Montebalito, the Canarian developer listed on the Madrid stock exchange, is making firm strides in its new luxury project in the south of Gran Canaria, despite the challenges facing the real estate sector, such as increased regulation and rising construction costs. These factors have hampered the exponential growth that the company is seeking in the region. The plot has 5.821 m² and the buildable area totals 4.200 m².
At the end of the 2024 financial year, Montebalito reported a turnover of 10,3 million euros, which represents a decrease of 45% compared to the previous year. However, the company managed to improve its profit by 27,5%, reaching 1,38 million euros. By 2025, the company will begin development operations on Parcel 'D' of San Agustín, a project authorized by the City Council of San Bartolomé de Tirajana on September 23, 2024.
The Councillor for Urban Planning and Tourism, Alejandro Marichal, announced that the plot 'D' initially intended for commercial facilities will be extended to include tourist accommodation and complementary facilities, thus marking the beginning of the tourist rehabilitation in San Agustín. Through its subsidiary San Agustín Realty, Montebalito is promoting the construction of a complex that will offer services to the beach, including a public bathing area, spa facilities, restaurants and 41 five-star tourist apartments. Despite the pressure on its turnover following the sale of the construction company Valdivia a year ago, the company expects to close the year in positive numbers, slightly above the previous year, thanks to the reactivation of activity in the final part of the year.
Since August 2024, Montebalito has launched several real estate developments in Spain, covering Madrid, Andalusia and Galicia, as well as abroad, with a special focus on Brazil and the Dominican Republic, hoping to regain its growth rate.
