Grupo Lar launches its first co-living project to be located in the Malaga Technopark (PTA). The company intends to invest 17.8 million euros in this project, according to the Idealista / news portal. The company is committed to this innovative concept of living, and this is the first time that a complex will be built in Spain, dedicated from the outset to this burgeoning segment. Construction is expected to begin this year. The house will be designed to accommodate 186 people, mostly employees of this technology park.
Technopark Malaga has planned a new plan to increase the number of jobs and companies by constructing 150,000 sqm. of new buildings, and thus, housing solutions must be offered adapted to the representatives of this class.
The new building will be designed initially as a co-living. Co-living implies a different way of life, and therefore it is optimal to design and build such projects from scratch. “In recent years, people have changed their way of life and work: there are young professionals who know who they are today but do not know where and whom they want to be tomorrow. Therefore, they are looking for ready-to-move-in, modern, comfortable, efficient solutions to adapt to their lifestyle. They are looking for a home where they can continue to share experiences, both at work and in life. Our commitment to this segment is clear, and we hope that the authorities of the country, like the authorities of Malaga, will cope with the task of properly regulating co-living, which is increasingly in demand among the young population,” explains Jorge Pereda, spokesman for Grupo Lar.
The project is part of Grupo Lar’s alliance with Primonial, with the explicit goal of developing and managing a long-term portfolio of 5,000 rental properties in the main cities of Spain, which will amount to around 1,000 million euros in assets managed. In particular, Grupo Lar already has two more rental properties in Malaga, which will be completed and rented out in the second half of 2024.
In addition, Grupo Lar owns three large residential projects for sale in the area: Lar Bay located in Torrequebrada, Lar Universia located in Tedatinos and Lar Poniente in Torremolinos. In total, over 106 million euros will be invested in 6 projects.
“Grupo Lar has been on the Malaga market with important investments for many years and is an active participant in the real estate market in the south of Spain. Things are going very well in the city of Malaga, and gradually the city is becoming one of the best places to live and work in Spain and, I dare say, in Europe. It is a city with a growing demand for housing, which Grupo Lar is trying to satisfy by implementing projects. We have been selling for over 50 years, and now we will also enter the rental market,” explains a company representative.