ESTEPONA’S real-estate sector is starting to warm up again with investment from companies in available land and half-finished projects on the rise. Although some have been obtained for future projects, others have already started to build.
Drago Capital, for example, has recommenced work on a group of 62 unfinished apartments in the Ocean Hills residential complex which will be used as holiday apartments.
The investment fund, which usually purchases commercial properties, bought the property at the end of 2014 for €8 million and has now announced it hopes to have this, it’s most ambitious project yet, finished by the end of 2016.
The complex is built on a 7,000 square metre plot and chances are an adjoining 7,000 square metre plot will also become available shortly for additional building. Moreover, the London investment fund CTH Capital, bought the first entire residential area to be auctioned in order to be finished for more than €7 million. The complex, Golf Hills Village, has around 152 houses and 158 garages.
Casares will also be seeing the reactivation of a project stopped in 2009. Multinational Crystal Lagoons have gone into partnership with Chilean developers to finish the construction of Alcazaba Hill Lagoons.
In this case, the company will be creating the first crystal clear lagoon in Europe.
This 1.5 hectare aquatic space is destined to become a sea sports haven, and will be part of a huge residential area of 450 apartments, with an investment of roughly €121 million.