Ideal Home Special 2017

dition Special E elopments New Dev uction & Constr

The best of the Costa del Sol

2017

BOTANIC - BENAHAVIS

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Special Edition New Developments & Construction 2017

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P.46 ARChiTECTuRE

P.54 MARKET REPORT 2017

P.70 LEGAL

NIKKIBEACHMARBELLA

NIKKIBEACHMARB

Open every day from 10am. Information & Reservations: +34 952 836 239 or reservations.marbella@nikkibeach.com Playa Hotel Don Carlos, Carretera de Cadiz km 192, 29604 Marbella, Malaga, Spain www.nikkibeach.com

Van Dutch 40 NOW FOR CHARTER IN IBIZA & FORMENTERA This magnificent boat is all about luxury. The Van Dutch is fully equipped to experience an awesome day on the blue Mediterranean Sea. The Boat has 1 cabin with bath and shower and comes with a wide sundeck, swimming platform, fresh water shower, toilet.

It can handle up to ten persons and is equipped with two Yanmar 480 Hp Turbo Diesel engines to produce a top speed of 41 knots, approximately 72 km/h.

Treat yourself with style and luxury with this great speedboat.

Marina IBIZA ibizayachtexperience@gmail.com Telf.: +34 626 28 11 26 www.ibizayachtexperience.com

VISTA GOLF VILLAS - EL CAMPANARIO

Andalucia Development Centro Comercial Plaza 63, - 29660 Nueva Andalucia - Spain

This unique new development of four individual villas is located just minutes from San Pedro and Marbella at the El Campanario Golf resort. Modern design and high quality materials are the principals of the project.

Each villa will be situated within it's own plot of over 550m2 and will have a minimum constructed size of 306m2 with additional terraces of 200m2. Landscaped gardens with private pools, intelligent solar heating, underfloor heating in all bathrooms, flooring of marble and solid wood, high quality windows and much more. The Vista Golf Villas will benefit from the services and facilities available at the El Campanario Golf Club.

Construction is due to start summer 2017 with delivery estimated by the summer of 2018. There is an opportunity to reserve your new home and choose all types of options and extras.

Base price 795,000â‚Ź For more information please contact Andalucia Development on

952 81 62 50

info@andadev.com

www.andadev.com

EdiTORiAL

dition Special E elopments New Dev uction & Constr

2017

The best of the Costa del Sol

M A G A Z I N E

ello and welcome to our special edition of ideal home dedicated to the best new developments and Constructions 2017.

H

The real estate sector of the Costa del Sol has left the deep crisis of the past years behind and is looking with optimism into the future. The best signs are all the fantastic new developments that are currently being built on the coast and the best ones are featured here in this magazine. not to forget the world class architecture and building companies that realize the individual dreams of hundreds of families each year.

The Costa del Sol is enjoying now the results of wise investments of the past for having a world class infrastructure today. The extension of the airport, the

Published by:

DIRECTOR COMERCIAL Stefan Knöbel s.knobel@adsmarketing.es DIRECTOR DE ARTE Andrés Vallejo Herrmann a.vallejo@adsmarketing.es PUBLICIDAD info@adsmarketing.es +34 951 775 790

new reformation of the Málaga Port, the Metro, the highSpeed Train, Michelin Star Restaurants, new 4 & 5 * hotels… the coast is constantly improving. buying real estate in the Costa del Sol is a wise decision and an investment you can enjoy.

We hope you enjoy our magazine and if you want to have more information about a project please contact the companies and find out about their quality and how pleasant it is to live in the South of Spain.

Enjoy the magazine and enjoy the Costa del Sol

STEFAN KNÖBEL Managing Director, IDEAL HOME

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su reproducción total o parcial en cualquier otro medio de divulgación, impreso o electrónico, salvo previo consentimiento.

Igualmente se prohíbe la utilización de los materiales publicados para fines comerciales.

ven before entering their architectural studio you can tell that Villarroel Torrico is a serious and reliable company committed to quality and that good taste as a key mark of its identity. Around 20 people work in the studio, which is located in one of Marbella’s most iconic and elegant resorts, hotel Puente Romano. its setting is no coincidence: the father and associate of one of the architects who gives the studio its current name (Villarroel), the late Melvin Villarroel, designed the hotel and in the process stamped his distinctive signature of simple elegance and meticulous landscaping on a significant framework of an architectural style emblematic to the Costa del Sol.

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Their integration of landscaping into architecture and their love of nature are now being reflected in the Palo Alto luxury apartments complex being developed by Round hill Capital, a leading international real estate investment company. Located in Ă“jen municipality, on a 50-hectare plot (including 40 per cent reserved for green areas), the urbanisation was named in honour of the Spanish fir tree, a native species that surrounds the area. The development offers panoramic views to the mountain range and sea, and is situated just four minutes from the La CaĂąada commercial centre in Marbella.

NATURE, LUXURY AND MARBELLA AT YOUR FEET Contemporary architecture, apartments with spacious terraces and features comparable to high-end villas

With work scheduled to start shortly, the first phase of six to be built at Palo Alto will comprise two, three and four-bedroom apartments and 15 three and four-bedroom penthouse apartments in a tranquil setting surrounded by nature. Also included in the first phase is a health club consisting of a modern, latest-generation gymnasium, spa, pool, children’s club, business centre with concierge service, rental management services and 24-hour security. The price of these cutting-edge designer apartments ranges from €440,000 to €605,000.

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Matías Villarroel, developer of the project, believes this new urbanisation is ideal for golfers. “With the sea of green (referring to golf courses) and the blue sea now well established in an urban sense, golf tourists see Palo Alto as an extension of their experience at golf clubs, because it is also in the midst of nature. Right next to Palo Alto is the Sierra de Las nieves mountain range, which is expected soon to be officially declared as Malaga’s first national Park.”

he explains that the name of the urbanisation was chosen in honour of the Spanish fir, “the highest tree in the Mediterranean area, from the Jurassic era”, and that Palo Alto “was the name that the Spaniards gave to a part of San Francisco where giant redwoods could be found, the largest trees (‘palos altos’ or ‘high sticks’) in the world, which they used for navigation to indicate to mariners that they had arrived in America”.

hugo Torrico, meanwhile, highlights the exceptional aspects of the “scenery” where Palo Alto is located. “We began this project on the highest hills,” the architect notes, “so residents could enjoy outstanding views, the

nearby valleys and the mountains. it represents Marbella’s natural progression, the natural continuation of the city because it can no longer grow in width.”

As for the urbanisation’s architectural concept, highlighted by a contemporary style, hugo explains that the buildings are like staggered vantage points, with expansive terraces overlooking the dominant surrounding landscape. And, of course, offering maximum comfort and features, because they aim to set new standards and provide the highest quality materials.

“They will,” says Matías, “be the first apartments in the area with the same features as villas, and will be considerably better than those currently existing on the Coast.” Floors heated by a water system, the finest materials, implementation of the most advanced technology, meticulous attention to detail… “They will have features that until now have been almost unheard of in an apartment development.”

hugo adds that the commitment to maximum quality at Palo Alto will serve to establish new standards for other luxury apartment developments, which in turn will result in a more highly valued real estate market than the current one. “hopefully everyone will follow our path!”

According to Matías, the launch of the first phase at Palo Alto has attracted “an impressive response” among those seeking a quality product in Marbella’s surrounding area. “50 per cent have been sold, and the wonderful thing is that our buyers include 16 different nationalities, and an average age between 45 and 55 when traditionally it’s been between 55 and 65. This is a new generation of Europeans who, provided with the opportunity of working long-distance thanks to the internet, find the option of having a second home particularly appealing.”

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until now, buyers have been from European countries (including a high proportion of Germans and belgians), north and South America and the Middle East. Most have adult-age children and are professionals in the business, finance, medical and design sectors. The majority have bought homes in Palo Alto as a second residence for holidays or to rent, although a small proportion will use them as their main home.

Matías predicts a spectacular increase in the number of tourists visiting Spain in the short term, with the real possibility of the country becoming the world’s main tourist destination, and soon welcoming more than 80 million visitors a year. “And, as hugo says, it is our responsibility as architects and developers to create a new generation of products that attract Europe’s most demanding tourists. We are going to show them that we offer maximum quality here when it comes to second homes, because Spain is probably number one in the world for second residences.”

For more information visit

www.paloaltomarbella.com or call Freephone 900 102 322.

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VISTAS DE LA RESINA NEW REAL ESTATE DEVELOPMENT AT “COSTA DEL SOL” Residential Complex of 15 modern luxury detached villas with beautiful sea and golf views.

Just in front of the Holes 7 & 8 of the golf course “La Resina Golf & Country Club” Estepona.

Now under construction. Delivery of all villas by second quarter 2018.

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Villas Summary: Average Built Surface 356 m2 / Average Plot Surface 690 m2 High Standard Construcon / 1 Quality Finishing and Equipment / 4 Bedrooms / 3 Baths Integrated Living- Dining-Kitchen Fully Furnished / All Underfloor Heating Garage 2-3 Cars / Private Infinity Pool

PROMOTER COMPANY

PROJECT MANAGEMENT & MARKETING

T. (+34) 952 49 46 79 - M. (+34) 681 279 454 - info@planificalia.com

www.vistasdelaresina.com 17

inFRASTRuCTuRE

Looking into a bright future

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High speed train

Any traveller arriving at Malaga airport can expect many new facilities, most significantly, the new third terminal of Pablo Ruiz Picasso. An impressive open plan building constructed of glass and steel.

The new terminal accommodates no less than 20 departure points and 86 check in desks, the capacity to accommodate more than 9,000 passengers per hour and a new automatic check in system able to manage 7,500 pieces of luggage per hour for more than 50 air line companies.

On the commercial side, it has the largest food hall in Europe with 21 restaurants and 24 shops which include the first National Geographic Store in the world, Dani Garcia’s Gastrobar, a Whopper Bar and one of the first Starbucks in Spain.

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This is the biggest transformation of Mรกlaga Airport in history and will convert it to a point of reference in the world of air travel whilst maintaining its status as a top Mediterranean tourist destination.

This comes as no surprise, Mรกlaga already is the holiday choice and second home to many Europeans. The airport will be able to handle in the region of 20 million passengers annually.

Moving on from aeroplanes we get onto the subject of high speed trains. As important as flying, Spanish rail travel made news headlines in 2007 with the opening of a new high speed line connecting Malaga and Madrid in less than three hours. The complete success of this service has lead to a new AVE high speed train link direct to Barcelona and a rail link to connect Antequera with Granada which is 80% completed and when finished travel time from Mรกlaga-Granada will be less than 50 minutes. An AVE Malaga-Seville train will join the two cities together in a staggering 54 minutes. Furthermore, the AVE and the local trains will also have stops in the Andalucian Airports.

Terminal 3 Mรกlaga Airport

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Cruise ship terminal

As for road travel, a new bypass and M40 joins Torremolinos to Las Pedrizas via Valle de Gaudalhorce and therefore alleviate the traffic passing through or around Málaga.

At km 170/175 in the San Pedro area the new underground bypass is making it a lot easier to travel through San Pedro and more pleasant to stay in San Pedro and its new Boulevard.

Ronda and the New Golden Mile have a direct access, and this new underpass totally eliminates the previous traffic problems.

Cruise ship in Málaga Port

And also the renewed and expanded port of Málaga is a major attraction. During their first year of operation, Quay One and Quay Two (in Spanish, Muelles Uno and Dos) in Malaga, have consolidated their position as reference points for leisure and as an indispensable complement to the city’s Historic Centre.

And last but not least Málaga also added a Metro to its superb infrastructure. Two lines are operating now in Málaga making it easy to travel in the city. The Metro was inaugurated the 30th of July 2013. Watch out, there is more good news coming for the Costa del Sol in the coming years.

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info@unicobenahavis.com

ARQUITUD project management AV13ARQUITECTOS

Make your dreams come true Do you have a dream? We help you building it. You need confidence in the professionals that advice you from the beginning till the end. From buying the right plot, realizing the project, obtaining all licenses and a construction company with the necessary solvency, experience, technical capacity and commitment to make your dream become reality.

ARQUITUD project management AV13ARQUITECTOS LEAdinG PROJECT MAnAGEMEnT COMPAnY

Edf. Cรกmara de Comercio, C/ Luis Amador, 24 18014 Granada

Avd. Canovas del Castillo, nยบ54 29601 Marbella

Tel: +34 670 09 52 69

av13arquitectos@av13arquitectos.es

www.av13arquitectos.es

IS A LEADING > NVOGA AND TRUSTED REAL ESTATE COMPANY ON THE COSTA DEL SOL AND > ADVICE ASSISTANCE FOR INDEPENDENT DEVELOPERS AND HOUSE BUILDERS IN THE EVALUATION OF PROPOSED DEVELOPMENT SCHEMES RECORD IN > TRACK PROGRESSING SCHEMES BOTH SMALL AND LARGE FROM INCEPTION TO SUCCESSFUL SALES DEVELOPMENTS SOLD > 7OUT AND NOW THE SOLE AGENT FOR A NUMBER OF TOP END DEVELOPMENTS IN MARBELLA, BENAHAVIS AND ESTEPONA

E X C L U S I V E S A L E S AG E N T N E W D E V E L O P M E N T S

+00 34 952 813 333 | info@nvoga.com info@nvoga.com | NV NVOGA.com OGA.com Head Office: Urbanización Bahia de Marbella. Plaza de la Fuente s/n, Marbella.

Office: Paseo Paseo Marítimo, Edificio MARBELL CENTER, Local B1, Marbella.

P R E L A U N C H M AY P H A S E 1 · VA N I A N G R E E N V I L L A G E MODERN LIVING ON THE NEW GOLDEN MILE ESTEPONA 72 MODERN AP APAR AR TMENTS AND PENTHOUSES WITH SEA VIEWS PRICES FROM 218.000€ 218.000

CALL CALL US +00 34 952 813 333 | info@nvoga.com info@nvoga.com | NV NVOGA.com OGA.com

A NEW INNO INNOVATIVE VATIVE BOUTIQUE DEVELOPMENT OF 10 VILLAS IN EL CAMPANARIO. CAMP AMPANARIO ANARIO. SIMPLICITY IN DESIGN INTEGRA INTEGRATING TING WITH NATURE. NATURE.

CALL US +00 34 952 813 333 | info@nvoga.com | NVOGA.com

SuSTAinAbLE buiLdinG

Sustainability in property development

Sustainability is the concept of developing in a way which meets the needs of the present without compromising the well-being of future generations, depleting our resources or having an unnecessary impact on the environment.

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An important way in which we can all be more sustainable is through how we build our homes and how we live to reduce our energy and water consumption and our carbon emissions. Sustainable building is an approach to construction which takes into consideration what is good for our planet and improve comfort living while creating stunning contemporary properties we can all be proud of.

in many developed countries, these techniques and practices are becoming the norm, with the participants of a recent study forecasting that more than 60% of their projects will be green by 2018. These techniques are used across commercial and residential developments, with more homeowners and developers now prioritising sustainability in their projects, while still producing amazing properties which are a joy to live in.

Spain lags behind some of the other countries in Europe in terms of the widespread adoption of sustainable construction, with poor insulation leading to properties feeling very cold and wasting a lot of energy. however, as more new building projects get under way, growing demand for energy efficient homes and government policies to encourage sustainable building point to a bright future for sustainable building in Spain.

What is sustainable building?

Sustainable property building practices look to minimise the effect of construction on our planet. Partner of Lifestylehouse.com in Marbella Ton van den bosch explains; “Sustainability is the essence of modern property development and something we apply to all our projects. it runs much deeper than people generally think - much more than simply ensuring that the buildings are well insulated and utilise renewable energy.

Sustainable construction is a consideration when sourcing materials, when planning deliveries and time on site to minimise carbon emissions, not to mention looking at options for ventilation, water recycling and energy production. it takes time and thought to implement sustainable building practices throughout a project, but it is more than worth the effort, for the client and the planet.�

in this article, we will give you an introduction to sustainable building and why it is important for us all to embrace.

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Why is it important?

Construction is one the largest ways in which we impact the environment. For example, the uK construction industry is the largest consumer of resources, using more than 400 million tonnes of material a year, which accounts for around 10% of the uK’s carbon emissions.

Once they are built, buildings use 40% of all of the energy consumed in the uK. While residential developments are just a small part of this, they are still a big drain on both energy and materials, and so both developers and owners can make a real difference to the impact our homes have on the planet.

by applying sustainable building practices, the construction process and the final building reduces wastage of water, conserves natural resources, improves air and water quality and protects biodiversity and ecosystems, so it’s something we should all be striving for.

Why is it good to live in a sustainable home?

Although implementing sustainable building techniques can cost more at the outset, a main benefit to living in a sustainable build home is how cheap it is to run. Owners see an immediate reduction in energy bills, which quickly offsets any additional investment. Savings are estimated to be around 14% over 5 years according to a recent study and the value of the property is also higher for resale.

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These properties are also designed to offer beautiful spaces to live in, which benefit the environment without any reduction in quality of life, and improve occupant health and comfort. This really is a win–win scenario!

Sustainable Building in Spain

despite a history of poor construction standards and low awareness of environmental issues, Spain is changing for the better and taking important steps to encourage sustainable building. The Junta de Andalucia recently announced a €75.9million investment in financing environmentally-sound and long-lasting projects in Andalucia that will come to fruition before 2020 as part of their new energy efficiency programme. This funding

SuSTAinAbLE buiLdinG

and support will encourage more developers and individuals to adopt these methods, which is excellent news for the quality of construction and the environment. design and construction experts Lifestylehouse.com in Puerto banus have been leading the way in sustainable

construction for the last decade. All their properties are Energy Level b as a minimum and constructed with sustainable building practices.

Partner Ton van den bosch explains; “Lifestylehouse.com has been committed to designing, developing and operating our real estate projects with a higher level of efficiency for the last 6 years. We use technology and innovation through every stage of a property’s lifecycle in order to reduce energy and waste, and to manage our resources better. in this way, we seek to deliver superior performance and opportunities for the end users and provide real estate of enduring value.

Today, initiatives of this kind are often seen through the lens of sustainability. but, for us, they have always been smart business practice. Actions to use renewable energy, recycle building materials and reduce waste are grounded in economic decisions to help reduce our operating expenses and mitigate energy price risks. Simply put, we follow sustainable practices in every one of our properties because sustainability builds value.�

For more information visit

www.lifestylehouse.com or call +34 678 643 105 36

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Magnificent mansion in Hacienda Las Chapas - Marbella

Centro Comercial Elviria, local 6 & 7 • Urbanización Elviria • 29604 Marbella, Málaga Tel: +34 952 85 00 01 • contact@ResidenciaEstates.com

PASSION FOR PROPERTY

+34 952 85 00 01

Bedrooms: 6 Bathrooms: 6 Built: 1,114m2 Plot: 10,821m2

Reference MLSV52087

www.ResidenciaEstates.com

Vista Real

V

Aloha Golf

Golf Los Naranjos

iSTA REAL is a luxury residential project consisting in the construction of ninety-three spacious apartments, constructed and promoted by the company beatysea S.L.

Placed in the Golf Valley, one of the best zones of nueva Andalucía (Puerto banús) by the shores of the Old Lake, with spectacular views that extend to the Coast and surrounding golf courses as Real Club de Golf Las brisas, Club de Golf Los naranjos, Aloha Golf, Club de Golf La dama de noche, Magna Marbella Club de Golf, etc..

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Puerto Banús

Lago Viejo

Golf Las Brisas

it is a complex with wide and luxurious apartments, where the maximum attention has been given to the most minimal detail, acquiring a unique and exclusive environment. Among the 93 units there are apartments of 1, 2 and 3 bedrooms and duplex penthouses of 2 and 3 bedrooms, all with luxury qualities and splendid terraces from where to enjoy spectacular views. Marble floor, air conditioned (cold and heat), kitchens totally furnished and equipped and baths with hydro massage and Jacuzzi in all the apartments.

it possesses a wonderful swimming pool in clover shape, to which one accedes across 2 panoramic elevators, surrounded with Mediterranean and tropical gardens, ending at the idyllic Old Lake, where you will be able to practice nautical sports, as canoeing, etc.

The development is an enclosed and gated area with a controlled single access point and with a total of 12 closed circuit television cameras on the perimeter fencing, 17 cameras (1 per block), and 2 panoramic cameras of 360

degrees, all connected to the surveillance centre. All the apartments are equipped with alarms, also connected to the development’s Guard room.

For more information visit

www.vistareal.es or contact Soledad Lovera e-mail: info@vistareal.org Mobile: +34 670 598 678

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Liev Rodríguez is an Architectural and Planning firm established in Marbella, with over 25 years of continuous work in Spain and the Caribbean. The constructions shown here are examples of the three basic areas in which the Studio works: Residential Complexes, hotels and Villas.

Our architectural way of thinking is based on the ontological concept of Architecture, that is to say, its raison d’être: “the continuous endeavour of man for inhabiting space and time”.

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ARChiTECTuRE

AVALON

JADE BEACH

According to Protagoras “Man is the measure of all things”, and therefore, just as important as the skill for dreaming up spaces, is the Architect’s capacity to imagine human situations. That architecture is simply the arrangement of space for the wellbeing and happiness of Man.

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HORIZON BEACH

Our residential complexes end up as small architectural microcosms in search of spatial response to the diversity of activities and functions which are assembled therein. They are fundamentally spaces for leisure and places where the search for comfort and well-being is fostered as well as the intention of creating metaphorical materials and spaces in a small, better world.

We propose rescuing what is unique, significant, distinctive, the sign or symbol and, fundamentally, the essence of each place.

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VILLA LOS ARQUEROS

Although the greatest part of our firm’s work is centered on large-scale projects, private housing represents the attitude and philosophy of the firm’s design and is, at the same time, the best example of wide range of design and architectural action in different contexts and scales.

VILLA EL MADROÑAL

Centro Comercial Plaza Minitienda 1, nueva Andalucía 29660 Marbella

TLF: 952 90 85 89 i estudio@lr-arq.com i www.lr-arq.com

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16 MODERN LUXURY VILLAS

16 detached villas of approx. 282m2 average built with 1st quality materials and finishing Plots from 461m2 to 728m2 High standard

Various typologies Modern designs

Beautiful sea views

Delivery of Houses:

2nd Quarter of the year 2018

PROJECT MANAGEMENT & MARKETING

T. (+34) 952 49 46 79 - M. (+34) 681 279 454 - info@planificalia.com

w w w. c a l a v i e w s . c o m

lE O S

y C EN G A

M. (+34) 629 890 131

vero@belairtennis.com

EL PARAISO

Villa El Paraíso

A rustic style villa located in the Paraiso Golf Valley with 4 bedrooms and 2.5 bathrooms of which one is en-suite to the master bedroom. One of the bedrooms is currently being used as a office. The property boasts a huge kitchen and even larger living room which seamlessly opens into a large, terraced area by the allseason heated pool and with a mature garden. The property gives off an air of seclusion yet it is only a few minutes away from all amenities such as banks, supermarkets, restaurants and other establishments.

Beds: 4 / Ваths: 2,5 / Built: 337m2

Covered Terrace: 50m2 / Open Terrace: 62m2 Plot: 2.640m2

Price: 1.550.000€

www.belair-properties.com

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MARKET REPORT 2017

MARKET REPORT 2017

2016 was a year that brought its share of surprises. For us, and much of Europe, it came in the form of brexit and caused a temporary scare, but already 2017 is shaping up to be a very different kind of year.

2016: MARKET AND TRENDS

The period between 2013 and 2016 offered a clear enough picture of economic revival and property sector recovery on the Costa del Sol spurred on by an earlier (and continued) surge in tourism numbers, the stabilisation of the banking sector and the gradual return to growth on a national level. As this trend solidified, what were once ‘toxic assets’ got snapped up by investment funds, most of the previously unsold properties sold out and before long the machinery of the construction industry started moving again.

A new generation of foreign buyers was ready to rekindle the love affair with Marbella, but the landscape had changed since the pre-recession years. Suddenly newly built properties featuring the latest architectural styling and technical amenities were very much in demand, leaving the market for resale properties to recover but lag behind, with demand for older properties in prime locations with renovation potential also strong. nonetheless, keen competition for scarce ready to build land caused prices to rise particularly in Marbella. it seemed that the region was on track for a classic up cycle, yet at the end of 2015 we received the first shock to the system when the 2010 PGOu urban plan was annulled by the Supreme Court in Madrid.

The ensuing problems surrounding planning status in some parts of Marbella have since taken a little of the steam out of

Marbella growth, but demand for the properties and lifestyle of this region is so solid that the focus merely shifted to benahavis, Estepona, Mijas and also Ojén – all town halls untethered by planning licence issues and keen to attract investment. The popularity of contemporary villas, apartments and semi-detached villas/townhouses continued, and the excellent returns of early projects combined with rising sales figures have encouraged a growing number of investors and developers to launch new small to medium-sized projects from Manilva in the west to La Cala de Mijas in the east.

Some of the many projects currently under way include: Arboleda and The Edge in Estepona, Mirabella hills and Marbella Club hills in benahavis, The hills in La Quinta and Palo Alto in Ojén and icon - The Residences in Marbella East.

Projects such as Jardinana in La Cala de Mijas and Golf hills Village in Estepona are selling fast or indeed sold out, which provides international investors with the confidence to focus on developments in our area. Proof of this is investment by international funds such as Round hill Capital active in the Palo Alto development, while Taylor Wimpey has new projects such as Acqua in nueva Alcántara, horizon Golf in Mijas and botanic in La Reserva de Alcuzcuz. Additionally CTh Capital is involved in the project unO at El Ancon beach on Marbella’s Golden Mile which has been a huge success in its pre reservation phase, and neinor homes and Kronos investment Group both involved in projects in the Marbella, Estepona and benahavis areas.

The banks, meanwhile, are playing their part with greatly improved financing facilities coupled with low interest rates.

Combined with the fact that Marbella property prices still represent excellent value for money for buyers from large parts of Europe, the forecast is very positive.

PROPERTY SALES FROM 2004-2016 IN MARBELLA, BENAHAVIS AND ESTEPONA. P roperty sales from 2004-2016 in Marbella,

B enahavis and

E stepona.

Year

Benahavis

Estepona

Marbella

Total

2004

353

882

4.779

6.014

2005

412

2.244

4.017

6.703

2006

650

1.788

4.432

6.870

2007

633

2.581

3.568

6.782

2008

438

1.721

2.116

4.275

2009

559

1.086

2.199

3.844

2010

422

1.154

2.389

3.965

2011

311

1.248

2.259

3.818

2012

593

1.490

2.519

4.602

2013

532

1.669

3.106

5.307

2014

708

2.109

3.982

6.799

2015

743

2.054

4.435

7.232

625

2.123

4.001

6.749

2016

Source: Ministry of Public Works

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MARKET REPORT 2017

Brand new frontline beach villa in New Golden Mile, West Marbella

THE IMPACT OF BREXIT

Once again, it seemed like the Costa del Sol had overcome the Marbella PGOu hurdle and was gearing up for accelerated growth as it moved towards the mid- range of the cycle. Old markets such as the uK, ireland and The netherlands were reviving while ‘new’ ones such as Scandinavia, belgium, France, the Middle East and Morocco were growing at a healthy rate.

Only sales to Russian buyers were not performing well in the wake of the geopolitical situation in the ukraine, but for the rest all looked well. And then the unexpected happened: the british public voted to leave the European union by a small margin (51.8%). if you factor in the distinct possibility that more than a few cast a protest vote – never expecting the Leave campaign to actually win – the public mandate obtained is actually quite weak, yet the referendum result holds legally and therefore the british government carries legitimacy as it pushes through the first steps of what should mean secession from the Eu by 2019.

in our little paradise we feel far removed from the major 1 17/05/17 00:45 theatres of politics, yet as the fortunes of the Costa del Sol are closely linked to those of its main markets in northern Europe, important events there are felt on the ground here. brexit is a prime example, for though their overall share of sales have dropped, the british remain the largest single market for properties in this region, accounting for roughly 35% in 2016.

The market is now highly diversified and no longer dependent upon one single nationality – all the more so as you move up the price ladder – but it cannot be denied that home sales were affected in the second half of the year as many british buyers backed off. not because they were no longer interested in Marbella property, but because uncertainty makes people want to wait and see how things turn out.

DM 02.pdf

The statistics show a decline in sales to british homebuyers last year both in our region and in other parts of Spain. The fact that it was met with a strong increase in sales to Scandinavian, dutch, belgian, French, German, Middle Eastern and also Moroccan buyers cancelled out any negative impact on overall sales in 2016, but it also denied the year a chance to rather spectacularly beat the previous record set in 2007. More importantly, the full impact of brexit on

property sales is likely to be felt in 2017, as sales made in one year are often completed and registered during the following one. This means some of those included in last year’s figures actually date to the pre-brexit market of 2015.

it is a good thing that the region now enjoys such a dynamic and diverse market base, and we may well be able to look forward to growth in the domestic and international markets thanks to

Spanish economic growth and a more attractive Golden Visa proposition respectively, but the overall strength of demand for what Marbella has to offer will not be enough to cancel out the effect of brexit in 2017, not perhaps for another year or two.

Mark Stücklin (Spanish Property Insight) –

“i think we will see a steeper decline in british demand in the figures for Q1 when they come out (between 40% and 50% down, maybe even more), which i suspect will lead to an overall decline in foreign purchases inscribed in the Land Register in 2017”

Evidence suggests this is most likely to be felt in traditional british pockets along the coast and in the lower end of the market in general, with the higher price category less affected as it is more diversified and british buyers in this segment are less likely to be put off by buying outside of the Eu umbrella.

The low pound to euro exchange rate is the immediate cause of lower sales, but having stabilised for the time being it is expected to gradually recover in the coming years.

Though one has to be realistic about the impact of brexit on the fortunes of the Costa del Sol there is no need for despair. The impact will be felt mostly in the shorter term, and as the british love affair with Marbella is far from over the effect will be relative, not absolute. demand from other countries continues to grow, and efforts such as the recent town hall envoy to the Moscow international Travel & Tourism Exhibition, at which mayor José bernal promoted Marbella, reflect the desire to consolidate this growth among existing markets and develop those with further potential. This includes the Russian market, which is showing signs of recovery, and the Moroccan market, but also more distant ones such as China, the uSA and Latin America, which act to complement the core European and Middle Eastern client base.

Top ten nationalities searching for a property - 2016 IN SPAIN 1. United Kingdom 2. Spain 3. Russian Federation 4. United States of America 5. Ireland 6. Germany 7. France 8. Netherlands 9. Switzerland 10. Italy

IN MARBELLA 1. Spain 2. United Kingdom 3. United States of America 4. France 5. Germany 6. Sweden 7. Belgium 8. Netherlands 9. Switzerland 10. Ireland

Source: Knight Frank Global Property Search in Spain & DMproperties.com

2016 Property Sales in Spain to ForeignIDEA Buyers Property sales to foreign buyers (in Spain) in 2016 (53.690) almost equalled the previous record of 2007 (57.768), but at 13% of the total

55

MARKET REPORT 2017 DM 02.pdf

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Top ten nationalities searching for a property - 2016 IN SPAIN 1. United Kingdom 2. Spain 3. Russian Federation 4. United States of America 5. Ireland 6. Germany

6. Sweden

7. France

7. Belgium 8. Netherlands 9. Switzerland Modern corner townhouse in Sierra Blanca 10. Ireland

8. Netherlands 9. Switzerland 10. Italy

LOOKING AHEAD

Source: Knight Frank Global Property Search in Spain & DMproperties.com

As we speak Marbella feels quite buoyant as it prepares itself for another record summer and enjoys an upturn in property sales. hotels are full, businesses are opening and the dining scene is developing apace, with new Michelin star restaurants Top ten searching for aPlaza property turning the nationalities centre and Puente Romano’s Village- 2016 into a fine-dining examples of growth include MARBELLA IN SPAIN cluster of note. OtherIN the1.opening of the Oasis business1.Centre, Spain the announcement United Kingdom of the new W Marbella Resort by2.investment group Platinum United Kingdom 2. Spain Estates and Marriot international 3.in United Las Playas and a States beach of America 3. Russian Federation 4. France 4. United of America at the nobu hotel States and restaurant Puente Romano, with a 5. Germany 5. Ireland shortage of commercial premises for rent in top locations 6. Sweden 6. Germany becoming noticeable also. What remains for Marbella, 7. Belgium 7. France therefore, is to continue to upgrade what it offers as a luxury 8. Netherlands 8. Netherlands tourism and residential destination.

“This continuing to invest10. in Ireland roads, facilities and other 10. includes Italy infrastructure,” says Pia Arrieta Morales, Managing director of Knight Frank Global Property Search in Spain & DMproperties.com dMSource: Properties/Knight Frank “but also initiatives such as 9. Switzerland

9. Switzerland

2016 Property Sales in Spain to Foreign Buyers

10.157

56

Q4 2016 sales Overall, nation-wide property sales in Spain were up 14%, foreign sales were up 16% vs. Q4 2015 308

Russia:

364

China:

533

(19%)

Italy:

729 794

France:

4.338

(8%)

Belgium:

Germany:

4.121

(7,5%)

Sweden:

Sweden:

3.610

(6,75%)

France:

1.084

Belgium:

3.243

(6%)

Germany:

1.158

Italy:

2.911

(5,5%)

UK:

2.074 (16% down from 24% in Q4 2015)

China:

2.239

(4%)

Rest:

Russia:

1.524

(2,75%)

TOTAL

Source: Colegio de Registradores de la Propiedad

Q4 2016 sales IDEA

continually improving the standards of professional training, service andSales beautification of the area. Marbella could 2016 culture Property in Spain to Foreign Buyers do with moving its industrial estate to another location and Property sales to foreign buyers (in Spain) in 2016 (53.690) almost would be ideal record location for a (57.768), hi-tech business equalled thethe previous of 2007 but at 13%park. of theWhat total we need is a vision for the market development national market their combined share isof at Marbella, an all-time looking high not just a few years ahead a master plan that plans GB: 10.157 but creating (19%) for growth and sustainability, avoids over-development and France: 4.338 (8%) in so doing nurtures the Marbella brand and its exclusivity.

4.121 We Germany: need to create a business(7,5%) and investment-friendly Sweden: and above 3.610all the legal (6,75%) environment, foundations that produce clarity, transparency 3.243 and engender(6%) confidence among buyers Belgium: and investors. if Mál2.911 aga could achieve what they have done, Italy: (5,5%) transforming a somewhat seedy Mediterranean port city into a China: European centre of2.239 culture and (4%) leisure with an array of Russia: 1.524such as Muelle (2,75%) uno, then certainly museums and projects Source: Colegio de Registradores de la Propiedad Marbella can too.”

Norway:

Property sales to foreign buyers (in Spain) in 2016 (53.690) almost equalled the previous record of 2007 (57.768), but at 13% of the total national market their combined market share is at an all-time high GB:

IN MARBELLA 1. Spain 2. United Kingdom 3. United States of America 4. France 5. Germany

Overall, nation-wide property sales in Spain were up 14%, foreign sales were up 16% vs. Q4 2015

813

4.821 12.678 (up 5%) Source: Colegio de Registradores de la Propiedad

MARKET REPORT 2017

DM PROPERTIES/KNIGHT FRANK MARKET FEEDBACK DM PROPERTIES SALES TEAM

“in 2016 buyers became more cautious with their investments and more aware of the international situation. brexit affected the number of british buyers investing in Marbella, though other nationalities were still active purchasers, in particular the norwegians, belgians and dutch. They have contributed greatly to the successful sales of Los Olivos villas in nueva Andalucía, icon Signature Villas in Santa Clara to mainly Scandinavian, belgian and dutch buyers, and developments such as Taylor Wimpey’s Jade beach in nueva Andalucía. This has continued in the new year, where we are also seeing strongly revived british interest.

“Adjustments to overpriced properties continue to take place, making the property market a more competitive one. Prices have been mainly stable with buyers submitting offers around 10% below asking price. Land available in prime areas of Marbella is practically all gone, although strong interest remains from buyers who are having to look beyond Marbella in benahavis or Estepona.

“We see the trend among clients (end users and investors) taking longer to decide on a purchase continuing in 2017, yet the popularity of the new developments is reminiscent of the pre-recession years.”

Breakdown of sales completed in 2016: Spanish

15%

British

12%

German

12%

Swedish

11%

Norwegian

11%

French

7%

Saudi and Kuwaiti buyers Late 40s to early 60s

60%

Late 30s to mid-40s

30%

Others

10%

PIA ARRIETA MORALES, MANAGING DIRECTOR

“The majority of our enquiries continue to come from Scandinavia, with holland and belgium also prominent markets. We have also noticed a strong recovery in the Spanish market, a slow revival of Russian buyers, with british enquiries down in 2016 but up again in 2017, and a strong increase in interest among Saudi and Kuwaiti buyers for the Golden Visa scheme.

Frontline golf villa in La Zagaleta

but beachside alternatives such as Guadalmina baja and San Pedro Alcántara are also increasingly popular.

“Overall, modern style properties remain most in demand, above all modern villas of around 250m2- 450m2 built (€800,000 - €2 million) with attractive design features and stylish modern apartments of 100-150m2 (especially up to €600,000) Penthouses remain evergreen, but we’ve noticed a recent surge in the popularity of ground floor ‘garden’ apartments. Additionally, on-site concierge services are a plus and a south or southwest orientation with sea views is pretty much a must.

“hot up-and-coming areas include the beachside area extending west of Marbella to Estepona and benahavis areas such as nueva Atalaya and La Alquería. in these areas there is also a strong growth in requests for plots where people can build contemporary villas. The modern design and interior trend was driven above all by Scandinavian buyers. There are, however, still many buyers who look for good resale properties as they don’t want to wait a year or more before their home is constructed and ready to move into.

“however, clients are demanding a high standard of finish and comfort, with good insulation, low cost heating/cooling, solar energy, open plan kitchens, modern bathrooms and a good level of finishing. So in the case of resale properties this sometimes requires some updating. People also enjoy large terraces and being close to amenities and services. The latter, together with attractive, peaceful surroundings and good sea views, defines a good location. The ultimate location remains a top frontline beach address. There is also demand for older properties in top locations that can be renovated, both for investment and personal use.”

New development of apartments and town houses next to Marbella Club Golf

“The greatest demand is for frontline beach apartments on the Golden Mile, especially Puente Romano, in the price range up to €2.5 million, followed by medium- sized villas of up to €3 million in gated communities within the greater Golden Mile (Cascada de Camoján, Sierra blanca) and nueva Andalucía.

Clients want to be close to Marbella town and Puerto banús,

IDEA

57

MARKET REPORT 2017

NEGATIVE FACTORS ABOUT DOING BUSINESS IN SPAIN Elegant home with sea views in Sierra Blanca

t Education, R&D and digitalisation could/should improve

BRITISH BUSINESS AND INVESTMENT BAROMETER POST-BREXIT

2017 is the year Article 50 is enacted and the process of negotiation and eventual secession from the European union will begin to take shape. A lot will

depend upon a ‘hard’ or ‘soft’ brexit, and at this point it is difficult to predict how much investment flows will be affected, but the british Chamber of Commerce in Spain has surveyed a representative sample of 62 companies actively engaged in trade with Spain to gain an indication of business sentiment.

The uK has a long history of trading with Spain and is currently the third largest foreign investor in the country, with €37.6 billion of dFi (Foreign direct investment) and accumulated investments that in 2016 contributed €6.1 billion in tax revenue and 161,353 direct and indirect jobs – 13,868 of which are in Andalucía. in 2016, around 35% of british investment in this region was in real estate and construction, signalling how important the property sector is to trade between the two countries.

business links between the uK and Spain existed long before either country joined the European union (1973 and 1986 t The government sector scores acceptably respectively) and will continue long after brexit. While the DM 06.pdf 17/05/17 01:53 but is 1considered to be one of the obstacles to nature of the continued relationship will at least in part be growth determined by the trade agreements to be negotiated between the uK and the Eu, the immediate concern for many – t The labour market has improved but–could/ especially many british homeowners in Spain is how they as citizens will be affected in terms of their residency, labour, tax and healthcare rights.

POSITIVE FACTORS ABOUT DOING BUSINESS IN SPAIN t The quality and professionalism of companies and services is improving satisfactorily t The formation of a new national government at the end of 2016 is seen as a major stabilising factor and boost to economic growth, which is expected to consolidate around 3% in Spain for the coming years

NEGATIVE FACTORS ABOUT DOING BUSINESS IN SPAIN

Source British Chamber of Commerce

t Education, R&D and digitalisation could/should improve t The government sector scores acceptably but is considered to be one of the obstacles to growth

FDI (Foreign Direct Investment) stock (share) by country

14,4%

13,2%

11,4%

11,2%

9,2%

USA

Italy

UK

France

Germany

t The labour market has improved but could/ Source: British Chamber of Commerce in Spain C

58

POSITIVE FACTORS ABOUT DOING BUSINESS IN SPAIN

IDEA

M

Y

CM

MARKET REPORT 2017

The number of square metres US$1m will buy in…

Based on prime residential prices as at Dec 2016 MONACO (17) HONG KONG (20) NEW YORK (26) LONDON (30) GENEVA (42) SINGAPORE (43) SHANGHAI (46)

FDI (Foreign Direct Investment) stock (share) by country

PARIS (55) BEIJING (58) SYDNEY (59)

14,4%

13,2%

11,4%

11,2%

LOS ANGELES (61)

9,2%

MIAMI (79)

USA

Italy

UK

France

Germany

BERLIN (87)

Source: British Chamber of Commerce in Spain

TOKYO (91) MUMBAI (99) ISTANBUL (102) MELBOURNE (110) DUBAI (162)

Golf Valley villa with stunning views

The british and Spanish authorities have been keen to guarantee that changes, if any, will be mild and need affect neither foreign residents nor trade in any significant way. At a recent press event organised by the british Chamber of Commerce in Marbella, the british Ambassador in Madrid once again reiterated that it is in the interest of the uK, Spain and indeed the Eu that business continues ‘as usual’. below is a summary of a business sentiment survey carried out by the british Chamber of Commerce: • British companies remain mildly optimistic about investing in and doing business with Spain

• They are positive about the economy and happy with returns

• As a result, more than half of British companies active in Spain plan to increase their investments over the next two years

• Over 60% of British companies expect that Britain’s exit from the EU will not affect their investments in Spain. However, nearly 30% believe Brexit will adversely affect their investments, with the majority of these firms expecting to scale back by over 10%

• Nearly all of the British companies consulted believe it is feasible, over the medium term, to create a new framework for economic ties conducive to stable flows of direct British investment in Spain

SÃO PAULO (176) MARBELLA MARBELLA (180) (180) CAPE TOWN (209)

Price ranges for Hong Kong, Beijing and Shangai are for properties considered ¶VXSHU SULPH· Price calculations for Hong Kong are based on apartments and for Marbella on apartments located in prime DUHDV Where the top locations above achieve stratospheric square metre values of $40,000 - $60,000, Marbella averages out at around $5,550/m2 However, leading urbanisations such as Puente Romano, Los Granados and Oasis de Banús in Rio Verde command close to $12,000/m2, putting them close to the world·s main urban centres, while the exclusive UNO at El Ancón Beach on the Golden Mile has all units pre-reserved at around $15,000/m2 7KLV shows that while Marbella is not a densely built up urban centre, at the top end it is beginning to touch base with square metre prices seen in the world·V PRVW H[SHQVLYH ORFDWLRQV Currency calculations based on exchange rates prevailing 30th December 2016 Source: Knight Frank Research

Contributors: The DM Properties team Written by Michel Cruz

IDEA

59

NEW VILLAS IN LUXURY GATED COMPLEX Las Lomas del Marbella Club

Ref: DMD1366 Price 2.600.000€ to 3.800.000€

4

4

521 m2 889 m2

948 m2 1.660 m2

Luxurious urbanization of eight villas in one of the finest locations in the Golden Mile, at approximately 1km from the beach and promenade, 2 kms from Puerto Banús and Marbella.

PROPERTY FEATURES:

86 m2 315 m2

The complex offers a unique combination of exceptional design,security, views and exclusivity with easy access to all services and amenities. Tropical gardens and stunning sea views.

- Elegant modern villas with sea views

- Private gardens and pools

- Home automation

- Exclusive gated community

- High quality specifications

- 24h security and CCTV cameras

Over 411 Offices in 59 Countries

NUEVA ANDALUCÍA Av. del Prado, Urb. Fuente Aloha 2A - Tel: 952 908 415

EXCEPTIONAL LIVING IN PRIME LOCATION Sierra Blanca, Marbella

Ref: DM3125-02 Price 3.900.000€

5

5

820 m2

1.470 m2

Spectacular villa, recently completed and ready to move into.

Conveniently located in one of Marbella’s most prestigious areas, with 24h security and a couple of minutes’ drive to

PROPERTY FEATURES:

92 m2 the centre of town, beaches, schools and services. Practical and spacious layout over three levels, thoughtfully designed.

An ideal family home to enjoy year-round comfort and quality of life.

- Stunning south-facing villa

- Mountain and garden views

- Spacious 4-car garage

- Most sought-after location

- High quality materials

- Home automation system

MARBELLA Av. Cánovas del Castillo, 4 - Tel. 952 765 138

DMproperties.com

An oasis of peace and tranquility where you can enjoy the golf, the mountains and the sea.

In the heart of the Costa del Sol and in a privileged enclave within the golf course Estepona Golf, is Oasis de Estepona Golf. An exclusive residential complex of 8 spacious homes built with high quality finishes and contemporary design.

Its magnificent location within the golf club surrounded by lakes and greens, makes living in this exclusive set of single family homes a unique and unparalleled experience.

The promotion is well communicated thanks to the proximity to the A-7 and with quick access to the AP-7, only a few minutes away from the center of Estepona, its extensive beaches and the Marina.

T. (+34) 952 790 790 - info@oasisdeesteponagolf.com

OASIS DE ESTEPONA GOLF The Houses…

• Contemporary style townhouses distributed over two floors with 3 bedrooms & 3 bathrooms.

• Spacious and bright rooms based on the open concept.

• Excellent finishes and contemporary and avant-garde design.

• Covered & uncovered terraces and outdoor garden to enjoy all year round.

• Southeast facing mostly and partial sea views.

• Community area with swimming pool, gardens and parking.

€ m 0 o Fr 00

.

5 6 3

www.oasisdeesteponagolf.com

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Multi-award winning luxury estate agents in over 300 locations worldwide Multi-award winning luxury estate agents in over 300 locations worldwide

bayview, benalmádena, Málaga - from 199.900€

bedrooms: From 2 bathrooms: From 2 Surface: 111m2

Ref: P2L1715

Surrounded by landscaped areas and large parks, bayview homes is centrally located for a wide range of restaurants, shops and shopping centres, cultural activities and sports facilities for every single day of the year; only 900 metres from a golf course, ten minutes’ walk from a hospital and only 3 minutes from an area of supermarkets.

Fine & Country Mijas Costa

C/ Viento Del Sur Local Nº1 Urb. Riviera Del Sol 29649 Mijas Costa, Málaga, Spain Fine & Country Mijas Costa C/ Viento Del Sur Local Nº1 Urb. Riviera Del Sol 29649 Mijas Costa, Málaga, Spain

tel +34 952 930 532 email mijas @fineandcountry.com www.fineandcountry.com tel +34 952 930 532 email mijas @fineandcountry.com www.fineandcountry.com

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Mijas Costa Mijas Costa

hole in One Riviera, Mijas Costa, MĂĄlaga - from 286.000 â‚Ź bedrooms: 2 or 3 bathrooms: 2 or 3 Surface: 111m2

Ref: P2L1715

There is a wide variety of apartments to choose from: 2 and 3 bedroom apartments each with a possibility of having its own plunge pool on the terrace.

The complex consists of 16 unique apartments, with beautiful landscaped tropical gardens and amazing views over the mountains and Mediterranean Sea. Situated on Miraflores golf course and close to amenities.

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Multi-award winning luxury estate agents in over 300 locations worldwide Multi-award winning luxury estate agents in over 300 locations worldwide

Los Monteros Palm beach, Marbella - 1.500.000€

bedrooms: 3 bathrooms: From 3 Surface: 170m2

R179008

Stunning 3 bedroom 170m2 frontline beach apartment is located in the gated residential complex of Palm beach, Los Monteros, Marbella East. it has exceptional views over golf and sea to Marbella bay and the African coastline on the horizon. This ground floor apartment offers an ample lounge-dining area with large windows leading to the sunny terrace of 43Mijas m2. Costa Kitchen has breakfast area with attached laundry room and 3 en-suite bedrooms. Living Fine & Country tel +34 952 930 532 room and Master bedroom have sea views and direct access to the spacious terrace with own tropical garden.

C/ Viento Del Sur Local Nº1 Urb. Riviera Del Sol 29649 Mijas Costa, Málaga, Spain Fine & Country Mijas Costa C/ Viento Del Sur Local Nº1 Urb. Riviera Del Sol 29649 Mijas Costa, Málaga, Spain

email mijas @fineandcountry.com www.fineandcountry.com tel +34 952 930 532 email mijas @fineandcountry.com www.fineandcountry.com

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Mijas Costa Mijas Costa

buena Vista hills, benalmádena, Málaga - from 495.000€

R2917655

bedrooms: From 3 - 4 bathrooms: From 3 - 5 Surface: From 264m2 to 380m2

This new 26 villas development will start construction in Autumn 2017 situated on various plots from 500 - 900 sqm with different designs within the modern and open space contemporary villas from 264 - 393 sqm depending on the model and plot.

The project is designed to combine a sleek architectural language with a peaceful natural setting surrounded by pine trees and the beautiful mountain of Mijas.

LEGAL

VOGT ADVOKATFIRMA E S PA ÑA S L

buYinG REAL ESTATE 1.- DIFFERENCES BETWEEN OTHER COUNTRIES AND SPAIN

The Spanish buying process differs significantly from that in other countries.

Firstly, there are no government-authorised estate agents in Spain. nor is authorization required to act as an estate agent. Estate agents do not provide financial guarantees, and many of them are not insured for the financial commitments that may be undertaken.

There are no formal viewings like we are used to in other European countries. Properties are advertised online by all or many Spanish estate agents. it is therefore important to ascertain that the estate agent you are dealing with actually has the property on its books and is authorised to sign on behalf of the vendor.

Secondly, the actual contract obviously also differs from the one used abroad. An initial reservation contract is usually signed whereby the buyer pays a deposit (between €3,000 and €6,000) to take the property off the market. The next step is to draw up and sign a purchase contract (Contrato de Compraventa).The transaction only becomes final once the title deeds (Escritura Publica) are registered with the notary.

Thirdly, all contracts are in Spanish and are normally regulated

by Spanish law. Get a solicitor to help you with this process – ideally one who speaks both your language and Spanish and a company who employs both Spanish and other European countries solicitors.

2.- QUALITY CONTROL WHEN BUYING REAL ESTATE IN SPAIN

First we should like to stress that few foreigners are in a position to assess the risks and potential problems linked to buying real estate in Spain. investing in real estate often involves large sums of money, and you have to deal with a different legal system and laws and rules that are considerably different from those in other countries. Few people are also fluent in Spanish.

The quality control process varies depending on whether you are buying off plan, a new apartment/house or a secondhand property.

3.- PLAN PARCIAL – DEVELOPMENT PLAN.

The development plan for the area should be examined. it will reveal any planned roads, preservation areas, new areas of development etc.

70

IDEA

When buying a property under construction you should check that the developer has planning permission (licencia de obra). if the development is within a “green zone” (an area that should not be developed), you should check whether dispensation from the development plan has been granted.

A bank guarantee should be issued for part payments during construction. it is common for developers not to produce a bank guarantee until requested to do so by the buyer or the buyer’s solicitor.

it is also important to obtain a so-called licencia de primera ocupación – completion certificate – before moving in. This certificate is necessary in order to enter into permanent water and electricity contracts.

This is just a basic checklist of the information you should obtain in order to quality-assure a real estate purchase. however, the quality control must be tailored to each individual purchase. if the owner of the property is a Spanish company, the quality control process will be more extensive. For example, quality control will then include due diligence of the company’s financial and legal status. if the owner is a Spanish company owned by a foreign enterprise, you should be very wary of taking over the parent company without conducting a thorough preliminary investigation.

in recent years, great efforts have been made in the standardisation of town planning, with the intention of regularising and legalising buildings that are not in line with current planning regulations.

The planning regulations of many Town halls now include the terms and conditions that have to be complied with by developers and owners in order to legalise those buildings: transfer of land for public use, better infrastructure and urban services, monetary compensation to the Town hall, etc.

Apart from the standardisation mentioned, we would highlight two important situations:

buildings with the status of “outside of planning regulation”, built with planning permission which at the time complied with the regulations then in force, but not with the current ones.

This means that the owner may only carry out renovation work for repair and conservation as strictly necessary for conserving living conditions or conditions for the use intended, without in any event making any extensions or improvements.

buildings with the status of “equivalent to outside of planning regulation”, which is given to works, constructions and buildings that infringe planning regulations, and were carried

DEVELOPED BY

SALES & MARKETING

Centro Comercial Centro Plaza Oficina 12, 1ª Planta, Nueva Andalucía 29660 Puerto Banus - Marbella - Málaga Tel.+34 952 81 00 00 info@ fmconsulting.es - www.fmconsulting.es

LAS L AS TERRAZAS DE AT ATAL ALA AYA Calle Pico Alcazaba Carretera de Benahavís A-7175 29688-ESTEPONA

Centro Comercial Guadalmina Edf. 3 Planta 1ª Ofi. 4 29670 Marbella - Málaga - Spain Tel.: +34 952 906 110 exxacon@exxacon.es - www.exxacon.es

LEGAL

out without permission, or they contravene the rules and these have now expired, or in other words, the legal period established for taking any action, 6 years, has expired without the Administration having opened any proceedings or passed any decision ordering the restoration of legal order in respect of that infringement.

Properties in this situation cannot obtain their First Occupation Licence but they can execute a deed of new construction and have it registered in the Land Registry with that status.

it is necessary to remark that the Spanish Supreme Court has declared as null and void the 2010 Marbella PGOu (General Plan for urban Zoning). This means that from now on the town will have to comply with the terms of the 1986 Plan, which had been in force before approval was given for the one which has now been declared invalid. This situation requires a common effort to be made by the Town hall and the Regional Government in order to set up the proper regulation to guarantee the judicial security for buyers, investors and promoters.

3.- BUYING OFF-PLAN a) Introduction

The developer’s obligations towards the buyer are regulated by law. For example, there are requirements for the content of the contract and for the issuing of guarantees for any monies paid during the construction period. Once ownership of the property has been transferred there are also rules on the developer’s obligation to rectify any faults and discrepancies with the property. b) Contract requirements

Firstly, there is a general legal requirement that the contract must be clear and concise. it must also be balanced, and the terms and conditions must be “reasonable”.

Examples of unreasonable terms and conditions in a contract:

• When buying real estate off-plan the buyer is often offered to take over the existing mortgage on the property. The mortgage often accounts for 70% of the total purchase sum. buyers are not obliged to take over the mortgage, but some contracts stipulate that the buyer must pay cancellation fees for the mortgage if he does not agree to take it over. This clause is frequently abused, as it is in principle the developer’s duty to pay cancellation fees for his own mortgage. These costs are often around 0.5–1% of the mortgage. Land registry fees and notary costs of up to some €1,000 are also payable.

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• Contract terms and conditions stipulating that the buyer must pay any costs that under the law should be met by the vendor – such as the cost of dividing up the apartments (división horizontal) – are deemed to be “unreasonable” according to Spanish law.

• We have often seen contracts specifying that the buyer is obliged to take possession of the apartment once the developer has obtained a so-called Acta fin de obra – a certificate issued on completion of the building. According to Spanish law, the property only becomes habitable once the developer has obtained a Licencia de 1ª ocupacion as described above. Legally, the property does not become habitable until this certificate has been produced.

Under Spanish law the contract must contain the following:

• information about the contract parties. The contract should contain the buyer’s name and address. Similarly, it should specify who the developer is. if the developer is a company, it must state where the company is registered, which type of company it is, its organisation number/CiF number and its address. The contract must also contain a detailed description of who is authorised to sign on behalf of the company. if it refers to a power of attorney from the developer, Spanish law requires this to be a notary power of attorney. The contract should contain a description of where and in the presence of which notary the power of attorney was signed.

buyers often decide to change the name on the contract during the construction period. For example: a buyer has signed in her own name but then decides that she wants her Spanish/other European company, or her children, to be the legal owner of the property. if this buyer has been farsighted enough, the contract would contain a provision stating that the contract can be transferred to a third party without requiring the permission of the vendor. if the contract does not stipulate such an entitlement, the buyer must rely on the vendor’s goodwill.

Vendors will occasionally refuse such a transfer without giving any reason whatsoever. nor does Spanish law require the vendor to give a good reason for such a refusal. if it is a case of a genuine sale before completion, the vendor will often demand a certain percentage of the profit that is generated by the buyer. in other cases it may be stipulated that any profit is to be shared equally between the buyer and vendor.

A transfer of the purchase contract during the construction period may render the vendor liable for capital gains tax on any profit, and the transfer itself may be subject to transfer charges or VAT.

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• description of the Property.

The contract should include a detailed description of the property, and it should state where the property is registered. it should also contain plans of the apartment, showing room divisions etc. if the apartment is in an urbanisation (joint ownership), plans should be attached showing the location of the apartment within the urbanisation. The plans should be signed by both the buyer and the vendor. Communal areas should also be defined, as should the developer’s obligations in terms of building swimming pools, tennis courts, club houses etc. if these are described in the prospectus.

• Price and delivery date.

The contract must contain information about the price and completion date. The completion date should correspond to the date on which the developer receives the so-called licencia de 1ª ocupacion – a completion certificate required to enter into water and electricity contracts • building specifications.

The contract should also include a list describing materials, colours and standards in detail. For example, the list should specify whether there should be marble floors, which type of marble should be used etc. it should also specify what will be included in terms of white goods, air conditioning, alarms etc. c) Bank guarantees

Spanish law requires a bank guarantee or insurance guarantee to be produced for any monies paid in during the construction period. This is a mandatory legal requirement, which means that the developer has a duty to issue an insurance/ bank guarantee for any monies paid in during the construction period. An agreement between the parties stating the no bank guarantee will be issued is not valid under Spanish law. The law also prescribes a duty on the part of the buyer to return the bank guarantee(s) when signing the title deeds and taking possession of the property.

Spanish law also stipulates that monies paid in during the construction period shall be placed in a separate account and used only for construction. The bank guarantee shall also guarantee the annual amount of interest.

The purchase contract should expressly refer to the bank guarantee, and it should specify that the developer guarantees the return of the monies paid in + 4% interest per annum if the developer has not completed the property within the agreed

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time frame. The purchase contract should also specify that the vendor shall meet the cost of obtaining a bank guarantee. it is also important to obtain a licencia de primera ocupacion (completion certificate) before moving in.

This certificate is necessary in order to enter into permanent water, gas and electricity contracts, for example (ref. 1.2.2.6).

For practical reasons it is common for the buyer to receive the bank guarantee around 14 days after the money has been paid in. d) Developer’s obligation to rectify discrepancies and faults

When building new homes the developer is obliged to rectify any faults and discrepancies with the property. in Spain there are generally speaking three different deadlines for requesting rectification. The various deadlines depend on the nature of the discrepancy.

Firstly, the buyer is entitled to demand that the developer rectify any faults and discrepancies with the property provided he makes such a demand within one year of taking possession of the property. This mostly relates to visible faults and discrepancies.

The buyer may also demand that the developer rectify hidden faults by making a claim to that effect within three years of taking possession of the property.

For construction faults and discrepancies there is also a 10year deadline for making a claim for rectification.

if you buy real estate where the previous owner purchased the property from a developer 6 months ago, the previous owner’s rights vis-à-vis the developer will be transferred to you. This means that you must make any demand for rectification of visible faults and discrepancies within 6 months etc.

We should also like to add that if the developer fails to meet his statutory obligations, the case must be brought before a Spanish court of law. it should not come as a surprise to anyone that the Spanish legal process is very time-consuming.

We are sorry to say that we have seen several examples of developers simply speculating in buyers’ not going to court, instead agreeing to rectify the discrepancy at their own expense.

For more information visit www.vogtlaw.com or call +34 952 77 67 07

Vogt Law Firm is handling legal matters associated with real estate, tax, inheritance and immigration to Spain as well as matters relating to Spanish and norwegians business law. Vogt Law Firm was founded in 1999.

Vogt Advokatfirma España S.L Ricardo Soriano 65 · 2º-3 29601 Marbella · Spania

www.vogtlaw.com

Telefon: (+34) 952 776 707 E-post: info@vogtlaw.com

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