The high range Real Estate Market in the Costa del Sol
By José Luis Rodriguez, Javier Carretero y Asociados Abogados
Only a few years ago, the construction of High Range holiday homes was a small segment of the real estate market in the Costa del Sol. Actually, this segment is the only one that survives, generating wealth and employment in an area that comprises Marbella, Benahavís and Estepona (Costa del Sol, Southern Spain).
The High Range Houses combine creative design, high levels of comfort, large areas (normally more than 500 m2), quality of construction materials used, creation of new spaces, domotics and other features.
The construction of these houses involves more than 30 different companies and a diverse field of professionals: brokers, bankers, lawyers, notaries and registrars, architects, engineers, various technicians, builders, painters, carpenters, gardeners and many other pre and post construction suppliers (also maintenance and domestic service, security companies, etc.).
In terms of employment generation, the construction of only one High Range Home (defined as a construction costing in excess of 1 million euros) can generate more than 50 jobs plus another 150 jobs indirectly and an average investment of 4 million euros.
In 2011, around 60 High Range houses were built in this area, generating a business volume of around 250 million euros, as well as 1,000 direct jobs and approx. 3,000 indirect jobs.
Finally, this sector generates high added value in respect of its intensity in design, technology and specialised manpower, as well as being highly sustainable in respect of the environment. It is a business compatible with the quality and exclusivity image that the brand "Marbella" projects to the rest of the world.
We have a treasure in Spain; a productive sector based on the current top three pillars of the European Union: design, technology and sustainability. Marbella, Estepona and Benahavis must consider the residential tourism sector of High Range Homes as one of the basic foundations of the brand "Marbella". It supports the natural development of the construction sector and reactivates those mechanisms that ease the granting of licenses, encourage investment and generate employment.
José Luis Rodriguez, Senior Partner
Javier Carretero y Asociados Abogados (JC&A Abogados)
T: (00 34) 952 924656; F: (00 34) 952 864162
José Luis Rodriguez is a lawyer and senior partner of the law firm JAVIER CARRETERO Y ASOCIADOS ABOGADOS (JC&A ABOGADOS), based in Marbella, Málaga (Spain). The firm is specialised in the real estate market and is an active member of the Association of High Range Homes "DOM3", which purpose is the analysis, development and promotion of this sector in the Costa del Sol area.