The Lithuanian fund Evernord and the Estonian fund Novira have announced their landing on the Costa del Sol through a partnership that will build six luxury homes in Marbella (in the area of Cascada de Camaján) with an estimated investment of €34 million.
The operation follows the general interest in Marbella and the Costa del Sol, which is very popular in northern Europe, especially in the Baltic countries, which have played a leading role in real estate transactions in the region in recent years.
Founder and board member of Evernord, which has assets worth €250 million under its management, Jolanta Jurga, stated that these assets continue to hold their high value irrespective of economic cycle development.
The law firm, BGI Lawque, which has provided legal and tax advice on the partnership and will accompany the funds from project development to completion, has also advised on other major real estate transactions. For example, the UAE fund Unicorn Royal Emirates invested €150 million in a hotel and branded residences project in Estepona.
The fund announced in mid-April the acquisition of the company Hotelera Santa Marta, owner of a hotel on the seafront in Estepona that has been paralysed for years. Unicorn Royal Emirates' objective is to complete the development and convert it into a luxury hotel, including several branded residences. It plans to complete the project within three years and make the hotel and branded residences available by summer 2027.
Marbella, an epicentre of luxury
Marbella is one of the epicentres of 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 increased by 10% in the last year, reaching an average of €4,533/m2 in February 2024, making it the 16th most expensive city in the world for luxury residences, surpassing Madrid and Dubai. Areas such as Nagüeles-Milla de Oro, Nueva Andalucía and Las Chapas-El Rosario are highlighted for their high property prices, according to the company. Meanwhile, new builds and refurbished properties in exclusive areas can fetch prices of up to €28,600 per m2.
Some of the most exclusive residential projects in Europe are being developed in the area. One of these is the Dolce&Gabbana branded residences. Dubbed Design Hills Marbella, this ultra-luxury development, which is being promoted by Sierra Blanca Estates, has already registered pre-sales of €250 million, with prices starting at €4 million.
Marbella house prices reach record high as luxury demand soars
In May, the price of homes for sale in Málaga reached €5,162 per square metre – the highest figure recorded in idealista’s historical data – following an increase of nearly 10% over the past 12 months. The current average is now more than double the national figure (€2,391/m²). Even the more affordable areas, such as Marbella Pueblo and Elviria-Cabopino, exceed €4,300/m². The most expensive area is Nagüeles–Milla de Oro, where property prices surpass €6,400/m².
Branded residences in Spain and Portugal: 47 projects and 2,400+ flats
The branded residences sector – residential or holiday properties associated with luxury, design or lifestyle brands – is undergoing significant growth across Spain and Portugal.
UNIQ and Edmond de Rothschild launch new project in Barcelona’s 22@
Developer UNIQ Residential and Edmond de Rothschild Real Estate Investment Management have announced a new joint residential project in Barcelona’s 22@ district, further strengthening a partnership that has already delivered successful developments.
Marbella's new luxury resort with a beach club, spa and views of the Med
Marbella is solidifying its reputation as the epicentre of luxury tourism in Europe with the unveiling of a major new development on the Costa del Sol. Developers Sierra Blanca Estates and Platinum Estates have partnered through a joint venture to deliver the town’s first luxury beachfront residential-hotel resort.
Costa del Sol luxury resort Fairmont La Hacienda sold for €170 m
Fairmont La Hacienda Costa del Sol is a five-star hotel, the only one of its kind in Spain, situated between the towns of San Roque and La Línea de la Concepción in Cádiz, just a few kilometres from Sotogrande.
New eco-luxury hotel inspired by salt-making opens in Mallorca
Iberostar Beachfront Resorts has unveiled its new five-star hotel in Colònia de Sant Jordi, in the southeast of Mallorca. Ideally situated beside the iconic Es Trenc beach, the Iberostar Selection Es Trenc is harmoniously integrated into the Es Trenc-Salobrar de Campos Maritime-Terrestrial Natural Park, an area recognised for its outstanding scenic, ecological and cultural importance.
Half of homes sold in eight weeks at exclusive Málaga development
The Be Grand El Limonar development, situated in one of Málaga’s most exclusive neighbourhoods, has achieved over 50% of sales in a record eight weeks since its launch. Listed on idealista, the development includes properties priced at up to €3 million. The commercial success, marketed by Gilmar, was celebrated on 17 June at an exclusive event held on the terrace of the Hotel Miramar, attended by local authorities and key figures from the property sector. Notably, only eight flats remain av