- This model, popular in U.S. and Asian markets, has shown improved results following the pandemic, making it an attractive market niche for the property and tourism sector
- Property developments at Abama Resort Tenerife provide jobs for over 1000 people, and investments already total more than 500 million euros
Abama Luxury Residences – through promotor and manager Arum Group – affirms that the pandemic has increased demand for luxury residences and views Tenerife as an ideal destination for enticing visitors with high purchasing power, attracting foreign investment and boosting the tourism sector, the main industry of the Canary Islands.
Currently, one of the most appealing operating formulas for the property business is known as branded residences, which allow visitors to enjoy the services of a luxury hotel in fully equipped residences, with the benefit of being able to hire them out when they are not in use, increasing the profitability of the investment. This market niche is popular in such countries as the United States, Great Britain and Dubai. And during the pandemic, it has not only held strong but has seen improved results. Examples of branded residences include Las Terrazas de Abama Suites, Los Jardines de Abama Suites and Villas del Tenis, an upcoming complex of upscale villas, all of which are promoted by Arum Group.
Arum Group Real Estate Director Francesc Pujol states that, ‘the branded residences product takes account of changes in luxury consumer trends. They want to work and live in an exclusive residence, but also have access to sport facilities, spacious areas, nature and extensive leisure activities.’
At Abama Resort Tenerife, once the property has been sold, the tourism use rights are assigned to My Way Meaningful Hotels. These residential and service offerings are made even more appealing by their exclusive location beside the sea: ‘All the rest, together with the climate of the Canary Islands, greatly increases interest among the wealthy in spending long periods on the islands and not having to worry about their property when they are away, while also ensuring them earnings to cover the maintenance costs,’ Pujol states.
For those who prefer to have their own home exclusively available 12 months a year, the firm has recently built two non-tourism developments, which also form part of the resort – Bellevue and Las Atalayas de Abama – allowing owners to also enjoy the wide variety of sport, culinary and leisure options at the destination. It also has plots for sale, as well as the ‘custom villa’ product, which consists of building a dream house for owners who opt for this corner of Guía de Isora.
With more than 500 million euros already invested in the destination, in 2022, the property division of Abama Resort Tenerife – managed by Arum Group – is working to complete Plaza Abama, a shopping centre which will invigorate the destination’s social life, offering restaurants, shops, bars and a wellness centre, among other services. The developments currently provide direct and indirect employment for more than one thousand people throughout Spain.
