The Spanish developer Metrovacesa is planning a big new development in Tarifa, in a sign that Spain’s second-home resort market is coming back to life.
Metrovacesa, one of the biggest developers in Spain, now owned by a consortium of banks including BBVA and Banco Popular, and controlled by Santander bank, will invest €70 million in a mixed-use development including hotels, commercial space, and up to 250 “upmarket” homes, walking distance from the beach and Tarifa town centre.
The company says the development, called Surf City (Ciudad del Surf), will be positioned internationally to take advantage of “surf tourism, the principal attraction of the area,” in a clear sign that Metrovacesa has international buyers in mind.
The company claims the project, which is expected to create up to 500 new jobs in the area, will be “ one of the most innovative” residential developments on the Spanish coast. Sustainable development and ‘green’ architecture will be involved, whilst the slope of the site will be used for wind protection and offering panoramic views.
TARIFA – A TRENDY INTERNATIONAL NICHE
Tarifa is the southernmost town in Spain, located in Cádiz province, home to the Costa de la Luz, facing Morocco across the Straits of Gibraltar. Once part of the hippy trail, it is an ancient and picturesque town that has become a fashionable if somewhat niche destination as the wind and kite-surfing capital of Europe, attracting an affluent and young international crowd. Expats and property investors in Tarifa are looking for something out of the ordinary. (see Tarifa – Spain’s windsurfing, hippy-cool capital).