The Costa del Sol's latest luxury development is well under way to be completed on schedule. Perched high in the hills overlooking Marbella, the new gated housing community of Palo Alto in the municipality of Ojen covers 50 hectares of green rolling countryside with breath-taking views of La Concha mountain and the Mediterranean Sea.
According to the project's marketing director, Ailse Warriner-MacFarlane, Palo Alto's new housing development is “what living in Spain is all about”, offering house buyers “modern contemporary living” and “the tranquillity of nature” in a dramatic and peaceful setting just five minutes' drive from busy central Marbella.
Palo Alto's architects, award-winning Spanish architects Villarrol Torrico, aimed to provide buyers with the perfect blend of what living at the Costa del Sol is about: modern comforts and luxury in a setting of outstanding natural beauty. The project uses interior designers Gunni and Trentino to transform the two-, three- and four-bedroomed apartments and three- and four-bedroomed penthouses into the luxurious havens that buyers have come to expect from Marbella's housing market. Their interior design efforts include the bathrooms and kitchens, as well as terrace accessories and hand-picked furniture “packages”. No expense has been spared to provide buyers with the highest quality in all areas of interiors and clients' individual needs have also been factored in for the first 75 apartments.
Prices for the high-spec properties start at 440,000 euros. Phase one is due to complete in autumn 2018. Perhaps not surprisingly, given the sought-after location and high quality finish of the exterior and interior design, already 40% of the apartments offered in Phase One have been sold.
On site amenities include a state-of-the-art gym, lush landscaped gardens and two outdoor pool areas including two kids' pools and a heated lap pool, a kids club, 24-hour security and concierge services, a cafeteria, an indoor pool and spa, a business centre, rental and management services, yoga and Pilates studio and a fully functional health club.
Palo Alto's global Appeal
According to sales director Simon Boxus, the development has attracted interest from across the globe and so far apartments have been snapped up by clients from 14 different countries, including buyers from Belgium, Germany, Scandinavia and the United Kingdom.
“For me Palo Alto is by far the best development I have been involved with in 18 years in the job. It will be the new premium address on the coast and will rival the likes of El Madronal and Zagaleta,” Palo Alto's sales director enthused.
Foreign Demand takes Spain's House Market out of Recession
Luxury property was becoming scarce in Marbella and its immediate surroundings. Given the high number of off-plan sales already confirmed just three months into the new project, wealthy buyers are clearly delighted that a new luxury housing community in the hills above Marbella is being built.
Foreign buyers are leading the recovery of the housing market in Malaga Province, where 70% of all properties sold are being purchased by foreigners. In the period from January to the end of July 2016, the number of house sales to foreign buyers in all of Andalucia grew by 18.9% in a year-on-year comparison. The Costa del Sol is still foreign buyers' first choice, when it comes to property sold in Andalucia.
On a national level, the Balearics still lead with a 28% increase in sales, but Andalucian housing sales also rose overall by 10.1%. All Spanish regions registered increases, except for La Rioja and Navarre, where house sales fell by 2.7% and 20% respectively. Catalonia's house sale figures were also up by 25%. A report published by Spain's Notaries' Association shows that the market has improved most in areas like Madrid, the islands and along the Mediterranean coast, as foreign demand leads those markets out of the slump. Overall, Spanish house sale figures have risen by 13.3% and house prices have gone up by 1.3%.