With more than 60% of its developable land used for tourism, residential and commercial property, Abama Luxury Residences positions the town of Guía de Isora on the island of Tenerife at the top of luxury real estate sector in Europe.
The project aims to grow over the long term with the expansion of the golf course and the development of a new high-end boutique hotel.
With more than 500 million euros already invested, the real estate division of Abama Resort Tenerife, managed by the Arum Group, has maintained the pace of construction of its five real estate projects in Guía de Isora throughout 2021, which together represent the island’s largest real estate project.
The project encompasses nearly 190,000 meters of buildable land destined for use as tourist, residential and commercial property. With 60% developed thus far, clients can choose from a variety of luxury real estate products. In the process, more than 1,000 direct and indirect jobs have been created.
By adapting to the new COVID-19 safety regulations designed to ensure that construction personnel could continue to work safely, Abama Luxury Residences managed to move forward with the construction of these five projects without delay, including plots for the construction of custom homes as well as finished single-family homes and luxury tourist apartments and villas, with the aim of meeting delivery deadlines and upholding commitments to clients.
According to Carlos Server, Project & Real Estate Director for the Arum Group at Abama Resort Tenerife, plans are already underway for the development of sub-area 2 of the Abama project, which includes the expansion of the golf course with 9 additional holes and the development of a new luxury boutique hotel capable of attracting other international hotel brands.
This strategic planning takes into account the changes in global consumer trends following the pandemic. “The crisis generated in the wake of the pandemic is different than in 2008, where the real estate market was weighed down by structural and systemic problems, whereas what has happened today in the luxury segment is that demand has contracted,” says Server.
In his words, “we have not seen a drop in luxury housing prices and in certain products they is even rising across the board,” a trend that would seem to demonstrate that today’s buyers are looking for “more space, not only in terms of the size of the home itself but also in the ability to work, play sports and take part in many other activities that were previously focused outside the home. There is a demand for closer contact with nature, more careful landscaping, terraces, patios and landscaped outdoor areas that allow tenants to breathe and enjoy the outdoors,” he says, citing as an example the various developments now selling at Abama, where 2022 prices will be higher than they were in 2021 due to an increase in demand.
According to the director of real estate projects, this has led “buyers to position themselves and to seek out these types of homes, which explains the number of responses to resorts like Abama in Tenerife.”
Abama Luxury Residences, through the subsidiary developer, Arum Group, intends to continue positioning Tenerife, and specifically Guía de Isora but also the Canary Islands as a whole, as a benchmark in the luxury segment, which will help to attract more investors to the islands.
All of this located in the vicinity of an enclave with extraordinary sports, gastronomic and leisure options, an internationally recognised golf course, a top-notch tennis club (Abama Tennis Academy); an outdoor kids’ camp and a golden sandy beach, with access to the exclusive services of The Ritz-Carlton Abama hotels, Las Terrazas de Abama Suites and Los Jardines de Abama Suites, with a spa, a spectacular beach club and twelve fine dining restaurants including two with Michelin stars (MB** and Ricardo Sanz Abama*), and two others connected with the multi-award winning chef Martín Berasategui (Melvin by Martín Berasategui and Txoko).
With the residential projects being carried out by the Arum Group, clients can choose from a variety of products ranging from plots for custom home construction, single-family homes already built or under construction, notably the ‘Bellevue’ and ‘Las Atalayas de Abama’ developments; as well as luxury apartments and villas for tourist rentals, currently leased to My Way Meaningful Hotels through an innovative real estate concept: branded residences. Both Las Terrazas de Abama Suites and Los Jardines de Abama Suites are currently operating under this arrangement and there are plans to add a group of high-end villas in the future: Villas del Tenis.
In addition, the Tropical Hotels Group, which has always been committed to Guía de Isora as a venue for sporting events, festivals and cultural activities, continues its efforts to attract investors to the municipality through the development of other complexes to support and expand the luxury offering, and as a venue for international events such as the presentation of high-end automobile brands (such as McLaren, Porsche or Audi), or the recent WTA 250 or ATP tournaments at the Abama Tennis Academy.
