Lithuanian and Estonian Funds Evernord & Novira Invest €34m in Luxury Homes in Marbella

Evernord Novira Marbella

In a significant move that underscores the enduring appeal of Spain’s Costa del Sol to international investors, Lithuanian fund Evernord and Estonian fund Novira have announced a €34 million investment in luxury real estate in Marbella. This partnership aims to construct six high-end homes in the exclusive Cascada de Camaján area, further cementing Marbella’s status as a prime destination for luxury living.

The investment comes as no surprise to those familiar with the region’s real estate market. Marbella and the wider Costa del Sol have long been favored by Northern European buyers, with the Baltic countries playing an increasingly prominent role in recent years. The area’s combination of natural beauty, Mediterranean climate, and high-end amenities continues to attract wealthy individuals and savvy investors alike.

Jolanta Jurga, founder and board member of Evernord, which manages assets worth €250 million, highlighted the resilience of these luxury properties. She noted that such assets tend to maintain their high value regardless of economic fluctuations, making them an attractive option for investors seeking stability in uncertain times.

The legal and tax aspects of this partnership are being handled by BGI Lawque, a law firm with extensive experience in major real estate transactions in the region. Their involvement extends from the project’s development phase through to its completion, ensuring smooth sailing for the international investors.

This is not the first time BGI Lawque has been involved in high-profile real estate deals in the area. They recently advised on a €150 million investment by UAE fund Unicorn Royal Emirates in Estepona, involving a hotel and branded residences project. This development, set to be completed by summer 2027, further illustrates the ongoing interest in the Costa del Sol’s luxury real estate market from global investors.

Marbella: A Luxury Real Estate Powerhouse

Marbella’s position as a luxury real estate hotspot is well-established and continues to strengthen. As of February 2024, the average price per square meter in Marbella reached €4,533, propelling the city to 16th place in the global rankings of most expensive cities for luxury residences, surpassing both Madrid and Dubai.

Certain areas within Marbella command even higher prices. Nagüeles-Milla de Oro, Nueva Andalucía, and Las Chapas-El Rosario are particularly noteworthy for their premium property values. In the most exclusive locations, new builds and refurbished properties can fetch up to €28,600 per square meter, reflecting the intense demand for high-end real estate in these sought-after neighborhoods.

The luxury real estate boom in Marbella is not limited to traditional residential properties. The city is also seeing the development of some of Europe’s most exclusive residential projects. A prime example is the Dolce&Gabbana branded residences, known as Design Hills Marbella. This ultra-luxury development, promoted by Sierra Blanca Estates, has already recorded pre-sales of €250 million, with individual units starting at a cool €4 million.

The Baltic Connection

The investment by Evernord and Novira is particularly interesting as it highlights the growing interest from Baltic countries in the Costa del Sol real estate market. This trend has been building over recent years, with investors from Lithuania, Estonia, and other Baltic nations increasingly recognizing the potential of the region.

The appeal is multifaceted. For Baltic investors, the Costa del Sol offers a combination of a favorable climate, a stable political environment, and a well-developed infrastructure. The region’s reputation as a luxury destination also aligns well with the high-end segment of the market that these funds are targeting.

Moreover, the decision to invest in Marbella specifically is strategic. The city’s established reputation as a luxury destination, combined with its continual development and modernization, makes it an attractive option for those looking to place significant capital in real estate.

Looking Ahead

As the Costa del Sol continues to attract international investment, particularly in the luxury sector, it’s likely that we’ll see more projects of this nature in the coming years. The involvement of funds from countries like Lithuania and Estonia signals a diversification of the investor base, which could bring new perspectives and approaches to development in the region.

However, this influx of international investment also raises questions about sustainability and the impact on local communities. As prices continue to rise, there are concerns about affordability for local residents and the potential for over-development in some areas.

Despite these challenges, the continued interest from international investors suggests that Marbella and the wider Costa del Sol region will remain at the forefront of Europe’s luxury real estate market for the foreseeable future. The €34 million investment by Evernord and Novira is just the latest chapter in an ongoing story of growth and development in this sun-soaked corner of Spain.

As construction begins on the six luxury homes in Cascada de Camaján, all eyes will be on this project to see how it contributes to the evolving landscape of Marbella’s high-end real estate market. One thing is certain: the Costa del Sol’s appeal to international investors shows no signs of waning.

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Jimmy Widén

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