The investment group Mabel Capital, owned by the Balearic businessman Abel Matutes (son of the former minister and businessman of the same name) and his partner Manuel Campos Guallar, has landed on the Costa del Sol with a project for the construction of more than 30 luxury seafront homes.
The company, based in Madrid and with interests in the real estate, financial, hospitality and sports development sectors, has earmarked more than 20 million euros for the acquisition of Los Llanos de Estepona, a 36-hectare plot located on the beachfront in this municipality. This is one of the last undeveloped seafront plots still earmarked for real estate on the western Costa del Sol. The land, according to the town plan in force in Estepona, permits the construction of semi-detached houses, but the intention of the investors is to construct another type of development. Specifically, the project consists of building high-end single-family homes, for which it would be necessary to make a change to the urban development plan (PGOU) which would take about a year.
The heads of the investment group have already held meetings with members of the municipal government team, in which they have expressed their intention to build a luxury real estate development in the area. Matutes himself recently travelled to Estepona to explain the nature of the project to the town council. There he revealed that among the potential clients interested in investing are personalities from the world of sport such as Rafa Nadal and Cristiano Ronaldo. One of the major obstacles to high-end real estate development in Marbella and its area of influence is the scarcity of land on the beachfront, hence the interest in Los Llanos de Estepona, until now owned by a German company.
The property, planted with eucalyptus trees, is one of the last that has not yet been urbanised, hence the price – almost 600,000 euros per hectare. The area is also surrounded by high-end housing. Among the neighbours is the bullfighter José Tomás. The development of the real estate project will not reach the beach, as between the property and the coast there is a strip of public green land where a section of Senda Litoral coastal path, promoted by the Diputación provincial government, is planned.
Source: Sur in English, March 2019