Trio of property developers battle to build Spain’s most exclusive pads

LAST UPDATED: 28 Oct, 2015 @ 17:26

THREE big fish in the property world are fighting to sell Spain’s most exclusive pads.

And, by exclusive, we mean as much as a whopping €14,000 per square metre.

The battleground is Madrid and the contestants are Spain’s biggest property tycoon, Villar Mir, Asia’s richest man, Chinese multi-billionaire Wang Jianlin, and US investment firm Pimco.

And they’re going head to head with three unimaginably luxurious developments: Villar Mir’s Canalejas project in the centre of town, where one square metre sells for €12,000; Wang’s iconic 2014 Edificio Espana, priced from €4,000 -€14,000 a m2; and Pimco’s Juan Bravo 3 in Salamanca district at €10,000 per m2.

A 200m2 chunk of any one of these properties will sell for €2-3 million.

Villar Mir’s project comprises 22 luxury homes of 200m2, Pimco has built 50 at 250m2 each and Wang is streaking ahead with plans for 300 dwellings in Edificio Espana — approval pending.

“We are seeing soaring prices not just in the affluent Salamanca district,” a property expert claimed.

“These prices mark a clear ‘before’ and ‘after’ in Spain’s property market.”

They would only be surpassed if an attic flat in the Millennium building above Plaza de la Independencia went up for sale, where a square metre can sell for €15,000.

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