Marbella City is to auction exclusive land for €5 million to be converted into 29 homes in San Pedro de Alcántara.
The plot of land, of 1,739 square metres, has been designated for the construction of multi-family residential homes and can only be built up to the ground floor plus three storeys.
Marbella City Council has opened up the highly lucrative terrain for sale in San Pedro de Alcántara, with a starting price of €5 million. The plot, of 1,739 m2, will allow the construction of up to 29 homes in a highly-prized and fashionable area.
The grounds are situated next to Avenida Oriental and the San Pedro fairgrounds. It is part of the URP-SP-8 Ensanche Este II development sector and has always been designated for construction, but only for multi-family residential builds in closed blocks. Future buildings may never exceed 3 storeys plus ground floor in height.
Interested parties have until November 21 to submit their bids. The award criteria will be the highest economic offer. This is the latest auction promoted by the City of Marbella in a real estate market where prices have reached record figures.
A few months ago, Marbella city council earned €8.5 million for the sale of two plots whose initial price was €6.8 million, situated right in the middle of the Golden Mile.
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