Frankfurt am Main, 8th March 2018
They have been developing micro-apartments in Germany’s large cities for around
a decade. Now the Domus Vivendi Group and Mercurius Real Estate are heading
abroad: a residential development with 140 micro-apartments is being developed in
the Spanish city of Palma de Mallorca. The project relies on the expertise of the
Domus Vivendi Group: the company has been playing an active role in construction
projects on the Balearic island for twenty years now.
The owner-managed company has built over 1,500 rental apartments to date.
Entering a market beyond one’s own national borders is not something that
happened by accident, explains Thomas Oellig. “The German housing market is
saturated, especially in the city in which we are based – Frankfurt am Main”, says
the managing director of the Domus Vivendi Group, explaining the venture.
Project aimed at a broad range of investors
The island’s capital is home to the third-highest rents in Spain, after Madrid and
Barcelona. The development is attractive even to German institutional investors,
continues Oellig. The increasingly scarce supply on the domestic market is drawing
more and more investors overseas. With a lot size of 40 to 45 million euros, the
development is aimed at a broad range of investors, says the managing director.
The project partners are currently preparing to submit the planning application.
Planning permission is expected to be received during the first half of 2019.
Meeting the short supply of rental housing
The concept of part-furnished micro-apartments, which has been successful in
Germany, can be seamlessly applied to other European metropolitan areas. Palma
de Mallorca is proving to be a highly suitable location. The city’s population, which is
growing at a steady rate is, as is generally the case in Spain, faced with a scarcity
of rented accommodation. The planned units are designed for individuals and young
professionals. They also represent a suitable solution for rented accommodation for
people working in the tourist industry, who are only due to stay on the island for a
limited period. “We consider these conditions to be a great opportunity to establish
our concept on the Majorcan market”, continues Oellig.
For further information, please contact:
DOMUS VIVENDI Group
Company communications
Roßmarkt 10
60311 Frankfurt am Main
Tel .: +49 – 69 920 2079 00
Fax: +49 – 69 920 2079 01