2024/04/11
Real estate development company Realco is expanding its portfolio of projects in Spain. The company is starting to develop an apartment complex on a 4575 sqm plot of land in the neighbourhood of the world-famous resort area Marbella.
This is the company's third investment in real estate projects in Spain as Realco is already developing two luxury villa projects on plots of land acquired in 2023 on the Costa del Sol, in one of the most expensive districts in Marbella.
"The real estate market has recently become increasingly active throughout Spain and especially in the area between Marbella and Estepona, known as the Golden Triangle. More and more people, not only from other countries, but also from Lithuania, are looking for holiday homes or temporary homes here. Our target audience is buyers who are looking for new, quality built and furnished, ergonomically designed apartments for recreation or temporary living," - comments J. Dovidonis, the CEO of Realco.
The plot will be used for the construction of a complex of about 20 apartments of up to 100 sqm. The cost per apartment is estimated at around EUR 700,000.
The apartment complex will have a large outdoor swimming pool for the exclusive use of its residents, as well as stylish green and recreational areas.
The land on which the complex is being developed is located just over one kilometre from the sea. There are golf courses and a lake nearby. The neighbourhood is home to the luxurious Los Flamingos residential area, with the famous Villa Padierna Palace, where the US First Lady Michelle Obama stayed.
Construction and pre-sales of the apartments are scheduled to start in May 2025 and the project is expected to be completed by the end of 2026.
Realco is already developing two luxury villa complexes in the vicinity of the site where the apartment complex is planned. The first, The Palms Marbella, on a 3500
sqm site, has already started construction in March this year on three luxury villas of exceptional size and design.
Each 700 sqm villa will have 5-6 bedrooms and 6-7 bathrooms, as well as terraces with a summer kitchen, a dining area, and a poolside lounge. The project is scheduled for completion in June 2025 and will cost EUR 6.5 million per villa.
On another 10500 sqm plot, the company will offer 11 premium villas of around 400 sqm each. One of these villas is expected to cost around EUR 2.3 million. The application for a building permit has been submitted and the design of the complex is underway. Construction is expected to start in April 2024, with completion scheduled for October 2025.