Luxury Real Estate Ventures in Marbella by Baltic Funds
The Baltic funds, Evernord from Lithuania and Novira from Estonia, have recently declared their venture into the Costa del Sol. Their partnership aims to construct six luxury residences in Marbella, specifically in the Cascada de Camaján area. The projected investment for this venture is around €34 million.
Marbella and Costa del Sol: A Northern European Favourite
Marbella and the Costa del Sol have been attracting significant interest, particularly from Northern Europe. The Baltic nations have been particularly active in real estate transactions in this region in recent years, demonstrating its popularity.
Evernord’s High-Value Assets
Jolanta Jurga, a founder and board member of Evernord, which manages assets worth €250 million, has stated that these assets maintain their high value, regardless of the economic cycle’s progression.
Major Real Estate Transactions and Legal Advice
The law firm BGI Lawque has provided legal and tax advice for the partnership and will continue to support the funds throughout the project’s development and completion. The firm has also advised on other significant real estate transactions, such as the €150 million investment by the UAE fund Unicorn Royal Emirates in a hotel and branded residences project in Estepona.
Unicorn Royal Emirates’ Estepona Project
In mid-April, the fund announced the acquisition of Hotelera Santa Marta, a company that owns a seafront hotel in Estepona that has been inactive for years. The fund’s goal is to complete the development and transform it into a luxury hotel, including several branded residences. The project is expected to be completed within three years, with the hotel and branded residences available by summer 2027.
Marbella: A Luxury Epicentre
Marbella is a significant hub for the luxury housing market in Spain. According to a study by The Agency, a US real estate company specialising in prime real estate, property prices in Marbella have risen by 10% in the last year. As of February 2024, the average price was €4,533/m2, making Marbella the 16th most expensive city globally for luxury residences, surpassing Madrid and Dubai. Areas such as Nagüeles-Milla de Oro, Nueva Andalucía and Las Chapas-El Rosario are noted for their high property prices. New builds and refurbished properties in exclusive areas can command prices of up to €28,600 per m2.
Exclusive Residential Projects in Marbella
Some of Europe’s most exclusive residential projects are being developed in Marbella. One such project is the Dolce&Gabbana branded residences, known as Design Hills Marbella. This ultra-luxury development, promoted by Sierra Blanca Estates, has already registered pre-sales of €250 million, with prices starting at €4 million.
Real Estate Opportunities in Marbella
- Property for sale in Marbella
- Long-term rentals in Marbella
