Developers at an exclusive Spanish property project have taken the unusual step of combining apartments together to create duplex homes after buyers demanded bigger units.
The move was made at the exclusive Champneys Resort in Marbella, and involves alterations on first and second floor apartments in suitable blocks to create three bedroom duplex properties.
Executives admitted the change might appear “excessive” given the current economic climate but said the Marbella property market could prove immune to slides elsewhere thanks to its reputation.
Famous for attracting celebrities and the super-rich, Marbella might have been on many people’s minds when European homes markets began to creak last year.
But Julia Norton, sales director for the under-construction Champneys Marbella, said of the changes: “Because there are so many clients requesting prime properties on the resort, naturally we have adapted the construction in order to satisfy the demand for the larger properties”.
Developers also said they expected demand for high-end homes in the area to continue “regardless of what the rest of the world is doing with its’ finances”.
Champneys Marbella also pointed to the fact all but two of the 24 penthouse homes in the new Spanish scheme have been sold, and quoted figures from property experts Kyero.com.
They reveal that the average property price in Marbella during the final quarter of last year was 654,000 Euros ($834,007) compared with just 247,000 Euros ($314,947) across the rest of Spain.
Buyers of homes in the luxury property development, selling from around 709,000 Euros ($904,064), get access to a top spa with indoor and outdoor pools and 25 therapy rooms.
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Spanish house prices have been rising much faster than rents, which has driven down rental returns. This is corroborated by a recent study by the Barcelona property consultants Forceful that shows Barcelona rental returns down to 3%-4% from a previous level of 6%. The Economist argues that house prices should always rise more or less in proportion to rents because assets should always be priced as a function of their underlying potential cash flow. The fact that property prices and rents have diverged implies that people are buying in expectation of capital appreciation rather than due to underlying fundamentals. When asset prices diverge from actual or implied cash flows then bubbles arise.Each of the homes is directly linked to security and a touch of a panic button sends security personnel rushing to your doorstep.
Custom-constructed property is available in the development and a number of newly-built homes are available from 4 million Euros for five bedrooms complete with full indoor spa and heated swimming pool.
Elsewhere in Spain other property schemes, including the Champneys Resort in Marbella, have changed the size of their developments to meet buyer demands.
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