A cooperative in Poland is negotiating the purchase of 40 of the 50 apartments in a new development in Malaga.

The construction and development company Guamar recently started marketing its new development, Coto Homes, in Mijas. The construction had just begun and the sales booth hadn't even been set up yet, but the housing advertisements were already on major real estate portals, such as Idealista.

At that time, they received a particularly striking email at their office: a representative of a cooperative of Polish investors offered terms to directly acquire almost the entire first phase of the development.

Borja Codes, the promotion manager, explains that the significant offer came from a real estate agent based on the Costa del Sol, representing a cooperative formed by 40 families from Poland. Although the purchase, should it occur, would be made individually by each of them, presenting a collective offer allows them to negotiate better prices and conditions. But also, the control of the homeowners' association (and its statutes), once the building is constructed.

If the deal closes, this group will acquire 80% of the projected homes in the development at once

Since then, the Malaga-based developer and the group of investors have opened negotiations, which are going well, and if they finally close, they will acquire 80% of the 50 projected homes all at once.

The group has a president, who sets the course of the investment and represents the investors. They are advised on opportunities and regulations by agents who are compatriots and who in many cases have been based on the Costa del Sol for years.

High demand from the East

"This happened in the first week of marketing, when we didn't even have the sales booth set up," explains the executive from Malaga. "It's great for us, not only because of the sale but because we have acquired land there to develop 100 homes on two plots. So, if we reach an agreement, the promotion of the first phase would already be dispatched and we could directly start with the second."

The expected discount for this bulk sale operation will range from 8 to 10% off the initially planned price, although it depends on the specific home. In any case, the buyers know they are purchasing at a special price and, additionally, with the opportunity to choose, because they arrived just as it was starting, so they have the entire catalog available to choose from. "They have the entire promotion available for clients to choose," he corroborates.

The Coto Homes promotion will be located in the El Coto urbanization, near Loma del Real park and the A-387 highway (from Fuengirola to Mijas). The planned homes are one, two, and three bedrooms, with garden flats and penthouses. "So, there are families that can invest a bit more or a bit less, and choose between a one-bedroom apartment or a three-bedroom flat."

Price Range

The price range goes from 250,000 euros for a one-bedroom to 600,000 euros for a three-bedroom, although there is a lot of variety, depending on the type and features: garden flats, terraces, elevation, etc. On another scale, the penthouses, which will exceed one million euros.

Along with this, interested parties can add one or more parking spaces (there will be fifty available) and storage rooms, which are sold separately.

Apart from the homes themselves, the key for future owners are the common areas. The promotion will be equipped with a beach-type pool with sun loungers; large green areas; gym; sauna; changing rooms and space for celebrations with a kitchen, among others. Additionally, the homes will offer high-level certified qualities. "Although it's true that you spend quite more on the construction, the client is willing to pay much more than for a standard apartment."

Polish market on the rise

Indeed, in recent years, the Polish buyer has become a benchmark for new developments on the Costa del Sol. This decision involves factors such as the uncertainty caused by proximity and instability with Russia. But, above all, economic development, the rise of new upper classes in this and other Eastern European countries, good airport communications, and the attractiveness of the Malaga coast for these people.

Borja Codes illustrates with the example of another Guamar promotion, the Pacaraima residential in Torremolinos. In this, 90% of the clients are foreigners, and of those, half are Polish. "They see it as their home, not as an investment, a place with a mild climate to spend the winter." "On the Costa del Sol, the airport is vital and its continued expansion is crucial, because we have 80% of Europe within three hours."

Dutch people are also increasingly interested in this destination for buying property (20% of buyers in the previously mentioned case); although Norwegians, Russians, Danes, Italians, Belgians, and Swiss also appear, to a lesser extent.