Spain Real Estate Market: 1,000 New Flats on Costa Blanca

Costa Blanca's approval of 1,000 tourist flats boosts the Spain real estate market, creating new opportunities for Airbnb hosts and holidaymakers alike.

The council of Pilar de La Horadada has recently endorsed an ambitious proposal for the construction of 1,086 holiday residences on a sprawling 290,000 square meters of rural terrain at Lo Monte Playa. This initiative, however, remains contingent upon ratification by the Valencian government, marking a pivotal moment in a developer's nine-year endeavor to reclassify the land in question.

In a decisive council vote last Friday, the ruling Partido Popular expressed its support for the measure, garnering additional backing from Vox, while the PSOE councillors opted for abstention—a political maneuver that speaks volumes in the current climate of local governance.

The proposed urbanization is poised to introduce approximately 2,700 new residents, thereby elevating Pilar’s population to a figure just shy of 25,000. Geographically, the development will be flanked by Avenida Federico Garcia Lorca in Mil Palmeras, Camping Lo Monte, and Avenida Levante to the south, with the picturesque coastline serving as a natural boundary.

The promoter, Santamar de la Vega, asserts that the designated plot has languished as wasteland for three decades, devoid of agricultural utility, and contends that this development will effectively bridge the gap between existing urbanizations. Notably, the company claims that there is no imminent risk of flooding, despite the regional flood plan indicating potential structural vulnerabilities due to a rambla traversing the land.

Crucially, the Segura Hydrographic Confederation, alongside the regional government, has lent its endorsement to the builder’s environmental impact report, a factor that may alleviate some public apprehensions. However, environmental advocates, such as the Friends of Sierra Escalona group, have raised concerns regarding the potential ramifications of new constructions obstructing natural water runoff.

Santamar de la Vega holds a commanding 98% ownership stake in the plot, which boasts an estimated valuation of €21.7 million. The Orihuela-based firm is not merely resting on its laurels; it has ambitious plans for a 2,000-home urbanization in San Miguel de Salinas, in addition to the Los Naufragos skyscraper initiative in Torrevieja. One can only wonder if this flurry of development will ultimately transform the landscape or merely add to the cacophony of modernity that defines our times.