TM Grupo Inmobiliario submitted the highest offer to acquire the land and building that houses the former hotel, which for many years was the only five star property in the city. Located on the beachfront on San Juan beach, the consideration paid amounted to just over €19 million. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake

Why Did Foreigners Buy 72,000 Homes In Spain In 2014?

8 May 2015 – Expansión

When it comes to buying homes in Spain, foreigners are primarily motivated by the quality of life, the sun and good flight connections to their home countries.

The volume of house sales increased by 21.6% in 2014. In total, 365,594 transactions were closed, according to the Ministry of Development. It is clear that the real estate market has begun its recovery and, to a large extent, that is due to the interest that the real estate market is sparking amongst investors from overseas. Purchases by foreign residents in Spain have grown in recent months, partly due to the incentives that the Government has introduced – mainly the residence visa – but above all due to the opportunities offered by the real estate market here. Foreigners purchased more than 72,000 homes in Spain last year and the average transaction value was €152,000.

But, who are these foreigners that are purchasing homes in Spain and what is it that draws them to our country? “Many of these overseas investors are tourists who come to Spain on holiday and after spending time here, decide to invest in a second home”, says a study performed by TM Grupo Inmobiliario, which has a stand at the SIMA (Salón Inmobiliario de Madrid or Madrid Real Estate Fair) being held until 10 May. “They are primarily motivated by the quality of life, the sun and good flight connections to their home countries”, says the report, which concludes that the profile of the average purchaser is a man, aged 53 years-old, with children. On average, these purchasers have an annual income of €66,000. There is also a significant percentage of resident buyers in our country who are making Spain their new home given the improvement in the economic environment.

Britons are the nationality most interested in purchasing homes in our country; they accounted for 18.62% of all transactions closed by foreigners (in 2014). They are followed by the French (9.39%), Germans (7.25%), Belgians (6.90%), Italians (6.13%), Russians (5.83%), Swiss (5.83%), Chinese (4.14%) and Norwegians (3.74%). In recent years, interest from Russian nationals in Spain had increased significantly, but the decline in the Ruble and in the price of petrol (last year) reduced their desire to purchase. There is also a great deal of interest from Mexicans and Colombians in buying a home in our country, but in absolute terms the numbers are not yet significant. The vast majority of them have a high purchasing power and are buying second homes here.

The decrease in house prices has not affected all areas equally, but overseas investors are primarily interested in three main areas: the Mediterranean Coast (Barcelona, Alicante, Girona and Málaga), the Islands (above all Mallorca, Ibiza and Tenerife) and Madrid.

Original story: Expansión (by E.V.)

Translation: Carmel Drake