The new-build luxury residential expands on the Costa del Sol

Developers face the challenge of meeting the growing requirement for luxury homes by the international buyer. Known worldwide as one of the tourist destinations in Europe and the world, the south of Spain claims itself after the pandemic as an engine of economic recovery. The health crisis and the war in Ukraine, far from stopping the real estate market, are setting it at new record numbers, driven by various reasons, such as the desire to enjoy a better quality of life thanks to teleworking, as well as by those who find in This type of asset is a safe haven value for your investments. Real estate construction is booming and luxury villa projects are multiplying along the Mediterranean coast. Along these lines, and always looking for new challenges, last week the developer Otero Group celebrated the laying of the first stone of the luxurious Oceanic urban project. With this act, the completion of the urban procedures necessary for the start of urbanization and building works simultaneously with the first phase is celebrated. Specifically, the 15 projects that make it up are in the last step to obtain a building work permit. The institutional act was attended by the Director of Operations of Otero Group, Javier Braza; the Legal Director of the urban planning and management area, Santiago Marco; the Councilor for Town Planning of the municipality of Manilva, Marcos Ruiz, and the Councilor for Tourism and Beaches, Eva Galindo. The first phase of the promotion has been a complete success with 100% sales in less than six months. With the granting of the urbanization works license, which implies the completion of the necessary procedures for the building license, one of the most important milestones for the start of the works is considered fulfilled. For this reason, Otero Group has already made the second phase of Oceanic available to its client portfolio. Said commercialization will be carried out simultaneously with the execution of the urbanization works of the entire area and construction of the first phase, which has generated great expectations in the commercial network of the Costa del Sol. Rubén Otero, CEO of Otero Group, stated: “The completion of the urban management is undoubtedly an important milestone under our strategic growth plan in the luxury residential area. It is our desire to carry out new institutional acts in other sectors such as the one held today at Oceanic, a symbol of greater wealth generation for the local economy”. The Oceanic project includes the construction of 25 luxury villas with panoramic views of the sea and is made up of three types (Silver-Gold-Unique) whose prices range between 1,387,000 and 1,820,000 euros. A promotion that will have an outstanding economic impact for the town with a total investment of 42 million euros. Job creation is another of the benefits mentioned, which estimates the creation of new direct jobs at 100 and indirect jobs at 200. This project also expands the type of buyer. In this regard, the Director of Operations of the Otero Group, Javier Braza, pointed out that, although “the loyalty of the British client continues to be maintained, the Belgian, Polish and North European markets in general have also become part of our client portfolio, acquiring villas in the first phase of Oceanic”. Specifically, Braza estimated 40% of buyers of British origin, 15% of Polish nationality, another 15% from Germany and a similar 5% for buyers from Belgium, Australia, the US, Canada, Malaysia and Norway. In this regard, he explained that, although the presence of Polish clients on the Costa del Sol has been increasing for a few years, it is now when there has been a significant upturn due to the proximity of the country to the war in Ukraine and the possibility of having with a second residence of safeguard.