Property olive press
ALL THE LATEST NEWS AND FEATURES IN OUR PROPERTY MAGAZINE - P13
www.theolivepress.es
In come the bIg bucks!
GIBRALTAR
The only investigative local newspaper
A HUGE US property fund is splashing 45 million euros on three new Costa del Sol developments. The American bosses Real Capital Solutions behind snapped up sizeable plots have tepona, Mijas and Marbellain Escontinue to look at further and tunities along the coast. opporThe company, based in Marbella since 2013, already has five other developments, including The Retreat, in Elviria.
“We have spent around lion here so far and have100 mila fund of 300 million to spend,” plained Managing Partner exWells, based in Colorado. Peter “We are the largest developer on the Costa del Sol and our emphasis is on distressed properties.” He added: “On top of that things transparently and we do always try and deliver on price and quality.” The company - which made hundreds of millions buying ing distressed propertiesand sellUS - has 16 staff working in the its office at Centro Plaza. out of Local boss Taylor Cox, added: “The coast is really starting come alive and it’s a pleasure to to live in such a beautiful part of the world.”
RANKED No.1 for
Currency Exchange
& Money Transfers
2016
By Iona Napier Caption
the
May 25th - June 7th
Booming July predicted following referendum lead up uncertainty estAte agents in spain selves up for the busiest are lining themIt comes as a reasonableJuly on record. number of british buyers put purchases on hold due to the forthcoming eu referendum most agents the olive Presson June 23. firmed they had various spoke to consales currently ‘paused’ awaiting the result, while adding that the british market remained strong per se. the majority believe that the expected result - to stay rope - would lead to the in eupound strengthening considerably against the euro and that mer would be red hot for the sumsales. ben bateman, at holmes sotogrande described the lead up as a ‘pause referendum for thought for british buyers’ due to concerns over the weak pound. “After a remain vote however, we expect to see a strong finish to the den wave of bids from year - and a suders will be likely,” he toldsterling-based buymarbella agent kent the olive Press. schanke, at Fastighetsbyran added: “some are on hold but in the long british buyers run I don’t think it will affect the market or prices,” he said. “even if there is a brexit, sues at first, but I think it may cause iswill recover very quickly.”the British market
Spanish property sales
Roll on Remain benahavis agent scott marshall of Propertiespain said: “I believe it’s very psychological - it’s a combination of the uncertainty of the vote and also the exchange rate right now.” Adam neale of terra meridiana, in estepona, confirmed ‘if the pound falls While many agents have so do the buyers’. rently on hold, some havea couple of sales cur“We have up to ten sales seen more. til after the referendum,” currently on hold unsaid Victor Witkowski, boss of castles estate Agency “buyers are not necessarilyin manilva. they are biding their time pulling out, but to see what happens.” Fellow manilva agent, firmed a slowdown, butshani hamilton, condicting a huge influx of added: “We are prebusiness as soon as a decision is made.”
Deals
by nationality and quarter
olive press www.spanishpropertyinsight.com
source: Registradores
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
RANKED No.1 for
Either way, official statistics out this month confirm the British market remains strong and tens of thousands continue to look for their dream home. Respected analyst mark stucklin insists that foreign demand for spanish property was up 16% in the first quarter of this year with Brits the biggest group of foreign buyers at 22% of the market share. “the british still dominate property and there is no the foreign market for able decline in demand evidence of a noticeas yet,” he said. And certainly not everyone one agent, graham govier is suffering. of Inland Andalucia has seen ‘no negative impact’ at all during the referendum lead-up. “In fact it is the opposite. cheap right now and we Prices are extremely are selling two times as many properties as we were last year,” he said. he added: “my salesman a local celebrity - has justPaul - already a bit of completed his seventh consecutive sale and people are buying because they can see that won’t wait around for themthe incredible deals forever,” he added.
Who is buying in Spain?
Page 14
Whose the man with a big plan?
Page 15
Do you know these secret destinations?
Page 18
Is this your dream home?
Page 19
Save money when buying or selling your property in Spain
Currency Exchange
& Money Transfers
For more information please or email spain@smartcurre call us on +34 951 401 921 ncyexchange.com OUR PARTNERS
WARNING: Juncker
DESERTERS! BRITONS will be labelled ‘deserters’ should they vote to leave the EU, European Commission President Jean-Claude Juncker has warned. In a damning blow for the Leave campaign, Juncker said the UK would face ‘serious consequences’ and would be treated as a ‘third country’ should the country vote for Brexit. “The deserters will not be welcomed with open arms,” Juncker said. “If the British public vote Leave, which I hope they don’t, then life in the EU will not go on as before.
Consequences
“The UK will have to accept that it won’t be handled with kid gloves. “If the British leave Europe, people will have to face the consequences. Relations will no longer be what they are today.”
Vol. 1 Issue 19
www.gibraltarolivepress.com
May 25th - June 7th 2016
FREE
Question time
WORRYING: Pollution from heavy industry is being ignored by the Junta, claim ecologists
CHOKER!
Gibraltar’s ‘unsafe’ air quality - worse than all but two places in Spain revealed in shocking new WHO study
GIBRALTAR’S air pollution levels breach international standards and are higher than any other part of the UK, an alarming new study has shown. A key World Health Organisation (WHO) report into global air quality shows Gibraltar’s large particle (PM10) pollution was higher than London and 99% of Spain. Registered at 31, the particles including sulfate, nitrate and carbon, are well above the accepted ‘safe’ level of 20 mg/ per cubic-metre. They can penetrate deep into the lungs and cause health problems, according to the WHO.
SPECIAL REPORT By Joe Duggan
Only Puerto Real, in Cadiz, and Aviles, in Asturias, fare worse in Spain. Meanwhile, another level (PM 2.5) is also high and above the WHO safety guideline of 10 microgrammes. The in-depth five year study, up to 2013, covering 795 cities in 67 countries, found 80% of people living in urban areas are breathing air that breaches safety standards. Dr Peter Sheridan, a specialist public health physician for the Gibraltar Health Authority, described the levels as ‘disappointing’.
CAUSE FOR CONCERN: Gib tops list for UK towns
“While the finding is disappointing, the excess of particulate matter is attributable to being a major port close to busy shipping lanes and on occasions climatic conditions that do not disperse the particulate matter,” he told the Olive Press. “Gibraltar has a well-established action plan for addressing air quality and is monitoring air quality to bring it up to international standards.” Much of the pollution is put down to the large Cepsa refinery in San Roque, plus other industrial activity. The Campo de Gibraltar is already accepted as being one of the most polluted parts of Spain, with La Linea often singled out for concern. However, Gary Fuller, an air quality expert from King’s College London, explained that dust from the Sahara desert is also a ‘massive factor’ in Gibraltar’s particle readings. “Gibraltar has different weather conditions to the rest of the UK. Several times a year wind from the Sahara blows dust across the countries of southern Europe,” he said. “Clearly there is nothing the government can do to control that. Shipping will be an issue too but mainly affecting the Turn to Page 4
...And how to escape the fumes Take a trip up Mr Henderson’s Railway with expat author Nick Nutter Turn to Page 10
Whether you are buying currency for the purchase or sale of a property, mortgage payments, school fees, pensions or general bills, Cambridge simplifies the process. We provide fast and affordable ways to make foreign exchange payments.
For information connect with our Costa Del Sol office today ! Costadelsol@cambridgefx.co.uk I +34 952 830176
FORMER Marbella mayor Angeles Munoz is in hot water after failing to correctly declare four properties in Gibraltar during her tenure at the town hall. The ex-PP boss is facing tough questions after she declared the purchases, alongside another in Sweden and one in Malaga. All six properties were purchased either before or during her time as mayor, yet she either failed to declare them entirely or wrongly stated details about their purchase when asked just two years ago.
Shares
In two cases, Munoz - who is standing as the PP’s candidate for Malaga’s senate originally stated the date of purchase as five years later than the actual date. The senate has also discovered that the properties are all linked to Gibraltar businesses with links to Munoz’s husband, property developer Lars Broberg. One business has been named as Cutaga, for which Munoz owned shares for five years and her husband is now 100% owner.
EX-MAYOR: Munoz