I travelled up to Los Flamingos in Estepona this afternoon as it has been a little while since I have been to the area. I had seen some great looking contemporary villas for sale within the area and wanted to see how the urbanization looked, to try and put the prices of these houses into context.
Lets say I got a shock when I got there.
There is a lot of work going on there currently and there are many houses in the process of being built. What surprised me is the volume of these villas that are offered for sale. Incredible really, as there are some great looking houses up there, but when buyers have so much to choose from, the prices that many vendors require will be hard to achieve. It strikes me that are lot of the houses being constructed are to be sold rather than for the end user, and because of the levels of oversupply it concerns me that the people building are going to struggle to cover their construction costs.
The golf course in Los Flamingos is, of course excellent and the Villa Padierna hotel now managed by the Ritz-Carlton Group still looks the part. However on the other side, where all these villas are on the market, the area seems to lack cohesion, perhaps when much of the construction is completed I will get a better sense of how it fits together. Even so, I do think at the higher level of property market within Los Flamingos, buyers will struggle to get the privacy they want from their property because of the density of build.
One thing that does interest me is that there seems to be a gap in the market here for contemporary villas priced at between €2,000,000 and €3,000,000. Strangely, this niche seems to have been largely overlooked by developers in the Costa Del Sol.
Flamingos does have a couple that fit this criteria, a little tip there for you!
