Mallorca Property Magazine Issue 2

Property www.theolivepress.es

Mallorca Olive Press

www.theolivepress.es

July 2017

Issue 2

- August 2nd 2017 MallorcaJuly- 20th Living Inspiration

9

We give your dreams a home

Tel. +34 971 41 29 25 www.engelvoelkers.com/mallorca

Anyone for tennis?

WIMBLEDON’S last ball may have been played, but tennis fans can serve up their own version with this stunning Mallorca ace.

The €25 million finca, on the market with Knight Frank, has its own floodlit tennis court, not to mention a five-bedroom staff house to put up the ball boys.

The main three-bedroom h o m e dates back to the 15th century, while it also has a seven-bedroom guest house nearby.

Set within 296 hectares of rolling olive groves, near Calvia, it also counts on a huge outdoor pool. And with French Open champion Rafael Nadal hailing from these parts, there is surely something in the Mallorca air t o help your backhand!

DOUBLE BUBBLE F OREIGN investment into Spanish property is expected to break all records this year.

Demand from abroad has grown for seven years straight, according to international consultant firm JLL. In the first half of this year alone, foreign buyers and funds have more than doubled the investment on the same period last year.

So far external investors have sunk €888 million into buying Spanish property, smashing last year’s

Huge growth in foreign investment into Spain is set to go well over €1 billion in 2017

record of €330 million.

While Madrid and Barcelona are the leading hotspots and attract the most interest from foreign buyers, Malaga, Sevilla, Mallorca, Bilbao and San Sebastian are also bringing in big numbers.

It comes as it was revealed that Spain is still the

most searched for destination for Brits looking to buy abroad. According to Rightmove, Spain is the most popular destination for Britons looking to relocate or buy a second home.

Average monthly internet searches total over 2.5m, 74% above closest rival and second placed France.

Record breaker for leading local agent A LEADING Mallorca agent has seen a massive 24% rise in sales on the island in the first half of 2017.

Engel & Völkers’s 17 shops on Mallorca saw sales totalling €270.5 million from January to June, while the average property price was €1.2 million, an increase of 9% on 2016.

British buyers continue to be a strong market, despite Brexit, with some parts of the island seeing a rise in UK buyers.

Meanwhile, across Spain, total sales rocketed to €908 million in the same period, a 32% increase on last year.

In total across Spain, Engel & Völkers has had 1,415 transactions, while rental sales rose 19% with some 1,214 transactions.

The average price of property sold across the country rose to €639,218, a 6% increase.

The majority of buyers are German, British and Scandinavian with more Spanish and French buyers coming into the market.

Juan-Galo Macià, CEO of Engel & Völkers Spain, said; “The extraordinary results confirm the positive market activity and its’ strategic importance for the company.”

SPECTACULAR VILLA: This beautiful home is for sale for 15.9m through Engel & Völkers

Portugal came third on the list, followed by the US and Italy.

Alicante was the most searched region in Spain, increasing by 53% from last year.

At €126,054, however, it also has the lowest average enquiry price of the most popular sunny regions.

With an average enquiry price of €397,813, property in Mallorca is most popular with high budget buyers, with 54% looking for flats and apartments and 46% looking for houses. Despite properties in Mallorca being three times higher in price than those in Alicante, it still tops the list as the second most searched for property destination in Spain.

Malaga is in third position, with an average enquiry price of €191,830.

Chris Please, Head of Rightmove Overseas, said that Spain remains the most exciting investment for British buyers.

“Over 12 months, we received an average of 2.5 million searches a month for property in Spain, indicating just how in-demand this sunny country is for property-seekers.”

In terms of upmarket property he singled out Mallorca, for its great climate, upmarket living and picturesque surroundings. “Mallorca is perfectly positioned as the ultimate destination for high budget UK buyers looking to purchase their own slice of paradise.”

17 Property Shops on Mallorca We give your dreams a home

Tel. +34 971 41 29 25 www.engelvoelkers.com/mallorca

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July 20th - August 2nd 2017

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July 20th - August 2nd July 20172017

11 III

Hotel halt

Carry on ‘Camping’

BIG is beautiful, as they say, and this majestic 10-bedroom Mallorca mansion certainly falls into both categories.

Available for €48.5 million through Imperial Properties, the sea-views at this palatial Camp De Mar residence are as spectacular as it gets.

With three separate houses, your guests will cerainly be envious as they gaze over the undulating hillsides and Mediterranean.

WOW: Carry on team would be impressed by this ‘stunner’

PALMA authorities have agreed to halt hotel construction in the city for a year.

The one-year moratorium was approved by the Mallorca capital’s town hall following recommendations made by the Federation of Associations of Neighbours (FAAVV).

Hotel building licences won’t be granted in the Old Town, Santa Catalina, around Ensanche and Nou Llevant for the next 12 months.

However, 63 licences already approved for other hotels totalling 2,149 beds will still be allowed to go ahead.

Currently, there are 38 urban hotels in Palma, providing 2,169 beds.

Buyers are bound to fall in love with two villas where hit show Love Island is filmed

F

ANS of Love Island can snap up the luxury €3 million Mallorca villa where the raunchy reality TV show was first filmed.

Appropriately named ‘Casa Amor’ (House of Love), the new buyers will be spoilt cooling off in the 14-metre swimming pool in stunning grounds.

The four-bedroom villa, for sale through agent Chestertons, hosted the contestants before the islanders cast split into two groups last year on the ITV show.

The villa, in Sant Llorenc des Cardassar, near Manacor, is the perfect fit for singles looking for love, complete with its ‘cheeky’ photography and artwork adorning the walls.

It has a very secluded setting and counts on its own vineyard with lemon and orange trees bringing a wonderful smell to the air.

One wonderful bath offers a magnificent view of the gardens.

Meanwhile, the villa, which is the current set for series III of the hit show is also understood to be going on the market.

The sprawling pad, just outside Cala Millor, is set against a stunning backdrop of rolling green hills, with a show-stopping infinity pool the focal point of the garden.

Producers are said to have spent tens of thousands on the villa following complaints that the pool in last year’s villa was cold.

Love at first sight!

LOVE SETS: Casa Amor (right) and (left) current set of the third series are for sale

The love pad comes complete with a hot tub, outdoor gym (which doubles as Kem’s hair salon), alfresco kitchen, fire

pit, marble bathtub for two perfect for the contestants to fall in – or out – of love.

The nearby town of Sant Llorenc is re-

portedly buzzing with crew from the programme, which has left locals bemused but delighted with the increase in business.

Best of the best?

A PALMA hotel is in line for a prestigious award.

Plush Park Hyatt (above) has been shortlisted out of 11,400 high-end properties in the 2017 Best of the Best nominees by luxury travel network Virtuoso.

The Cap de Vernell hotel, which opened last year, could scoop the Best Achievement in Design award when August’s winners are announced in Las Vegas.

The 142-room hotel is laid out like a Mallorquin village, with groups of small buildings grouped together.

A restaurant serves up traditional Balearic cuisine with an elegant twist with Madrid’s Michelin-star chef David García running the tapas gastro bar.

Royal rip-off?

LAVISH: Inside Buckingham Palace

SPAIN’S king and queen were appropriately given the royal red carpet treatment when they stayed at Buckingham Palace this month.

And the high profile visit (pictured right), over three days, all helped to make the British Queen’s home the most expensive to run in the UK. According to website Comparethemarket.com the property costs €150,000 per month to heat and power, all paid by the British taxpayer. The central London residence

SINCE 1998

POLYWOOD OUTDOOR FURNITURE

and administrative headquarters of the British monarchy splashes £1.56m (€1.78m) every year on its energy bills. The iconic property has 775 rooms, a movie theatre, swimming pool, post office, chapel and more.

Meanwhile, ex-Real Madrid star David Beckham spends €1,615 per month on energy for his €50 million London pad. The seven-bedroom Georgian town househad a reported €9.1 million renovation.

Open: Mon-Fri 10.00-18.00 & Sat 10.00-14.00

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70 models on display more than 120 models in many variations available from stock

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Property

www.theolivepress.es

July 20th - August 2017 July 20th - August 2nd2nd 2017

House prices are increasing across the country with strongest looking data since the crash, writes Mark Stucklin

T

he following residential property price indices were released in June:

The National Institute of Statistics (INE) +5.3% in Q1 The Notaries’ Association index +2.4% in April (1,336 €/m2) The Tinsa index +3.6% in May The Idealista (resale asking price) index +1.5% in June Perhaps the most interesting observation to make about the data is that this is the first time in almost a decade that ALL the main indices I track are to be found in positive territory. Every single leading index is currently in the black.

Positive

That said, and as I always point out, national house price figures are not much use when it comes to understanding local markets.

However, they may influence market expectations and confidence, which is why I keep an eye on them.

Meanwhile, Spain’s leading appraisal company Tinsa publishes house price data categorised by area (based on its own valuation).

Looking at the data published by Tinsa for May, we see that house prices in big cities and provincial capitals were up by 6.1%, by 4.7% on the Mediterranean coast, and by 2.9% in

EXPERT: Mark Stucklin runs the Spanish Property Insight website and has been The Sunday Times Property Doctor for many years RESULTS: Every month the SPI House Price Index Tracker plots the progress of the six most-watched house price indices in Spain, and puts them all on one page. All the latest results are highlighted in yellow in the chart above.

The price is right

Port Andratx: Apartment in one of the most exclusive communies on Mallorca, const. area 116 m2, garden & terrace approx. 100 m2, 2 bed, 2 bath, pool, Ref. 1467, 795.000 €

the Balearic and Canary Islands.

Tinsa also published data in June showing that house prices rose by 22% in Barcelona city, by 13% in Alicante city, and by 11% in Madrid. It comes after it was revealed Marbella is the most expensive area to rent in the country this summer, with aver-

age weekly rents fetching more than €1,100. A report by Idealista also found that it would cost an average family 35.1 years to be able to purchase a property in Marbella, making it the most expensive in the country, ahead of the likes of San Sebastian and Madrid.

Santa Ponsa: new build modern villa, const. area approx.380 m2, plot approx. 950 m2, 5 bed, 5 bath, pool, sea views, sauna, garage, heang, air condion, Ref. 1376, 3.650.000 €

FARA HOMES, Calle Cristobal Colon 1, 07157 Port Andratx, Tel. +34 971 672 455, info@fara-homes.com, www.fara-homes.com

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July 20th - August 2nd 2017

13

Finest Real Estate Mallorca

Puerto de Andratx: New built villas with panoramic views across the Tramuntana foothills to the marina. Private roof terraces with pool, community area with infinity pool and gym. Constr. area approx. 211 sqm, 3 bed., 3 bath. and priv. garage. E&V ID: W-0294HP · Price € 1,100,000

Alcudia: Marvellous, classical villa in elevated position in Bonaire, boasting fantastic sea views, perfect condition, features in total 7 bed. and 5 bath., stunning outdoor area and 2 independent studios, terraces, garage and plenty of room for storage. E&V ID: W-024JOD · € 3,750,000

Alaró: Beautifully restored country home, surrounded by almond trees and impressive mountain views, 5 bedrooms and 5 bathrooms. Large swimming pool, barbecue area and landscape garden. Tennis court, private water well and underfloor heating. E&V ID: W-028M9J · Price on request

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Palma: Penthouse with private terrace in historic building, part of a spectacular renovation project consisting of six fabulous luxury apartments with exclusive design, light flooded and spacious rooms, as well as various balconies, terraces and garden. E&V ID: W-0298GN · € 1,810,000

Fornalutx: Townhouse superbly refurbished. It has a charming private courtyard that leads to the living room, kitchen with dining room, small outdoor patio, 3 bedrooms and 2 bathrooms. Furthermore it has a roof terrace with superb panoramic views. E&V ID: W-029833 · € 750,000

Son Vida: Contemporary sea view villa in Palma‘s most exclusive residential area. 4 bedrooms, 4 bathrooms, outdoor and indoor pool, SPA, Varenna kitchen, under floor heating, A/C, 3 car garage, elevator.

E&V ID: W-029DB2 · € 6,500,000

Engel & Völkers Mallorca · Tel.: +34 971 23 85 84 Mallorca@engelvoelkers.com · www.engelvoelkers.com/mallorca

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July 2017 July 20th - August 2nd 2017

Sandy shores

Y recent meetings with clients in Spain have largely revolved around transferring pensions out of the UK into Qualifying Recognised Overseas Pensions (QROPS, as most of us know them).

Without exception, all of my new clients have been scared to discuss their UK pensions with a financial advisor over here because of screaming headlines like this one right (Financial Times – March 10, 2017).

But, in truth, this is little more than a scare story and it is highly unlikely that anyone is about to get clobbered with a 25% tax bill.

In reality, most of us expats will see nothing of the sort...and, as always, the devil is in the detail not in the headlines even from such a respected publication as the FT. When I looked into the legislation I actually discovered a completely different, and much less dramatic situation for us expats living in Spain and the reality is as follows: The Overseas Transfer Charge (OTC) of 25% does not apply under the following circumstances: If the transfer request was before 8/3/17 or if any one of the following five conditions apply:

1 2

. You are a tax resident in the country in which the QROPS is established . You are resident in the European Economic Area and the QROPS used is established in the European

Introducing our new finance writer, Sandy Paterson, of Blacktower, who’s here to help make the most for your finances

‘Expats hit by 25% tax charge on overseas pension transfers’ -But does this really apply to you?

Economic Area . The QROPS is an occupational scheme and the member is an employee of the sponsoring employer under the scheme . The QROPS is a public-sector scheme and the member is an employee of a sponsoring employer under the scheme . The QROPS is set up by an international organisation and the member is an employee of a sponsoring employer under the scheme

3 4

5

I have highlighted Condition 2 as this

probably applies to most readers of The Olive Press, and the majority of my clients, for example.

When discussing moving a pension for UK or other European Economic Area citizens who have moved to en-

joy the lifestyle offered by Spain (also EEA), the most likely jurisdictions for a transfer to QROPS are Malta or Gibraltar (both EEA).

Of course, Gibraltar as a Crown Dependency of the UK may be out of the

Got a question? Then ask Sandy on the details below: Sandy Paterson DipFA, CeMAP, MLIBF - International Financial Adviser Blacktower Financial Management (International) Ltd – Mallorca Office Tel: 971 42 59 86 Email: sandy.paterson@blacktowerfm.com Web: www.blacktowerfm.com/locations/mallorca

frame when the UK exits the EU. (I will discuss why to use Malta in a future article).

What does that mean to a Spanish tax resident who came originally from a European Economic Area country like the UK? In simple terms, point 2 above applies. ‘The member is a tax resident in the European Economic Area and the new pension (QROPS) is established in the European Economic Area’.

The result for most of us therefore flies in the face of the headline above which should now read: ‘No Overseas Tax Charge to pay for the majority of expats in Spain’ But maybe that would not sell as many papers!

Blacktower Financial Management (International) Limited is licensed in Gibraltar by the Financial Services Commission. Licence 00805B and is registered by both the DGS and CNMV in Spain. Blacktower Financial Management Limited is authorised and regulated in the UK by the Financial Conduct Authority.

CG Property C/ Julia Bujosa Batle, 6 07184, Calvía Mallorca Tel: (+34) 971 670 300 Mob: (+34) 628 196 939

www.gc-property.com

Bunyola – 1,980,000€

ref: BUNY11

A beautiful finca yet to be constructed with an elevated position and stunning views near the lovely village of Bunyola. With completion due in late 2018 there are 2 options, firstly to buy off plan for €1.98m or finished at €2.15m.

The plot is 17,407m2 and the house has a constructed area of 536m2 with internal living area of 356m2 over 2 floors.

For more details of this 4 bed, 3 bath property, please ask.

Son Font – 1,580,000€

ref: SF18

This Traditional Mallorcan Finca style villa situated in the peaceful mountains of Son Font.

This beautifully maintained 4 bedroom property offers unique views over its tranquil surroundings. It is bathed in sunshine all day long and boasts a beautiful swimming pool area, spacious terraces and a comfortable guest accommodation. The property also has a undercover parking, central heating, fireplace, a/c and a storeroom.

www.theolivepress.es

July 20th - August 2nd 2017

15

Club Nautico Santa Ponsa Penthouse - 3 beds, roof terrace, parking, direct access to marina– 495.000€ - IP2-9151

Snap QR code for full details and video

Palma bright apartment in La Llonja very close to Borne and Port 2 bed, 2 bath, 70 sqm—495.000€ -ref IP2-9074

Snap QR code for full details

Port Soller Front Line Investment, 2 Houses & Plot, inc restaurant. 703sqm Opportunity for hotel, apartments or villa IP2-9150—1,500,000€

Snap QR code for full details and video

Imperial Properties +34 971 692 434 - Email: info@imperial-properties.com - www.imperial-properties.com

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Property www.theolivepress.es

July 20th - August July 19th 2017 2nd 2017

GREEN WINE: Son Juliana bodega counts on wind and solar power for energy

Mallorca winery runs on 100% solar-powered energy

A

MALLORCA winery is operating on 100% renewable energy.

The 1,300-metre-square Son Juliana bodega is set just below the spectacular Tramuntana mountain range between Santa Eugenia and Biniali.

Built in just 15 days, the winery is the brainchild of local architects Munarq Arquitectes.

Cork-insulated roofs allow a stable temperature for the wine to be stored, with some 40,000 litres a year currently produced. “They were in a hurry, so because of this we built in a prefab concrete structure, built in 15 days," revealed a spokesperson.

"We used a prefab concrete structure, and local and natural materials like mares – a local sandy stone – in the ex-

It is 100% renewable energy powered terior facades, and ceramic bricks for the interior finishing walls.

"What is unusual is that it is 100% renewable energy powered and not connected to the net."

The linear building has a concrete base which is covered in mares-stone.

Wine is bottled and labelled at the westend of the building then stored in a cool area near the entrance.

The winery is located in the basement, because it requires a special temperature and humidity conditions.

The retaining walls are stone to take advantage of the thermal mass and soil moisture that remained during the summer.

The ventilation and temperature is carried through pipes connected to geothermal heat pumps.

Let there be light!

SPACIOUS: The light, airy space is inspirational for the winemakers

www.theolivepress.es Property

IV

July 20th - August 2nd July 20172017

17 IX

all british city dwellers put spain buying top... while map reveals which are the key hotspots where they choose to live

In like flynn

IT’S no surprise Spain is still the most popular destination for Brits looking for a second home or a new life.

But where are the majority of these Brits coming from?

Rightmove, the UK’s leading property search engine, has collected data showing which cities in the UK have been searching for properties in

Spain the most.

In ten of the country’s biggest cities, Spain was the most searched for destination, with France a distant second in all cases.

Spain was most searched in sunstarved Glasgow, followed by Liverpool and Sheffield.

See the full table of results below.

The e pat factor

I

T’S official. There are more than twice as many Brits in Spain than Spaniards in the UK. According to the Office for National Statistics (ONS), there were 296,600 Brits in Spain in 2016, compared to just 116,000 Spaniards in the UK. And the new figures have also revealed that most Brits like to live in the coastal areas, with the notable exception of Madrid.

Alicante and Malaga have by far the most British expats, while Murcia and Almeria make up the top four.

The figures show the population of British pensioners in Spain has also jumped ‘notably’.

There are 121,000 British pensioners officially registered in Spain, more than the entire Spanish immigrant population in Britain, the figures show.

All other age groups have been declining since around 2008, when the economic crisis began.

While almost 300,000 Brits are known to be officially living in Spain, hundreds of thousands are suspected to have not made themselves official.

Estimates of actual British population size in Spain are nearer the 800,000 mark.

MAPPED: Distribution of registered Brits living in Spain

Taking the INE figures at face value, the British expatriate community in Spain has declined 4% since the last census in 2011, when there were 308,805 Britons resident in Spain.

In the UK, some 78% of Spaniards work in the public sector, financial services, or the hospitality sector.

Half of those are between 29 and 39 years old.

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OLIVE PRESS (Mallorca Edition) – 170 mm x 256mm – Colour

19 July

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New telephone number for English speakers

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July 20th - August 2nd 2017

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Housing pledge

THE president of the Balearic government has vowed to build more public homes to tackle a ‘grave housing problem’.

Francina Armengol met with Palma mayor Antoni Noguera to discuss the issue.

Armengol has asked the town hall for funds to build new apartments in areas like the old Son Busquets barracks.

She is also preparing to ask Spain’s government to collaborate in the project.

Other topics under discussion during the hour-long talk included turning Palma’s paseo maritimo into a boulevard and the regeneration of Nou Levant.

July 20th - August 2nd July 20172017

Work of art A Beautiful Santanyi villa owned

by Italian artist on the market

A

STUNNING Mallorca villa owned by worldrenowned Italian artist Fabrizio Plessi is on the market.

Engel & Völkers are brokering the sale of the Santanyi villa for a sum ‘in the single-figure millions’.

Stunning

The estate, built in 1814, is set in 31,000 square metres of grounds and boasts a six-bedroom villa, seven bathrooms, two guesthouses, natural-stone walls and a large

Contain yourself IT’S a Palma pad with an utterly unique selling point. It’s built entirely from wooden shipping containers.

But this bijou bolthole in central Palma still boasts a small, tile-lined terrace pool and a completely modern interior.

Understandably, smoking is banned, but the classy apartment does have a bbq.

It also features a spiral staircase, a grass roof

IDYLLIC: The home owned by Plessi (inset) original design and the very kitchen. latest technical fittings,” said “This really is an exceptional Nils Haase, Managing Partner residence with a completely of Engel & Völkers Mallorca Southeast.

An entrance hall in the shape of a boat offers a video installation by the artist which welcomes guests.

Renowned

and a natural wood bedroom with a full-length picture window view of the city.

The apartment, a 10-minute walk from the train station, is currently available to rent.

The heart of the island, the home of your heart.

Outside, a 17-metre pool lined with palm trees, a barbecue house and a sprawling terrace are among the property’s manifold attractions.

Plessi is renowned as the inventor of the video sculpture and has had his work exhibited all over the world.

19 XI

HOMESELLERS REPORT

Fara forever

T Fara Homes, the relationship between client and agent is more akin to a long-term partnership.

The team of nine property experts have been in their Puerto de Andratx office since 2010.

And owner Nils Fara explains how the company's 'very rare' policy of offering a high class one-stop sales service - alongside sister company Perfect Home Mallorca, a home-maintenance service offers clients a guaranteed, ongoing relationship after the sale is completed.

"We are always there - from buying until death," he explains. "And at the end of the day, if our service is not perfect we are the ones who have to clean up.

"This is not an after-sales service - it is an ongoing service for ever and ever… and includes maintenance of the house, the pool, and the garden."

He adds: "If they buy a car we help them organise that. Whatever is needed, we are there."

Properties at Fara Homes range from a €30 million estate to a three-bedroom house in Andratx, for €220,000.

Areas of interest include Port Andratx and Santa Ponsa, with a cosmopolitan mixture of German, Swedish, Austrian, Danish, British, Swiss, Dutch, Belgian and some South African buyers.

"Port Andratx is always one of the best markets in Mallorca," said Nils (above). "It has a beautiful, natural harbour. It's not an artificial image, it's been like that for 200 years.

"Our bread and butter is the €600,000, two-bedroom apartment with nice sea views. That is what we sell most.

"We have also been quite surprised by the British market. When Brexit happened we thought demand would go down, but the market is very active."

Recently, there has been trends towards buying modern-style apartments or traditional, Mediterranean-style homes, says Nils.

But while trends may come and go, Fara Homes' rock-solid principle of customer care is one Nils and his team takes very seriously.

"I am always in my office," he said. "People can always come directly to me for help.”

CONTACT: nils.fara@fara-homes.com or call +34 679 618 012 or +34 971 672 455

Perfect for a large family or holiday investment 5 bedrooms / 6 bathrooms Superb design & finish throughout Turnkey available

Email: sales@casascorazon.es Call: (+34) 638 844 216 www.casascorazon.es

Need a UK Base?

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Holiday Homes available on lovely park in Devon UK from £26,995 to £150,000 Open 11 ½ months.

Email: Michaela37@hotmail.com for more information

IV

Property

July 20th - August 2nd 2017 July 2017

XII

MORTGAGE THINK TANK by mortgage broker Tancrede de Pola

Steady wins the race Andalucia leads the pack in mortgage sales as Spain’s recovery takes firm and steady hold

A

NDALUCIA is leading the way in the Spanish mortgage stakes.

It comes after the number of home mortgages granted to prospective buyers in Spain dropped by 11.4% in April when compared with the same month in 2016, according to Spain's Statistical Office (INE).

A total of 21,163 home mortgages were granted in the fourth month of this year.

Andalucia registered the most with a total of 4,467, followed by Madrid and Catalonia with 3,732 and 3,345 respectively.

And while the number of mortgages dropped, their values increased.

The average value stood at €112,834, rising by 5.4% when compared to April of last year.

It comes as new data suggests the Spanish property market is avoiding a bubble and continuing to grow healthily, unlike pre-crisis where it was not unusual for (overseas) clients to buy multiple properties over the phone, sight unseen… clearly a recipe for disaster!

According to a recent Moody's report, the ratios of home sales are healthier now than those observed before the 2008 crisis.

Caution is demonstrated by the banks when it comes to granting mortgage loans - now monthly cost must be covered three times by your net monthly salary and only 14% of loans granted reach 80% of the appraisal value (those only being for residents) - and this added to the strong adjustment in prices and the relative low level of transactions.

Meanwhile, mortgage lending as part of

GDP has fallen dramatically, suggesting the mortgage bubble is deflating.

The Spanish economy has gone from having outstanding mortgage loans equivalent to 100% of total GDP in 2009, the height of the economic crisis, to just to 59.29% last December.

It makes Spain a safe and steady investment, and means if there was ever a time to invest, it’s probably now.

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

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Rustic Home Mallorca

July 20th - August 2nd 2017

by EIHG S.A.

160.000 €

95.450 €

86.250 €

75.000 €

92.000 €

75.000 €

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Property www.theolivepress.es

Keys Isl nd to the

July 20th - August 2nd 2017 July 2017

By Amanda Butler

The hills are alive…

Our resident property expert Amanda Butler on Valldemossa, the favourite spot of Chopin and George Sand

Propert y of the week

Menorca making waves

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ALLDEMOSSA is one of the most eyecatching villages in Mallorca and only 17km from Palma.

Nestled among the forested hills of the Tramuntana Mountains, it is set on a gentle rise, with quaint narrow cobbled streets.

Surrounded by almond orchards and olive groves, the views towards Andratx and Deia are breathtaking and a landmark 13th century monastery stands proudly above the village, where Chopin and George Sand famously wintered in 1838.

Have a look around and you’ll find most entrances here feature a symbol of Saint Catalina Thomas to protect the houses from harm.

In summer the roads are pretty busy with tour buses, although somehow the centre rarely feels too overcrowded, with so many winding streets to get lost in.

Thankfully for the rest of the year, it is a tranquil and unspoilt place to visit.

About 6 km away down a steep winding track there is a small harbour for a couple of fishing boats at Port Valldemossa with a small pebble beach and one traditional Mallorcan restaurant.

Valldemossa is perfect for those wishing for

Delightful refurbished country home 5 minutes from Valldemossa - €1,49m This lovely spot is set on a flat plot of 17,000m2 just 5 minutes walk from Valldemossa, in the lovely local hills.

Incorporating reconditioned white beams and antique ceramic floor tiles this nicely renovated home of 230m2 is distributed over two floors.

Open plan living with delightful views over the gardens, pool and mountains. 2 double beds in the main house, plus a one bed guest house.

Lovely terrace for al fresco dining. Own water. Presented in excellent condition. a more country way of life and enjoying nature, yet being only 25 minutes to Palma makes it very accessible.

The choice of property is mostly between a quaint stone village house to larger country houses on the outskirts with property prices starting well above the million euro mark up to 20 million plus.

There is also the residential zone of George

Sand which spirals over the distant hill like a snail, with prices starting at €1.5 million and soaring to figures of at least €5 million for first line properties.

When looking at properties outside the village you have to be careful to ascertain the hours of sunshine in the winter months as some properties receive very little.

Contact Amanda Butler at +34 690075169 or by email: ajb@mjcassociates.net

MENORCA’S property market is booming as the Balearics’ little brother flexes its muscles.

The Mediterranean idyll, listed as a Unesco Biosphere zone in 1993, is famed for its spectacular countryside.

Properties next to the beach or with a sea view have risen in value by 15% year-on-year.

“Menorca reminds people of what the Mediterranean used to be like 40 years ago,” said Francisco Arnau of Engel & Völkers.

“It’s relaxed and peaceful. Everyone knows each other and you can leave your keys in the car – no one cares.”

Interest from French buyers has surged on the island, with one family recently snapping up Menorca’s most expensive property, an €11 million country estate.

As the island’s property market motors on, Sothebys has decided to open an office in Mahon later this year.

“Our contacts tell us that more and more wealthy families are moving to the island – they love the privacy combined with the interesting resident community,” said managing director Alejandra Vanoli. One local property expert, quantity surveyor Colin Guanaria from Menorca’s longest running estate agency, Bonnin Sanso, says prices in Menorca are ‘15-20%’ cheaper than in Mallorca.

SANTA PONSA Splendid Sea View Villa 7 bedrooms & 7 bathrooms Daily Maid service

www.holidayrentals-mallorca.co.uk

www.theolivepress.es Property

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Quality not quantity

July 20th - August 2nd July 20172017

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Mallorca Best Homes offers excellent personal service for the South West region, writes Joe Duggan

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T Mallorca Best Homes, quality - not quantity - is the name of the game.

The three-strong team of Martina Becker-Zahn, husband Stephan Zahn and Susanne Dietze offer expert real estate knowledge of Mallorca's stunning south-west coastline.

Both Martina and Susanne have been living in Santa Ponsa for more than 13 years and know the location very well.

Rather than offering properties all over Mallorca, they concentrate on the area they are at home with as their aim is to give thorough expert advice to their clients about the location of their future home.

Unlike some of the larger players in the market, the size of Mallorca Best Homes' team allows them to offer a more personal service to their clients.

It's a successful business model.

Since opening three years ago, the Santa-Ponsa-based company has gone from strength to strength, with the first five months of 2017 already surpassing previous year's sales.

Information and thorough consulting service is the bedrock of this success, and Mallorca Best Homes

done without any nasty surprises.”

Offering everything from studio flats costing €99,000 to luxury Andratx villas costing €9 million, there is something for every budget.

A regular visitor to Mallorca since the age of ten, Martina, who speaks perfect English and Spanish, ensures that her clients have a full command of what is required when buying. relationship with their clients As Mallorca's popularity continues doesn't end once you are handed to soar - it was recently voted the your keys, as Martina explains. sixth best island in the world on She adds: "We can't compete with Tripadvisor - the area around Santa the big names so we need to offer Ponsa has become highly sought something else. To after by an evermake people more growing international HARD WORKING: Martina and Susanne know the south west area well comfortable with clientele.

You get British us, offering a better, "You have an inthe price will not decrease in more comprehensive frastructure in the to rise, is not just the ideal way to mand dentists, an long run," says Martina. And of service far beyond of south west which you ensure you have a dream holiday the course, property owners who conwhat is considered to international medical cannot beat and of- home in a beautiful location. selling are welcomed to their be an agent´s work. fers everything right "In former times people bought to sider on Avenida Jaime I, to talk centre. No need to “Because of recomon the spot," says use as a holiday home, but now peo- office about possible sales prices and deAP 149 | Nova Santa Ponsa | 499.000 € H 200 | Nova Santa Ponsa | 1.950.000 € 192investment | Costa de la Calma | 745.000 € ple want to make a AP safe mendations of forMartina. drive to Palma tails of the sale process, including in a politically unstable world, with mer buyers we are "You canwith getgreat British Penthouse with and fantastic seatax views, 150 .sqm, 2 Sea view apartment in sought-after complex in 1st Renovated house garden no in best villa rates issues interest on savings not often even asked to3 bathrooms, fantastic sea location,or1.100 German bedrooms, 1 office, 2 bathrooms, 280 sqm terrace sea line, 3 bedrooms, qm plot,dentists, 150 sqm, 3 bedrooms, 2 many trustful alternatives . pool. prepare the Residence docu- with 2 pools, direct sea bathrooms, Visit mallorca-best-homes.com there is an space, community view terrace. covered and internauncovered terraces, pool, “So they prefer to invest into a propaccess,for parking. garage. centre. So there's no ments a private sale as we are tional medical Email info@mallorca-besterty, which they not only can use regarded as a neutral institution, need to drive to Palma." homes.com or giving advice to both sides in order Of course, investing in a Mallorca themselves or rent it out, but they call 0034-971694055 or 0034 to ensure that the purchase/sale is property, with prices continuing know that due to international de640 285997

· Your estate agent for all budgets in the Southwest of the island ·

AP 149 | Nova Santa Ponsa | 499.000 €

H 200 | Nova Santa Ponsa | 1.950.000 €

AP 192 | Costa de la Calma | 745.000 €

Sea view apartment in sought-after complex in 1st sea line, 3 bedrooms, 3 bathrooms, fantastic sea view terrace. Residence with 2 pools, direct sea access, parking.

Renovated house with great garden in best villa location, 1.100 qm plot, 150 sqm, 3 bedrooms, 2 bathrooms, covered and uncovered terraces, pool, garage.

Penthouse with fantastic sea views, 150 sqm, 2 bedrooms, 1 office, 2 bathrooms, 280 sqm terrace space, community pool.

· Your estate agent for all budgets in the Southwest of the island ·

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July 20th - August 2nd 2017