The development company RD Group plans to invest €50 million in the construction of residential properties in Spain, the main target buyers for which are Russians.
The internet portal Gazeta.ru write that Gagik Adibekyan’s development company RD Group plans to invest €50 million in the construction of commercial and residential properties in Spain. Agreements on the project plans were reached through talks with regional authorities, including the President of the Community of Madrid Ignacio González.
On a piece of land of approximately 10,000 square meters in the coastal zone of Marbella in Costa del Sol there are plans for the construction of a high-class hotel and premium-class apartments along and infrastructure with a total area of approximately 20,000 square meters. Furthermore, a 1.7 ha piece of land in the mountainous area of Marbella will be used for the construction of no less than 7 villas of 2,000 square meters each.
OPINIONS ON THE PROJECT
The cost of the finished properties will start from €5,000 per square meters, which according to RD Group is 10% above the market average. The higher-than-market price stems from the use of high-quality materials and the unique approach to the creation of common areas on the properties.
The experts surveyed by Gazeta.ru note a surplus of supply on the Spanish real estate market, which is why many owners agree to additional discounts during the negotiation process. However, the downward slide in prices has slowed and a trend toward a slight increase in prices has been observed.
The Head of the Representative Office of RD Group in Russia Roman Tkachenko notes that the company’s projects stand out on the real estate market of Marbella thanks to their modern architecture and unique scenic features. “The main buyers of the expensive real estate will be sophisticated foreigners and Russians, the same clients for whom the crisis is a nonevent but that want unique properties. In part, the hotel and apartments are situated on the beachfront, where there has not been any new construction for many years due to the lack of construction sites. For this reason we have no doubts that the project will be in demand,” Roman Tkachenko told Gazeta.ru.