The luxury real estate market on the Costa del Sol is experiencing a boom. Every day there are breathless reports of yet another new ‘Miami style, multi million pound development with signature hotel blah, blah, blah…’, but there is a very real concern that property developers and town halls are failing to address.
Where in this world of designer brand homes starting at €1 million are ordinary people supposed to live? Social housing is struggling to meet the demand and the rental market is ridiculously overpriced, as anyone trying to find a apartment at this time or year will attest to.
A glimpse of the future might be in a new investment vehicle formed by Otero Group and Iberian Yield Investment AB under the LAGOOM LIVING brand, which recently acquired land for the development of 90 BTR (build to rent) homes in the planned Distrito Zeta (DZ) residential neighbourhood.
The alliance formed by Otero Group and Iberian Yield Investment AB was created at the end of 2021, with the objective is to acquire land in Malaga for the development of 400 units intended for rental during this year, 2022.
It represents a generation of value for society, solving problems of access to quality housing for a large part of the population all whilst considering concepts such as sustainability, energy efficiency and the creation of communities
Rubén Otero, CEO of the Otero Group, and Felipe Gil, Country Head of Iberian Yield,
Lagoom Living continues to expand with the acquisition of these two new plots with a buildable size of 8,203.07m2. The development is a fresh new concept in urban planning for Malaga and will involve an estimated investment of €21 million.
Rubén Otero, CEO of the Otero Group, and Felipe Gil, Country Head of Iberian Yield, agree on “highlighting the strength of the alliance which focusses on a business model for affordable housing that is permanent, sustainable and based on CSR (Corporate Social Responsibility). Without a doubt, it represents a generation of value for society, solving problems of access to quality housing for a large part of the population all whilst considering concepts such as sustainability, energy efficiency and the creation of communities as the axis of the business model”.
Distrito Zeta is a sector conceptualised as a Smart City, which applies fundamental elements based on sustainability, mobility, technology and community. Added to this is the commitment to have organic vegetable patches so that the inhabitants can grow their own fresh produce. The development has also pledged to create dog parks with special designs, which will encompass swimming pools, game rooms and food dispensers. Another element to consider is that residents will have the possibility of profiting from a shared electric vehicle service.
DZ has aroused great interest amongst large national developers such as Vía Ágora, Hábitat Inmobiliaria, Aedas, and Urbania itself as the developer of this urbanisation and its concept. Together with Otero Group and Iberian Yield Investment AB, Lagoom Living grows its influence in Malaga with the acquisition of these two lands in Distrito Zeta.