The promoters of The White Angel Andorra present the project in Madrid
Pep Navarro, director of business development at OD Group, belonging to OD Real Estate, and Thomas Kampfraat, executive general director of the Engel & Wölkers marketing brand, have just presented the first data on the progress of The White Angel Andorra in Madrid, the most ambitious new-build residential project currently being promoted in the neighboring Pyrenean country.
According to what the promoters and marketers of the project have stated, with the sale of 58% of the homes and 60% of the commercial premises of the first phase of the project currently under construction, the development today accumulates a sales volume of more than 156 million euros, which demonstrates the security and solidity of the promotion. This has led its promoters to proceed to raise the building from ground level of the remaining 96 homes of which the second phase of the project financed by Crèdit Andorrà consists. And where the price of a 90 m2 home costs an average of 600,000 euros.
The enormous magnitude and privileged location of The White Andorra residential complex is promoting a new area in Andorra la Vella, the capital of the Principality, known as the “nou center” (new center) due to its size and urban planning. Designed by the architects Víctor Rahola and Pere Espuga, it has 197 high-end holiday homes of different types spread over 4 buildings: 1 horizontal exterior and 3 central towers that occupy a 10,428 m² plot, of which 5,500 m² will be used entirely for landscaped common areas. A singularity in Andorra, where there is no development with a similar feature, in addition to a gym, spa and jacuzzi, 444 parking spaces, essential for the consolidation of this area, and 211 storage rooms.
buyer profile
With the commercialization of the first phase of The White Angel Andorra advanced by the Engel & Völkers Andorra team, the Spanish stand out as the main buyers, reaching 54% of total sales. The French (19.7%) and Andorrans (11.5%) occupied second and third place respectively, confirming the international behavior of this promotion, where Italians, Russians, Belgians and Germans also invest, but not the British, as was initially reported. foresaw.
Of the total number of buyers, 75.5% of the transactions were carried out by non-residents in the country and the rest by residents, both of Andorran nationality and of other nationalities, whose interest varies between holiday use, passive residence and investment. . The latter account for 31.1% of all buyers, with the French and Andorrans dominating the investor profile.
These data are influenced by the idyllic location of The White Angel and the possibilities of Andorra in any season, which, as the Andorran government data reflect, almost half of the visitors who chose it as a destination were families, followed by 30% by couples and 16% by groups of friends. The main motivations for the trip for tourists were its wide range of sports in 37%, ranging from skiing or scuba diving under the ice to hiking or adventure parks, the great commercial offer in 25% and the proximity to nature by 17%.
Hence, the behavior and profile of the buyers of this promotion is one of the greatest indicators of the evolution of high-end housing in Andorra, where real estate transactions increased by 47.8% in 2021 to reach 1,948, according to the Department of Statistics of the Government of Andorra. And where the average price of the operations managed by Engel & Völkers in Andorra la Vella, the capital of the country and the most populated area, was 5,300 euros/m2, 15.2% more than the previous year.
Profitability and added values
The promoters of the project ensure that all the products, thanks to the variety of buyers and the different functions offered, are performing magnificently, with the 1 and 2-bedroom ones being the most requested by investors, public foreigners and young families, while those with 3 and 4 bedrooms are being acquired by consolidated families, residents and vacation use. And they maintain that the gross profitability, based on the prices of the Andorran real estate market as of September 2022, can fluctuate between 4% and 6%, in a scenario where the price of the new construction homes that are offered fluctuates between 317,000 euros and 1,115,000 euros.
In addition to the typology, qualities and profitability of these apartments, there are two fundamental elements in the evaluation of buyers. On the one hand, The White Angel Andorra is the first housing development in the country to use the heating and air conditioning system from FEDA (Federación Eléctrica de Andorra), which takes advantage of the residual heat from the incineration of urban waste to generate electricity and Hot water. And on the other hand, services concierge provided by OD Services, an OD Group company and APP for residents of any development in the world of The White Angel, which allows owners to control their residence remotely and access countless residential and lifestyle services. A great added value, especially for the investment and vacation profile of the promotion, where the client can invest their time in enjoying their home having the services of a hotel in their home.
OD Real Estate
OD Real Estate is the real estate division of OD Group, a holding company for comprehensive services led by Marc Rahola Matutes, specialized in planning, building and managing different brands of hotels and residential spaces, with a presence in Spain, in the south in France and in the United States, an image and likeness of his uncle Abel Matutes, Minister of Foreign Affairs in the Aznar government.
OD Group’s comprehensive approach in the design, construction and project management phases allows it to maintain full control over the process, to guarantee that each project is carried out with the maximum guarantees of safety, coherence and reliability. In recent years, the group has invested more than 100,000,000 euros in assets of critical importance for the development of these sectors, bringing together more than 10 companies and 500 professionals. OD Real Estate accommodates different brands with different promotion profiles, including ABC or the exclusive The White Angel, the latter brand with which it projects another possible development in Andorra and another in London.
The last known operation of Marc Rahola Matutes in Madrid has been the opening of a hotel under his Ocean Drive brand in the Plaza de la Ópera on the site where the Real Cinema and the mythical Real Club nightclub were built.