Luxury on the New Golden Mile – The Supreme Court declared a null revision of the general plan of Urban Planning in Marbella in November 2015.
As a result, many promotors and investment funds ‘moved’ their interest to nearby towns. Estepona and Cancelada are best examples. Due to the uncertainty and urban planning regulations, both towns are now at heart of new build property development.
Estepona, only located 26km west of Marbella, is currently the centrepiece of new build construction on the Costa del Sol. There are more than 60 new developments underway. And in marketing, this number rises over 200 promotions. To cut a long story short, the New Golden Mile is a true paradise for property investors.
So what does this mean in terms of investment opportunities? Well, shortly put, the New Golden Mile is a paradise for property investors. First of all, the projects see prices ranging from €200K up to €3M. Currently, over 60 developments are under development. Another 140+ are in the so-called marketing stage. All projects have to provide a bank guarantee so that you as an investor can sleep on both ears. The phased payments, where up to 70% is only paid upon completion, makes it even more interesting for investors.
Our advice: Be the first to step into a well-located project that is offered off-plan at launch prices. The first investors in such a project buy on average 15% cheaper and have access to the best units. Once about 20% of the project is reserved off-plan, the prices rise and in further phases usually, more price increases follow. So … enormous advantages for the early birds and quick decision-makers. Keep in mind, with short term speculation, the capital gains tax payable when selling real estate. This tax remains valid, even after 5 years.
Besides the extensive selection of new build projects, the region is undergoing a metamorphosis. Or better said, the region is being upgraded. One of the most ambitious projects is, without a doubt, the construction of a 200 km-long coastal path that connects beaches and ports all long the Málaga Coast.
But there is more: