The White Group originally came to Malaga three years ago with the intention of buying up bank repossessions, but "this must be the only place in the world where the banks don't tell you how much what they are offering is worth. So we changed strategy and decided to buy privately-owned buildings in the city instead," explains Hugo Mathov.
What was it about Malaga that attracted you?
We already had a presence on the Costa del Sol, but Fuengirola and Marbella don't have the lifestyle offered by the historic centre of Malaga, with its museums, restaurants, shops, pedestrian areas. We realised that there was a demand among foreign buyers for spacious, good quality apartments, and we bought our first building to convert in the Plaza de la Merced two and a half years ago.
And now you are focusing on tourist accommodation.
Yes, prices in the city centre began to rise considerably and it was hard to find suitable properties for conversion. It is as expensive as Madrid and Barcelona now. We love Malaga, can see its tourism potential and acted accordingly.
But what if the tourism crisis goes on longer than expected?
All our projects are designed so they can be converted for residential use if necessary, and they are complete buildings. But I would like to make it clear that we have come to Malaga to stay, and we will continue to invest here in the future.