Taylor Wimpey announce plans for a new development in Spain

UK based property developer Taylor Wimpey is planning to invest €8.5 million in a new property project in Spain.

The project is due to commence in Elivira, Marbella and will consist of 53 homes, with an estimated date of completion set for 2012.

The developer sold 175 homes on the Costa del Sol during the course of 2009, of which over half were sold as a result of an aggressive pricing strategy. Taylor Wimpey is owners of significant portfolios of land on the Costa del Sol and as a result a number of other projects are also being considered. It is thought that they own enough suitable land to develop a further 2000 properties.

With many builders and developers in Spain suffering financial difficulties and being forced into cost-cutting and diversification, it is nice to hear a little bit of good news from the sector once in a while.