4
E ON TH YEARS CEL
EBR
COSTA N
CELEBRATING A DECADE OF SUCCESS
OLIVE PRESS
Property S
pro pain in pert ’s b En y est gli ma sh g
The
GIBRALTAR
February 2024
www.theolivepress.es
Property www.theolivepress.es
olive press
the
Spain’s property in English best mag
roperty
www.theolivepress.es
Celebrating our tenth year on the Costa del Sol
Property
Spain’s property in English best mag
DECADE OF P SUCCESS
August 2023
www.theolivepress.es
Kick off your heels at Spain’s hottest new hotels
Dream www.theolivepress.es
March 19th - April 1st 2015
hifx
Let us help you reach your destination.
POTTED POINTERS www.hifx.co.uk
Don’t let the banks cash in!
20 - Page Special
Steaming ahead
Property expert Mark Stucklin on how the market is suddenly gathering speed with help from the British market
PAGE 2
See page 14
Fit for a star
The secret Spanish homes of a dozen leading celebrities
PAGE 6
come true Buying or selling property in Spain?
Golden Millionaire
Let us help you reach your destination.
Put us to the test. See if HiFX could save you time and money.
SPAIN’S golden visa scheme is ex- Spain’s Golden Visa scheme to survive… but investment threshold likely to pected to survive… but it’s going to rise to €1 million and it could encourage spending in less-populated areas double in price. While Portugal and Ireland recently But the government was quick to vestment. By Walter Finch scrapped their programmes, in Spain deny his claims, insisting the minis- However, it has been frequently critthe visa scheme is expected to be extry was actually looking at alterna- icised for creating inflationary prestended. It comes after left wing political tives with suggestions from various sures and came under scrutiny for Government sources indicate that party Mas Pais claimed that Spain’s political parties. encouraging black money into the only those investing €1million or Social Security Ministry had provi- One of these is to allow investment Spanish economy. more will be given a three-year res- sionally confirmed it was to scrap but only in less-populated areas or in Currently, the scheme allows foridency permit. the scheme. socially beneficial projects. eigners to obtain a three-year resiA source told El Pais that the figure Leader Inigo Errejon claimed the Introduced in 2013 in the wake of dence permit, extendable for another will be doubled from the current total scheme had led to a ‘brutal’ increase the Euro crisis, the scheme was in- two, by investing at least €500,000 in of €500,000 invested in real estate or in house prices, adding: “Spanish cit- tended as a means to re-inflate the real estate, excluding any mortgages. housing market through foreign in- The mechanism also applies to in-
MOVE OVER GRANDAD By Walter Finch
But now a report from Union de Creditos Inmobiliarios (UCI) claims that the prevailing trend among international buyers indicates the new sheriffs in town are a younger, less financially comfortable demographic. These young upstarts (between 30 and 40) have been capitalising on the freedom afforded by the digital nomad lifestyle to invest in Spanish property. UCI's analysis shows that the Covid
as an investment in a Spanish company. izenship cannot be bought”. The new champions of the Spanish expat housing This data from the College of Registrars paints an optimistic picture for market: Young Brits, French and Germans 2023, with the first quarter
pandemic unleashed the genie of the home office and flexible working, which has seen a surge in younger buyers drawn by this way of working. Thus they can fulfil the dream of spending extended periods on the Spanish coasts without waiting until they are grey and wrinkly. As the Olive Press has reported recently, buyers from the United States have also surged onto the scene, according
to UCI. Despite the fact that interest rates on mortgages for non-residents are invariably higher compared to those offered to residents, the market continues to witness a surge in demand from international buyers. The numbers are underlined by a dramatic 45% surge in foreign property purchases in 2022, totaling 88,800 transactions.
already seeing 23,380 transactions by foreigners. The maximum financing percentage hovers around 70% of the property's valuation with an amortisation period of around 30 years. Spain's attractiveness, enviable quality of life, profitability, and its status as a stable safe haven for investments have not, it seems, been dented by the upward trajectory of interest rates.
45 years as an agent
ORIGINAL: This stylish villa, designed by renowned architect Angel Taborda and complete with waterfall pool and mature garden, could be yours for just €4.7 million through Andalucia Development
Swiss salute!
A MAJOR global exhibition is to recognise the work of architectural giants Herzog & De Meuron, as they reach their 45th anniversary. The Royal Academy show, in London, is exploring the Swiss pair’s incredible designs, with a healthy half dozen built in Spain. These include (from top left) the Barcelona Forum, Madrid’s CaixaForum and (main) the remarkable 2007 HQ of Spanish bank, BBVA. Since 1978 the pair have grafted on 600 projects, many yet to be built, including Jerez de la Frontera’s City of Flamenco.
See Partners in Design page 22
THE average international buyer of Spanish property has begun to trend downwards in age profile, according to the latest data. While there are still plenty of Brits, Germans, French and Belgians coming in to hand over their cash, gone are the days of them being entirely high-income, near-retirement couples. The typical profile of foreign buyers used to be people between 50 and 60 years old, married with children, with a high level of education and an income of more than €60,000.
19
the olive press - March 19th - April 1st 2015
Buying or selling property in Spain?
Put us to the test. See if HiFX could save you time and money.
Tel: +34 951 203 986 costadelsol@hifx.co.uk
See page 6
May 2023
OUTDOOR LIFE
How to lead that Spanish lifestyle to the full
OLD TO NEW: how unwanted buildings have been given a new lease of life See page 22
vestments of more than €1 million in deposits or shares of Spanish capital companies, or more than €2 milHiFX Europe Limited Sucursal en España is a branch of HiFX Europe Limited. HiFX Europe Limited is authorised by the Financial lion inConduct government bonds. Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services. Certain desirable highly skilled professionals and family reunification cases are also eligible for this residency permit without investment. In 2022, Spain granted 2,462 golden visas to property investors, an increase of nearly 60% from the previous year. Only a handful invested in companies or government bonds. Since the scheme began some 31,000 people have acquired a golden visa.
Marbella’s leading agent Chris Clover on how he started out on the Costa del Sol in 1970 HOMESELLERS REPORT
PAGE 9
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Curabitur a mauris ut risus congue scelerisque
PAGE 7 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
Don’t let the banks cash in! www.hifx.co.uk
LAUNCH: Feb 2015
20E
COSTA LIVING.. WITH A DIFFERENCE PAG
SPECIAL
The Rock’s ONLY free local paper
and uns- atop the landscape. the local terrain, its foundations to endless golden beaches Composed of stones mirroring enhance its connection T is a coast famed for its anchor the house but also poilt wind-swept beauty.la Luz, in Cadiz, has a new claim not only surroundings. its natural spaces provide But now the Costa de ensures that the interior glimmering reon the This design choice to fame. the sea, capturing the the recently completed House uninterrupted views of Overlooking the Atlantic, the distinctive architectural flections of the sunset. areas: The main living Air (Casa en el aire) showcases divided into three distinct studio Fran Silvestre Arquitectos. Alema- The home is amazing panoramic views and its master suite prowess of famed Valencian and on its unique location on Playa with its Drawing inspiration fromAtunes, the design team – led by Fran space which share the same views, courtyard. also and three more bedrooms, nes, near Zahara de los bedrooms facing a shady that not only shelters but the lower floor two extra with its natural suhimself - envisioned a project on the Air seamlessly integrates of its natural surroundings. inspires, framing the beauty terrain marked by slopes and The House providing a unique and inspiring living experience. rroundings, perched Navigating the challenging gently as if it was contours, it is artfully positioned
I
HEADING SOUTH including Other coastal locations,
FREE Vol. 8 Issue 216 www.theolivepress.es February 7th - February 20th 2024
British proNEARLY a quarter of all abroad fessionals able to work from would choose Spain to uproot.to ditch Some 22% of Brits yearningof better their dreary island in favour powweather and increased spending they could er would choose Spain - if keep their current jobs. into The country knocked America France second place with 19%, while came a poor third with 13%. location Portugal would be the dream Asia garfor 6%, while Southeast
saving money (19%) and an and lifestyle (12%).
attractive
Alicante culture tax incenMalaga, Marbella, Valencia, digital nomads Job opportunities (7%) and popular choices. also factors. Spain comes top for UK of life - especially and Palma, were and Sevilla tives (4%) are Inland cities like Madrid rankings, Yet incredibly, 89% of British profesthanks to its better quality also hold their own in the extends sionals were unaware of Spain’s digquestioned Spain’s appeal for women aged 25 to 30 ital nomad visa, with half by Nebeus. proving that By Walter Finch
only 3%. nered 5% and Latin America professionA striking 53% of UK working als able to embrace remote just 33% would move abroad, while and 14% would stick with Blighty
were undecided in the poll of a Brit beyond its coastline. The most common profilemeanwhile The study points out several incenlooking to move to Spain in ‘a man- tives for choosing Spain as a remote is a woman aged 25 to 30 sector’. work base. of agement role in the privateof cosmo- The promise of a ‘better quality at Barcelona, with its blendof preferred life’ is the most significant draw for politan flair, tops the list 46%, followed by the potential Spanish cities at 14%.
into it. saying they would now look challenges The main financial include perceived in relocating cost of healthcare costs (31%), and living (21%), and retirement savings plans (10%).
THEN AND NOW: The OP Property’s launch issue in February 2015 (above) and our latest
Old town, new hope FUTURE: Investment is needed for the old town
YOUNG people could get the opportunity to fix up some of the abandoned homes in the Upper Town and revive Gibraltar’s heritage, a housing activist has said. Henry Pinna of Action for Housing believes ‘neglected’ areas in the old town still have a part to play in the Rock’s future. He is mainly referring to the pathways around Moorish Castle Estate, which once housed the majority of Gibraltar’s population. The activist said these streets have been left to rot without any idea what to do about them. The activist showed the Olive Press around some of those small passages full of winding steps that criss-cross the Upper Town. Former homes with cracked walls, boarded up windows and even missing roofs characterise the whole neighbourhood. “For me personally, the upper town is where our heritage is,” he told the Olive Press. “It’s been neglected for years on end so I think it's about time that the government came up with a holistic plan to do it up.”
EXCLUSIVE By John Culatto
As one of Gibraltar’s leading activists, Pinna often clashes with ministers who are focusing on building new apartment blocks instead. And he said the government has already identified some of those buildings that could be repaired. But while he admits that Covid and Brexit have both hit the public purse, he said that this is a case of ‘urban decay going back many years’. “Even in the boom years when there was a lot more money than we have now, nothing was done to tackle urban decay in the upper town area near the Moorish Castle,” Pinna said. “What we need is a holistic plan to tackle the whole upper town area – not just focus on here and there. “But that needs a four or five year plan investing money and getting private companies and young people to take part.”
QUIDS IN!
A BRITISH expat is earning more than Spain’s Vice President for ‘managing’ an urbanisation of just 109 properties on the Costa del Sol. Stephen Hills has come under fire for paying himself €86,700-a-year despite the job being ‘voluntary’ and ‘salary-free’. Hills is now ‘at war’ with the outraged residents of Torre Bermeja, in Estepona, after his inflated pay packet was revealed. It is not known if this includes
nal ter natio In & K All U ems TV syst Sound CCTV - n & Visio r net 4G Inte & ic t p Fiber O
952 763 840 635 400 099 info@theskydoctor.com www.theskydoctor.com
Expat president under fire for paying himself more than deputy PM of Spain residents around €6,000 per year.
EXCLUSIVE By Laurence Dollimore
Outraged
ex-football managers Harry Redknapp and George Graham (both right), or the Irish mafia clan, the Kinahans, who are also said to own properties there. But it means he is earning more than Spain’s deputy leader Yolanda Diaz, who pockets €79,415, and the same as Andalucia chief, Juanma Moreno, who earns €87,000. Rubbing salt in the wounds, Hills allegedly exempted himself from paying community fees - which currently cost
Now a ‘large group’ of residents, many of them Brits and Irish, have taken Hills to court to prove his actions are ‘illegal’. “People are outraged, his actions are totally illegal and against t h e rules,” e x plained lawyer David Valadez, who is representing the residents. “I am convinced he will face a judge, however the courts in Estepona are saturated right now so we are not sure
Tel: 952 147 834
See page 16
TM
AUDACIOUS: Brit Stephen Hills is paying himself €86,700 a year to run a community of 109 properties when to expect a trial.” According to Valadez, local community bylaws dictate a president ‘cannot earn money’ for the role. Torre Bermeja is one of five urbanisations that form the ‘Guadalmansa development’. Each has a president, who looks after the day-to-day running, such as collecting community fees or arranging gardeners and maintenance. They have regular meetings with other presidents, where they can propose laws or changes which are voted on by the residents they look after. The issue appears to have arisen as the majority of homeowners in Torre Bermeja don’t live there and ended up giving Hills the right to vote on matters on their behalf. “Most of those who gave him de-
ferred votes by proxy don’t know what they have been used for,” added Valadez. “So when he decided to award a salary of almost €87,000, there was no one to stand in his way.” However, not everyone is in agreement with the action group, with one British owner defending him saying he is ‘doing his best’ to develop the community.
Control
“There is another president who is trying to control the whole of Guadalmansa and wants to get rid of anyone standing up to him, such as Stephen. “This is all part of a feud that has been going on for five or so years, people don’t know the half of it! “Stephen works a full-time job looking after his residents and has been president for 20 years. A lot of us appreciate what he does.” The Olive Press has contacted Hills for comment.