Just ten houses per year are expected to be built up to 2035 on the La Zagaleta residential estate, near Benahavís, explained the head of business development at the company that owns La Zagaleta, Ignacio Pérez Díaz.
The estate is considered to be the most luxurious in Europe, comprising 900 hectares of land. Properties in the area usually change hands at between five and 25 million euros each. However, only 240 of the 420 available plots for houses have been built on since the estate’s creation in 1991.
Pérez Díaz explained that the company is currently working on refreshing its business model to attract a new generation of wealthy property buyers, including adding technological innovation to what is already on offer.
Speaking to SUR, he said that despite 20 per cent of the market that the company works with being British, Brexit will not have a negative influence on business. Instead, he said that the political uncertainty in Spain last year had had more of a downward impact in sales.
Despite the high purchasing power of potential clients, the recent world financial crisis also had a big negative effect on the market and sales dropped for a while before eventually rising again in recent years.
In 2016, the company purchased the Valderrama housing development, near Sotogrande, and adjoining land for 40 million euros, which they plan to develop in the same fashion as La Zagaleta over the next ten years.