When “Tembo Group” look at Estepona, what they see is the town with the most town planning potential on the Costa del Sol. This is due to its PGOU being under revision for several months now. Because of this, the property developing company from Málaga have rushed in to take over locations in the area with a portfolio of 170,000 square metres and the firm intention of increasing this figure almost immediately.
There is still a lot of ground that is unsuitable for building because the only valid PGOU is from way back in 1986. According to the company, the ongoing tension between the Town Hall and the Junta along with the lack of an up-to-date PGOU is causing great harm to the natural growth and development of the town. With the hope of settling the situation, “Tembo Group” are concentrating fully on the market for first homes. In about four years, according to Arregui’s estimations, the corporation can go to Málaga, Madrid and Barcelona in search of more secure business. The increase in inheritance is another aspect that steers the company towards preparing themselves for worse times.
On the other hand, the executives of the company are contemplating a gradual reduction in the construction activity of their subsidiary company “Construcciones Tembo del Mar” who up until now were in charge of projects involving up to €6 million worth of investment. They are more interested in development because they know it inside out and can control it better as well as enjoying the higher profit margin.
The incorporation of potential clients from countries new to the EU is also considered by the company as a fundamental piece of the sector’s jigsaw for the future. Moreover, the speculators are becoming scarcer due to the sluggishness of real estate profitability.
