Investment buying big in Spain
Spanish property news has focused on the healthy growth in sales of residential properties last year, and Málaga province in particular has benefited from increasing numbers of foreign buyers returning to the sunny shores of the Costa del Sol to take advantage of attractive property prices. Such figures are very encouraging, and they are echoed by an increasing number of foreign investors flocking to Spain to invest in large-scale assets such as developments, holiday resorts and hotels.
The Marina D’Or Golf resort on the Costa Azahar in Valencia province has recently attracted Qatari investors, who are putting €4,5 billion into developing this luxury resort of self-catering apartments and hotels with everything a visitor could want within its exclusive 24,000m2 − ranging from spa pools to a children’s adventure playground.
Arcos de la Frontera, in the province of Cádiz, almost lost its world class Arcos Gardens Golf Course to bankruptcy yet the resort just reopened thanks to investment from Asturian businessman Omar Suárez and Francisco Valenzuela of Grupo Impresarial Valenzuela. Indeed, Ryder Cup golfer Bernard Gallacher, who owns a property in the development, has been energetic in supporting the refurbishment of the golf resort. Arcos de la Frontera is a UNESCO heritage town popular with visitors but with the reopening of the golf course, the area’s prospects are certainly on the up.
Fortune Magazine reports that foreign investors are hungrily buying Spanish hotel Properties too, with New York based Perella Weinberg Partners acquiring Deutsche Bank’s tower in Barcelona to turn it into a luxury hotel, and two separate Qatari investment groups obtaining hotels in both Barcelona and Madrid.
Closer to home, Hispania Activos Inmobiliarios, funded by American billionaire George Soros, has reportedly bought the Guadalmina Hotel resort in Marbella for €21.5 million. Las Dunas Suites was earlier taken over by the Naturhouse Group and converted into a luxury health spa resort, while a Russian investment group’s multi-million purchase of Monte Mayor Golf Club was announced at the end of 2014.
Hotel properties and golf resorts are likely to continue appealing to foreign investors as some 36.3 million tourists visited in 2014 and spent €35 billion in total. These figures are record highs for Spain, and there is more room for growth, making this an excellent time to consider investing in tourism properties. Contact us for information about the prime opportunities available now.