A new development on the Costa Del Sol is aiming to become the 'most desirable residential destination in Spain' and possibly 'in the world'.
Picasso Towers, an ultra-high-end development in Malaga, will consist of three residential apartment blocks and aims to set a 'new level of luxury' for the city.
The blocks are being constructed and developed by Metrovacesa and luxury property firm Sierra Blanca Estates Developments. They are being designed by famous Spanish architect firm Estudio Lamela and award-winning interior designer Jaime Beriestain.
Property Investor Today recently visited Malaga to learn more about the seafront development, during which Daniel Raya, Metrovacesa's land development manager, told us that Picasso Towers is 'the most important development on the Mediterranean coast'.
Meanwhile, lead architect Maria Chocarro adds that the 'three towers will change the skyline of Malaga forever'.
Each tower will consist of 21 storeys with 71 luxury five-star residences ranging from two to five bedrooms and there will be two penthouse apartments in each block with their own private swimming pools.
The towers will have three floors exclusively dedicated to services, with swimming pools, gyms, office space, a cinema, 24-hour concierge service and day centre for children all available.
"It's not common to see serviced developments in Spain," says Carlos Rodriguez, chief executive of Sierra Blanca Estates, confirming Picasso Towers will be the 'first in Malaga'.
The developers say that the first tower is due to be completed in 2021.
The Costa Del Sol's new slice of Hollywood
The development's brand ambassador is Hollywood actor and proud Malagueño Antonio Banderas (pictured centre right), who has already purchased one apartment in Picasso Towers off-plan.
There is also a natural link to artist Pablo Picasso, who was born in the city and plays a huge role in its cultural heritage.
"Picasso is a big word. He is one of the most important artists in the world," says Alfonso Perez, director of El Cuartel, the creative agency which created the branding around the development.
He says the development is looking to pick up on Picasso's fondness for nature and light, as well as the skyline and the ocean.
This sentiment is echoed by Rodriguez (pictured second from the left), who says that the apartments will focus on 'quality', 'luxury', 'height' and 'space'.
International investor base generates high demand
Picasso Towers will take up the 'last available land on the frontline beach' in Malaga, representing an exclusive and appealing opportunity for investors.
The average cost of a property here is £1 million, however one-bedroom apartments are priced from £600,000.
A three-bedroom residence of 211 square metres overlooking the ocean will set investors back around £1.4 million.
The average price per square metre at Picasso Towers is currently between €5,000 and €6,000.
Rodriguez says he sees Picasso Towers representing 'Hyde Park One meets Malaga, without the ridiculous prices'.
The developers anticipate there to be a mix of locals looking to 'upgrade' as well as people moving from other Spanish cities such as Madrid and Barcelona.
The overseas investor appetite is said to be 'truly international' with buyers from the UK, Scandinavia and the Middle East.
Rodriguez confirms there will be an option for owners to let properties on a long-term basis, although a formal rental scheme has not yet been devised.
Isaaq Majid Gomez, business development and operations director for PrimeHouse, the agency which will be marketing the development, confirms that since the development's launch in July, there has already been 'high demand' during the pre-sales stage with approximately 30% of residences in the first tower already sold off-plan by the end of July.
Malaga's rapid growth is sure to attract investors
The city in southern Spain, a perennially popular destination for British visitors, has been growing rapidly in recent years with more expected to come due to developments like Picasso Towers.
Majid Gomez says that over the years Malaga has sometimes been seen as a gateway to the Costa Del Sol due to its airport where people 'land and always take a right'.
However, there have been big changes over the last 20 years, he says, largely down to popular City Mayor Francisco de la Torre, who has been committed to making sure the city has a lively cultural offering and is an advocate of the new development.
"The city is on the map now," says Majid Gomez, demonstrated by economic growth of 4.4% in Malaga during 2018, making it the fifth fastest-growing city economy in Spain.
A permanent home for 'digital nomads'?
The aim for Picasso Towers is to create a luxury environment for people to live and work.
The city of Malaga is hugely well-connected with flights to 131 destinations from its international airport and impressive rail links to the rest of Spain.
"How many places can you land and within five to ten minutes be at home on the beachfront?" asks Rodriguez.
It's hoped that the development will be appealing to 'digital nomads' who are looking for a luxury lifestyle and somewhere to finally call home.
Nearby, there's also the Andalusia Technology Park, a huge employment centre home to global companies such as Oracle, Accenture and Ericsson.
The start of a 'Life Well Lived' in Malaga?
Although in its early stages, the project looks set to further boost the appeal of Malaga in the coming years, with the thought of the city only being associated with its airport fast-becoming a distant memory.
The plan is to 'bridge the gap' from the ever-popular resort of Marbella to more understated but culturally-rich Malaga.
"There is a great demand for projects like this - it's the first of many more to come," says Rodriguez.
The project’s slogan is a ‘Life Well Lived’ – Rodriguez admits that they are ‘selling a lifestyle’.
And as Majid Gomez says, Malaga is a 'very accessible city with amazing quality of life' and that's without even mentioning the 320 days of guaranteed sun each and every year.