CELEBRATED UK real estate developer Taylor Wimpey is launching a brand new £10 million project on the Costa del Sol this month.
The La Galera development, in Estepona, will include 36 luxury homes and will be officially launched with an event on April 30.
Taylor Wimpey has built more than 2,500 homes in Spain over the last 15 years, including Los Arqueros Golf, in nearby Benahavis.
“Estepona is a perfect location for further investment,” said Ignacio Oslé, regional director in Andalucia.
“We want to thank Estepona Town Hall for their support in getting planning permission last October.”
Meanwhile there are a million empty homes turning to dust.
There are many 100’s of re-sale Taylor Wimpey homes on the market in the CDS which have dropped in price and difficult to sell, meanwhile TW start new sites increasing the already over-supply! Logic?
Spain’s logic is that only housebuilding will kick start the economy. It’s a road to nowhere; those days are long gone.
People are buying houses in Spain now faster than you think grumpy!
What all 1 million of them – tonto.
Derek, you wish. The world and its dog knows that there is a massive over supply of this type of property in southern Spain, particularly in Malaga province. There would have to be one hell of an influx of buyers to justify building yet more of the same stuff with any hope of shifting it in a reasonable time period but with Spain’s reputation it’s not very likely is it? Demolition horror stories are still hanging over Andalucia like a bad smell. It could all be so very different but as many of us know, the Junta de Andalucia know best don’t they?
If you look at their web site you see that they quote the numbers of units which have been sold – and then in the small print you see they are sold “off Plans”. That means the purchaser has put down the deposit, but probably has no intention of ever moving in, and hopes to sell the option at a large profit at stage 2,3, or 4. This happened 10 years ago, and when the market slipped people were stuck with apartments they could not afford to finish. So they defaulted. The developers needed the stage payment money to complete, but the owners were demanding it be finished before they handed over any more. Since the owners were individuals spread across Europe it was impossible to take them to court and the only option was to stop work. You can see the results in the hills behind Estepona. Rotting teeth, which then have a negative effect on the next one along. It is a species of Ponzi scheme.
Definitely problems Jane, but where we stay at the coast they are selling a lot more at the moment FACT. Things could be looking slightly ‘rosier’ or whatever phrase people like to say on here. Inland not so much.
Good you keep checking in to life in Spain Stuart. now on your bicyclette connard!
It really does anger people on this website if anyone who lives here says anything positive they notice about Spain. Is this just a bitter uk thing?
Derek, building more homes is not a positive thing. It’s the same old boom-bust cycle starting up again. Local estate agents are indeed saying that sales are up, but please get it into perspective and look at the bigger picture, please. Stop being such a noob.
@Derek, posting facts is not being bitter, I’m sure you wouldn’t want to mislead people who need the facts because that’s exactly what went on in the ‘boom’ days, and according to R R Acuna and Associates a Spanish company based in Madrid who analyse the market, there are 2.25 million properties for sale in Spain which begs the question ‘why build more’? All this will do is depress prices further and queer the market for longer.
be interesting where TW raised the development money from
Also houses are selling in some areas of spain but usually at levels far lower that owners would like
I’m not saying things are ‘booming’ again Angie, just picking up.
Not interested in estate agents talk Freddy, just saying locals where we visit say a lot more bargains are being snapped up by Norwegians, French, Germans.. and thankfully not so many moaning Brits like yourself!
There’s nothing wrong with posting positive facts about life in Spain, of which there are many….BUT, the real estate sector is embedded in a perpetual mire of conflicting policies (I carefully avoid saying ‘strategies’) determined by regional and local government…..This project is ill conceived and will do nothing to eradicate the stagnation in property sales…
Far better that the Junta draw a line under the past, announce all properties to be legal and impose draconian measures on future building without permissions or ‘sobornos’….But of course, that is simply common sense and of such an attribute there is a deep rooted famine in Andalucía.
Derek, the Norwegians, French and Germans have very high standards, and they are most vociferous when it comes to getting good quality service. Spain will have to up their game massively if they want to deal with these people on a regular basis. It’ll be good to get more people like this, who complain when they get poor service, rather than people like you, Derek, who just stay in denial their whole life, since then the country will listen and hopefully change for the better.
Again berating Spain just for a change eh grumpy! a 24/7 downer on the country you live in.
Maybe you’ll always live passionless like this? not sure what they’d call that attitude though en España jaja
You’re a really terrible person Fred to live in Spain!
£10m project, 36 properties = £277k each, pus profit… I appreciate a new property could be hardwired for internet, new design, new kitchens etc but when you can buy houses for less than they cost to build now they will have to fly in quite a few ‘hostages’ and high end hostages at that with more money than sense. So many more places you can build around the world where planning and profits are easier it makes you wonder why they build there. A friend of mine was showing me a property he was thinking of buying on a website in Spain. I could not believe how cheap it was. As an addition to your lifestyle / holiday home I think it is a good time to buy, not as an investment. You could make a lot more money in shares. With running costs, 10% to buy, selling costs, one of the highest electricity charges in Europe, maintenance, flights over there, 1 million empty homes etc, you will not make a profit. Buying off plan even with a big Company goes against the grain, what if they go bust in the middle, all those bank guarantees etc, not worth the paper they are written on in Spain. Derek, you are happy and that is the most important thing, you should live longer with a positive attitude, but are you a bit uptight with the other messages, could be dragging you down reading these! Do what makes you happy, we are not here that long but make sure everything is legal as best you can.
Fred does not live here, he is a part timer. Thank God for that.
You have a very blinkered view of life in the modern age Caccia. Many people now live in Spain for the UK winter and stay in the UK for Spain’s Summer (to avoid the dangerous heat levels). And they are still Spanish residents. You need to be brought in to the modern world lol.