New Developments Costa del Sol
There is no getting away from the fact that new developments are one of the most popular purchases for overseas buyers on the Costa del Sol who are looking for new modern homes with enhanced lifestyle facilities. As people’s general lifestyles have changed, buyers want more than just a nice property with decent views, especially if they plan to spend a lot of time in their new home, whether it is for part-time living, holidays, or extended breaks throughout the year.
Since the recent worldwide pandemic work habits have changed massively with more people embracing home and remote working. Many of the current and recent new developments on the Costa del Sol have also adapted to this new trend by adding co-working areas as part of the standard communal facilities.
Another important element of lifestyle that has grown and continues to do so at a rapid rate is wellness and longevity. As a result many new developments now also incorporate gyms, spas, yoga areas and places where wellness becomes a key part of the overall facilities. Some of the more luxury developments along the Costa del Sol also ensure that families are well catered for with additional cinema rooms, games rooms and even private kitchen facilities for entertaining friends.
Another growing trend when it comes to new homes on the Costa del Sol are branded residences. These are developments that carry the name or branding of luxury hotels, or luxury brands. Some of the recent notable ones of interest in Marbella include Ocho de Oro by Versace Home, Epic by Fendi Casa, the Karl Lagerfeld Villas, Design Hills by Dolce&Gabbana, and Aida by Bentley Home.
Right along the Costa del Sol you will find dozens of brand new developments from Alcaidesa through Casares and Estepona, then Marbella through to Mijas Costa & Mijas Golf. The aim of this website that specialises in new developments on the Costa del Sol is to showcase some of the more popular new developments both past and present.
Older completed developments will often now have resale homes available for sale while the brand new ones will either still be at the off-plan stage, under construction or even key ready.
What Does Off-Plan Mean?
Quite simply this is the stage before the building license has been granted by the local authorities. Building cannot commence until a license is in place. The planning permission for the project will have been granted already but the license will not have been issued yet. It is popular for people to purchase or reserve properties at this stage.
Are There Advantages of Buying Off-Plan?
Yes there are. Firstly you will get a better choice of the units that are available and the prices of the properties will be lower than when construction starts. You can also pay in stages throughout the project starting with a reservation fee and then staged payments as the project gains momentum.
Are There Risks In Buying Off Plan?
After a previous crash in the market which saw many developers go bust and buyers left in limbo and out of pocket, new stringent rules were put in place to help avoid this. We would still suggest ensuring you use an independent lawyer for any purchase as they will check all the relevant contracts and paperwork.
What Is The Stage After Off-Plan?
As soon as a license is granted this is when you will see the cranes move in the construction will begin. This is the under construction stage and while not strictly ‘off-plan’ it is still part of this phase as you still won’t have a property to view physically. However, you will most likely find that the prices have increased during this phase from the original off-plan stage depending on demand and the units that have already been sold.
What Are The Next Phases?
As the construction continues a next usual phase is the opening of a show house or show apartment so that you can see the actual fixtures and fittings, and what the finished apartments will look like. For some buyers they prefer to buy during this stage even thought prices will be higher than the previous stages.
After this when construction is completed the next phase is key ready. You can physically walk in to the relevant new homes and decide which one you like best. Again. this stage will usually be a higher price than other phases and payment plans are more limited as you will be expected to reserve, pay the deposit and then complete.
