PROPERTY G U I D E Currencies Direct • Let’s talk currency
The Costa WHERE HAPPY MEMORIES LIVE ON
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super-rich and famous alike. But the accolades that led the area to become Number One with many global celebrities have not been won overnight, rather the foundations have been strengthened over many decades. It began in the 1940s with Spanish aristocrat Ricardo Soriano, Marquis of Ivanrey, who opened the hotel El Rodeo in Marbella in 1945, before his nephew Prince Alfonso de Hohenlohe, whose godfather was King Alfonso XIII of Spain, built the prestigious Marbella Club Hotel, the Costa’s first luxury lodging, in 1954. The area became fashionable with the world’s jet-set and many celebrities continue to buy property here today.
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PEDRO JAÉN/COUNT RUDI VON SCHÖNBURG/PANORAMA PROPERTIES
HE Costa del Sol is synonymous with luxury living in the sunshine. It has increasingly become the most favoured location in Spain for foreigners seeking the perfect climate, topping the Spanish ranking with around 3,000 hours of sun per year. The mild weather combined with a plethora of amenities and property ranging from townhouses in Mijas to the sprawling La Zagaleta in Benahavis, arguably the most exclusive housing estate in Spain, have together set the region in stone as a target for expatriates chasing the dream plus the
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DREAM home in the sun comes under many guises. But there is only one when it comes to a villa with an €80 million price tag. Luxury all the way. Matt Ford looks at Casa Loriana, Marbella’s most expensive spot of real estate currently up for sale.
Big numbers
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Lap of
Importance of insurance
Luxury
Occupying an 8,000-square metre plot, the house is split across four separate buildings with floor space of almost 4,000 square metres, with a 337 square metre terrace. It can accommodate up to 20 guests in 10 double suites, plus accommodation for personal staff. It is on the market with Prime Property Marbella for an eye-watering €80 million, or can be rented short term for €25,000 per day.
Bed of roses Built in 2002, the villa is accessed by a private road and is located on Marbella’s coveted Golden Mile with stunning sea and mountain views. It has a lagoon-style swimming pool with cascading waterfall, private cinema, formal and informal dining rooms, an enormous lounge and a private lift.
LUXURY LIVING: Casa Loriana has stunning views.
A SPANISH property association has warned that an astonishing number of people across the country lack adequate buildings insurance. Arrenta also believes around four in five buildings insurance contracts are old, with high premiums. They advise that owner communities across Spain seek out help from impartial insurance brokers who can offer an expert assessment of the true cost of fixing up community pipes or cleaning graffiti. Analysis from Arrenta also found that the vast majority of property owners in community buildings have no idea what their buildings insurance coverage includes or how much it really costs. Arrenta’s findings come amid other surveys which reveal that huge numbers of property owners in Spain do not even have home insurance. A general lack of awareness about the benefits mean that millions of people forego it entirely.
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ROPERTY prices continue to rise in Spain but that isn’t affecting purchases, which are definitely keeping up with the pace. Statistics suggest that the twin pillars of Spain’s property market are working well in tandem. The latest data is in for the first quarter of 2017 and shows a price increase of 7.7 per cent over Jan-March 2016. With respect to the last quarter, from Oct-Dec 2016, prices increased by 4.4 per cent, moderating the total decline from the highs of 2007 to just 22.8 per cent. Meanwhile purchase figures for the first quarter show that 113,738 transactions were registered, which is the best quarterly result in six years. It represents a huge increase of 21.8 per cent on the final quarter of 2016, and a year-on-year increase of 14.4 per cent. Among the new mortgages signed, the average debt stood at €116,182 and fixed-rate mortgages accounted for 38.7 per cent of the contracts. Once again the vast majority of homes sold were secondhand, though new build numbers continue to rise, and at a faster rate. Price rises also saw another symbolic milestone reached in Spain’s superb recovery. Property prices across the country are now comparable to 2004, well before the crisis and at a healthy time for the Spanish market before the sharp rises from 2006-2008.
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oom, bust and ack again
Spain has suffered economic uncertainty since 2008, but there are encouraging signs for the property market.
Money is flowing into the Spanish property market from sun-bound Brits who continue to cement their dominance of the country’s foreign buyers market. In the first quarter of 2017 foreign nationals purchased roughly 15,000 properties in Spain. That amounts to a 13.1 per cent share of the total market, following on from last year’s average of 17 per cent. Among the foreign buyers, Brits accounted for 14.5 per cent of purchases, by far the largest national contingent. French buyers secured the second highest share at 9.6 per cent, putting Brits well ahead in front. The next largest nationalities by share of the market were the Germans on 7.7 per cent, Belgians on 6.9 per cent and
Swedes on 6.3 per cent, the latter two with less than half the British share. The data shows 2017 is so far following the exciting trends set in 2016 which saw foreign buyers continue to flood into Spain, snapping up properties and helping the market soar to fresh new heights. This year analysts expect foreign buyers to purchase more than half a million homes in Spain, the vast majority secondhand. That would reflect a remarkable rise from roughly 300,000 in 2013. Brits are leading that charge and have so far defied the pessimistic expectations surrounding Brexit. Across the board property portals have reported increased numbers of Brits expressing serious interest in Spanish property after the vote.
PRICES: Are still rising.
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dream By Christopher Clover HE Internet has become by far the most useful tool for those looking to buy properties and a netbased property search is usually the first step taken by any potential buyer. But, is it the right second step, once one sees a few desirable properties on several sites, to contact and make appointments with all the agents offering those properties, agents you don’t know or may not have even heard anything about, some of whom do not even identify themselves correctly on their sites? Perhaps another option to consider, even while looking at everything on the net, might be to seek out as a first priority a really qualified, experienced agency to work with that has a large direct inventory of the kind of property you are looking for. Additionally, choosing such an agent will assure that they pull out all the stops to spend plenty of time with you to get to know you and your special requirements as well as possible, sharing with you their market knowledge and recent comparable sales actually made, and who will eventually find just the right property for you. If it’s not in their own inventory they will go out and find that special property through their colleagues in other agencies on a commission-sharing basis.
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Choosing a lawyer Experts recommend that purchasers of property in Spain retain a qualified solicitor to represent them and qualified financial advisors to deal with tax issues. Once you have made a decision to purchase property here, even though you may not have found that special property yet, establishing a relationship while you are in Marbella can be immensely useful if you start negotiating a purchase after returning to your country of residence, as it is clearly more difficult to choose a lawyer long distance.
Getting the basics into place Having a lawyer, NIE number (an identity number issued to foreigners in Spain) in place, and bank account opened strengthens a buyer’s position when negotiating as
IF YOUR OFFER IS TOO LOW IT WILL NOT ENGAGE
Sea view apartments or a white Pueblo... the choice is vast.
he or she can put down an immediate deposit if an offer is accepted, since all the other details will have been taken care of already.
Negotiating a purchase A good agent will also be immensely helpful to you in negotiating the purchase of a property you are interested in buying. It is important to remember that if your offer is too low it will not engage the interest of the seller, and might actually prove counter-productive. An articulate offer will generally capture the attention of a vendor. We recommend getting all your points together, rather than negotiating ‘piece meal.’ Make your offer in writing if possible (of course, subject to contract). Points to include are not only the price, but also the deposit amount and when you are prepared to pay it, when you are prepared to complete the transaction, what you understand to be included in the price (for example furniture and fittings if applicable), and an often neglected point - that all technical equipment and installations should be in good working order. Also, if you have a second choice property you should certainly advise the vendor of this fact. Your lawyer can also be consulted during the negotiation to ensure that the terms of the offer meets his or her legal criteria, and on
occasion will also become actively involved in more complex negotiations.
The purchasing process Actually purchasing a property in Spain is a relatively straightforward procedure. The ‘last word’ in property ownership is the property registry, which will show immediately if the seller owns the property free of liens and encumbrances. Most frequently, unless an immediate payment of the full purchase price is made, a private contract of purchase is drawn up wherein the details of the purchase are reflected the legal description of the property, purchase price, form of payment, date of completion, date of possession, etc. Upon signing the private contract, a payment on account of the purchase price is always made which can vary substantially according to the terms of the sale and the date of completion. A quite normal deposit for completion within 30 to 60 days would be 10 per cent of the agreed purchase price. New properties which are unfinished obviously are paid for over the construction period, and all payments on account before finishing must be guaranteed, according to LAW 38/1999, by a bank or insurance company: if the property is not finished by a certain date, a purchaser has the right to reclaim the monies paid, plus legal interests. Additionally, another law obliges the property developer to arrange a 10-year insurance policy with respect to any basic building defects with the purchasers as beneficiaries. When the entire purchase price is paid for the property, the seller will issue the public deed of conveyance (escritura) to the purchaser, free of liens and encumbrances. This deed is issued before a Spanish Notary, is passed from the notary to the tax office to be assessed for Transfer Tax if the property is a resale or second-hand property, or assessed for Stamp Duty if the property is sold directly by the developer. It’s then presented to the Property Registry for inscription. A provisional inscription in the registry is made immediately upon issuance of the deeds.
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EURO PRESTIGE (EP Group) are distinguished property developers and fully registered real estate agents with a wealth of experience in sourcing, valuing and selling properties and land in Spain. Working with Spanish Legal Homes, the marketing department for Euro Prestige, they have UK offices in Bournemouth and in Spain have large offices in Marbella and Torrevieja, from which they market and sell a variety of properties across the Costa del Sol, northern and southern Costa Blanca and the Murcia coastline. From luxury villas with private pools to city apartments, they have a property to suit most buyers and budgets and with 30 years of experience, the bilingual property experts have an unparalleled level of property knowledge. Their established showrooms in Torrevieja and Marbella are open seven days a week throughout the summer for local property viewings and they also provide weekly viewing trips for prospective buyers from most European countries.
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Trust the experts when property buying
These relaxed inspection trips are completed over three to four days and include flights, accommodation and all main meals. You have to provide your preferred dates, pay £99 per person and full details of the types of properties you wish to see and where. Staff can offer clients unbiased, impartial advice on low cost UK financing and Spanish mortgages. If you’re interested in buying in Spain, have found a Spanish property online that you like or simply want to find out more, the team will be happy to discuss with you. Call the UK 24-hour sales line number on 0044 7968 421312. Alternatively call the Costa Blanca/Murcia showroom on 966 704 216 or the Costa del Sol showroom on 952 926 851. Visit www.span ishlegalhomes.com or email sales@epspain.com.
VIEWING TRIPS: Can be arranged for prospective buyers.
If you’re interested in buying in Spain, have found a Spanish property online that you like or simply want to find out more, the team will be happy to discuss with you further your requirements. Or if you would like to book a viewing trip, call the UK 24 sales line number on 0044 7968 421312. Alternatively call the Costa Blanca/Murcia showroom on 966 704 216 or the Costa del Sol showroom on 952 926 851. Visit www.spanishlegalhomes.com or email sales@epspain.com
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| Advertising feature by Taylor Wimpey |
New prices for your Spanish Dream home! Horizon Golf, La Cala Golf Resort, Mijas, Costa del Sol: ENJOY the Spanish lifestyle in the new exclusive apartments and townhouses. Do you like the idea of sitting on your private, spacious terrace, sipping wine and overlooking one of the most popular golf resorts in Spain? If the answer is yes, look no further! Taylor Wimpey’s new Horizon Golf apartments and townhouses offer you just that, with prices starting from just 280,000€ plus VAT. These modern, high quality properties are currently under construction and are selling very well. Don’t miss out: Check our our website for details and we’ll help you achieve your ideal lifestyle. www.taylorwimpeyspain.com Taylor Wimpey Spain working together to build your dreams.
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From 280.000€ VAT not included
NEW: High quality property at Horizon Golf.
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Where luxury is par for the course NESTLED in the hills between Benahavis and Ronda, La Zagaleta is a development which caters for those who can afford to live the Marbella lifestyle but want privacy. The development has some of the most attractive and tastefully built villas designed by international architects in a range of different styles from the palatial to the
modernistic and it is also possible to purchase plots on the site from which individual dreams may be built. This is not just a traditional urbanisation but a real centre of excellence which offers two private golf courses, reserved for members of the community with each having its own club house offering a range of services.
If residents require traditional Spanish fare, Asian cuisine or simply a drink and a snack, one of the two clubs will be able to satisfy their needs. That however is not all that is available as there is a riding school, 30 kilometres of bicycle and hiking trails, tennis and paddle courts and a property service where residents can obtain maintenance.
LA ZAGALETA: For those who want privacy.
JUST above the pretty little town of Benahavis is the Benahavis Hills Country Club which caters to owners of the newly built villas within its boundaries. It is not a large development but the 36 detached villas and four townhouses are built to very high standards and have exceptional views of the surrounding countryside. The club which was created for both
The spacious outdoor swimming pool.
PHOTO CREDIT: AGATA JENSEN
Benahavis has so much to offer these home owners and and local residents who want to enjoy a lifestyle not just somewhere to exercise offers a range of services. It’s not just a place to exercise or relax it also has some of the very best food in the area through the Hills Café. The Club also boasts a spa and offers beauty treatments by a number of experienced and well trained staff.
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GREEN VILLAGE - La Cala golf rests easily within natural surroundings, with golf views at the prestigious La Cala Golf Resort. In ever changing times, the needs of current residential lifestyles, demand contemporary homes of higher standards; comfortable, open plan and spacious living whilst sensitive to the surrounding environment are uppermost in the needs of today’s sophisticated residents.
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Effortless style There are three types of villa:
There are three types of villa available for sale. LA CALA GOLF: Within natural surroundings. An ecologically friendly project with a focus on energy efficiency, located between Marbella and Málaga, and only five minutes to local amenities and beach side towns of La Cala de Mijas and Fuengirola. Phase 1 is a development of 13,000 sqm and consists of 10 villas on private plots with garden and common areas offering space for sports or relaxing walks. The project construction adheres to the basic principles of ecological and bioclimatic architecture offering high energy efficient living.
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Villa Type 1 - Plot Size 1,118 m2, Total Living Space 249.87m2, Terraces 78.42 m2, Garage 61.35m2, Porch 67.26m2, Solarium 54.68m2, Beds/Baths 4 beds / 3.5 baths, Swimming Pool 4 x 8 standard Villa Type 2 - Plot Size 1,128m2, Total Living Space 204.51m2, Terraces 54.33m2, Garage 50.15m2, Porch 59.40m2, Solarium 44.65m2, Beds/Baths 4 beds / 3.5 baths, Swimming Pool 4 x 8 standard. Villa Type 3 - Plot Size 1,669m2, Total Living Space 181.11m2, Terraces 52.88m2, Garage 37.76m2, Porch 37.85m2, Solarium 51.81m2, Beds/Baths 3 beds / 3 baths, Swimming Pool 4 x 8 standard
Prices start from €675,000
ECOLOGICAL: High energy efficient living.
For more information call 0034 952 475 715 or email us at greenvillage@yourdreamhome.es.
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Star (price) Michael Douglas reduces price.
wars! NEWS that Michael Douglas has slashed the asking price for his Mallorcan estate by a third puts him in elite company among celebrities trying to shift their Spanish properties. The Hollywood star reduced his demand for s'Estaca, an 11 bedroom, 10 bathroom affair furnished with ‘indescribable luxury’ according to the sales pitch, from €50 million to €40 million. This summer it went down again, to €36.5 million. Douglas invested heavily in the historical property and appears determined to make at least some profit. But he’s not the only star perhaps holding out for more than the market can muster. On the mainland disgraced former England manager Sam Allardyce is still trying to sell his Costa Blanca villa. Big Sam’s Moraira property has five bedrooms, a wine cellar, lift and terrific views. He went there for time to ‘reflect’ after his sacking just months into the England job and ended up deciding to sell the place. It has been on the market for €4 million since spring, with no serious interest recorded. Back in Mallorca, another sporting star is desperately trying to raise funds. Former tennis champ Boris Becker has been declared bankrupt, making his island villa a key asset likely to be seized and sold.
Boris Becker desperate to sell.
Sam’s property has great views.
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1904-2017
A family dedicated to real estate for over a century Panorama, as many know, is Marbella’s longest established Real Estate Agency, founded in 1970, with a reputation for providing a highly professional and quality service to its buyer and seller clients that stands alongside those of the best agencies in the world.
FOUNDING FATHER: B B CLover in 1904. HAT most people are unaware of is that Christopher Clover, Panorama’s owner and Managing Director, comes from a three generationold family of real estate agents and entrepreneurs. The fourth generation of professionals, Christopher’s children, Alex and Katinka, have also recently joined Panorama. Here is an abridged chronology of the company’s amazing story. 1904 - B B Clover opens his first real estate agency headquartered in Chicago on Evanston Avenue (later at 69 W Washington Avenue in the Chicago Title and Trust Building) followed by a second branch in the town of Itasca with the intention of developing Itasca into a desirable place to build a home and enjoy a comfortable suburban lifestyle. 1925 - One of the first golf course developers in the United States, B B Clover built a golf course and a clubhouse on the land originally owned by the first settler in the area of Itasca. The Itasca Country Club still stands today as one of the most luxurious establishments of the Chicago suburbs. 1926 - B B Clover’s grand plan to develop Itasca as a glamorous Chicago suburb in the 1920’s included building a handsome half-timbered commercial building, today a landmark in the town’s Historical District.
PIONEER: Bill Clover in 1985.
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Panorama opened its first real estate office in Marbella in 1970.
1939 - Williston L Clover moves to Charlottesville, Virginia and becomes a Black Angus Cattle Farmer and Tennis Professor at the University of Virginia. Williston H Clover, Chris’s older brother, was born. 1952 - B B Clover and his son Williston (Bill) L Clover open the Clover Realty Company in Charlottesville, Virginia. The company is still in business today, although under different ownership, in its original building in the town’s historical Court Square.
FAMILY AFFAIR: Chris (c), Katinka and Alex. 1966 - Panorama International Ltd. is formed in Washington DC and is the first company to offer international properties and developments to investors in the United States. 1968 - Bill Clover acquires Panorama International Ltd. 1970 - Panorama International opens Marbella’s first international real estate office in the Edificio Capitol at Avenida Ricardo Soriano, 1. 1971 - Christopher Clover joins his father and brother at Panorama International in 1971 in Washington DC. 1973 - Christopher Clover takes over Panorama International’s offices in Marbella 1975 - Christopher Clover forms an independent company, decides to transform the long-term goals of the Marbella office, and begins the marketing of prestige properties in the area. 1990’s - Panorama capitalises on its success and reputation and opens offices in the most prestigious areas of Marbella, at the Puente Romano Hotel and directly opposite the Marbella Club Hotel. 1995 - Panorama launches one of the first Internet websites specific to the Marbella area. 2001 - Alex Clover joins Panorama to help fine-tune the company’s image and implement a series of internal improvements. Today he is List-
ings Consultant and Advisor to the Company. 2004 - Panorama launches its magazine ‘The Marbella Property Magazine.’ In addition to the award-winning market report written by Christopher Clover, it contains other interesting articles both for buyers and sellers, as well as an excellent selection of properties differentiating itself from most real estate magazines which are mere catalogues of properties. 2008-2009 - Panorama continues to expand its ‘dream team’ with the appointment of Sean Cannon, Frédéric Saubadu, Walter Fernández Romer and Vedran Canjuga as Sales Consultants, Sorin Mailat as Rentals Consultant and Alfonso Muñoz as Administration Assistant. 2010 - PANORAMA CELEBRATES 40 YEARS IN MARBELLA!!. Alfonso Muñoz is promoted as Sales Coordinator and Carolina Alaniz joins the team as Receptionist. In Memoriam: Bill Clover, Panorama’s Founder. 2011 - Luis Gallardo joins the team as Sales Consultant. 2012 - New members to the Panorama team include: Mariano B Cusimano as Sales Consultant, Margarita Garvayo as Assistant to the Sales Coordinator, Lorena Alaniz as Receptionist and Carolina Alaniz becomes PA to the Managing Director.
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