Property Magazine: Issue 6

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the

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A run down of Spain’s top ecofriendly pads

Page 24

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PERFECT MATCH: Zagaleta (top) meets Valderrama (below)

I

T is set to become one of the most exclusive golf development projects in Europe.

The purchase of emblematic Valderrama golf course by Marbella development company Zagaleta is the fusing of two prestigious Spanish giants.

A new mega-project, taking in 200 hectares of rolling virgin hillside near the famous golf course, is the perfect sign that the Spanish property market is truly flourishing again.

Zagaleta, just outside Marbella, is Spain’s most luxurious residential development, counting Hugh Grant and the mayor of Moscow among its residents, while Sotogrande-based Valderrama hosted the 1997 Ryder Cup as well as the now defunct Volvo Masters.

Developers Zagaleta Limited, based in London, have purchased the Valderrama group, including the golf course, as well as the new land in neighbouring Castellar municipality.

In an exciting deal, said to be worth €40 million, Zagaleta has become the new landlord of Valderrama Golf Club, until at least 2050.

Alongside the deal, Zagaleta is to invest a further €200 million creating a new complex - dubbed Valderamma 2 - with a second championship course, hotel and around 100 high-end properties.

Local agent Ben Bateman, of Holmes Sotogrande described the deal as ‘a very interesting fusion of two famous brands.’

The agent, who has known about the sale for some time and even shown potential clients around the course, added: “The quality of Zagaleta is integral here, and given the new ownership of Sotogrande

‘‘

A very interesting fusion of two famous brands.

Ben Bateman, Holmes Sotogrande

“

It is surely win win for the coast.

Adam Neale, Terra Meridiana

“

Page 20

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Olive Press Property Observatory launches

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Spain’s property comeback continues as €240m mega-fusion sees Zagaleta buy the Valderrama group, writes Iona Napier

Page 18

Page 19

17

Mega-fusion

Mark Stucklin on the year Spain left the crisis behind

Eco triumph for Valdevaqueros beach in Tarifa

January 20th - February 6th 2016

the Olive Press November 11th - 25th 2015

Buying or selling property in Spain?

itself, it’s very exciting news for the whole area.”

Fellow agent Adam Neale of Terra Meridiana added: “It is surely win win for the coast.

“You are going to get a whole new network of high-end clients looking there.”

Security is set to be a major factor in the

development, while quality of construction will also be paramount.

At Zagaleta, in Benahavis, near Marbella, homes currently start from around €3 million.

An incredibly secretive place, once owned by arms dealer Adnan Khashoggi, its owners are said to have included Rod Stewart

and even President Putin of Russia.

The project will unfold over the next decade, and La Zagaleta group has expressed its willingness to collaborate with the Real Club Valderrama, to preserve the privacy and exclusivity that the brand has built up over many years to become a European landmark.

Buying or selling property in Spain?

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HiFX Europe Limited Sucursal en España is a branch of HiFX Europe Limited. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services.

Contact our Marbella Office: Avda De Manolete, Centro Plaza Local 12-13, Nueva Andalucia, 29660, Marbella, Malaga

Tel: +34 951 203 986 costadelsol@hifx.co.uk

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Property

18 18 the Olive Press November 11th - 25th 2015

Strength to strength UK construction giant Taylor Wimpey sold over 15% more properties in 2015 than the previous year.

And of the 270 properties sold in Spain, the average price was €315,000, a big jump up from €250,000 in 2014.

“This year should also be another great year,” Ignacio Osle, Taylor Wimpey’s regional director for Andalucia, told the Olive Press.

Beach bid

www.theolivepress.es

January 20thwww.theolivepress.es - February 6th 2016

Leaving the crisis behind

Spanish property pundit Mark Stucklin looks back at 2015 as the year that restarted the country’s property market

W

ITH one month to go before the full year figures are in, it’s already clear that 2015 was the year the Spanish property market bounced back to life after seven years of crisis.

There were 25,979 home sales inscribed in the Property Register in November (not counting subsidised housing), up 15% year-on-year, and much higher than the 4% growth in sales recorded in October, suggesting that the

market expansion is b ​ ack on track for now.

On an annualised basis, home sales increased every month in the year to November, with an average monthly growth of 12%, according to figures from the National Institute of Statistics (INE). ​In the first 11 months of the year, there ​ were 293,100 home sales, up 11% on the same period in 2014, when the market bottomed out.

New vs. resale

Once again the market growth in November came from the resale business, up 33% year-on-year, compared to a 28% decline in new home sales.

Resales now make up 80% of the market, down from parity at the start of 2014.

The home building business in Spain is slowly coming back to life, but this trend of growing resales and declining new home sales will continue for some time to come.

Regional markets

Out of a selection of regions most relevant to foreign investors, Barcelona enjoyed the highest growth in sales in the first 11 months of last year, up 20% compared to the same period in 2014, followed by Valencia (+15%) and Cadiz (+15%).

A PRESTIGIOUS and rare beachside development plot being auctioned off in a fire sale is a long way from reaching its asking price of €4.8million.

The land, in Manilva, was seized from disgraced company Forum Filatelico, which swindled 270,000 people in a bogus stamp investment scheme.

However, so far the 17,543 square metre plot - valued at €17 million - has only received a bid of €150,000.

House prices

Spanish home sales were clearly up last year, but the picture was less clear when it came to house prices.

The latest data shows prices more or less stabilised in 2015. Figures from Tinsa, a leading appraisal company, says the average price rose 1% last year, while the asking price index from Idealista shows the average price down 2%. Location made a big differ-

ence, with prices rising the most in Barcelona (+8.7%), but hardly budging in Valencia, up just 0.6% in the year.

Looking ahead

The trends in home sales, mortgage lending and house prices all look positive for the year ahead, especially in prime city areas and resort towns in coastal areas. It is likely that sales and prices will continue to increase in those areas, with new home building making a comeback as well.

However, risks remain, especially in areas that depend more on local demand, as the Spanish economic recovery still looks fragile, and political uncertainty is now part of the mix since a recent general election failed to deliver a working majority to any party. Foreign demand could be affected by a weaker pound taking the wind out of the British market, or by clouds gathering over the global economy. On the other hand, the increasing perception of risks around the world could work in Spain’s favour, making it look like a safer bet for tourists and second-home investors.

Mark Stucklin runs www.spanishpropertyinsight.com, a property information website

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20th January

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Property On cloud nine!

Decision at last www.theolivepress.es

up Expat salesman ties home ‘unheard-of ’ nine e... sales on the bounc and he could be in for a tenth!

MARBELLA is finally moving towards a resolution of its urban planning crisis after months of uncertainty.

The town hall has decided to adapt the 1986 PGOU urban plan to avoid a standstill of the recovering construction industry.

When the supreme court scrapped the 2010 general urban plan two months ago, over 10,000 homes were in danger of being illegal and the property sector was at risk with hesitant investors.

The decision, which includes several changes to the 1986 plan, follows two months’ analysis which concluded it was a necessary stopgap while the new PGOU is created.

The process could take several years.

Growing up JUST 20% of under 30-yearolds in Spain live away from their parents, a survey has revealed.

Men are least likely to fly the nest with just 17% leaving home before 30, versus 26% of women. Some 93% of Spaniards live with their parents until the age of 25.

EXCLUSIVE

By Rob Horgan is aiming to make AN Englishman 10 out of 10. it an unprecedented footsteps of PreFollowing in the an Jamie mier League marksm Andalucia’s very Vardy, is Inland Paul Barnett. own sharp shooter unprecedented After bagging an sales in a nine straight property be the envy of row, Barnett will across Andaestate agent bosses make it a perlucia. And he could imminent fect 10 with a decision l purchase potentia another yet on

November 26th

ress.es

www.theolivep

Property

l Properties making Pau Client Name

Town, Region

Type

Townhouse 1. Francisco & Antonia & Thomas Cortijo 2. Sean, Caroline Villa 3. Trudi Townhouse 4. Tony & Louise Villa 5. Victor & Cheryl Townhouse 6. Murial Townhouse 7. Jeff & Chrissie Villa 8. Mark & Lorraine Villa 9. Pillar & Jesus Townhouse 10.? Peter & Patricia

area. in the inland Malaga Govier said in His boss Graham of company his 15 years in charge no one agent has Inland Andalucia to Barnett’s curever come close

JUAN YOUR AVERAGE

a Spanish home is the average dream and drawbridges, and set in a modest 120m2. da FORGET turrets with a garage survey demande s in a European four-bedroom affair, 64% of Spaniard required green spaces While a massive prioritised a terrace and 47% garage, just half their ideal home in shoeboxes, withfor a larger 211m2. nearby. are happier to live Brits meanwhile while the average Portuguese opted survey res, the RE/MAX bedroom measuring 80m2, five favour Europeans, in general, vealed.

- December 9th

so happy Price

€ 75,000 Malaga € 87,000 Fuente de Perda, € 185,000 Iznajar, Cordoba € 79,000 Puente Genil, Cordoba € 125,000 Encinas Reales, Cordoba Lora de Estepa, Sevilla , Malaga € 45,500 € 36,000 Villanueva de Algaidas € 32,000 Casariche, Sevilla € 139,000 Marchena, Sevilla Casariche, Sevilla Pending Molina, Malaga

“ H e d o e s rent streak. able feat,” Govier things the “It is an unbeliev “A one-inway, told the Olive Press. conver- proper to know three viewings-to-sales good busi- gets buyers the sion ratio is deemed nine on the spin and doesn’t ness, so to tie upof. any is truly unheard heady days of the use to sign “Not even in the come near tricks up. them Costa boom did anyone deserves to that. in the property “He suc“I think a pick upof foreign buyers his and I’m market, a return the improved cess to Spain along with we have in- sure with all commisonline viewing system contributed to the sions coming troduced have all in he will have his success.” let’s not takeisanyone a pretty good He added: “But Paul him. thing away from a real old-fash- Christmas.” of the good guys, ioned salesman.

ONE of Andalucia’s sharpest real estate salesmen has proved that an incredible Autumn selling streak was no fluke.

Inland Andalucia’s in-form agent Paul Barnett - who sold nine properties in a row from September - has started the new year with a bang, completing four sales in a

19

Four in a fortnight!

Quarter pounderby

prices rose SPANISH house quarter of 2015, 6.6% in the third transactions takwith over 92,000 ing the highest ing place, representquarters. result of the last 10

continu TENANTS in Spainwith rentto get a good deal, slide. A 1% al costs on the in Ocyear-on-year decline 31 straight tober represents in the months of decline sector. rental

Licence to build

Payment plan

mortgage THE average Spanishwith 75% of costs €760 a month, terms set over loan repayment g to bank 30 years, accordin Goldman Sachs.

Holiday homes

€9.2 billionSPANIARDS haves overseas, half worth of propertie the UK, France, of which are in .

Germany and Portugal

Retail therapy

ent firm REAL estate investm launched a AEW Europe hasfund aimed European retailto €800 milat investing up cities, includlion in top tier ing Madrid.

fortnight.

And the boss of his Mollina-based agency, Graham Govier, insists his form shows no signs of changing.

“To have already bagged four sales this year shows real dedication,” he told the Olive Press.

“It would take something special to eclipse the nine in a row, but you

never know with Paul.

“He puts the hours in and is rewarded for it. While other agents went skiing or on holiday, Paul has kept at it.”

For the record he has sold three town houses in Mollina, and a fourth in Marchena, in the Sevilla province.

Squatters out

By Rob Horgan

Police evict 24 squatter families after court orders them out

A MASSIVE police operation has successfully evicted 70 squatters from an abandoned Marbella urbanisation.

Tensions threatened to boil over as 24 families, including 20 children, were forced out of their homes in Nueva Andalucia.

The eviction took under an hour, with police sources saying

IT was one of the most barbaric and badlyplanned developments of the last decade.

A scheme to build thousands of homes alongside a virgin beach in Tarifa has finally been outlawed for good.

In a massive victory for the environment, the town hall-supported Valdevaqueros

project has been officially turned down by the European Commission.

A letter from Brussels’ environment chief to Verdemar-Ecologistas en Accion confirmed no development projects would be permitted for the pristine Costa de la Luz beach.

The Junta has already insisted that the development should be scrapped, with all ‘natural spaces’ on Andalucia’s coastline needing to be protected at all costs.

The definitive answer is a triumph for Verdemar, which has campaigned continually against the scheme for over four years.

The Olive Press also backed the campaign, even splashing on Tarifa’s mayor’s attacking ‘expat troublemakers’ who he claimed were behind the sinking project.

UNSPOILT: Valdevaqueros beach and (inset) map of planned development

Out of this world second.

US President Barack Obama has passed a law which recognises the right to own asteroids, encouraging the commercial exploration of space resources.

“This is the single greatest recognition of property rights in history,” said Eric Anderson, co-chairman of company, Planetary Resources.

19 19

NEWS IN BRIEF

Renters buoyed e

Tarifa saved!

FORGET the Golden Mile, there’s an ice-cool new property destination which doesn’t have a postcode, let alone an electricity grid, water supply or road network.

And there is one other issue, it is not on earth, but high up in the sky.

Yes, you can now buy an asteroid, the kind whizzing around the sun at 25km per

www.theolivepress.es January - February 2016 the Olive Press the Olive October Press 1st20th November - October 11th -6th 25th 14th 2015

NEWS IN BRIEF

“This legislation establishes the same framework that created the great economies of history, and will encourage the sustained development of space.”

Experts predict the landmark Commercial Space Launch Competitiveness Act will be looked back on as establishing a ‘permanent foothold in space’.

it was a ‘resounding success’.

Despite threats of protest, police sources told the Olive Press that all those being evicted came out ‘peacefully, without a fight’.

“There was absolutely no problem with the evictions,” the source said. “Everything went smoothly, the squatters collected their belongings and left without any issue.”

The police swoop was courtordered after a three-year legal wrangling, which saw two previous attempts thwarted by protests.

At least 20 police officers and up to a dozen security guards were involved in the evictions.

The occupants – Moroccan

and Spanish nationals – had been squatting in the abandoned houses in the Costa Estrella urbanisation for at least three years.

Legal proceedings began when CajaMar – which owns the properties – decided to sell-off 26 of its abandoned properties.

Despite protests, Marbella court ordered the evictions to take place.

The families said they have not been given a solution or alternative housing plan and will be ‘left on the street’.

Olive Press sources suggested that Marbella Town Hall had been trying to postpone the eviction until alternative housing had been arranged.

MARBELLA town hall has approved building licences worth a total of €6.4 million, spelling progress for the construction sector despite the urban planning crisis.

Hot hotels MADRID is surging ahead of Barcelona in terms of hotel investments. Last year saw Madrid take the largest market share with €582 million invested out of Spain’s total of €2,614 million.

Flat out A TOTAL of 37,497 apartment builds in Spain were completed in the first ten months of 2015, 5% less compared to the same period the previous year.

On the rise THE average price of housing in Spain rose by 1% last year, with the highest increases in Cataunya (5.3%), Madrid (3.3%), and the Balearic Islands (2.7%).

Property

20 20 the Olive Press November 11th - 25th 2015

www.theolivepress.es

www.theolivepress.es January 20th - February 6th 2016

A new Olive Press Property Observatory has analysed what’s hot in property for 2016. Our panel of experts looked at key issues that continue to affect the market this year, writes Joe Duggan

A year of growth and more Arab and US buyers

PANEL: Olive Press publisher Jon Clarke with some of the experts

T

HE inaugural Olive Press Property Observatory drew together some of the Costa Del Sol’s most respected real estate experts to discuss the market and make forecasts for 2016.

With the Costa del Sol’s property market continuing to grow, our panel of experts, including agents, surveyors and lawyers identified trends for 2016 and predicted possible pitfalls.

Among the topics discussed were price

rises, nationalities buying, corruption, town planning, PGOU issues, the fusion of Zagaleta and Sotogrande’s Valderrama golf course and the Olive Press’ very own kickbacks campaign.

On the panel this month were: Alex Radford from My Lawyer in Spain, Marbella agent Kristina Szekely, Scott Marshall from Properties Spain, Adam Neale from Terra Meridiana, mortgage expert Tancrede de Pola and Campbell Ferguson of Survey Spain.

SPECIALISTS: (From left) Radford (AR), Szekely (KS), Marshall (SM), Neale (AN), De Pola (TDP) and Ferguson (CF)

Property

www.theolivepress.es

www.theolivepress.es January - February 6th 2016 the Olive Press the Olive October Press 1st November - 20th October 14th 11th - 25th 2015

PRICES UP FOR 2016 Property growth to continue Prices up in Marbella driven by Madrid and Barcelona 2015 saw growth of 5% or more in the Marbella and Benahavis areas and prices started going up in the second half of the year. The trend will continue in 2016.

AR: A recent survey said average house prices

in Spain have increased 2.9% between December 2014 and December 2015, and by 1.1 % in the last six months. That’s across Spain, driven magnificently by Madrid and Barcelona and it’s positive. Generally, across the board, prices have stopped falling. They are definitely going up in Marbella.

KS: I think prices are going up, but not very fast.

Above all, they stabilised in 2015 and it became the year when people stopped asking me ‘When will the crisis stop?’. In the latter part of 2015,

prices started to go up. This will continue in 2016.

TDP: Yes, I agree, with prime areas on the Costa del Sol beginning to see distinct shortages of supply it was only inevitable that prices would go up and we definitely saw evidence of this during 2015.

SM: I definitely saw growth of between five and

10% last year and I expect more of the same this year

KS: My figures were similar for sure.

GROWTH AREAS AND TRENDS - Marbella to continue growth, while western Costa and Axarquia to also grow - Exchange rates to affect 2016 trends - Modern properties in demand

PGOU MESS IN MARBELLA Uncertainty caused by Supreme Court ruling could take years to resolve PGOUs throughout Spain are not safe SM: It is a big mess, but I would say given it is the same political party (the PSOE) in at the Junta and in Marbella, it could take just a year to sort it out.

AN: No way, it will be five years or more. They are

going to have to go through the whole process again. They have to revise everything and give the public the chance to debate the changes.

AR: It means the only town plan standing is

1986, it’s ridiculous. The politicians should work harder to get this sorted out. They have to make the whole process a lot more agile. It’s such an important part of the future of Marbella.

TDP: Yes, the PGOU issue has definitely created

a great deal of uncertainty, not least, among estate agents and their clients. However, thus far,

the banks are continuing to value properties as before and work on the basis that this is an issue that will be dealt with.

CF: Some properties will be paralysed and the

bad publicity regarding that will affect some demand. No professional will be able to guarantee that any property younger than 1986 is completely safe. That said, no PGOU in Spain is safe until all appeals have been to the Supreme Court, and that will certainly be the case for Marbella's new plan.

AR: There is paralysis in the town hall. They are going back to a plan that was drafted 30 years ago.

AN: At least it was a very good plan. There are plots which have more build volume than before and it is certainly fairly green and low rise.

ZAGALETA FUSION WITH VALDERRAMA - Excellent news for Sotogrande - Zagaleta looking to future - Initial issues for nearby areas during construction AN: It’s fantastic and great for Sotogrande.

You are going to get a whole new network of high-end clients looking there, hopefully. It is surely win/win for the coast.

AN: I think it’s pretty brave of them. They have

still got land to develop in the second phase of Zagaleta, so this is a big departure. That said they have had a very good last two years.

AR: I think it’’s very positive news. I agree with

Adam, they are looking for more growth down the line, when they’ve sold all their properties. There are only so many people who can buy multi-million villas up there. Will they do it cheaper or similar prices?

AD: The concept of Zagaleta is quite unique.

There are country estates that you can’t really regulate anywhere. Madronal doesn’t really have the security, with five different entrances.

AR: Valderrama having the golf heritage is very good.

CF: One issue though is that it will blight areas

near the construction for a few years and add competition for sellers of existing properties.

Continues over on page 22

GROWTH: Nerja and the Axarquia will grow in 2016

TDP: We have noticed that a

lot of the new building is taking place in the prime areas of the Costa del Sol so, on that basis, you would expect very good growth in the areas surrounding Marbella.

CF: Yes definitely… and all the way to and including Sabinillas (Manilva).

SM: If I was a builder I would

go to Axarquia.

AR: Yes, the Axarquia. Nerja

want to be in Marbella, near Banus, and there’s no land left.

area is also prime property. It’s the Marbella of the East.

KS: I think modern properties are still very much in demand.

AN: Marbella is a brand that sells around the world; Estepona isn’t. Benahavis isn’t. The problem is that brand has been tarnished to a certain extent by the PGOU ruling and that is going to cause problems. People

SM: There is always a scare

NATIONALITY TRENDS

with people who want to build from scratch. There is always a horror story in Spain. My clients generally prefer to buy something that is brand new but already there.

AN: I think with Russians, they want to buy but they can’t. We have certainly had a big increase in French buyers, and the Scandinavian market is huge. The French buy here because of the tax regime in their country I believe and because its so much cheaper than the south of France.

- Russian investment down - Arab investment up - US and European investment to remain steady

world and they like the idea of of a home in Spain to come to. For this reason I think the Middle Eastern market will get stronger and stronger.

Geopolitical issues such as oil prices, terrorism and a fluctuating world economy have a significant impact on Costa del Sol buyers.

dle East and it will continue to be strong. And where I have seen a massive increase - the third or fourth biggest in number of buyers - is the UAE.

TDP: Norwegians have big buyers until 2014,

CF: I agree. Marbella has long had a Saudi link,

due to their wealthy, oil-based economy. Last year, with the oil price collapse, they were largely replaced with Swedes, Danish and Finns. The market from the USA, Canada, the Gulf States and Kuwait remains strong.

KS: I agree. I think America will be a growth area because American funds are buying up big property developments here. One American I have been dealing with is going to take a house in Granada for a year. Quite a few more are sniffing around.

AR: The Russians are certainly drying up due to problems with the Ukraine war.

KS: There is also still a lot of turmoil in the Arab

SM: Yes, we have also seen growth from the Mid-

so there is Sunni interest, but little from Shia.

But it only takes one major terrorist incident and all buyers will have second thoughts.

AN: The British market is also definitely going to remain strong. It has been growing very nicely SM: Yes, that is definitely the case.

AR: In terms of British buyers, I don’t think Brex-

it (the UK leaving the EU) will make a blind bit of difference so long as the euro remains weak, the property market should consolidate. What really pushed the market last year has been the exchange rate and prices hitting the bottom.

2121

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22

Property

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January 20th - February 6th 2016

From Page 21

CORRUPTION HAS NOT GONE AWAY - Corruption still an issue - Laws are confusing - All political parties are culpable Backhanders and town hall corruption have a long and unfortunate association with the Costa del Sol property market. it hasn’t gone away yet.

AR: I think it has got better. There are no more brown bags in envelopes.

SM: No, It’s exactly the same, just a little bit more clever. In the town halls, you have political parties that say, ‘We are going to help you’, but it’s all exactly the same.

Both sides are as bad as each other. All the political parties are saying they are going to try to clean up and do things by the law. But sadly I don’t see that happening just yet.

AN: I agree with Scott, it has not disappeared yet, despite all the horror stories finally coming out in the press. Central Government is going to have to work much much harder to eradicate corruption.

OLIVE PRESS KICKBACK CAMPAIGN - The Olive Press campaign has been a success - Backhanders from Urbanisation Administrators and Presidents a problem - Corruption needs to be stamped out The Olive Press launched a campaign to highlight the practice of lawyers giving estate agents backhanders of up to 20% for working on conveyance deals.

AR: I think the Olive Press campaign is great. It’s an unfair practice that needs to be stamped out.

KS: I agree, and always make a point of saying we don’t want money from architects, or lawyers, or anyone. I won’t take money from these people. It’s their job and they have to do a good job and that’s the end of the story.

AR: I went to see an estate agent and he showed me a

pile of lawyers card is and said, ‘Would you give us commission?’ I said ‘no’ and he said,’That’s your card at the bottom then’ and put it there’. I walked out. The agency still exists.

CF: You need to also look at backhanders from building

contractors to lawyers, agents and especially urbanisation administrators and presidents. Also FX, insurance, advertising companies. It's only bad if it's not declared to the end client who is paying for the work.

AN: I’m not a fan of regulation but in this case it is about regulation. You need to create a level playing field. It needs to be stamped out.

HANDY TIPS: Debate rages for Adam Neale (left) and Alex Radford

Spain’s gain

Country crowned number one for Brits hoping to buy property abroad, says HiFX SUNNY Spain is very much the firm favourite for Britons looking to buy a place in the sun, according to leading currency experts HiFX. The bi-annual Property Hotspots Report, which analyses a decade of property data, reveals that Spain attracts more buyers than France, USA or Portugal.

Over a third (37%) of Britons searching abroad, made enquiries in Spain, with France now only accounting for 34%.

Mark Bodega, director of HiFX, said: “Spain’s housing market is recovering, amid gradually improving economic conditions.

“The market dipped in 2014 when house prices dropped 3%, but increased investment from foreign buyers in resorts and cities, such as Barcelona and Madrid, has pushed prices back up.”

Country Percentage of enquiries (July 2015) Percentage of enquiries (March 2015)

1 Spain 37% 35% 2 France 34% 35% 3 USA 8% 7% 4 Portugal 5% 5% 5 Switzerland 4% 7%

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Property

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www.theolivepress.es October 1st - October the Olive Press October 1st - October 14th 14th 2015

23 21

24

Property

SOLAR SAVINGS: Spanish-designed home

House, Wales It may be in Wales, but a Spanish brain is behind the UK’s first home that creates more energy than it wastes. Madrid architect Ester Coma-Bassas designed the house that sends €251-worth of energy back into the grid for every €144 of electricity it uses. Built out of solar panels, it uses several energy storage systems and insulation techniques.

Behind the green door With environmental issues uppermost this year, Joe Duggan takes a look at some of the eco-friendly hotels and homes around Spain (and one Spanish-designed house in Wales)

F

ROM poo-powered properties to tuna-bone heaters, Spanish homes are leading the way when it comes to the environment. Innovative new designs are proving a building’s green credentials can be enhanced without skimping on luxury or convenience.

All over Spain, new ways of creating a dream home or hotel are ensuring ecoconscious folk are able to tread the green path.

And anyway, who wants to sleep in a run-of-the-mill hotel when a new wave of eco-friendly establishments offer forest tree suites and grass carpets?

Marbella Real Estate Photos

BRANCHING OUT: Basoa Suites perched between the trees

NEW on the Costa Del Sol Prices from EUR 90 + IVA Get those all important viewings with good pictures

Basoa Suites, Navarra These ewok-style tree dwellings were developed with nature uppermost in mind. Tree surgeons supervised the development of the four suites to ensure minimum impact on the trees in the Ultzama Valley. A composting toilet system avoids the installation of pipes or drains and an elevated walkway ensures the surrounding soil and plant life remains free from human contact.

NAVARRA NIRVANA: At Basoa Suites

www.marbellarealestatephotos.com

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the Olive Press October 1st20th - October 14th 6th 2016 www.theolivepress.es January - February

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POO POWER: Horse manure heats Navarra house

Farmhouse, Navarra

CATALAN COMFORT: At Hostal Empuries

Californian designer Meghan Sapp’s farmhouse in Oskotz is believed to be the world’s first home to take all its energy from its waste. And it’s not just potato peelings and banana skins powering the dishwasher and underfloor heating. Poo -- both human and from the farm’s horses -is heating the house and providing hot water. And with four horses on hand, Planet Energy founder Meghan and and husband Iñigo have a ready-made supply of energy that can be turned into fuel.

Hotel Viura, Rioja Alavesa This luxury green hotel has installed innovative new systems to minimise its environmental impact. It was the first hotel in the Basque Country to introduce an eco-friendly biomass boiler.

What’s more, it’s powered on dried, crushed tuna bones. The boiler heats the hotel’s water and allows for a 60% saving on the monthly energy bill.

Hostal Empuries, Girona Hostal Empuries’ clients will certainly be at one with nature. Its rooms are insulated with sheep’s wool and its hallway carpets are made from grass. And you won’t be walking away with a ‘complimentary’ bottle of shower gel here. All the rooms use soap dispensers rather than plastic bottles. The hotel’s solar-powered light will guide you to its natural therapy spa, while a water purifier and organic garden will keep you brimming with natural vitality.

HOTEL HEAVEN: At Viura in the Basque country

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Property

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ADVERTORIAL

PR OP

ER TY

FO C

US

Be prepared...

Improving market encouraging off-plan buyers

T STUNNING: Las Sirenas has permission for 42,000 m2 more construction

Siren sounds

WITH its Turkish hammam and spa, ornate colonnades and garden statues it is the very definition of opulence.

Sitting in 20 hectares of wooded parkland, stunning Las Sirenas also counts a cinema room, gym, playroom, tennis court and a six-car garage.

Comprising four buildings and an incredible 24 bedrooms, all recently refurbished, this is one palatial home perfect for a large, extended family.

An outdoor and indoor pool are complemented by the spa, with a hot room, warm room and cold room, all guaranteed to make even the most stressed out executive relax.

The grounds are amazing and the six acres of formal garden are inspired by Spain’s cultural past, with a distinctly Moorish feel.

A walk around the grounds or a trip to the hidden grotto located by the main building is the perfect place to let your imagination run wild.

And the fairytale could get even sweeter, with the town hall already approving planning permission for further construction of 42,000 m2 in case 24 bedrooms were not enough.

“There is nothing like it around,” explained Bish Victor, of Castles estate agents, who has covered the local market since 1986.

“There is a lot of land and there are so many possibilities to be had.”

For more information visit www.castlesestateagency.com

January 20th - February 6th 2016

HE cranes have again started sprouting and moving on the Costas.

Land buyers are active and, in the best locations, construction has already started.

With activity resuming, these 10 points are important for off-plan buyers to consider before purchasing a property:

1

. Hire a competent, conscientious lawyer who is fluent in your language and who has no family/client connection to the developer.

only covers monies put forward after the licence is granted, so make sure your lawyer advises you accordingly. An outline is available at www.spanishpropertyinsight.com/2015/09/22/new-bankguarantee-legislation-explained

6

. Is this property for you to use or rent out? Whichever, make sure that it complies with the regulations that most authorities have already drawn up to control private property rentals.

. Don’t sign if you have to complete before the First Occupation Licence is granted.

4

7.1

10

. Visit developments previously completed by the developer and speak with the residents and the president of the urbanisation community.

What sort of problems have they had and how effectively did the developer respond?

5

. Does the development already have a building licence from the town hall?

Without that, any money you put forward is a gamble. The Bank Guarantee Law

. Make sure that the contract permits you to do so; many building promoters do not appreciate having to sell their properties in competition with previous buyers.

7.2

. Also, what happens if there is another financial crash or any of 1,000 things that could happen in the world before the prices have risen to make it worthwhile selling? Can you pay the full price for them all and will you

For peace of mind follow these property buying rules

. The Spanish courts have decreed Instruct Instruct that marketing Building documents, Surveyor webLawyer sites, etc, are part of the formal description of the property being sold to you. Check them against the detailed Knowledge specification attached to Buy thewith purchase & Confidence contract. General statements of ‘to the highest quality’ really have very little descriptive or legal power.

9

3

ALL PROPERTY MATTERS

RICS SURVEYORS & VALUERS BYBUILDING CAMPBELL FERGUSON

8

. Beware: in the last property boom, many buyers came to grief speculating by buying a number of apartments off-plan with the intention of selling all except one as the price rose nearing completion. This was encouraged by the ability to avoid the property transfer tax if the right to buy was sold before the purchase was notarised.

. Never sign anything without getting your lawyer to check all the details first.

years experience in

FindHow Your Property want to if prices have fallen? many buyers are thinking the same?

7

2

11+

+34 952 923 520 admin@surveyspain.com

Connect with us!

. The decennial surveyspain.com 10 year structural guarantee is just that. It only covers the structure, being foundations, pillars, floor plates and roof. It is nowhere near as comprehensive as the UK NHBC. It starts when the architect signs off the building construction as completed and not the date of the first occupation licence. . When you do actually buy, make sure you have the properties ‘snagged’ by an experienced surveyor who will know exactly the types of problems and flaws to look for and knows what you should be getting.

The promoter will say that they have snagged the property, but their view will be less demanding than yours should be. After all, this will be your new home -- so why not make sure every little thing is perfect?

Contact Campbell and the team on +34 952 923 520 or email info@surveyspain.com

Property

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January 20th - February 6th 2016

Great expectations The UK’s largest independent agency Winkworth is predicting an exciting year ahead in Spain

T

HERE is a buzz in the air at the Guadalmina office of Winkworth Spain.

With a sharp increase in the number of enquiries over the last few

months, the team is set for a busy year.

While the majority of Winkworth’s buyers are UK-based, international demand is also on the up.

“We are experiencing a huge increase in demand from Scandinavian, French, Belgium, Middle Eastern and UAE investors,” executive Christopher Vent told the Olive Press.

While Europeans tend to seek a holiday home, thanks to competitive prices and an unbeatable lifestyle, the Middle Eastern investors are drawn by the weak euro and keen to acquire European assets safely.

Vent adds that thanks to the new rules allowing pensions to be drawn out earlier, some UK residents are spending extra cash on a Spanish bolthole.

Others are benefitting from the all-time house price high in the UK by remortgaging their UK home to invest here.

Winkworth - the UK’s largest independent estate agency - has found a huge demand WO incredible Mansion apartments for properties priced between have come up for sale within San €200,000 to €300,000, and Roque golf resort. has a list of waiting clients.

The enormous properties - that measure With Winkworth’s new internanearly 400m² in total size each - are up tional website launched later for sale at less than a third of their origithis month, enquiries from the nal price.

UK are set to increase even Each well-appointed garden apartment further. offers three bedrooms (all with ensuite bathrooms), a fully-fitted kitchen, two To contact Winkworth Spain, huge terraces, a private garden, partial call 952 880 941 or email sea views and garage parking for two info@winkworth.es cars, two buggies plus two storerooms.

The newly renovated pads are part of the exclusive gated community of San Roque Club, with four swimming pools, two golf courses, a clubhouse with gym and spa, restaurants and 24-hour security.

The palatial homes are up for just €295,000 and €315,000 respectively.

T Palatial homes - at a bargain price!

Call 952 963 937 or email info@propertydirectors.com quoting the reference PD-063581 for further information www.propertydirectors.com

What record-low mortgagerates mean for you!

MORTGAGE THINK TANK

by mortgage broker Tancrede de

On the slide for eight years, a record-low Euribor rate has borrowers overjoyed

T

HE past 12 months has seen the Euribor rate bottom out at an all time low.

And the lasting low interest rate has continued on into 2016 to the jubilation of mortgage owners across the continent.

And the even better news is that it is showing no signs of shooting skywards anytime soon (no doubt, music to the ears of borrowers from London to Lithuania).

The interest rate you pay on your mortgage consists of two elements: Euribor rate plus margin charged by the bank (its profit, soto-speak).

The Euribor is a daily reference (base) rate, published by the European Banking Federation, based on the averaged interest rates at which Eurozone banks offer to lend.

How it affects you is thus: the lower the Euribor rate is, the lower your mortgage interest rate which means (and this is the good news) the less you pay in mortgage

repayments. Likewise, the banks are reducing their margins so, again, rates payable are lower.

For several years after the economic crisis in 2008, many mortgage borrowers will have noticed a sudden, drastic increase in their monthly payments due to bank margins, even as the Euribor was falling.

Now both have been steadily falling across the board ever since. With each year the reductions are becoming smaller and it is getting harder to believe that the Euribor could drop any lower.

But it has. Which is great news for all homeowners that owe money to their bank.

Dipping below 0.1% for the first time last year, 2015 was a record year for the Euribor rate.

In fact, the last 12 months saw the biggest percentage drop in the last decade - falling by 82% from 0.328% at the start of the year to 0.059% by the year’s end.

So, now that we are in 2016, what’s the

outlook for the Euribor for the immediate future? (Good news, we hope).

Well, the ECB has pledged to keep its monetary (loosening) policy the same until at least 2017, insisting that it is in no hurry to increase interest rates.

This could spell ever further drops, with some experts believing the rate could plummet to as low as 0.04% over the coming months.

While a good indication of how the Euribor will react is by looking at the European benchmark interest rate, there are other factors to take into consideration as well.

For example, it is worth keeping an eye on the eurozone’s own economy and inflation.

Despite the fact that there are a number of elements to consider, in general, there shouldn’t be any surprises on the market in the near future and borrowers can expect at least another year of low-interest payments. Happy New Year!!!!

To contact Tancrede for all your mortgaging needs call: 666 709 743 or for insurance queries call: 951 203 540 Email: tdp@thefinanacebureau.com The Finance Bureau Centro Commercial Guadalmina, 2nOffice No. 7 Guadalmina, 29670

Property

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30 30 the Olive Press November 11th - 25th 2015

Lorraine Laguea, Director of NP Estates in Gibraltar, reveals her golden tips for selling a property

S

ELLING a property or a home can seem like a daunting task, especially in today’s market, but it doesn’t have to be.

Don’t focus solely on the establishment at hand but consider selling the lifestyle as part of the package‚ particularly if your potential market might be to high-end buyers.

Customers aren’t just choosing a house when they purchase, they’re also buying into the surrounding area and its amenities.

Those new to the area especially will be keen to know what there is to do, outside and inside the property.

You have to accentuate key assets such as the lighting system, music system, kitchens, views and external areas.

In order to sell your property you must appeal to as wide a market as possible, find out if there is potential to expand or extend the property and capitalise on such areas by exciting buyers with the notion of what could be.

An obvious example would be an increase in the number of bedrooms.

Another great way to fully realise the potential is to have a local surveyor examine the property beforehand. Paul Gibson of Gibson Gale explains: “It is important to see if it is possible to enlarge rooms, increase the number of bedrooms or even extend into basements and attics as values are based on floor area, the larger the useable area the higher the value!”.

Meanwhile, the quality of the photo-

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The market sadly waits for no-one!

graphs is of the utmost importance.

Appoint a good local agent whom you Get the photography done when trust and like. Don’t make your choice the light is right for the interiors. For based on flattery (such as a high south-facing properties, make the guide price) or savings (a low commismost of the evening light, with sion), as you get what you pay for! the sunset creeping in, as Setting the right guide price Keep this could make for an is integral to a good sale. eye-catching aesthetic There are buyers around things photograph. Making as mortgage rates are the interior look imfavourable at present, as homely maculate and redecbut there aren’t very as possible so orate if required. many of them and they A show house might are price sensitive, so potential buyers not be entirely necbe realistic with the essary but a smart guide price and you can quickly comfortable and welmight end up pleasantly immerse coming family home is surprised. essential.

Finally, be prepared to enKeep things as natural and sure a quick sale. Find a repuhomely as possible so that potentable lawyer who will act on your betial buyers can quickly immerse them- half as soon as you have a sale agreed selves in their surroundings and imag- and ensure that he/she is armed with ine themselves living there. That is the all relevant documentation; this will aim after all. assist in a swift exchange of contracts The agent will be the key to the sale. which is the most important thing for

www.theolivepress.es January 20th - February 6th 2016

a buyer in today’s market.

There’s no need to wait until spring as the traditional seasonal marketplace has dissipated.

Rather than leaving the house ‘in the bottom drawer’ during the winter months, keep your property active, online and open to viewings.

To begin your journey contact NP Estates. We’re ready to assist you with our expert knowledge of Gibraltar’s ever-changing property market.

NP ESTATES The Old Bank, 17-21 Cannon Lane, Gibraltar 00350 200 48532 info@npestates.com www.npestates.com

essentialmagazine

E IV S U CL X E

Queensway Quay 4 Bedrooms | 3 Bathrooms Penthouse

16 years 1999-2016

£1,500,000

Property Ref: NPGIQQ1106 The Old Bank, 17-21 Cannon Lane, Gibraltar, P.O. Box 1418 T: +350 200 48532 F: +350 200 62050 E: info@npestates.com www.npestates.com

w w w. e s s e n t i a l m a g a z i n e . c o m

IN THE KNOW: Lorraine at NP Estates

®

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the Olive Press November 11th - 25th 2015

STUNNING BALINESE STYLE VILLA GOLDEN MILE *Plot: 2.112m2 *Cellar *Sea view

*Built: 984m2 *Baths: 6 *Lift

*Beds: 6 *Jacuzzi *Domotic S.

Stunning Balinese style villa situated in Sierra Blanca, one of the most sought-after areas on the Golden Mile, on the outskirts of La Concha Mountain, offering total privacy and seclusion.

Price: 3.900.000€ 182

44

REF: 23125P

110 27

EXCEPTIONAL GENEROUS SIZE HOME NEW GOLDEN MILE *Built: 1.091m2 *Baths: 4 *Lift

*Plot: 2.880m2 *Solar panels *Heated pool

*Beds: 5 *Jacuzzi *Sauna

Generous size villa located in the hills of the New Golden Mile in an elevated plot position enjoying wonderful views to the garden, golf and mountains. Only a buggy drive away from the golf course.

Reduced Price from: 2.700.000€ to 2.300.000€ REF: 23077P

In process

SPLENDID FRONT LINE BEACH APARTMENT NEW GOLDEN MILE *Built: 179m2 *Baths: 2 *Lift

*Plot: 75m2 *Gym *Heated pool

*Beds: 2 *Jacuzzi *Alarm

This beautiful ground floor apartment is located in a 5 star complex in a front line beach location offering beautiful sea views. An outstanding property in a prime location.

Price: 1.250.000€ 72 17

REF: 22655P

We still have last minute availability of villas and apartments for Easter lettings!!

El consumidor tiene derecho a que se le entregue una copia del correspondiente Documento Informativo Abreviado de la vivienda

M A D R I D - S E V I L L A - M A R B E L L A - G I B R A LTA R - S O T O G R A N D E

Tel: (+34) 952 81 01 02 · www.KSsir.com · Email: info@KSsir.com

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www.theolivepress.es October 1st - October 14th 2015

Experience the difference.

Are you becoming disillusioned with your current Estate Agent?

Tired of not receiving feedback after viewings?

Ours is a different kind of agency. Our way of doing things just works.

It’s all in the detail, from the unique approach we take to marketing each property, to the care and attention we give to our buyers and sellers alike.

Winkworth Spain is experiencing a huge increase in enquiries for properties on the coast.

We urgently need more properties for motivated buyers.

Call us now on 952 880 941 or email info@winkworth.es