Versace steps into luxury real estate

The villas will have a market value of around €10 million each. The grounds of each luxury unit will be around 2,000 square metres and include premium amenities, extensive private gardens, personal spas, several swimming pools per property and 24-hour security.

The interior design - furniture, textiles, glassware, porcelain - will be designed by Versace Home. This is the first time that Versace Home, whose first proposals were presented to customers in 1992, has been involved in a project of this kind in continental Europe.

The project, which links the iconic Italian fashion house with high-end property investment company RGZ, adds to the list of big names in fashion who have ventured into luxury real estate in the south of Spain, such as Karl Lagerfeld and Dolce & Gabbana, with some of the properties costing up to €20 million.

Andalusian developer Sierra Blanca States was one of the first to identify the site's potential. The company has signed an agreement with the Italian fashion house Fendi to jointly launch the 'Epic Marbella' residential complex, the first 'designer' residence on the Mediterranean coast. At the same time, the first of the five 'Lagerfeld' villas has been sold as part of a project to be completed in 2022 for around €15 million.

Despite the decision taken this spring by Pedro Sánchez, President of the Spanish Government, to abolish the ‘golden visa’, a programme allowing foreign investors to obtain the right of residence in Spain in exchange for significant investments, particularly in real estate, with a minimum threshold of 500,000 euros, the trend of fashion houses venturing into luxury real estate seems to be continuing. This resilience in the market offers reassurance to potential investors.

RGZ Developers, which signed the partnership agreement with Versace, is owned by Juan Manuel Reyes and José Luis Suarez of Grupo COPASA, a parent company operating in 15 countries with an annual property portfolio worth €2 billion.

COPASA is a construction company specialising in large-scale infrastructure projects, including motorways, railways and urban developments. The region attracting the highest development ambitions remains the Costa del Sol, where Copasa manages projects worth over 900 million euros.