Mijas is not just a typical Andalusian white village located on the side of a mountain range. Its idiosyncratic burrotaxis, which emerged in the late 50s, are not its only peculiarity. Its area, 148.5 square kilometers, makes it one of the largest municipalities in the province of Malaga. And the biggest on the Costa del Sol after Casares. Its building land is, therefore, one of those with the biggest potential for urban development. The real estate investments made in it are millionaires.
On one hand, an investment in its building land is foreseen of 200 million euros over the next ten years. On the other hand, the British promoter Taylor Wimpey and the Irish hotel chain FBD Hotels will invest 125 million in the building land of Cala de Mijas. In this week it has been known that these investments mentioned add another 92 million. Euros that come from Neinor Homes and Quabit.
Adding the investments of Quabit and Neinor Homes in the acquisition of plots in Mijas and Málaga respectively, a joint buildable area of 170,000 square meters is achieved. In them, about 1,500 new homes will be promoted.
Building land in Mijas for 23.7 million euros
The company Quabit has closed the purchase of 79,000 building square meters in Malaga’s municipality of Mijas. With a total investment of 23.7 million euros, the portfolio is composed of 148 prefinalist plots on building land. On those plots, the real estate developer plans to build 674 homes, 147 independent single-family homes, 91 single-family semi-detached and 436 residential units in a “garden city” block.
With urbanization works already underway, these new Quabit residential lands, which also include a commercial plot, represent the majority of the Las Lomas del Flamenco sector.
Las Lomas del Flamenco is located 30 kilometers from the capital of Malaga and have exceptional views of the Mediterranean and the bay from Malaga to Marbella. Furthermore, very close to “Mijas Golf”, is one of the most popular and prestigious golf resorts on the Costa del Sol.
Stocks and investment funds to build second homes
The product that Quabit will develop will be mainly focused on the second residence. Its main target: foreigners. This is due to, according to the latest statistics published, its the main segment of the growth of the real estate sector in the province of Malaga.
The 30% of the transaction will be satisfied with shares through a non-monetary capital. The remaining 70% will be settled with financial support from funds sponsored by the investment firm Avenue Capital Group.
62 million euros in emblematic finalist lands in Malaga
For its part, Neinor Homes, the real estate company led by the American fund Lone Star, advances in its objective of leading the residential development business in Spain. To do this, the company, created with Kutxabank’s real estate portfolio, has implemented an ambitious business planwhich includes significant investments in the purchase of building land.
After closing the financing agreement of 150 million euros with JP Morgan, the promoter of Lone Star has made its first transaction for 68 million euros. It is a portfolio of six residential plots, finalist floors, of the most emblematic ones in Malaga. It’s objective is the promotion of more than 800 homes in an area that totals 90,000 square meters. According to a statement issued by the developer, this investment has an estimated gross margin of 27%.
This new lot of lands is located in Colinas del Limonar which is a residential area of ??luxury destined, for the most part, to Spanish buyers. Other building land purchased is located in Hacienda Cabello, a residential area near the University of Málaga, where the company currently has a marketing promotion. Neinor Homes is already working on the short-term market launch of these lands. Likewise, it expects to close the purchase of another 20 million euros more of finalist land in the short term.
Neinor’s great activity that allows them to be leaders in Malaga
The real estate developer directed by Juan Velayos reflects a great activity in Malaga’s property market. In the second quarter of 2017 he presented Las Salinas promotion and currently has nine projects launched. Of these nine, four are already in the marketing phase.
Thus, Neinor Homes imposes its leadership in Malaga, with 29 lands suitable for the development of more than 2,300 homes. The firm has also announced the inauguration of the Eastern Andalusia’s delegation. It will be managed by Ignacio Peinado from the new office in Malaga.
