REAL ESTATE FIRM TO INVEST 100 MILLION IN ORIHUELA COSTA
By Staff Reporter / 2016-03-13 10:53:14
The real estate development company TM Grupo is to invest 100 million euro in developments on the Orihuela Costa over the next couple of years, creating 2,000 direct and 3,000 indirect jobs, all helping to boost one of the most up and coming areas on the southern Costa Blanca, and generating billions in additional revenue.
The developer is set to construct between 600 and 700 new homes in the calle Pablo Picasso area of Playa Flamenca, between 2017 and 2019, creating what they are describing as the “Golden Mile” for mixed residential and tourist real estate, based on similar successful developments in the Marbella area, pitching the Costa Blanca as the number one location for investment in Spain, and specifically in the Torrevieja and Orihuela Costa areas, where property sales numbers still make the area the fourth most popular after Madrid, Barcelona and Costa Del Sol, but unquestionably number one for foreign investors with its internationally diverse population.
The company, which was founded in Orihuela in 1969, is based in neighbouring Torrevieja and has developments in 16 countries around the globe. In Spain, they have major projects in Murcia, Almería and Mallorca, as well as Torrevieja and the surrounding area, and have also just secured the contract for developing two 25-floor tower blocks in Benidorm.
However, despite this huge investment from the private sector, many feel that Orihuela Costa is still lacking in attention from local, regional and national governments. The emergency coordination centre is still nothing more than a skeleton, children are still being schooled in inferior conditions, local businesses are still seemingly ignored in favour of larger retailers, and a lot of the infrastructure is in urgent need of serious investment in order to repair roads, drainage and other key elements needed in such a blooming area.
Although the investment in new property is crucial to the area, the additional strain that these 1,500 plus residents, many with vehicles and most with needs such as work, education and health, cannot be ignored as it is only a matter of time before the current failings are amplified by this added burden.
Coastal centric politicians will no doubt welcome the news too, but will also no doubt be of the opinion that the added tax investment that these homes will bring must be directly invested in the coast, as opposed to the current situation where the balance of taxable income is currently upset as the coast and where a third of the population brings in a half of all tax but receives little of the investment in return, in favour of the city of Orihuela and, in some cases, the smaller villages within the municipality.
Paul Piccio Hernandez, head of the C.L.A.R.O. group said, “This is the proof that Orihuela Costa is indeed the economic motor for the whole of Orihuela but unfortunately the economic gains are only felt and redistributed in the city centre and some pedanias where the current politicians can get the “sure” votes, but in the meantime the coast will continue to suffer. This awful situation is being maintained just because many residents in the coast do not exercise their right to vote.”