Property Magazine issue 262

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March 29th - April 11th 2017

Issue 13

March - April 11th 2017 STRUGGLING TO29th SELL YOUR SPANISH PROPERTY?

15

Behind on your mortgage payments and need assistance?

See page 16 for details To find out more, go to www.sellmypropertyinspain.com or call 673 669 105 today

Anything but a dump Mogul’s Marbella TV debut

Page III

Tivoli world makeover

page V A dedicated Spanish architect has spent more than 30 years turning a rundown cement factory into his perfect home and office space

Page XI

Bad practice I T is a practice that most property professionals had hoped was a thing of the past.

But Olive Press Property can reveal that the ethically questionable practice of charging buyers as well as sellers is rearing its head again on the Costa del Sol. According to sources, at least two agents in the Marbella area have recently stung their buyers with bills of up to 5%.

The so called ‘finder’s fees’ are in addition from taking commission from the seller.

“It’s disgusting,” said Terra Meridiana’s Adam Neale, “I have nothing wrong with finder’s fees if you agree it with the client beforehand, but I have heard from several buyers that certain agents are adding a 5% fee with no prior warning.

“It’s bad ethics and gives agents on the Costa del Sol a bad name.”

Mike Smith, Chairman of Marbella-based First Choice Spain, agreed that charging potential buyers such fees was ‘ob-

EXCLUSIVE: Agents unite as some ‘bad apples’ are slapping finders fees on buyers without warning

scene’, especially when you consider they already have very high purchase taxes which are often in excess of 10%.

“We as agents are paid by the sellers and we never charge a fee to a buyer,” he said, “On the whole our industry works very well as it is, without the need to start charging such high additional fees to buyers. We should be encouraging them to invest here!”

Ben Bateman of Holmes in Sotogrande added he was aware of the practice happening ‘in a few cases’.

“It is totally unethical and gives our business a bad reputation for sharp practices,” he said.

“I have no objection to agents operating with a finder’s fee, but I do object when these so called buyers bill both sides without declaring from the outset that they will be doing so.”

He added: “When unscrupulous agents abuse the system by adding extra amounts, the whole industry suffers.

“Beware of this sharp practise.”

Legal expert Antonio Flores added that such practises can be deemed illegal.

“It is not illegal to have your commission built into the price, with the agreement of the vendor,” he told the Olive Press.

The problem is when an agent adds a commission on top but does not tell the buyer or seller.

“This happens when the agent is the middle man and the parties are not in touch via their lawyers. This is actually a criminal offence.”

Have you been a victim? Email newsdesk@theolivepress.es

Granada’s new eco-village

page xIV

Andalucia’s highest towns

page XVII

STRUGGLING TO SELL YOUR SPANISH PROPERTY? Behind on your mortgage payments and need assistance?

We know how to make your property stand out in the market and can advance funds to cover your mortgage until your property is sold. See page 16 for more details.

To find out more, go to www.sellmypropertyinspain.com or call 673 669 105 today

II 16

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Silver lining MORE retirees are looking to Spain to invest in property.

Silver Travel Advisor, which specialises in holidays for people aged 50 and over, says elderly Brits hold 80% of the UK’s private wealth, and that more and more are looking to Spain as a safe and attractive investment.

The country is home to 14% of all Brits who live overseas, meaning the property market could be in for a summer boost as soon-tobe retirees take stock and look at their options.

“Retirees these days have more funds behind them to explore the world with, but a considerable number look no further than Spain,” said Kyero Director Martin Dell.

Income

“There’s the great weather, healthy cuisine, delicious wine, pristine golf courses and beautiful beaches, for a start. Plus, those on a fixed income can get more for their money.”

Figures from UK building society Nationwide show that the average home in Britain now costs £200,251, which equates to €255,000 – enough to snap up a substantial property in Spain.

The Costa del Sol remains one of the cheapest holiday destinations in Europe, which means living here is easier on the wallet too.

Solid start YEAR ON YEAR: Home sales (left), house prices (right)

Let’s hope January was a sign of things to come, writes Mark Stucklin

T

HE nation’s housing market really did get off to a good start this year, according to the latest data from the Association of Spanish Notaries. January was a month during which both sales and prices rose.

There were 33,670 homes sales witnessed by Spanish notaries in January, up 16.8% compared to the same month last year, though a more modest +12% when corrected for seasonality (see chart above left).

Meanwhile, house prices were up by 1.8% (see chart above right) to an average of 1,355 €/m2, though that figure doesn’t really tell us much because house price data in Spain is so unreliable.

What is certain though is that new mortgage loans were up 27% to 15,624.

Figures from the National Institute of Statistics tell a similar story, with Spanish home sales inscribed in the Land Registry up 19% in January. But

those figures are based on sales that took place a few months before, say between October and December. The Notaries’ figures are based on sales witnessed in January, so their figures are more timely, and give us a more up-to-date picture.

Whichever figures you look at, the picture is one of sustained recovery in Spanish home sales and mortgage lending, with house prices rising in hot markets like Barcelona, Madri, the Balearics and also Marbella.

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Property www.theolivepress.es Plumbing magnate flaunts his glitzy Marbella lifestyle on British reality TV

O

NE of the UK’s most successful businessmen has been giving British TV viewers a glimpse of how the rich live in Marbella.

The Pimlico Plumbers CEO shares his flush with success on the Channel 4 reality show, How’d You Get So Rich?

Charlie Mullins, who owns the biggest plumbing firm in the UK, worth €80 million, showed comedian Katherine Ryan around the London and Marbella pads he has bought with the fruits of his labours.

He flies between his €9 million penthouse in London and his €15 million bolthole in Marbella by private jet.

He also drives two Bentley cars.

March 29th - April 11th 2017

From root valves to riches

A-List

Mullins left school at 15 and became an entrepreneur, setting up his own business, Pimlico Plumbers, in his basement in 1979 after completing a four-year apprenticeship.

He has now been named as Britain’s richest plumber with an A-list of clients who include Richard Branson, Simon Cowell and ex-UK Prime Minister David Cameron.

On the show, Ryan jets out to Marbella with Mullins to look around another luxury villa that the plumbing mogul plans on purchasing to boost his portfolio, which already contains two properties in the area.

While looking around the first luxury villa, the pair are seen joking about Charlie’s cock-

ON-SCREEN: Mullins’ Marbella mansion, Bentley (inset top) with Katherine Ryan ney accent and were even villa and assuring Katherine it filmed twerking on the balco- won’t tug on his purse strings.

“No, we’ll take on more ny of the plush pad.

But Charlie foregoes buy- plumbers and do more work ing the home, instead opt- out here. I think we can afford ing for another €15.9 million it,” he says.

Barren times A STRUGGLING millionaire art collector may be forced to rent out her home on the Costa del Sol. Baroness Carmen Thyssen has admitted she has ‘not yet ruled out’ renting her massive 1,000sqm Marbella pad, in order to ease her cash flow crisis.

She lovingly refers to it as Mata Mua, a reference to her favourite painting by Paul Gaugin.

“I have not yet ruled out the rent of the house in Marbella,” said Thyssen in a recent interview, in which she also talked about putting one of her collection pieces, Edgar Degas’s Race Horses in a Landscape, up for sale.

“I have current liquidity problems,” she admitted.

The house is one of several owned by the glamorous 73-year-old who now lives in Andorra.

Her collection also includes a mansion in Lugano, a chalet in La Moraleja and a house in Sant Feliu de Guixols.

Bagged THE world’s most eligible bachelor and owner of one of Spain’s largest estates - La Garganta in Cordoba - is officially off the market.

Hugh Grosvenor, the Duke of Westminster, has been spotted holidaying with the ‘love of his life’, new girlfriend Harriet Tomlinson. Grosvenor became the seventh Duke of Westminster when his father Gerald died suddenly nine months ago.The 26-year-old inherited the bulk of his father’s €9.5 billion fortune, including the massive hunting estate which straddles the Cordoba and Castille la Mancha border.

Luxury hotel addition A LUXURY hotel chain is to open a resort in Marbella.

W Hotels, which belongs to umbrella group Starwood Hotels, is to manage the 300m five star project by investors Platinum Estates in Las Dunas de Real de Zaragoza zone.

The 151,000msq beachfront site is the latest

project for the worldwide hotel group, which has another hotel in Barcelona and one under construction in Madrid.

The three-storey-high building, which is set to open for business in 2019.

Talking about the hotel, Mayor José Bernal said: “Since we came

to governance we have worked to attract tourist investments that better the welfare of our citizens by generating wealth and employment.

“The investment will be an important stimulus for the town and for its tourism, our main industry.”

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A whole new world

Iconic Malaga theme park set for massive €300 million makeover

O

NE of the Costa del Sol’s most iconic amusement parks is to receive a €300 million makeover.

Tivoli World, in Benalmadena, will be completely modernised while adjoining land will be developed into a commercial and leisure centre.

Madrid-based firm Tremon plans to build a complex covering more than 152,000m2 on the east side of the park, along with gardens and a 2,000-space car park.

Hypermarkets, a cinema, concert hall, office blocks and a hotel will all feature in the project.

Upgrades in the park itself would see the addition of 43 new attractions, including a mini Formula 1 circuit, an ‘Everest expedition’ and an area for extreme

stunt demonstrations.

The town hall would gain a significant cash injection from planning permission fees and taxes, while the creation of jobs – 1,600 for construction and 3,300 after completion – and a boost to tourist numbers will revive the area.

The project is expected to take two years to complete.

But it cannot go forward until a legal dispute is settled between the park’s previous owner Rafael Gomez and current owners Tremon.

Gomez, aka ‘Sandokan’, who is serving five years for tax offences, claimed the original sale of the park to Tremon in 2007 was never fully completed, and took the company to court.

It led to an unusual arrangement whereby Tivoli World is in the name of Tremon but under the management of one of Gomez’s companies.

Tremon has said it will push ahead with its project as soon as the dispute is settled.

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Deal breaker SPAIN is still one of the cheapest countries to live in in Europe.

Going out for a beer, gym membership and paying bills is more affordable than in seven other principal European nations such as the UK, Germany and Italy.

A 0.5 litre pinta of beer costs an average of €3.5 in Spain, with monthly utility bills costing €115 and gym membership €36.

Home rental website Spotahome drew the conclusions after conducting research into living costs in the UK, Germany, Italy, Ireland, Belgium, France and Austria.

Marbella Port gets sheikh-up

LA Bajadilla port in Marbella is back in public hands after its wealthy Arab owner backpedalled on payments.

Sheikh Nasser Al-Thani, who owns Malaga FC, has been embroiled in a court case after failing to act on promised plans to convert the harbour into a luxurious boating and yacht hotspot.

Boat owners have been left furious after having to deal with dirt and dilapidation from the unfinished project.

The saga is likely to escalate tensions beteen Al-Thani and Marbella authorities, with mayor Jose Bernal already refused a meeting with the sheikh, saying the billionaire had ‘insulted Marbella’ with his actions.

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- April MarchMarch 29th -29th April 11th11th 20172017

UNREAL: Before works(left) and project today (right)

Mixing it up

R

Spanish architect’s unbelievable makeover of a rundown cement factory

ICARDO Bofill has spent 44 years turning a rundown cement factory into a fairytale home.

The Spanish architect bought the early twentieth-century compound and, working with local Catalan craftsmen, transformed the sprawling structure of silos and compounds into an incredible palatial home that blends surrealism, industrialism, and modernism.

Located in Catalunya the renovation is remarkable – not only for its stunning appearance, but also for the architect’s ongoing ambition to make the concrete fortress into a surprisingly livable home and studio.

Evolving

OFFICE SPACE: Not a bad office view (above)

The labour of love is constantly evolving as Bofill plans to make it as liveable as possible.

The renewal has included partial destruction with dynamite and total replanting of the area.

Designed to be his dream home, it even has a huge workspace and office for his architecture firm.

“I want life to be perfectly programmed here, ritualised, in total contrast with my turbulent nomad life,” said Bofill.

His firm says the project ‘will always remain an unfinished work.’

LEFT TO RIGHT: Living room, aerial shot and lounge

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The battle continues

The battle for the consumers' rights against banks' abuses in Spain continues.

The government has recently passed a decree which tries to force the negotiation of the complaints about the so-called ‘floor clauses’ (technically ‘minimum rate clauses’) which the banks had been forcing on the mortgage deeds over the last 15 years, so that any consumer has to follow a preliminary complaint process at the bank.

Failure to do this implies at the very least losing the award of costs and, in some cases, it may result in the clients losing the case at court, therefore it is highly advisable to follow the steps.

As to how this process works, it is still too soon but the experience tells that for many people this is just a waste of time since the banks usually try to make alternative offers of rate reduction instead of refunding the moneys.

However there is a new battlefield on mortgage costs, since the Spanish Supreme court has recently maintained that most mortgage expenses – Notary, Stamp duty, land registry - are to be paid by the bank and not by the consumer.

At the end of the day, most clients are filing requests for refund of the extra moneys paid on mortgage costs along with minimum rate clauses.

Mission drinkable March - April 11th 2017 March 29th29th - April 11th 2017

From a life on the water to water in your home, marine engineer Jimmy Wendt has the perfect green solution for you

E

X-marine engineer Jimmy Wendt spent his life on the ocean waves looking after all range of boats and craft.

Now the 56-year-old is using many decades of knowledge with his new intelligent water filtration company based in southern Spain.

Following success in Alicante and Mallorca, Wendt and wife Marie, have set up shop here with Eco Filters Costa del Sol. “I wanted a change in my life and was attracted to the idea of creating an ecofriendly company,” explains Wendt.

“I wasn’t expecting to have such good results here, it has definitely exceeded expectations.”

Nasty

The company provides several filtration products aimed at removing all range of chemicals and other nasty substances from your water.

A full water treatment system will improve the quality of your water by making it softer and removing harmful additives such as chlorine and calcium, which can lead to kidney stones.

This is not only better for your health, but it reduces the damage to your metal appliances such as washing machines, meaning they will last longer and save you cash.

They also save money as, unlike other filters, Ecofilters don’t need electricity to work and don’t waste water.

“We are totally green,” says Wendt, “And what’s great is you will no longer have to keep buying plastic bottles as your tap water will be more than safe.”

On average your drinking water costs will be about a third of buying bottled water from

WATER WIZARD: Jimmy Wendt

supermarkets, and you will only need to change the cartridge once every 12 months while one filter cartridge gives you 10,000 litres.

If you don’t want the full treatment system, you can opt for cheaper shower filters or tap filters.

Wendt is hoping to reach more British buyers, particularly those living inland.

“I have just moved to Coin myself and I know

there are issues here with the water,” he explains, “I hope to reach more British people and help make their water drinkable.”

One happy client is Gabriella Chidgey, who has a farm near Ronda, entirely using the company’s products.

She said: “Not only is the water fabulous to drink you can really feel the difference when you take a bath or shower. It is also great to feel we are doing our bit for the environment.”

Ecofilters are sole representatives for Geyser filters, St.Petersburg which started and launched the patent for this filter technology back in 1986 in the aftermath of the Chernobyl nuclear accident where the filters were used for filtering contaminated water in the area.

The technology is based on a globular structure, called SGS polymers, which is a radically new material combining three types of filtration: mechanical, absorption and ionexchange.

It involves quasi-softening that changes the structure of salts passing through the filter material and as a result no scale is formed in the purified water.

Come and visit the company shop at Centro Idea, in Mijas, between 10.30 and 14.00 and see first hand how our devices work. Or call 605 432 004. Visit www.ecofilters.net

Property Fair Spain is back in Malaga again THE second free Property Fair Spain will take place in Fuengirola on Friday March 31 and Saturday April 1 at the Hotel Las Palmeras.

The fair is aimed at international prospective buyers, sellers and renters, as well as those planning to renovate or decorate properties in Spain.

This will also be a great opportunity to gain

more important information about the Spanish law, taxation and the local culture.

The lectures will be held in English on Saturday, with international real estate agents, builders and other housing related professionals providing services in Spain on hand to answer questions.

The organizer, Espanja.Com, is the largest

Finnish media website which provides up-todate information about life in Spain, news, properties for sale and rent and a service directory.

For exhibition material before and after the event, subscribe to the fair’s newsletter at www.propertyfairspain. com

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March 29th - April 11th 2017

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Renovated 2-bedroom apartment in Ancón Sierra complex, Las Lomas del Marbella Club. 24-hr security, pools and beautiful gardens.

GOLDEN MILE

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Ref: OP9711 Built: 135 m² Terrace: 67 m² Price: € 595,000

Immaculate Andalusian-style 4-bedroom home in La Carolina. Walking distance to the beach and close to Marbella centre and Puerto Banús.

Built: 299 m² Plot: 1,052 m² Price: € 1,350,000

Ref: OP8870

Charming 3-bedroom Andalusian-style villa. Sea and mountain views. Mature garden with pool.

Short drive to Puerto Banús and Marbella centre.

GOLDEN MILE

Ref: OP9735

Built: 637 m² Plot: 2,750 m² Price: € 1,995,000

Built: 149 m² Plot: 1,811 m² Price: € 799,000

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5-bedroom villa with great views in Las Lomas del Marbella Club. Mature garden with pond & waterfall. 2 minutes’ drive to Puente Romano.

Built: 582 m² Plot: 1,078 m² Price: € 1,675,000

Offices at the Puente Romano Hotel & opposite the Marbella Club Hotel Tel. (+34) 952 863 750 info@panorama.es www.panorama.es An International Associate of Savills

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March 29th - April 11th 2017

World cla A Spanish architecture firm has won the coveted Pritzker prize for only the second time in history

T

he Pritzker - It’s an accolade desired by many but won by a select few, and up until this year, the recipients of the acclaimed award tended to be solo architects.

The rewards of such a prize have been modelled on those granted to Nobel Prize winners – a $100,000 grant, formal citation certificate and a bronze medallion. In 2017, this prize will be shared by a trio of architects hailing from Girona. Their firm, RCR Architectes, the second in Spain to win it in its 39-year history.

Founded by Jay A. Pritzker and his wife, Cindy who were based

MINIMALIST: (ABOVE) Bell-Illoc winery, Palamos, Girona 2003-07

SLICK: Vilartagues secondary school, Feliu de Guixols, Girona, 1995-99

in the birthplace of the skyscraper, Chicago, the aim of the award is to encourage more creativity within the architectural field. It makes sense, then, when you see the vast eclecticism of the work of Rafael Aranda, Carme Pigem and Ramon Vilalta, that it would go to the Olot-based trio.

Born in 1987, their firm, RCR Architectes’ first major recognition came in 1988 in a competition sponsored by the Spanish Ministry of Public Work and Urbanism. They won first prize for a lighthouse in Punta Aldea, after which they secured a number of commissions in Catalu-

nya. Since then they ha spread their portfolio t bouring European count Having given countless in Spain and abroad, the an international summ shop in 2011 at their Laboratory studio, a co early 20th century foun Their works range from and private spaces to and educational venues clude a winery, and sw pool. Of their win Pig "It is a great joy and a sponsibility. We are thri this year three profes who work closely togeth erything we do, are reco

Covering the entire Costa del Sol Looking for your coastal properties from Manilva to Motril costdelsol@maklarringen.se

www.maklarringen.se/spanien San Pedro Marbella Puerto Banus

Estepona Duquesa Sotogrande

Calahonda

Mediterranean Sea ESTEPONA

Avda de España 95, Pza Caparrós, 29680 Estepona Tel: 952 936 533

LA CALA DE MIJAS

La Cala de Mijas

Bulevar de La Cala, local 30 29649 Mijas Costa Tel: 952 493 235

Mäklarringen has 70 offices in Sweden and has a strong client base from the Nordic countries. With the Swedish economy booming and curre

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MarchMarch 29th -29th April 11th11th 20172017 - April

Covering the entire Costa del Sol

ass

XI 25

Looking for your coastal properties from Manilva to Motril costdelsol@maklarringen.se

www.maklarringen.se/spa nien Torremolinos

San Pedro Marbella Puerto Banus

Estepona

Duquesa

Calahonda

Mediterranean Sea

Sotogrande

ESTEPONA

LA CALA DE MIJAS

Avda de España 95, Pza Caparrós, 29680 Estepona Tel: 952 936 533 Mäklarringen has 70 offices in Sweden and has a strong client base from the

Bulevar de La Cala, local 30 29649 Mijas Costa Tel: 952 493 235

La Cala de Mijas

Benalmadena Malaga

Fuengirola BENALMADENA Calle Teide 3, 29639 Benalmadena Tel: 951 083 119

Nordic countries. With the Swedish economy booming and currency virtually

NERJA

Avda de Pescia 13, Edf Autosol 29780 Nerja Tel: 952 523 236

unaffected by the Brexit the client base still has stable purchasing power, in

ave since to neightries. lectures ey set up mer workr Barberi onverted ndry. m public cultural s and inwimming gem said great reilled that ssionals, her in evognised.”

Nerja

contrast to buyers from a British pound environment.

Mak-ing it big!

THEY are one of the biggest estate agents in Scandinavia.

Now Swedish company Maklarringen is expanding rapidly along the Costa del Sol. Boss Thomas Malm (centre) has been busy opening new offices in Estepona, Mijas and Benalmadena in recent weeks.

The team in the Estepona office (above includes a mix of nationalities, including Spanish and Finnish.

“We are an ambitious company, but above all deliver in a professional and transparent fashion,” explained Malm.

“We are looking for a range of properties from Motril to Manilva, largely on the coast, and have plenty of buyers already looking,” he added.

Torremolinos

Benalmadena Malaga

Fuengirola BENALMADENA Calle Teide 3, 29639 Benalmadena Tel: 951 083 119

NERJA

Avda de Pescia 13, Edf Autosol 29780 Nerja Tel: 952 523 236

Nerja

ency virtually unaffected by the Brexit the client base still has stable purchasing power, in contrast to buyers from a British pound environment.

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- April 2017 MarchMarch 29th 29th - April 11th11th 2017

Sotogrande’s longest standing estate agents have confidence abound despite Brexit

S

OTOGRANDE’S property market is bouncing back stronger than ever before.

And Brexit will have no lasting impact on British buyers according to Ben Bateman of family-run Holmes Sotogrande, the longestrunning estate agent in the prestigious resort.

The charismatic MD of the almost 40-year-old company said there are just too many great reasons to buy in the sought-after Costa del Sol paradise.

“We are hugely more optimistic this year,” said Ben, 38, now head of the company set up by his father Ian Bateman in 1979.

“Brexit caused a short term impact last year but the vast majority of people who were interested before still want to buy here. We’re certainly in strong recovery mode and now the market is already as good as it was in 2015.

“In the long run, I don’t think there will be any impact on the market here. Brexit is a non event.

Magical

“I don’t think there will be any negative impact for British buyers; the thought of that is absolute nonsense.”

The exclusive enclave’s attractions are well known throughout the high end buying market.

“I know nowhere else where you can get up in the morning, drive to work along tree-lined avenues with views of the sea and go for a round of golf in the afternoon,” added Ben, who had the luck to grow up in Sotogrande.

“It’s a magical, family-oriented destination which offers a fantastic outdoorsy lifestyle.

“You can enjoy everything from golf, tennis and horse riding to swimming, sailing and walking, with great weather and fantastic facilities on your doorstep.

“My children are thriving at Sotogrande’s International School, which offers pupils a fantastic quality of education “I can’t think of anywhere better to bring up your children on the Spanish coast.

“As if that’s not enough, with 68 nationalities, it’s hugely multicultural and cosmopolitan.”

CONFIDENT: Ben Bateman (left) and senior sales consultant Antonio Aguilera

Resort on a roll

Ben’s father Ian chose to help others discover the delights of this diamond destination after a holiday to the resort.

“My father was a travel agent and came here

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first on a golfing holiday he had arranged.

“He fell in love with the place, so much that he moved here to set up the company with my mother Jackie.

“We’ve made a big impact on bringing people into Sotogrande and helping them find their dream home.

“At first we focused on renting properties for golfing holidays, and property management.

But since the late 80s, the business has concentrated its efforts almost exclusively in sales.

“We offer everything from studio apartments from €50,000 to luxury villas worth €15m.

“We know every house, street and tree and have seen Sotogrande blossom.

“While some people come to us to buy their dream holiday home, more and more people are moving here permanently.”

Ben credits the hard-working team at Holmes Sotogrande as the reason behind the company’s continued success.

“Along with my mother and senior sales consultant Antonio Aguilera, whom I grew up with in Sotogrande, we have our admin team Susanna, Olga and Marcella, who are absolutely fundamental to our business.”

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VILLA ON THE GOLDEN MILE, MARBELLA 5 Beds • 5 Bath • 467 Built m2 • 1.027 Plot t m2 • REF 176-01249P Beautiful villa project now finished on the Golden Mile, with high spec and contemporary design all according to the 1986 PGOU. The villa is within walking distance to the beach and promenade. All materials and fittings are of highest quality creating a luxury feel. Offered fully furnished.

Centro Comercial Plaza 63, 29660 Nueva Andalucia, Marbella Tel +34 952 816 250 • info@andadev.com • www.andadev.com

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MarchMarch 29th -29th April 11th11th 20172017 - April

Is paying a deposit to an estate agent to reserve a property the next worst thing to handing over cash to a stranger in the street?

I

ECO-HOMES: Development on edge of Granada

Green light

A NEW eco neighbourhood is aiming to give one of Spain’s most polluted towns an environmental showpiece.

The 320-home project in the La Zubia area of south Granada will be built out of local, recycled materials and run on renewable energy.

A large forest park with a network of walking and cycling trails will also be included in the 108,628m2 scheme spearheaded by the local council.

Areas for allotments, recycling and composting are among other planned features for the neighbourhood.

The homes, which should be completed by 2023, will be up to four storeys tall and will be a mix of rental and to-buy properties.

Last December, Granada authorities were warned by the Spanish state ombudsman to tackle urban pollution in the city, which has one of the highest levels in Spain.

t's hard to think of another product quite like property.

It's all about scarcity value.

Every property, even in the most copyand-paste development, is unique.

There's only one apartment on that floor with those views in any given building.

Once it sells, there won't be another.

Such scarcity can generate fear in clients that they will lose an opportunity, which is why some people are willing to pay a deposit to their agent secure a property.

Paying deposits is standard practice in Spain and particularly on the Costa del Sol. The 'reservation' consists in the agent taking a property off the market for an agreed period to give the buyer, or their lawyer, time to conduct due diligence.

The amount is usually around â‚Ź3,000 but can be more or less depending on the price.

And the period is normally two weeks, but again, can vary subject to the buyer's, agent's, and seller's wishes.

As discussed before in this column, Spain (with the exception of Catalunya, since 2010, and the Basque Country, from 2015) has no legislation in force regarding estate agents, meaning the industry and its practices are self-regulating or, in other words, essentially unregulated.

If, knowing this, you still wish to pay a deposit, what kind of contract should you sign and who should you pay?

And does a deposit bind the owner to sell to you? In most cases, the answer is no.

To ensure any advice I give follows the let-

Money for nothing ter of law, I talked to our friendly neighbourhood lawyer, Adolfo Martos Gross of GAM Abogados, to get his expert opinion on the matter from the buyer's point of view.

The first thing that buyers have to understand, Adolfo explains, is that there are two different and separate relationships at play here.

One binds buyer and seller together, while the other is between the buyer and the agent, who merely acts as an intermediary to the sale.

Estate agents can ask buyers to sign a reservation contract with or without the permission of the seller.

If they do so with the seller's express written consent, the contract will bind the latter to the terms of the agreement.

If not, buyers are only dealing with the agent and any deposit will likely be held by the agent and not the owner.

Such contracts are all too common on the Costa del Sol and, I would say, are a

waste of paper for both buyer and seller.

What can also happen, Adolfo notes, is that the agent may ask the seller to authorise a contract after the fact.

In this case, however, the seller is under no obligation to agree to or be bound by the conditions it contains if it was signed without their prior knowledge and approval.

Instead of presuming that all concerned are acting in good faith and, in the worst case scenario assuming the consequences, Adolfo suggests buyers should always demand to pay a deposit direct to the seller, via bank transfer to an account that can be proven is held in his or her name, under the terms of a contract signed by the seller personally.

If buyers do decide to enter into any other kind of contract and entrust a reservation deposit to an estate agent, the possibility exists that the agreement signed and any money paid will only benefit the agent.

Terra Meridiana. 77 Calle Caridad, 29680 Estepona.

Tel: +34 951 318480. Office Mob: +34 678 452109 Email: info@terrameridiana.com. http://www.terrameridiana.com

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MarchMarch 29th -29th April 11th11th 20172017 - April

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Olive Press (Property Mag) – 342mm x 256mm – 29th March

III 29

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65.000 €

Alcala la Real

CJ356

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Amazing value at this price. This very attractive villa with large garden is located in the centre of the charming village.

Fuente Camacho

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Large 3 bed cortijo. This cortijo set in the olive groves of Las Caserias a small hamlet just 6km away from Alcala la Real.

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Lora de Estepa

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Martos

Wonderful picturesque Detached 4 bed Villa . In a cul-de-sac area with private gated entrance in a peaceful village.

Deceptively large 2 bed townhouse with patio and views. A 2 bed townhouse located in the popular town of Martos.

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Valdepenas de Jaen

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Alcala la Real

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Single Storey property in a popular town. Famous for there flamingo lake and nature reserve this village really has a lot offer.

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Mollina

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Large townhouse in the centre of Mollina . Just a short walk to all the local amenities shops, bars and restaurants.

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Beautiful 3 bed, 1 bath house in Valdepeñas de Jaén . A quiet and peaceful town in the mountains with around 4,500 inhabitants.

Beautiful four bedroom house, with paronamic view. In a village with a Bar /Grocery Shop and a lively community spirit.

Property www.theolivepress.es

MarchMarch 29th -29th April 11th11th 20172017 - April

Spanish Bank Valuations

13 11+

XVII 31

years experience in

ALL PROPERTY MATTERS

BY CAMPBELL FERGUSON

RICS BUILDING SURVEYORS & VALUERS

For peace of mind follow

these property Why RICS accredited surveyors cannot help a client secure a surveyor loanbuying rules

W

e recently received a question from a potential client, which I thought might be of interest to readers.

The question: I am looking to obtain a valuation on my Spanish property from a Royal Institute of Chartered Surgeons accredited surveyor to obtain a loan.

However, I have been informed that surveyor loans in Spain now are based solely on low end square metres value, and not on a real value.

The answer: Unfortunately, due to the requirements of the title registrars and courts, only Spanish surveyors (tasadores) can provide valuations for mortgages.

RICS España has complained to Brussels regarding this restriction on trade, but, as with most EU things, it is likely to take years before there is any satisfactory conclusion.

The problem with Spanish tasadores is that they are regulated by the Bank of Spain, which appears to use this regulation as part of the country's economic/banking policy.

This is combined with some Spanish valuers using as comparables previous valuations by their own company, which is good for consistency, but not necessarily for accuracy.

In addition, the EU is stressing that they want mortgage valuations carried out ac-

cording to Mortgage Lending Value procedure.

This requires that the valuations are based on an average value over a period, rather than the current market values.

Bank valuations can also be net of all sales costs, such as agents’ and lawyers’ fees, taxes and expenses, which can easily reduce the value by 10+%. All of these factors result in cautious low values.

A further complication is that registered sale prices are not publicly available in Spain.

Even if they were, due to the previous prevalence of under recording of the actual sale price, they would have to be taken with a very large pinch of salt.

Accordingly, valuers have to value based on comparisons with asking prices for property, which are then modified to our estimate of the difference between those and the actual sale price, according to our local knowledge and contact with clients, reliable estate agents and lawyers who provide us with actual sale prices.

We then have to apply our valuation expertise to provide our opinion of value of a particular property, in a particular location, at a particular time in the market.

You're correct in stating that valuations are largely reported on a 'per sq metre' basis.

This is possible as, one of the advantages Property over the UK, is that by far Find the Your majority of title deeds, which can be obtained from the registrar, state the gross over-wall floor area of the property, and that the independent capiInstruct tal value (Catastral)Building is also available. Instruct Surveyor Lawyer However, these also depend upon the owner of the property declaring any alterations and/or these alterations being licensed with the local municipality. Buy with Knowledge & Confidence That does not happen in all occasions, especially for country properties.

As Spanish tasadores are obliged by mortgage law to value+34 on952the basis of the de923 520 Connect with us! admin@surveyspain.com scription in the title deed, which may vary surveyspain.com significantly from the property that they find and measure, that is another reason for valuations being significantly lower than anticipated by sellers and buyers.

Survey Spain will be very pleased to provide an inspection/building survey of any property you wish to acquire and also to carry out a current market valuation, which would be of assistance to you in negotiating the purchase price.

However, as stated above, unfortunately it cannot be used for a mortgage valuation, no matter in which country you or the lender is based, and there is no guarantee that the bank’s valuer will produce a valuation close

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

VICTORY: For almost extinct village as residents return

Rising from the ashes

A RADICAL mayor is celebrating success in his campaign to save a village from extinction.

Pedro de Verona has more than doubled the population of Chumillas in Cuenca from 21 to 44 in less than 10 years, while reducing the population’s mean age from 75 to 40.

It is hoped his initiative, which focuses around re-opening a school and encouraging small businesses to base themselves there, could be used to help turn around the fortunes of villages also at threat from extinction in Andalucia.

“It had been closed for 28 years but now there are 15 pupils at the school,” said Verona.

Verona said that the encouragement of small businesses to the village was revitalising its economy without having to rely on the presence of big businesses.

2 Bedroom Apartment, Casares

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Fantastic ground floor apartment with sea views and front line golf to the Doña Julia course in Casares Costa, Malaga, Costa del Sol. This 2 bed unit, originally 3 bed, has it all! It has been a well loved home with all the added extras.

Large master bedroom with dressing room, two bathrooms, bright kitchen, 49m2 covered terrace with glass curtains and a private 230m2 garden!!

Views to the Doña Julia golf course and beyond, frontal sea views and a sunny orientation. For storage, look no further, the property has a private 66m2 basement with a bathroom and ventilation already installed.

Bedrooms: 2 Bathrooms: 2

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III 32

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XVIII

Property

--April 2017 MarchMarch 29th 29th -29th April 11th11th 2017 March April 11th 2017

First brought to homebuyers’ attention by best-selling novelist Chris Stewart, the rooftop villages of the Alpujarras are idyllic Driving Over Lemons country

High and mighty

P Tel: +34 951 127 116 email: ventas@kingofcotton.com www.kingofcotton.com

icturesque, tranquil, quintessentially Spanish – the Alpujarras stretches languorously over Granada and Almeria provinces.

Melting snow from the mountains supplies a constant trickle of water to its pastures, creating a canvas of olive, lime, avocado and forest greens.

The origin of the name is debatable, but the most persuasive argument is that it derives from the Arabic phrase al-basharāt, which means ‘sierra of pastures’.

It makes sense, given it lies within the Sierra Nevada and is freckled with fields of grapes and citrus fruits.

And with its Andalusian location, an Arab-centric name wouldn’t be a far stretch.

The Alpujarras owes its unique mini ecology to its teetering high-altitude topography. Snow-powdered peaks looming above arid foothills make its land-

Centro Comercial la Colonia, Avenida Virgen del Rocio s/n San Pedro de Alcantara, 29670 Marbella, Malaga

Trevelez

T H E KI NG HAS ARRIVED

Mainland Spain’s second highest village (after Valdelinares), perched a dizzying 1,476 metres above sea level, is renowned for its jamon serrano. The dry climate of this high altitude zone creates ideal storing conditions.

And with ham hocks hanging from the ceilings of numerous bars around town, you won’t have to look far for a taste of it. The centre of the village is separated into three areas – higher, middle and lower quarters – with a river running through it. The mighty Mulhacen and Alcazaba, two of Spain’s highest mountains, are a few hours’ walk away in this popular hikers’ destination.

Albondon

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Stunning natural rural scenery combines with fascinating history in Albondon,a tiny village of just over 900 inhabitants 20km from the coast.

Its narrow streets are little changed since Arab settlers made this stronghold their home, giving you a unique insight into what life must have been like in those turbulent

scapes all the more striking.

Home to some of the most vertiginous villages in the whole of Spain, these 50-odd mountain eyries became Spanish Muslim strongholds in the 15th century. Cut off from nearby Granada, they were refuges for Moors fleeing from the Castilians. You can see evidence of their presence in the stone, clay-topped houses and eighth-century monuments. You can also enjoy some mesmerising natural scenery and wildlife.

The area is home to the athletic cabra Hispanica, a mountain goat famous for sprinting up the mountain at tremendous speeds, as well as a variety of birds – among them the bizarre hoopoe with its feathered crown. In springtime, you’ll also be amongst more than 100 species of butterfly – be sure to bring a camera.

times. Visit during Las Fiestas de San Luis to see a recreation of the battle between Moors and the Christians, and visit the monolith dedicated to former resident and healer Ines Rodrigues.

Lanjaron Its famous mineral water is bottled and sold for nationwide consumption and its healing natural spas are said to be detox heaven.

Legendary Lanjaron is a place to relax and revitalise, and you can do that at its famous town centre balneario. Known as the ‘Fountain of Health’, its five natural springs are said to aid digestion, rheumatism, respiratory problems and, unsurprisingly, stress.

Fresh air, a snow-capped mountain backdrop and awesome views from the ruined Moorish castle are other reasons to linver in Lanjaron.

Torvizcón With a Mudejar-style church characteristic of the vil-

lages in the area at its epicentre, Valor is a typical whitewashed village with gorgeous views over the Guadalfeo river. The church dates back some 500 years and houses a colourful 18th-century statue. Also worth visiting is the Museo de Esparto Agustín Góngora, with its life-sized human and animal sculptures.

Despite its small size, the town has various festivals taking place throughout the year such as Fiesta del Virgen del Rosario and Fiesta del Marcos, all adding to its charisma.

Mairena This village in Nevada is known as the Balcony of the Alpujarra for its stunning views over the Valle de Ugíjar and Almeria. Its 17th century Crito de la Luz parish church, lording it over the rooftops, is an impressive sight, while Piedra de los Tiempos rock which residents believe brings good luck to the harvest, is equally iconic. In January, the town comes alive for the fiesta of San Sebastian and San Antonio Abad with concerts, street theatre and fireworks.

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III 33

EXCLUSIVE SALE

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3 bedroom, 2 bathroom semi-detached Duplex of 90m2 with private garden of 200m2.

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4 bed / 4 bath detached villa of 187 m2 with private pool and garden. The plot of >10000 m2 would be ideal for agriculture use and/or to have horses. The property has its own well.

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Paseo del Mediterráneo 293, 04638, Mojacar (Almeria) Mob. 609 026 526 info@indalfutur.com • www.indalfutur.com

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