Michael Liggan Altavista Property The process According to Michael, the selection of an existing development or new-build project is based above all on common sense and the classic values of location, quality, style and cost. “A good question to ask yourself is would you like to live there, and what could you do to make it better.” It isn’t all plain sailing for developers though as in Marbella the legal aspects of land, are very much at the forefront of any pre-analysis. “Beyond studying the legal status of the land, we look at the desirability of the location and the possible product distribution on it. In other words, can the plot comfortably hold the type of property that is envisaged? If all these criteria are met we analyse projected product cost against envisaged income and sales potential.”
The company Founded at the height of the recession, Altavista Property has grown into one of the leading real estate companies and specialist property developers on the Costa del Sol. The company’s experience in the marketing of redeveloped projects produced an expertise that is now applied to new projects such as the highly successful La Finca de Marbella. “Initially we were primarily focused on marketing and sales,” says owner and founder Michael Liggan, “but the close involvement in the repurposing of developments to suit the needs and tastes of today’s buyer has evolved into a partnership with Stuart Clark and the creation of property development projects of our own.”
These are the things prospective investors are most interested in, and since banks are still not providing this kind of funding it is private capital that is needed, both in the form of private investors and funds. “It depends on the criteria of the individual or fund in question as to what will pique their interest,” says Michael. “Generally speaking, once you have demonstrated your seriousness, your understanding of the market, your experience and your ability to get the job done in what is at times a tricky playing field, then it’s all about the numbers.”
The product Asked about the ingredients that make a successful development in today’s market, he answers: “This never changes – location, location, location, followed by
design, quality and price. In the case of a redevelopment project it would depend on the product in question, but the idea would always be to lift the product to today’s standards in order to meet the requirements of today’s buyer.” Beyond this the company provides ongoing on-site management too, a feature that characterises the long-term approach of the more serious developers. “For us, it’s mainly about administering the communities we deliver and maintaining what’s been built. Our projects are the reflection of what we are about so we want them to continue looking as good as new.”
Future development “The invalidating of the 2010 PGOU by the Spanish Supreme Court means there will be a lack of land for new construction in Marbella over
the next three years or so until a new PGOU is drawn up and ratified,” says Michael, “so what is built now should be exemplary. As developers, we have a unique opportunity to shape Marbella’s aesthetical future and should use it to ensure that new build is attractive, functional, ecological and of high quality. The speculation of yesteryear, which drove prices up and quality down, is no longer present in today’s market and as such we should focus on attending to our buyers’ real needs. As local developers we have a very clear vision of the future: we believe in maintaining strong aesthetical values and combining these with state of the art functionality to produce landmark buildings for the future and provide the town with the architecture it deserves.” i www.altavistaproperty.com
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