Early this year, Reinvest24 expanded to Spain, opened our first international branch near Valencia and published our first development project from Spain – Xirivella residential. In this blog article, you will find all the recent updates of this project and follow its construction works in pictures.
Key facts about Xirivella residential project:
- Collateral – Owned by our SPV, secured with a mortgage;
- Duration – 12 months;
- Fully developed and managed by Reinvest24 team, in partnership with an experienced construction company – Kirsan Building SL;
- It is a full-bullet loan, which means that interests accrued, as well as principal will be paid at the end of the loan term;
Update – 05.2021
As of today, we have successfully acquired the Xirivella property and started with the project development. The biggest part of architectural works is already done by our main Architect. This involves the creation of apartment plans, choosing the right materials for reconstruction and specifying the requirements for the project. The construction works have already been started and are ongoing on-site. Our Reinvest24 Spain team is visiting the construction sites on a weekly basis and monitors the process personally.
Also, we already started with the selling process for the apartments. This week our Spanish team is meeting first potential buyers and showing them premises, although construction work is still ongoing. If You are also interested in buying the apartment of our Xirivella project, you can find more information about it here.
The initial state of the project in 11.2020
When we acquire this project, the facade, as well as insider premises looked like this. We started to renovate the apartments and as soon as we receive the licence for the facade works, we will proceed with this.
See more details of this property and invest in Spain here.
Wondering what potential we see in Spain and who from Reinvest24 is managing this project on a daily basis? Take a look at our insights about the Spanish real estate market and meet our Spanish team in the articles below: