Changing Demographics - Editorial Comment
The Key to Delivering Affordable Housing
When we began building homes in Southern Spain, most people wanted a large, one or two storey family home with a garden large enough to play cricket, a pool and south-east facing terraces. These days not everyone needs, or can afford, the "Spanish Hacienda Dream" of a big house on a large plot of land.
With two-person/small family households now outnumbering larger family homes, it doesn't make sense to build only large family homes. We need to offer a much wider variety of housing options to suit people's needs.
As the population grows and land becomes scarcer on the Andalucian coast, affordability will become even more crucial.
One of the problems faced by developers and homeowners is the restrictions placed on urban land by the Urban Planning Departments. The current requirements for individual homes ensure a relatively low housing density. This results in a large plot of land for each standard size home driving land prices and house prices upwards. A plot of half the size reduces the demand on urban land – price/m2 rate and the absolute land cost - price * number of metres used. Most importantly this means that new modern homes are affordable and suit the needs of today’s buyers. Demographics are changing and housing types must adapt to the market, to suit the needs of people today, not the other way round.
Blue Flag Homes has invested the time to source development land where we can develop smaller plots of land but with a higher build area allowance.
One place where this need has been met is located just 3 kilometres from the town of Fuengirola and the local beaches. The Residence Development is one of the success stories in affordable housing. A residential development by Blue Flag Homes, it fulfils the aim of delivering well designed, individual homes whilst creating affordable housing through innovative design.
Affordability has been attained through smaller plot sizes of 400sqm to 600sqm with a constructed property size of up to 225sqm as well as clever designs that maximise the use of the plot. Houses are both single and two storeys - the key is to provide a choice. At The Residence, you can buy an affordable, contemporary home with a freehold title for less than 425,000€.
Floor space and aesthetics are not compromised and the low maintenance plots appeal to a wide variety of buyers from young couples to families to retired couples. Individual land titles are also a huge bonus because they allow homeowners to gain their own slice of the real estate pie.