The Marbella Property Magazine - Volume 5

The Marbella Property Magazine PUBLISHED BY PANORAMA, MARBELLA’S LONGEST ESTABLISHED REAL ESTATE AGENCY VOLUME 5

The Marbella Property Market Report Feature: Marbella of the 1970’s: Our First Years Spanish Law: Legislative News Inside: Marbella’s most exclusive selection of properties

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Letter from the Publisher Dear Reader, There is the scent of optimism and excitement in the air! The market is moving again and agents are more active in showing and selling properties than they have been in years. The quality image of Marbella is today better than ever before, and we are living in a period of excellence and transparency in the municipal government which surpasses any other time in the history of our city.

In this issue of the Marbella Property Magazine, our fifth and largest, in addition to our feature market report and an article about our first years in Marbella in the 1970’s, there are other informative articles for buyers and for sellers, by a top lawyer on tax issues, and about our family dedicated to Real Estate since 1904. And, of course, some examples of beautiful properties available through Panorama for purchase and rental.

Over many years we have worked to bring together a multi-lingual team comprised of sincere, energetic, enthusiastic, well-educated professionals in our field who really enjoy not only their work, but also working together, and especially, the many wonderful people we are fortunate to meet through our business; team mates who share on the highest levels my family’s values of service and dedication to our profession. We owe our success today to these wonderful, caring people (see their photos on pages 34-41 & 121).

My father, Panorama’s Founder, Bill Clover, died in 2010, at age 95, having dedicated his long life to the real estate profession, to his family and to his friends. This magazine is dedicated to his memory. To learn more about Bill, please read about him page 33.

We hope you enjoy this publication, produced in-house by our own team. My special thanks to Adriana Méndez for her hard work in leading this effort and to Katinka Clover, Carolina Alaniz, Lorena Alaniz and Ariel Siemens for their excellent collaboration. We welcome any comments or suggestions you may have for its improvement.

Christopher Clover Managing Director, Panorama Properties

(+34) 952 863 750 | www.panorama.es

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Contents

The Marbella Property Magazine PUBLISHED BY PANORAMA, MARBELLA’S LONGEST ESTABLISHED REAL ESTATE AGENCY

Page Page 14 Marbella of the 1970’s: Our First Years

By Chris Clover

3

Letter from the Publisher

5

Letter from the Mayoress

6

The Marbella Property Market Report

14

Special feature: Marbella of the 1970’s: Our First Years

28

A Family dedicated to Real Estate since 1904

33

In Memoriam: Bill Clover, Panorama’s Founder

34

The Property Buyer’s Guide

42

Legislative News

45

Exceptional Household Insurance

46

The Property Seller’s Guide

55

Villas

89

Apartments & Townhouses

Page 46 The Property Seller’s Guide

By Alex Clover

Page 89 Apartments Panorama markets Marbella’s most exclusive apartments

Page 55 Villas Panorama markets Marbella’s most exclusive villas

117

Long-Term Rentals

121

The Panorama Team

122

Aerial Photo Map of Marbella

The information contained in this magazine is provided in good faith and believed to be accurate at the time of publication. Nevertheless, it is subject to error or ommission, and the properties advertised are also subject to prior sale or and withdrawal from the market.

EDITA / PUBLISHED BY: PANORAMA PROPERTIES SL TEL: +34 952 774 266 | FAX: +34 952 822 111 info@panorama.es www.panorama.es Fecha de Publicación: 27 Mayo de 2013 Domicilio Social: Edif. Centro Expo Blvd. Alfonso de Hohenlohe, s/n 29602 Marbella, Málaga, España DEPÓSITO LEGAL: MA-4432004 PANORAMA y el logotipo de Panorama son marcas registradas.

MARBELLA PROPERTY MAGAZINE es una marca registrada.

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Publisher: Panorama Properties, S.L. Production Manager: Adriana Couceyro Méndez Editors: Christopher Clover, Carolina Alaniz, Katinka Clover Art Director & Design: Ariel Méndez Siemens.

Marbelayres.com Professional Photography by: Lorena Alaniz, Daniel Posner (aerial photo map), Juan Carlos Teuma, Joseph Tavas (pages 68, 69 & 91), Carlos Cáceres Lavergne (page 65), Wayne Chasan (pages 67 & 93), Pedro Jaén (pages 14 & 17), Claudio Curia, Arturo Losada & the Marbella Club Hotel & Count Rudi von Schönburg archives (pages 15-17 & 25).

Contributors: Williston H. Clover, Kirsten Clover, Mauro Cruz Conde, Alejandra Cruz Conde, Sarina Garber, Sian-Ellen Roskott, Danni Worth.

Cover photo: by Joseph Tavas, for further information on the property see Villas section (page 69)

Impreso en España por Industrias Gráficas Solprint S.L. Copyright @ 2013. Panorama Properties S.L. Se reservan todos los derechos.

Ninguna parte de la presente publicación, su formato o la información en ella contenida puede ser reproducida, vendida, traducida, transmitida o retenida en ningún tipo de sistema de almacenamiento o de recuperación de información sin el consentimiento previo por escrito del editor. Se ha hecho todo lo razonablemente posible para asegurarse de que la información contenida en la presente publicación sea exacta. No se acepta, sin embargo, responsabilidad alguna por cualquier perjuicio sufrido, de la forma que fuere, por cualquier sociedad o persona que confíe en la información aquí incluida. Tampoco se acepta responsabilidad alguna por cualquier error u omisión o cambio en la información contenida en la presente publicación.

www.panorama.es | (+34) 952 863 750

Letter from the Mayoress

As Mayoress of Marbella, it is a pleasure for me to address the readers of the "Marbella Property Magazine", published by Panorama, Marbella’s longest established real estate agency.

I want to publicly congratulate the Clover family who has been dedicated to the real estate business since the year 1904 in the United States and who, in 1970, decided to open a branch here in Marbella. It is thanks to entrepreneurs like Christopher Clover, along with many others who promote the image of the city and its countless qualities abroad, that Marbella is able to maintain its prestige as a high quality resort city.

Since our arrival to the local government in 2007 we have returned the confidence to citizens, investors, administrations and institutions through an honest, serious and effective municipal management, exercised with absolute transparency and which gives priority to public investment in the improvement of our infrastructure.

We have moved forward as a modern and agile administration, close to our residents, that has resulted in a radical change of 180 degrees with respect to previous administrations. In short, Marbella is entering a new golden era as a unique place in the Mediterranean basin that offers the highest quality of lifestyle and services.

Another one of the main challenges we set ourselves was the definitive approval of the General Urban Development Plan (PGOU) in 2010 as a tool to guarantee urbanistic legality and town planning. Through this plan a total of 1,000 homes and a hotel have already been legalized, and thousands more are in the process of legalization.

We keep encouraging a real and effective community participation on the part of residents and foreigners which continues to grow each year. One of Marbella’s strongest points is its progressive and increasing popularity among visitors from all over the world as a quality destination, a key factor in the local economy.

Finally, I would like take this opportunity to send my warmest regards to all the people who enjoy our city, whether residents or tourists, and also extend a sincere and cordial invitation to anyone thinking of coming to visit Marbella. I can guarantee that they will not be disappointed.

With best wishes,

Ángeles Muñoz Mayoress of Marbella

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Feature Article

The Marbella Property Market Report An up-to-date report on the Real Estate Market in Marbella Once again, we present this year’s edition of Christopher Clover’s awardwinning series of Marbella property market reports: a complete analysis of all aspects of the Marbella property scene.

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www.panorama.es | (+34) 952 863 750

The Marbella Property Market Report As a real estate agency, we are constantly being asked about the variables of the local property market.

Some of the most asked questions include: Is the Real Estate Market recovering in the Marbella area? Are prices going to go down further in the near future? Is it now the right time to buy?

The purpose of this report is to respond as objectively as possible to these questions.

Sales volume increasing Stunning mansion in Guadalmina Baja reduced from €2,950,000 to €2,500,000, Ref 7614

The volume of residential sales in the Marbella area increased in 2012 a Why is the Marbella area significant 21.11% over 2011 sales. apparently beginning to Table 1, which is based on the Department of Development website statistics (www.fomento.gob.es) on sales deeds of villas and apartments signed by notaries, includes not only Marbella but also the neighbouring municipalities of Benahavis and Estepona, which feed from the Marbella market (the so-called Triangle of Gold). Table 1 is the clearest evidence yet that a recovery is underway and sales volume is headed towards pre-crisis levels. Prices have dropped enormously over the past five years and it is this decrease in prices, together with a substantial improvement in stock markets and economic activity in many areas of the world, which is the prime motor feeding the increase in demand, hence the increase in volume of sales.

recover and not the rest of Spain?

The real estate crisis throughout Spain has been caused by a speculative building boom and overbuilding, resulting in a bubble which started to burst between 2007 and 2008. The problem was aggravated by the collapse of the inflated construction sector, the Government’s lavish spending in general, record unemployment rate now reaching over 27%, and the banking crisis resulting in little mortgage credit available.

The remaining surplus today of some 800,000 new, unsold homes is evident in every town throughout the country.

The average is €100,000 or less, and the market for these properties is mostly an extremely limited, Spanish local market.

The real estate market in the Greater Marbella area is obviously a different scenario to the above. There is not only a local (and relatively wealthier) market in Marbella, but also regional and national markets. However, by far the largest market is the international market. Why? • Marbella is a quality property market attracting people from all over the world for more than 50 years, due to the best year-round climate in Europe, relatively low density construction, three times the area of green zones compared with other coastal cities, high quality services, and a full 12 month season, with its highs and lows… enough off season residents in the city, some 250,000 to 300,000 inhabitants, to keep most of the restaurants, sporting and leisure facilities and nightlife (for those who choose it) active during the winter months.

• There are people of more than 120 different nationalities who have taken their residency in the Marbella

TABLE 1 TOTAL NUMBER OF VILLAS AND APARTMENTS SALES PER MUNICIPALITY Source: Spanish Ministry of Public Works www.fomento.gob.es

2006

2007

2008

2009

2010

2011

2012

Benahavís

650

633

438

559

422

311

592

Estepona

1,788

2,581

1,721

1,086

1,154

1,248

1,501

Marbella

4,432

3,568

2,110

2,199

2,389

2,259

2,531

TOTAL

6,870

6,782

4,269

3,844

3,965

3,818

4,624

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The Marbella Property Market Report

Marbella's coastline, photo by Daniel Posner

area, which is probably the most important indicator of the international Marbella is constantly composition of the municipality. being pointed out • Marbella is constantly being pointed out in the national and international as a quality resort city press as a “trademark” for quality tourism and an exceptional quality Taking this into account, there are resort city. thousands of people who still have The presence of a strong international a strong purchasing power, and market for real estate in Marbella results have been waiting since pre-crisis years for in a “multi-source” market. When one prices to drop. Their children are market drops (like the Spanish market growing up, time is passing by, and today, with their heavy economic crisis), many of them have decided that now another one takes its place (like is the right time to buy their dream that of Russia and other Eastern home in this special place. It is for this European countries). In Russia, the reason that the real estate market in GNP increased 3.4% in 2012. No the Marbella area, rather than continuing its fall like the rest of the country, recession there! is levelling out and improving, as evidenced in The same rule is applicable to all quality table 1. residential areas everywhere in the world. Those areas that attract the Simply stated, prices in any market relatively well-off and, especially, those don’t keep dropping when there is a which have an international market, significant increase in volume of sales. survive a crisis far better than areas It is the old law of supply and demand which are dependent almost exclusively at work. on local, regional or national markets.

By stating the above, we do not mean to say that the Marbella area market has not also suffered from the crisis: price levels have now come down anywhere from a minimum of 20% in the highest quality properties in the best areas to almost 50% in the least desirable areas.

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Table 2, sourced from the Instituto Nacional de Estadística INE (National Institute of Statistics www.ine.es) gives a clear idea of the evolution of tourism in the Marbella area from 2007 to 2012.

These are the total room night figures, showing clearly the severely declining national market as a direct reflection of the economic crisis in Spain and, at the same time, the strongly increasing foreign market, which is today almost three times the national market. According to these figures, foreign occupancies more than compensate for the drop in the national market resulting in total room night figures which surpass the 2008 high by 9.85%.

What other agents say

We have surveyed key agents who are frequent collaborators and great competitors of ours. Of the 12 agents we talked with: • About half of them remark that the market has improved significantly since mid-2012 in all price categories.

Real estate sales follow • The other half reported a more tourism levels gradual, year by year, increase in enquiries and sales in all price categories, The sale of real estate in Marbella has including the more expensive properties. always been intimately linked with the • Two of the smaller sized agencies, numbers of tourists coming here. The indicate that for them the market more tourists, and the longer their stay, activity is about the same as last year.

• All of the agents surveyed agree the more real estate is sold. www.panorama.es | (+34) 952 863 750

The Marbella Property Market Report

TABLE 2 OVERNIGHT HOTEL STAYS IN MARBELLA Source: Spanish National Institute of Statistics | www.ine.es

2007

2008

2009

2010

2011

2012

National

823,525

834,978

768,161

820,073

766,975

641,730

Foreigners

1,528,841

1,639,672

1,391,129

1,447,864

1,642,881

1,801,147

TOTAL

2,352,366

2,474,650

2,159,290

2,267,937

2,409,856

2,442,877

statistics of the total number of sales to lend again, and mortgages are now from all sources (internet, being granted to qualified resident and The real estate market enquiries referrals, walk-in clients, telephone calls, non-resident purchasers. in the Marbella area, signs, etc.).

The time to process mortgage rather than continuing During the winter of 2012-2013 applications has been substantially its fall like the rest of (December through March, which are reduced and, from the time a completed the quieter months in our mortgage appliction is submitted, a the country, is levelling normally business), we have experienced record mortgage can be approved within two out and improving interest and client activity for this period to three weeks, sometimes less. of the year, with an increase in new sales enquiries of 36.4% (420 enquiries) Who is buying? that negotiating and closing a sale is compared with the same four months far more difficult than in the past. of 2011-2012 (308 enquiries). Some The Russian and Eastern European See our comments below relating other leading agents report similar markets, as indicated previously, are to this point. becoming more and more important as increase in activity. time goes by. There have been many Our own internal statistics Banks starting to lend again small Russian owned agencies opened in Marbella in the last two to three years The strong present-day demand is A further encouragement to buyers is who collaborate frequently with the highlighted also by our own internal that some Spanish banks have started larger agencies. Many of the larger

Penthouse in Marina Puente Romano, Ref 7805

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The Marbella Property Market Report

Spanish banks have started to lend again, and mortgages are now being granted to qualified purchasers agencies have added a Russian speaking sales person to their staff. The Russian magnates buying large and expensive estates at the top end of the market are less important in overall Beautiful apartment in Altos Reales on the Golden Mile, €545,000, Ref 7665 market impact than the client looking for a property from €300,000 up to, The United Kingdom and the Monteros, Guadalmina, El Madroñal German markets have not increased and many others have also experienced for example, €2,000,000. substantially in recent months, but still strong sales activity in the more The Scandinavian market has remain among the most important expensive price ranges. To give another example, at least seven Golden Mile revitalized. There is great activity from markets in the Marbella area. beachside homes, some of which have Swedish, Danish and Finnish clients. been on the market for some time, have The Norwegian market, where the What is selling? recently sold and are not being replaced economy is oil-based, has not experienced any kind of recession, is At the beginning of the crisis in by similar ones. becoming strong as well, due primarily September 2008, the market in general remained static for several months. There are no reliable overall to the attractive, present day prices.

Then sales started again in 2009 with statistics of the number of homes on The Netherlands and Belgium substantial price decreases. What the market for sale and the have always been strong markets for continued to sell, in a substantially lesser prices of the properties sold. buying property in Marbella, and volume, were properties priced, let us However, according to our own they continue to be even more so say under €800,000. However, there calculations, there is little doubt today, again because of the decreased was little interest in properties much that the vast majority of the over €1,000,000. But gradually, year properties for sale, perhaps in the price levels. after year, this threshold price has area of 80%, are those priced under The French market is probably crept up. The larger and more €1,000,000. the most recent important European expensive properties have started to market to discover Marbella. Times sell in the last year, which is yet There is a wide variety of villas, have evolved from the days where another important sign of a market townhouses and apartments for sale belonging to serious sellers in the Frenchman wanted a holiday under recovery. the €250,000 to €1,000,000 price home “à la campagne”. With Spain’s In La Zagaleta, perhaps the most exrange in great residential areas and excellent road network, the French can now drive to Marbella! Perhaps clusive gated urbanization in Europe, there at highly competitive prices. The the most important reason for the have been at least 12 sales, at prices market is extremely active with activity of the French market is the ranging up to €13,500,000, and an average sales taking place every single day. recent change in government, and sales price of around €5,500,000 since In fact there are more villas for sale consequent increase in taxes, with October 2012. We are also aware of 15 today under €1,000,000 than ever many seeking to become Spanish new construction starts and renovations before, most of them substantially reduced in price and ready to residents to achieve a lower taxation in the last year in this community . negotiate further, many of them level, and at the same time enjoying our special Marbella climate and Marbella’s other prime residential areas, great alternatives to an apartment or including the Golden Mile, Los townhouse. international community.

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The Marbella Property Market Report

Asking prices severely adjusted We have seen “asking prices” being dropped year after year until: Bingo! The asking price of a given property has been reduced to a point that starts generating viewings, since it has become perceived by the market as “worthwhile seeing”. And when more and more clients view a property for sale, a real marketplace is created where owners will eventually receive offers that they can freely take, reject or negotiate.

More and more sellers have now accepted that their properties are not really worth what they thought they were, and, consequently, are doing what is necessary to adjust their prices to encourage viewings. Many owners are realizing that it makes sense to invest a little to make their property “objection free” and attractive enough to the buyer to make an offer on a “ready to live in” property.

But the outstanding characteristic of the market is that no seller is achieving a sale today unless the property is perceived as “very well priced” and he or she is open to negotiate and make a deal. An example is a property in Las Lomas del Marbella Club, opposite the Hotel Puente Romano on Marbella’s Golden Mile, a townhouse of 160m2 in a gated complex with an original asking price three years ago of €500,000, reduced gradually over time, has sold recently for €275,000. A villa in Nueva Andalucia, on the market for two years, initially asking €1,750,000 and gradually reduced over this time to €1,175,000 sold recently for €1,000,000.

There are literally hundreds of similar examples.

There is the exception of some top end properties which are unique and therefore not reproducible and the owner, being aware of this says “if a buyer wants the property, he has to come close to my price”, and if the price (+34) 952 863 750 | www.panorama.es

is not ridiculous, he will end up selling.

For example, one of the most sought after and exclusive waterfront buildings on the Golden Mile recently saw one of its few beachfront apartments, (4 bedrooms, 350m2 plus terraces) sell for €3,750,000. This is not much below the sales price the property would have achieved six years ago.

If through good market research, a prospective buyer recognizes a great potential buy of a property which fits his or her requirements, in this improving market one should not hesitate to move quickly to secure the property. Any good agent will have or can obtain excellent examples of properties recently sold in the different residential areas of Marbella and in all price categories.

There are other properties where the owner has already lowered the asking Properties sold are not price considerably, and has little or no always being replaced further room for negotiation. A large two bedroom apartment in Monte Agents as well as potential buyers are finding that when a property is sold in a The real value of a given urbanization at an amazingly good price (for the buyer), it does not property is not necessarily follow that other owners of necessarily determined by similar properties for sale in the same will match that price. What does the percentage discount area that indicate about the market? It does achieved in a negotiation not mean that the other property owners are not hearing what is being

Villa in Nueva Andalucia reduced from €1,250,000 to €995,000, Ref 7477

Paraíso, on the market for a year and a half at the reasonable price of €570,000 lowered the asking price to €530,000 and again earlier this year to €495,000 and sold at the full asking price to a couple from Finland who, through their research, quickly recognized the great value represented by this property, and did not want to lose it to another buyer. The lesson: the real value of a property is not necessarily determined by the percentage discount achieved in a negotiation.

paid in the real market. But it does indicate that there is a tight market (supply) for properties in quality areas, and a larger demand factor than in the preceding years. So those who resist taking the last sale as a barometer for their own pricing are confident that their property will sell for its a) location b) quality and c) general lack of supply of similar properties on the market. This is yet another sign of the market touching the bottom and lifting off.

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The Marbella Property Market Report

Provençal style villa in El Madroñal, originally priced at €1,450,000, reduced to €895,000, recently sold by Panorama, Ref 6330

Negotiation much more difficult As indicated earlier, there is a consensus among agents that a sales negotiation today is far more difficult than in the past and, therefore, even more difficult for those lesser experienced agents.

Buyers often have second thoughts once they verbally make an offer, sellers often hesitate to accept an offer thinking that they might get a better price from another client in the next few days or weeks, if their property is getting good market exposure. It takes real skill and experience to bring a deal together, more than ever before.

The most successful agencies today are those with strong experience in negotiation; who have their properties fully documented and know almost all of the issues related to the properties being negotiated, including any possible urbanistic issues; and del Marbella Club Pueblo, townhouses who will have established a good work- Lomas priced from €315,000 to €790,000 ing relationship and confidence not only with the buyer, but also with the seller. lies the fact that there are still many people, mainly in Europe but in other In summary countries as well, who want to live in the Marbella area, as it is a unique place not We are living in an uncertain world only in Spain, but on the entire today. Within that uncertainty, however, Mediterranean Basin. Many of these 12

potential buyers have been waiting for the right moment for prices to drop sufficiently to move on with their major lifestyle change, and buy a permanent or second home in this area.

Coming back to our original question: is it now the right time to buy?

Certainly, there is hard evidence indicating a significant improvement in the market. For those who have already decided that they want to buy in the Marbella area and have, until now, been reticent about the timing of their purchase, it would appear that we are reaching, after over five long years, a bottoming out of the market cycle, and the beginning of an appropriate time for them to start to refine and conclude their property search. For those who are unsure whether to buy in this special part of the world, now would certainly be an appropriate time to start with their market investigation.

By Christopher Clover, Managing Director of Panorama, Marbella’s longest established real estate agency.

Copyright© 2013 Panorama Properties S.L. All rights reserved. www.panorama.es | (+34) 952 863 750

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Feature Article

Laying the foundations of Panorama

Marbella of the 1970’s: Our First Years

By Christopher Clover

As a preface to the story of Panorama’s first years in Marbella, I would like first to provide some insight into why Marbella became so attractive to us in the first place, back in 1970 that we decided to open an office here.

Marbella in 1970, photo by Pedro Jaén

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Marbella of the 1970’s: Our First Years

The beginnings It was 1946, The Spanish Civil War had ended some seven years before.

Marbella was a village with less than 10,000 inhabitants and a very interesting history. In the middle of the village there was (and remains) an old Moorish Castle dating back to the 9th Century together with Roman ruins throughout the municipality. La Concha Mountain towered in the background, creating a unique micro-climate, giving Marbella the best climate in any village in Europe.

The larger tracts of land at the time were owned by five families: Juan and Enrique Belón, Juan Lavigne and Juan Lima, all from Marbella, Elvira Tallefer and her husband Salvador Guerrero from Málaga (Elviria was named after her) and Norberto Goizueta from Navarra (the founder of Guadalmina).

The land was mostly tended to by tenant farmers. The industry of the time was mostly in agriculture and in mining iron ore and graphite.

burning conversion kit, due to the shortage of gasoline in those post war years. Upon their arrival in Marbella, while waiting for Uncle Ricardo’s return from a fishing trip, they had a picnic lunch under the umbrella pine trees of the beautiful Finca Santa Margarita adjacent to the sea just west of the village. They fell so in love with Marbella, and with this finca especially, that they returned the following year and bought the property.

Prince Alfonso & Ira von Fürstenberg, 1955

back to the 6th century, but also, his mother was the Spanish Marquesa de Belvis de las Navas, and his godfather was King Alfonso XIII of Spain. His lineage, together with the fact that his Uncle Ricardo Soriano was the original promoter and developer of Marbella (who opened the first hotel in 1945, El Rodeo, and who enticed his many friends to visit the area), made it very easy for Alfonso to follow and continue the path already paved

by Uncle Ricardo.

Alfonso and his father built a beautiful, new home on their land, and encouraged their friends to come and visit them. The original farmhouse of the Finca Santa Margarita was converted into a bar-restaurant-social club for those who were living in the area, and in this manner the “Marbella Club” was born. These were the first moments of the awakening of Marbella as a major tourist destination.

Through Alfonso, his father, his mother, and his Uncle Ricardo’s contacts, so many people started visiting the area (and the Marbella Club), that many were unable to find accommodation. Such an With the above seed elements, Marbella evolved to become today the principal Marbella was then about two hours’ influx of people made it inevitable that high profile city of quality tourism on the drive from Málaga, along a terrible two in 1953, Alfonso decided to build a small entire Mediterranean Coast, in what is lane coastal road, and Alfonso and his hotel with 18 rooms adjacent to the father showed up in an old Rolls Royce converted farmhouse, surrounding a still today, a quality environment. with a motor powered by a charcoal courtyard, much like the motels he had But not without a lot of help along the way: Torremolinos, and many other towns along the Spanish Coast, were beautiful villages then also, and look at what happened to them!

Marbella’s original promoter was the versatile, multifaceted Spanish aristocrat Ricardo Soriano Sholtz von Hermensdorff, Marquis of Ivanrey who, in this year, invited his nephew Alfonso von Hohenlohe, and Alfonso’s father Maximilian Egon von Hohenlohe-Langenburg, to see and experience Marbella first hand. Not only was Alfonso the son of a well-known German aristocrat, whose family dated (+34) 952 863 750 | www.panorama.es

The Marbella Club hotel around 1955

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Marbella of the 1970’s: Our First Years

Bridging the gap between Fishing Village and International Hot-Spot As a result of Alfonso’s promotion, together with that of his many friends who built new homes and developments in the area, the official population of the municipality surged from 12,156 in 1960 to 29,253 in 1970, but when we arrived here in the early 70’s, there was still a “village feeling” about Marbella, a small town full of interesting and friendly people. The key

The old Marbella Club hotel pool area, around 1955

recently seen in the United States. He decided to call it the Marbella Club Hotel.

The hotel opened its doors to the public in 1954 and immediately became a magnet for quality tourism. Count Rudi von Schönburg, a relative of Alfonso, who had recently graduated from the Swiss Hotel Management University in Lausanne, joined Alfonso in 1955 as the Hotel’s Director, and remains associated with the Marbella Club today (read his wonderful article “The Beginnings of the Marbella Club” on our blog, www.panorama.es) The original farmhouse has survived up to the present day as the Hotel’s main bar and restaurant.

Attracting the “big names” The wonderful microclimate of Marbella, its strategic location, the relative ease to get here, and the warmth of its people made Marbella a magnet for those looking for a new, special location for their holidays. Alfonso was certainly not demure in inviting everyone belonging to the jet-set of the time to the Costa del Sol’s first luxury hotel and, in no time, Marbella was The “In” Place of Europe. By the ‘60’s, there 16

were many regular “famous” visitors to Marbella and the Marbella Club and a large number bought land to build their homes, sometimes from Alfonso himself. Some of these “big names” included: José Banús, who came to Marbella in 1962 and acquired the land of what is today Puerto Banús, and Nueva Andalucía (many called his vision “crazy” at the time!), Jaime de Mora, Manolo Lapique, Ignacio Coca, the founder of Los Monteros and the Río Real Golf courses, and other big names such as the von Thyssens, Princess von Bismark, the Füstenberg family, Mel Ferrer and Audrey Hepburn, the Duke and Duchess of Windsor, Prince Rainier of Monaco with Grace Kelly, Ava Gardner, Cary Grant, Laurence Olivier, Guy de Rothschild, Terry von Pantz, Deborah Kerr, Jimmy Stewart, Teddy Kennedy, Jean Negulesco, and many others.

Alfonso had successfully taken the seat of his Uncle Ricardo as the prime Promoter of Marbella.

Marbella had become a “special place for special people”, which was the Panorama’s slogan in our early years.

Wedding of Princess Marie Louise & Count Rudi von Schönburg, 1971

With Count Rudi recently

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Marbella of the 1970’s: Our First Years locations at the time – apart from the Old Town – were the Marbella Club, Puerto Banús, Nueva Andalucía, Los Monteros and Guadalmina; the last three with their respective golf clubs, all of which were built with their owners betting on the future of residential tourism.

By the late 1960’s, Marbella had most of the ingredients to eventually become a major, quality holiday and residential tourist destination with a 12-month

season, rather than simply a summer holiday resort. However, for a town to be open year-round, with enough business for luxury shops, boutiques, restaurants, nightspots, leisure and amusement facilities, a minimum nucleus population in the winter “off-season” was required of around 150,000 inhabitants, between registered residents and the “floating population” of residential tourism. This figure was not achieved until around 1996, when the “off-season” took on a life of its

Grace Kelly, Prince Rainier & Jose Banús at the inauguration of Puerto Banús

By the ‘60’s, there were many regular “famous” visitors to Marbella own, transforming Marbella into the only resort city on the Mediterranean Basin with a year-round season. Today there are between 250,000 and 300,000 residents in the low season in Marbella.

Marbella in the 70’s experienced first hand

James Stewart & Prince Alfonso

Marbella in the 60's, Postcard

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The popularity of Marbella had already spread overseas. My father, Bill Clover, a successful real estate Broker in Charlottesville, Virginia since 1952 (like his father, B.B. Clover, in Chicago since 1904), decided to add to his business by purchasing an international real estate agency in 1968 called Panorama International Ltd., with headquarters in Washington D.C a two hours’ drive north of Charlottesville. A French associate of his at the time, René Frank, suggested that Marbella had become the most important new Jet-Set destination in Europe and that we should seriously consider opening an office there. And so we did, in early 1970, along with offices in Mallorca and Mexico City shortly thereafter, (the latter, headed by my brother Bill).

Panorama was the first international real estate agency in Marbella, and the first real estate agency to bring inspection flights to the area.

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Marbella of the 1970’s: Our First Years

Panorama was the first international real estate agency in Marbella, and the first real estate agency to bring inspection flights to the area The Marbella office was briefly headed by a retired English Captain, Phil Kelly, followed shortly thereafter by G. Bland Hoke, who had worked before in sales in our Washington office who is today a highly successful real estate broker in Jackson Hole, Wyoming. Bland’s principal job, with his sales team of 5, was to receive the regular inspection flights of clients sent by Panorama’s Washington office and start laying our groundwork for listing resale and investment properties.

In February 1973, Bland returned home and my first wife Kirsten and I set off to Marbella for what was only meant to be a year overseas to re-organise the office, but resulted in our staying permanently.

When we arrived, Marbella was still a small town. To make an international call in those days, one had to book a “slot” through the Málaga operator, and sometimes wait for hours to get a connection. Our trusty second-hand telex machine, with the technology dating back to the 1930’s, was our only reliable link to the outside world. Donkeys were still present in the streets as a means of transporting goods, along with a lot of Seat 600s and the box-like Seat 124 sedan. The main, two lane highway to the airport passed through the centres of Fuengirola and Benalmádena Costa, and was known then as the “Highway of Death”. In general terms, the infrastructure was deficient and unreliable, with electricity cuts sometimes 18

several times a month, understandable when you look at the population multiplying by two and a half times in the prior decade.

We lived under the dictatorship of the Generalísimo Francisco Franco. On Franco’s last trip to Marbella in the spring of 1973, to inaugurate the new Clínica Incosol, as the story goes, he noticed the towers of the Hilton Hotel and the studio-apartment hotel next door (now known as the Hotel Don Carlos), and also the Torre Real, in front of Incosol, and was absolutely horrified, and gave the order that never again should such tall buildings scar the skyline of Marbella, in the manner that had already literally ruined Torremolinos and Benalmádena Costa.

Franco’s perspective coincided with the low-rise, low-density vision of quality development and growth, already imposed by Marbella’s “founders”, starting with Ricardo Soriano himself, who “prohibited” his friends from building more than one floor homes, and encouraged them to maintain the traditional Andalusian style. This style was already followed by Prince Alfonso, José Banús, Norberto Goizueta (the founder of Guadalmina) and others.

Franco’s opinion only helped strengthen the local authorities in maintaining this tradition, and not one tower building has been built in Marbella since 1973. It is only due to the strong, lasting influence of these people that Marbella has been able to remain a city with a high level of luxury and quality development, compared to the jungle of concrete Iberian Daily Sun, March 16, 1973 to the east of the Municipality and most other resort cities along the When he retired in 1985 he came up to Mediterranean Coast. me at a social gathering and said, “Clover, you are the man I want to work There was only one Notary at the time with in my retirement!” How honoured in Marbella, Don Luis Oliver Sacristan. I felt by those words from this Even when he was younger he seemed important member of the community! an old man to me, with a raucous voice, Shortly thereafter, Don Jaime de Mora but he greeted Spaniards and foreigners said the same thing to me and, in fact, alike in a warm and friendly manner. we worked together on several deals. www.panorama.es | (+34) 952 863 750

Marbella of the 1970’s: Our First Years The delightfully friendly and goodnatured character of the Andalusian people ensured that non-Spanish speakers could always make their way around Marbella, even if it meant using sign language. Their straightforwardness and goodness stems to a great degree from the importance they attached to traditional values of family, church, hard work and generous hospitality. When you look at the professionals in Marbella today, the lawyers, architects, bankers, hoteliers, or store owners who were born in the city, it is amazing to see how many of them were brought up not only with these values, but also with excellent university education given to them by their parents in the 60’s and 70’s, who obviously had an eye on the future that was being built at the time, and how almost all of them learnt to speak English.

of some well-learned American real estate principles passed down by my father and grandfather made it a lot easier to earn the confidence of new clients for a start-up business such as ours. The Marbella Club was then, and has remained, my favourite bar and restaurant: warm and romantic, classy, great service and food, great people.

Chris & his first wife Kirsten, Katinka & Alex's mother, 1975

were no more than 6 or 7 estate agencies in Marbella in those very early years, and there was a lot of curiosity about Panorama. We met most of who were considered to be the “crème de la Lucky to be in the right place, crème” of Marbella at the time just by at the right time! going to the Marbella Club once or twice a week, making friends who introAt that time it was very easy to make duced me to their friends. Not only did new acquaintances and friends. There it bring us business, but the application

The salary I allocated to myself when I arrived in Marbella was 25,000 Pesetas per month, which was the equivalent at the time of about $420, and with which we were able to live very decently. The most luxurious sports car made in Spain was the Seat 124 Sport, in fact it was a Fiat model assembled in Spain until 1975, but with a Spanish engine and transmission, which cost around 350,000 Pesetas or about $5,800 at the prevalent exchange rate, a fortune in those days. I bought one second hand in 1978 and still have it! Of the Spanish made cars of the day, the best that one would see on the road was the Dodge 3700 GT (made by Chrysler España) – a

Isidro Sierra Muñoz, Luis Oliver Sacristán & Julio Fernández Nespal

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Marbella of the 1970’s: Our First Years

We met most of who were considered the “crème de la crème” of Marbella at the time by the municipal, regional and national governments along with labour reforms, which will eventually result in a more competitive economy.

Jaime de Mora y Aragón & his wife Margit Ohlson

real sign that you had money if you drove one! The purchase of imported cars from Germany, America or England was virtually prohibitive due to exorbitant import taxes which literally doubled the cost of an already expensive luxury car. In fact, until the mid-80’s there was a certain “social stigma” attached to making an extravagant exhibition of wealth, which was associated not only with driving a “Spanish” Dodge, but also any type of Mercedes or other imported luxury automobiles.

Spain was incredibly cheap in the 70’s and 80’s, and even well into the 90’s due, in part, to the peseta being devalued six times between 1977 and 1993, enabling the economy to remain competitive with respect to its exports, and tourism to keep growing every year.

However, with the Euro becoming legal 20

tender in Spain in January 1999 and the peseta eliminated at the end of 2001, this economic tool is no longer available and is now having to be substituted by severe belt-tightening

Property prices were also very cheap in the early 70’s, as was the cost of living, as mentioned before.

Our agency was the first agency to bring in charter flights of clients from the United States, to sell villas for $12,000 to $20,000, and apartments in Nueva Andalucía from $5,000 to $15,000! The “investment factor” gave a major impetus to the number of properties sold in those days to clients of all nationalities. Of course, the Magic of Marbella itself was the fundamental catalyst.

When our mother agency in Washington closed its doors in early 1975, due to the strong recession at that time, Panorama became an independent Marbella real estate agency.

My Seat 124 Sport today

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Marbella of the 1970’s: Our First Years

The start of a multi-source market and Panorama’s success

The Saudi and Pan-Arabian market

significant properties, but he also introduced me to some key people who introduced me to others. It is in large part thanks to him that we sold a great number of the properties to the Saudi Royal Family and other Middle Easterners in the mid-to-late 70’s, giving Panorama a real boost at a critical time in our history. We became administrators for Akram Ojjeh, the founder of the TAG group of companies; of Prince Salman, the brother of then Crown Prince Fahd, and today, Crown Prince himself of Saudi Arabia, through his right hand man in Spain, Eyad Kayali; and of Prince Fahd’s eldest son, Prince Faisal Bin Fahd. Panorama, in its estate management department, continues today as administrators of a major palace belonging to members of the Saudi Royal Family.

The first important success in our business here took place after Panorama became the property administrator for David Shamoon in 1974 (and remained so for 33 years). David had been based in London since 1952 and had been very successful in real estate and other businesses. In 1974, he was the owner of a beautiful, almost palatial villa located just opposite El Ancón on the Golden Mile, which was purchased a few years later by the late King Fahd (then Crown Prince Fahd). David is now the owner of the Marbella Club and Puente Romano Hotels, along with several other hotels in other countries. David treated me as a special friend and not only became our Other important business opportunities most important buyer client at the time arose thanks to relationships made through his purchase of several during those early years, including a

number of transactions made through my close friend Mohamed Bashir Kurdi.

As the Saudi Consul in Málaga at the time, Bashir commissioned me to negotiate the purchase of a parcel of land in Málaga on which the new Islamic Cultural Centre was to be built. When he was appointed in the mid-‘90’s as the future Saudi Ambassador in Japan, he asked me to be his buyer’s agent and to source a representative building for the Saudi Embassy in Tokyo. One and a half year later, we successfully closed the deal on an 11 story, brand new building in Roppongi, central Tokyo, incorporating a duplex penthouse for the Ambassador.

Today it remains the most beautiful Saudi Embassy building in the world.

The purchase of properties by Crown Prince Fahd and his family encouraged many others from the Middle East to also buy homes in Marbella in the late ‘70’s and early ‘80’s. Many other Princes, along with important – even legendary –

US ad in 1971: Panorama sold over 150 homes in Nueva Andalucia in the early '70's

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Marbella of the 1970’s: Our First Years

The Shamoons, Chris & his first wife Kirsten, & the Corners in 1977

businessmen and dignitaries from every single country in the Middle East bought properties in Marbella, adding to our wonderful cosmopolitan and cultural mix. Notable among these were Sheikh Zayed bin Sultan Al Nahyan, the Ruler of Abu Dhabi and President of the UAE, whose family still owns a magnificent estate adjacent to Rocío de Nagüeles; various relatives of the Marzook family from Kuwait; Adnan Kashoggi and his many friends; the electronics magnate Mouffac Al Midani; Rafic Harriri, who went on to become the Prime Minister of Lebanon; Akram Ojjeh, Sheikh Kamal Adham and countless others.

The very special comfort that many Middle Easterners felt and feel in Marbella and southern Spain in general is more easily understood in light of the history of Al-Andalus. Al-Andalus was the Moorish name for the parts of Spain (+34) 952 863 750 | www.panorama.es

and Portugal occupied by their people for an incredible 781 years, from 711 until they were expelled by Ferdinand and Isabel in 1492. Many rivers, villages and other geographical areas bear Arabic names. There are thousands of words in the Spanish dictionary stemming directly from the Arabic language.

There is Moorish blood in the veins of most Andalusian people. The Rif mountains of Morocco are visible most days of the year, with the lights of Tangiers visible many nights, past the Rock of Gibraltar, giving one a very special sense of our geography.

We sold a great number of properties to the Saudi Royal Family and other Middle Easterners

A British enclave In the early 70’s, a small number of British citizens, not more than two or three thousand, had settled on the Costa del Sol either as part-time or full-time residents, many of them important personalities.

There was a specific reason for this, as Great Britain had exchange controls in the form of the infamous “dollar premium”: tight restrictions on spending money made it very difficult for people to take foreign holidays and to buy second homes overseas on a scale we now take for granted, or to buy shares in foreign companies. At one point, people could not take more than £50 cash abroad, even for an ordinary family holiday overseas. You even needed to have your passport stamped by the bank when you collected the cash! The result was of course an enormous bottled-up demand for U.K. residents to purchase homes abroad.

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Marbella of the 1970’s: Our First Years We got along well and he quickly agreed to give us an exclusive on the sale of their plots in Las Lomas which resulted in our selling, over the next years, most of this wonderful urbanization located in the heart of Marbella’s Golden Mile.

Rafael also gave me a wonderful deal on the purchase of my first villa in Marbella. For more of the history of this urbanization, kindly read the article “Las Lomas del Marbella Club” on our blog section of our website.

I also did business with Mel Ferrer who, as a money-making pastime, built and sold inexpensive, rustic villas. Mel was a terrific person, and I remember him being both extremely polite and very down to earth.

With old friend Ambassador M. Bashir Kurdi, recently

When the late Margaret Thatcher was elected Prime Minister in 1979 and relaxed (and shortly thereafter eliminated) the exchange controls in that same year, the demand literally exploded in a surge of buying second homes abroad, which in fact has never really abated very much since then, other than the peaks and troughs of the market in general over the last thirty years. Marbella of course was a prime beneficiary of this pent-up demand, as were other parts of Spain, France, Italy, U.S. (specifically Florida), and other countries. Flights from UK surged in number, and the Costa del Sol became a permanent, preferred holiday and residential destination for U.K. tourism, with Marbella as its quality capital. Panorama marketed properties directly to UK purchasers, with advertising in The Times and The Financial Times, and many important properties were sold to an affluent UK clientele, especially throughout the 1980’s and again in the mid-1990’s, partially due to a strong partnership at the time with Chesterton’s, a leading 24

In the early 70’s, a small number of British citizens had settled on the Costa del Sol London estate agency. Today, the British are probably the largest single nationality, after of course the Spanish themselves, with a permanent or part-time residence in the Marbella area.

New friends, business associates and celebrities Amongst the many influential people I had the opportunity to meet in Panorama’s early years in Marbella was Rafael Zea. Rafael was a pioneer property developer who, among many other projects, built the Skol building in Marbella on the sea in the 60’s. Rafael was the Chairman of the developing company which owned Las Lomas del Marbella Club and came to Panorama in 1974 recommended by mutual friends.

I had the privilege to meet and become good friends with Ray Milland and his wife Mal (in 1946 Ray won an Oscar for Best Actor in Billy Wilder's film The Lost Weekend), and Stewart Granger, one of Hollywood’s greatest stars, who was also a seller of an important estate between Marbella and Estepona.

Ray Milland contacted us in 1975 from an ad in the International Herald Tribune and came down to look at beachfront homes. Since he had become a star a little before my time, I didn’t know who he was, and when I collected him at the airport, he rode in the back of my box-like Seat, and his wife in the front, and I asked him what he did for a living!

After a brief silence and a long sigh, he said with some exasperation in his face… I was watching him through the mirror… “I’m in the cinema industry”.

Unfortunately it got worse when I asked him what part of the industry! In the end we got along very well and we, as well as our wives, became close friends.

The Millands ended up purchasing a jewel of a beachfront home in the Urbanization El Ancón, on Marbella´s Golden Mile which belonged to a Mr. Brown. Along the front line in El www.panorama.es | (+34) 952 863 750

Marbella of the 1970’s: Our First Years Ancón there were 4 other houses next to Mr. Brown’s: two on the right and two on the left. The first at the end, on the right, belonged to John Green, the original developer of the estate. The second belonged to the well-known industrialist, Gordon White. On the left was Mr. Black and, at the other end, Warren Gold. Incredible but true! We called it “Rainbow Row”!

John Green, brother of the Art Gallery owner Richard Green, is a highly creative and successful property developer, not only for his projects in Marbella but also in London. He went on after his project El Ancón to develop, from 1981 to 1985, another beautiful, gated community in the hills just opposite El Ancón, which was called El Ancón Sierra. I was involved in selling him the land, selling most of the homes there, and was a member of his company's Board of Directors. John and his wife Jacqui remain close friends, and we both own homes in El Ancón Sierra today.

Another personality among the many people we were close to at the time and who remained so well into the 90’s, until her death, was the Baroness Teresa (Terry) von Pantz, heiress to the Avon perfume fortune. She inherited her fortune through one of her previous husbands, and she lovingly called her last husband, Baron Hubert von Pantz, “Hubert the Fifth” as she had out-lived her prior four husbands. Hubert himself had a well-publicised affair with the French designer Coco Chanel in his youth. They were both very generous people and loved giving lavish parties for their many friends and acquaintances: Terry was known for over three decades in Marbella as “the hostess with the mostess”.

Her favourite hobby was designing and building houses, a real estate agent's dream client. Wonderful, open, interesting people, incredibly polite to absolutely everyone and, for many years, they were among our most important clients. (+34) 952 863 750 | www.panorama.es

Skol building during its construction in the early '60's, seen from behind

Mel Ferrer & Princess Carmen Hohenlohe

Jacqui & John Green with Jovita, Chris's second wife, recently

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Marbella of the 1970’s: Our First Years

Nielson Sanchez Stewart with his wife Alicia, who was and remains an active lawyer and good friend, as well as Antonio de Fortuny. The late Rafael Cruz-Conde became a close friend and our main lawyer in the late 1970’s, and his job with Panorama (and friendship with me) is continued through Rafael’s brilliant son Mauro today. Count Hans Baroness Terry von Pantz & Baron Hubert Larisch and his wife, María, the With old friend, pioneer developer since von Pantz in 1980 (courtesy of M. Reckling) Marquesa de Salamanca, also became 1960, Leo Shriqui, recently In the late ‘70’s we met Elizabeth and good friends. Perhaps our oldest close people, many of whom remain good David Brockman, who, with their friend is Patrick Op de Beeck, the well- friends today. partner Connie Münemann and his known insurance broker, whose office family, owned the most beautiful was next to ours when we arrived.

How grateful we are for such a beautiful development site in Marbella, which is start to our new life in Spain, with now known as Marbella Sierra Blanca. A Looking back, we were fortunate that, the kindness, support and friendship little known story is that a Kuwaiti client by the end of the ‘70’s, we had met most offered by so many during those years. of ours contracted to buy the entire of the influential people of the day, land, subject to the approval of a partial along with hundreds of other wonderful Copyright© 2013 Panorama Properties S.L. plan by the municipal government.

However, due to the delays caused to the plan approval by ecologists at the time, our client got cold feet and backed out of the deal a year and a half later. The purchase price for the entire site (of course before infrastructure) was $3,000,000! The Brockmans later found another partner, the highly successful, high quality property developer (and good friend) Pedro Rodríguez, (Sierra Blanca Estates) who made his first investment in Marbella in the Brockmans’ company and proceeded with the installing of infrastructure and With old friend Patrick Op de Beeck, recently sale of plots Other wonderful people who opened their doors to us in our first years in Marbella, were the late Miguel Gómez Verdun, the owner with his wife Antonia, of the Gómez and Molina Jewelry boutiques. Miguel was at the time also Director of the Hotel El Rodeo, Marbella’s first hotel, as I mentioned earlier, and founded in 1945

by Ricardo Soriano; Archie and Cathy McNair – Archie was the Chairman of Quant which he co-founded with Mary Quant in the 1950’s; the late Bill Genske and his wife Silvia, the developers of Lomas del Marbella Club Pueblo; 26

With H.E. Skeikh Kamal Adham in 1998

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Family Article

A Family Dedicated to Real Estate since 1904

By Williston H. Clover

Panorama, as many know, is Marbella’s longest established Real Estate Agency, founded in 1970, with a reputation for providing a highly professional and quality service to its buyer and seller clients which stands alongside those of the best agencies in the world.

Panorama's mother company was founded in 1966, in Washington D.C. and purchased by Bill Clover, Chris's father, in 1968. Bill was already an established estate agent in Charlottesville, Virginia, since 1952, which he founded with his father Burtt B. Clover upon Burtt's retirement. B.B. Clover founded his first agency in Chicago in 1904.

Burt Byron Clover, in 1904

What most people are unaware of is that Christopher Clover, Panorama's owner and Managing Director, comes from a three-generation-old family of real estate agents and entrepreneurs.

The fourth generation of professionals, Christopher's children, Alex and Katinka, have also joined Panorama.

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Panorama was established in Marbella

by Bill Clover in 1970, and was the first real estate agency in the area to bring clients by charter inspection flights to view property on the Costa del Sol. Panorama's Washington office closed in 1975, when the Marbella office became an independent company under Christopher Clover's direction.

Below is a summary of some of the highlights of the Clover family in the last century, along with some photos and documents from our archives.

1904 - B.B. Clover opens his first real estate agency headquartered in Chicago on Evanston Avenue followed by a second branch in the town of Itasca with the intention of developing Itasca into a desirable place to build a home and enjoy a comfortable suburban lifestyle.

1925 - One of the first golf course developers in the United States, B.B. Clover built a 9-hole golf course and a clubhouse on the land originally owned by the first settler in the area of Itasca.

The Itasca Country Club still stands today as one of the most luxurious establishments of the Chicago suburbs.

B.B. Clover, Chris’ grandfather, was one of the first golf course developers in the United States www.panorama.es | (+34) 952 863 750

Family Article 1926 - B.B. Clover's grand plan to develop Itasca as a glamorous Chicago suburb in the 1920's included building a handsome half-timbered commercial building, today a landmark in the town's Historical District.

1939 - Williston L. Clover moves to Charlottesville, Virginia and becomes a Black Angus Cattle Farmer and Tennis Professor at the University of Virginia.

1952 - B.B. Clover and his son Williston (Bill) L. Clover open the Clover Realty Company in Charlottesville, Virginia.

The company is still in business today, although under different ownership, in its original building in the town's historical Court Square.

1960's - Bill Clover develops several golf and residential developments in and around Charlottesville, Virginia.

Montvue and West Leigh are, to this date, still among Charlottesville's most luxurious real estate developments.

Letter from B.B. Clover enclosing a guarantee for development of public land in 1924

Bill Clover, Chris’ father, was among the most prominent brokers of farms and estates in this wealthy area of the eastern coast of the USA

1966 - Panorama International Ltd. is formed in Washington DC and is the first company to offer international properties and developments to investors in the United States.

On-site Sales Office around 1938

Ceci, Beverly, Bill & Billy Clover, in 1944

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Bill Clover, Chris’ father, about 1933

Chris & brother Bill in 1959

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Family Article

Bill Clover & The Clover Realty Team, in fornt of the Charlottesville Office around 1960

B.B. with his son Bill around 1957

1968 - Bill Clover acquires Panorama International Ltd. 1970 - Panorama International opens Marbella's first international real estate office in the Edificio Capitol at Avenida Ricardo Soriano, 1, and becomes the first real estate agency to bring clients by charter inspection flights to purchase property on the Costa del Sol. 1970 - Williston H. Clover (Bill Clover Junior), establishes a sister company specializing in Leisure Real Estate and Financing. This company is today known as Panorama International Inc. and is located in San Antonio, Texas. Bill is one of the world's leaders in Leisure Real Estate Consulting.

1971 - Christopher Clover joins his father and brother at Panorama International in 1971 in Washington DC.

The three generations in 1961

1973 - Christopher Clover takes over Panorama International's offices in Marbella.

1975 - Christopher Clover forms an independent company, decides to transform the long-term goals of the Marbella office, and increases the marketing of prestige properties in the area.

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Bill & Bev Clover, Chris’ parents, around 1965

Panorama International was the first real estate agency ever to organize property inspection flights to the Costa del Sol www.panorama.es | (+34) 952 863 750

Family Article 1990's - Panorama capitalizes on its success and reputation and opens offices in the most prestigious areas of Marbella, at the Puente Romano Hotel and directly opposite the Marbella Club Hotel.

1995 - Panorama launches one of the first Internet property websites specific to the Marbella area.

Board Member. Williston H. Clover, Christopher's brother, becomes a permanent consultant to the company.

2004 - Panorama launches its magazine “The Marbella Property Magazine”. In addition to the award winning market report written by Christopher Clover, it contains other interesting articles both for buyers and sellers, as well as an excellent selection of properties differentiating itself from most real estate magazines which are mere catalogues of properties.

2001 - Alex Clover joins Panorama to help fine-tune the company's image and implement a series of internal improvements. Today he is Listings and Sales Consultant.

2006 - Panorama presents a redesigned website, and the addition of an 2003 - Katinka Clover joins Panorama information section about Marbella. in the capacity of property consultant Today the Panorama website is in 5 and public relations specialist. Today she languages: English, Spanish, French, is Panorama's Listings Director and German and Russian.

First advertisement of Panorama’s Office in 1970

Chris & his first wife Kirsten, Alex & Katinka’s mother in 1977

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Panorama sold over 100 homes in Bahía Dorada in the early ‘70’s

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Family Article

Chris & his wife Jovita

Chris with his brother, Bill Clover (Jr.) today

With daughter Katinka today

2008 - 2009 - Panorama continues to expand its “dream team” with the appointment of Sean Cannon, Walter Fernández Römer and Vedran Canjuga as Sales Consultants, Sorin Mailat as Rentals Consultant and Alfonso Muñoz as Administration Assistant.

With son Alex today

2011 - Luis Gallardo joins the team as Sales Consultant.

2012 - New members to the Panorama team include: Mariano Beristain Cusimano as Sales Consultant, Lorena Alaniz as Receptionist and Margarita Garvayo as Administration Assistant.

2010 - Panorama celebrates 40 years in Carolina Alaniz becomes PA to the Marbella. Bill Clover, Panorama’s Managing Director and head of Founder, passed away, see the article Support Team. about Bill’s life on the following page.

Alfonso Muñoz is promoted as Sales 2013 - Dennis Van Asselt joins the team Coordinator and Carolina Alaniz joins as Sales Consultant and Sian-Ellen the team as Receptionist.

Roskott as Rentals Consultant.

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Katinka & Alex today

www.panorama.es | (+34) 952 863 750

In Memoriam

Bill Clover Panorama’s Founder 1915-2010 Panorama is dedicated to the memory of a great man.

Our father and best friend is gone. We bear intense grief that he is no longer with us, and gratitude for the many years we shared with him, for the extraordinary memories he left us, and the wonderful example he set for family, friends and employees, which will survive as the benchmark for generations to come.

Bill moved from Chicago to Charlottesville, Virginia with our beloved mother Beverly, in 1939. He bought a farm and became the leading breeder of Aberdeen Angus in Virginia. He also was a tennis coach and athletic instructor as a second job, in the ‘40’s and ‘50’s at the University of Virginia. In 1952, he established Clover Realty Company in Charlottesville, with his father, when his father retired and moved there from Chicago. He became a leading broker in farms and estates in central Virginia, a property developer in his own right, an architect and designer, and at one point even established his own ice cream parlor.

In 1968 Dad bought an international real estate agency in Washington called Panorama International, Ltd., which had been formed a couple of years earlier. In 1970 he opened an office in Marbella, Spain and the next year in Mallorca and Mexico City. Through Panorama, hundreds of Americans and others learned about international living for the first time.

Bill Clover was a remarkable man. He was always in control of himself, caring first for others. He was not a man of excessive words or advice, but led others by the example he set for them. He stood out for his extraordinary humility, integrity, indomitable positive spirit, exceptional self-discipline, versatility, and the gentle kindness manifested to the many people who touched his long life. He had a deep passion for nature in all its forms, as well as a strong sense of fairness and justice, which made him a staunch champion of the underdog, a protector of those who could not fend easily for themselves. He lived what he believed.

Although he knew Marbella well, he never lived here. I moved to Marbella in 1973 with my first wife Kirsten, to continue my work started in 1971 with Panorama in Washington. The mother office in Washington closed in 1975 and responsibilities shifted to Spain and to my brother Bill in Mexico.

We stayed in Spain and are here today, thanks to the vision of my Dad. Dad was totally lucid until his very last days, with the same voice as when I was young, the same handwriting, the same wry sense of humor and the same keen interest in everything. We miss him and bless him for everything he gave us and the many others in his life.

Christopher Clover

(+34) 952 863 750 | www.panorama.es

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Buyer’s Guide

The Property Buyer's Guide A step-by-step guide for property buyers The buyer's problem in finding the right property, negotiating its purchase and closing the sale is much more difficult than in one's own country. As in most resort areas, everybody seems to be in the business, from the taxi driver to the hall porter in the Hotel. Property is everyone's favorite subject of conversation. And almost everyone has an opinion, many of which can easily confuse a potential buyer. Where to start?

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www.panorama.es | (+34) 952 863 750

Buyer’s Guide

Finding a property Some people spend years looking for a property. Others are lucky enough to find a property and have the confidence to purchase on their first visit to Marbella. Yet others need to take their time and view properties during three or four trips, until they feel really comfortable with their eventual decision.

What type of property are you looking for, and in which area?

Many potential buyers think they are looking for one type of property and end up choosing something totally different. Unless you are very clear about what you want and are equally sure that it exists, look at various types of properties in diffrent residential areas with an open mind. This exercise will also help you build up your knowledge of market values in the area, a major advantage in negotiating and ensuring that you are getting fair market value for your money when you buy.

Panorama’s Sales Team

Many potential buyers think they are looking for one type of property and end up choosing something totally different Choosing a reputable estate agent can save you time and there are many highly qualified agencies on the Costa del Sol, alongside more opportunistic and less qualified ones. In the past, qualified agents have either been APIs (Agentes de la Propiedad Inmobiliaria) or GIPEs (Gestores Inmobiliarios), but recent legislation allows anyone (!) to open a real estate agency. It is therefore extremely important to look for an established, experienced agency with an (+34) 952 863 750 | www.panorama.es

Ulla-Riitta Lammervo, Senior Sales Consultant

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Buyer’s Guide excellent track record and good recommendations from non-interested parties. A recommendation from your lawyer or a long-time resident should point you in the right direction.

Good agents will really listen to you and interpret your requirements. They will share their market knowledge and experience with you and, if they exhaust the properties suitable for you from their direct portfolio, they will work with properties from the portfolios of collaborating agencies to find the right properties to offer you. Key qualities to look for in a good agent are: experience, professionalism, product knowledge, sincerity, good communication, a friendly desire to help you in any way possible in your property search and, above all, not pushy!

If you do not feel comfortable with your agent you shouldn't hesitate to move on. But when you find one who is easy to work with and understands what you are looking for, stay with that agent until you find the right property, or until you are satisfied that you have been offered all the properties available through that agency and its collaborating agencies. Sticking with an agency motivates the agent you are working with to pull out all the stops and come up with the right property, as well as saving you from having to tell the same story to every new sales agent you approach.

Alex Clover, Sales Consultant

Key qualities to look for in a good agent are: experience, professionalism, product knowledge, sincerity, good communication, a friendly desire to help Luis Gallardo, Sales Consultant

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www.panorama.es | (+34) 952 863 750

Buyer’s Guide

A few points of advice Compromise always pays dividends It will be almost impossible to find exactly what you want, even if you build it yourself and if you do find it, don't be sure your partner will agree with your choice. Find a property that you are both happy with (even if this means compromise!)

Ensure the protection afforded by the law is given to you

If you are buying property under construction, the developer is legally required to provide an insurance policy or bank guarantee to protect your payments in the event of incompletion.

The developers must also provide proof of ownership, as well as planning permission and licenses, and since 2002, an insurance policy against Do you mind being a pioneer? building defects. A lawyer experienced If you want to buy in a new or not fully in property transactions will anticipate built-up area, remember that empty land these items. plots will be built on one day and that you may find yourself in the middle of Buy for your own use first and an ongoing construction site for many foremost Unless you are absolutely sure that your years to come. children or grandchildren will visit you, Protect your investment it is generally a mistake to buy with their Make sure you have enough land around use as the main consideration. Time and you to protect your privacy and views again, people end up selling their from a prospective building project. enormous homes when their family

Marjut NordstrĂśm, Sales Consultant

Alfonso MuĂąoz, Sales Coordinator

(+34) 952 863 750 | www.panorama.es

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Buyer’s Guide doesn't visit as often as envisaged. account not just personal preferences Purchase primarily for your own use, but also general investment criteria, taste and objectives. such as location, design factors, quality of finishes and facilities.

Realistically analyze the potential Negotiating the purchase costs of modernising an older villa or apartment that has romantically Your agent may not be as skillful taken your fancy Reforms and unexpected repairs can be in negotiating the price of your offer expensive surprises. That said, second as he or she was in helping you hand properties will often have a better find the property in the first location and may be less expensive than place. Don't hesitate to seek out the Sales Director or Managing newer properties.

Director of the agency to help you negotiate your purchase. Experienced Look at comparables The best rule for determining the value estate agents are generally better at of a property is to take real sales prices handling the commercial elements of a of comparable properties recently sold. sale (this is their job) than lawyers To enable you to do this your agent are, and will do their best to bring must have very good market knowledge. what are often opposing viewpoints It will also help to have seen enough (yours and the seller's) together in properties yourself to get a basic harmony, as any good negotiator should do. Your lawyer can always be knowledge of the market. consulted during the negotiation to Think ahead to the day you sell ensure that the offer meets his or her A property bought today is an legal criteria, and become actively important part of one's assets. It is involved in more complicated therefore advisable to take into negotiations.

Sean Cannon, Senior Sales Consultant

Take into account not just personal preferences but also general investment criteria, such as location, design factors, quality of finishes and facilities In making an offer it is important to feel out the bottom price of a seller but at the same time qualify yourself as a serious bidder. Too low an offer will not engage the interest of the seller, and might prove counter productive.

Beatrice PittĂĄ, Sales Consultant

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Try to get all your negotiating points together at one time rather than negotiate piecemeal: this saves time and often, unpleasant surprises. www.panorama.es | (+34) 952 863 750

Buyer’s Guide If your offer is too low, your strategy can boomerang and it may simply insult the seller, and you may not even get a response. It's important to know how much property is really worth in the market, and to you. Find out if the seller has rejected other offers and what they were. What is the minimum offer that will engage his interest?

Make your offer in writing if possible (of course, subject to contract), and include not only the price, but also the deposit amount, when you are prepared to pay it, when you are prepared to complete, what you understand to be included in the price (for example furniture and fittings if applicable), and an often neglected point, that all machinery equipment and installations should be in good working order.

Show the colour of your money to the seller. He will certainly take your offer more seriously if you have a healthy deposit ready for immediate action in a bank account in Spain. This is normally in the area of 10% of the purchase price. Many agents today also offer credit card facilities, wherein a small deposit from €5,000 to €50,000 can be taken to “seal a deal” with a seller, and the deposit remains in the agent's client account during the week to ten days it can take the lawyers to prepare the private contract and a transfer of the 10% to arrive.

Vedran Canjuga, Sales Consultant

Municipal Added Value (Plus Valía) tax (the increase of the index value of the land since it was last purchased to its present sale). This tax corresponds, by its nature, to the vendor who is responsible for its payment, unless otherwise negotiated.

Measure the land you purchase.

If you are looking to buy a plot of land and no topographical survey exists, it may be advisable to negotiate a “Euro per square metre” (+34) 952 863 750 | www.panorama.es

Walter Fernandez Römer, Sales Consultant

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Buyer’s Guide price subject to survey, to avoid any unpleasant surprises.

Good psychology dictates that you should leave room to improve an initial offer. However, if you believe your offer is realistic and perhaps have a second choice in mind, it can be a wise strategy to let the seller know that if he doesn't accept your offer, you will be offering on another property before considering any counter offer from him.

When an offer is accepted, always get a lawyer to check the land registry (the last word on property ownership, where any liens and encumbrances will show up). He will prepare a private contract that will bind both parties to the deal, and eventually prepare the public deeds for signature in front of a Spanish Notary, when the balance of the purchase price is paid and vacant possession of the unencumbered property is granted, thereby completing the sale. There are excellent lawyers in Marbella, most speaking fluent English and other languages. The best way to find one is by personal recommendation, or by asking your agent.

Mariano Beristain, Sales Consultant

Of course, many of the above comments are more intended for the purchase of resale properties, as new developments have a fixed price list and payment schedule, often with very little room for negotiation, at least with respect to price. Sometimes some extras or modifications can be negotiated within the purchase price, depending on the policy of the developer.

In summary, finding and buying a property in Spain can be as simple, or as complicated a procedure as one wants to make of it. The old rule of Caveat Emptor, (Let the Buyer Beware!) always holds true. And a final tip: listen to your intuition! It is often one's best guide!

By Christopher Clover Copyright Š 2013. All rights reserved.

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Dennis Van Asselt, Sales Consultant

www.panorama.es | (+34) 952 863 750

Buyer’s Guide

Property Purchase Costs

Transfer Tax (I.T.P.)

Scaled at 8%, 9% & 10%

Payable by the buyer for the purchase of any Real Estate (villas, flats, land, commercial premises, garages), provided the vendor is not a developer or normally trading in the business of resale properties.

If the “minimum fiscal value” of the property, as per the Regional Government, is greater than the price, then the minimum fiscal valuation applies: 8% is applicable up to the amount of 400,000€ or 30,000€ in the case of garages except those belonging to the dwelling and with a maximum of two; 9% is applicable to the amount between 400,000€ and 700,000€ or between 30,000€ and 50,000€ for garages; 10% is applicable to the amount exceeding 700,000€ or 50,000€ for garages.

Vat and Stamp Duty

10% + 1.5%

For any villa or apartment, or garage that is annexed to an apartment or villa, where the vendor is a developer, promoter or habitual trader for brand-new properties.

Vat and Stamp Duty

21% + 1.5%

For the first sale or resale of parcels of land, and only for the first sale of bran-new commercial premises where the vendor is a developer, promoter or habitual trader or a company.

VAT and STAMP DUTY or TRANSFER TAX (I.T.P.)

10% (Villa / Apartment) 21% (comm. premises) +2% or Scaled at 8%, 9% & 10%

In resales of any villa, apartment or commercial premises, where the vendor is a company, developer, promoter or habitual trader and the purchaser is a company that will apply or use the property for the development of its activity, they can chose between paying VAT (that can be deduced with the normal activity of the company) and 2% of stamp duty or Transfer Tax.

Notary and Property Registry Fees

Approx.

3,000€ for both

The cost increases according to the number of pages or complexity of the title deed, and value of the property.

Lawyer’s Fees

1% Approx.

Lawyer’s fees are in the order of 1% of the selling price, more or less, depending on the lawyer and the price of the property.

Municipal Added Value Tax (Pl us Val í a)

The Plus Valía tax (described earlier) can be as little as a few hundred Euros or as much as many thousands of Euros on a property with a lot of land that hasn’t changed hands in many years. This tax corresponds, by its nature, to the vendor who is responsible for its payment, unless otherwise negotiated.

Summary The total official costs involved in purchasing a constructed residential property should be around 10-11% for resale properties or around 12% for new properties if VAT is paid on the purchase price, plus lawyer’s fees.

(+34) 952 863 750 | www.panorama.es

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Legislative News

Legal News

By Mauro Cruz-Conde of CRUZ-CONDE & ASOCIADOS, Lawyers.

In today’s scenario, where Spain is struggling to overcome a very serious recession, new tax reforms have been introduced to help boost the economy and consolidate public finances.

Alejandra & Mauro Cruz-Conde of CRUZ-CONDE & ASOCIADOS, Lawyers

Spanish Residence Permits for those buying real estate in Spain

The amendment to the Immigration Act to encourage foreign investment proposes that non-EU citizens be granted Spanish residency after buying property for €500,000 or over in Spain, without mortgage, even though there have been comments that the minimum figure might be €300,000, which would make more sense to foster investment.

The Spanish Government has announced that it is about to pass a law which will grant residence permits to non-EU citizens who buy real estate in Spain, or invest in Public Debt or small entrepreneurs opening new businesses meeting certain criteria. This The current legislation in Spain allows law should be approved and effective non-work residence permits to be given to non-EU citizens who prove very soon.

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long-term solvency, own or rent property in Spain and have private health insurance. The amendment to this law will eliminate the need to prove economic solvency as it will be replaced with buying a property in excess of a stipulated price, and of course, other conditions need to be met as well.

The Secretary of State announced that this type of residence permit will not entitle its holders to have access to the Spanish public health service or to work in Spain. www.panorama.es | (+34) 952 863 750

Legislative News

Spanish Residence Permits for those investing in Public Debt

which are unlikely to change. The residence permit in exchange for property purchase will also help banks sell their This new law will also grant express inflated portfolios of foreclosed real residence permits to those who invest in estate, which is now coming on the equity securities of listed or unlisted market at very attractive prices.

Spanish companies, in bank deposits and in Spanish government bonds. Wealth Tax These business projects must be "of public interest", that is, the creation In 2008, the Spanish Government of jobs, making investments "with abolished the Wealth Tax due to the important socio-economic impacts in "unjust" nature of its imposition. The the geographical area" in which the activity last fiscal year fee which was due was will be developed, provide scientific or 2007 and in 2008 it had, for all effects, technological innovation and foster been eliminated. trade activity and investment for Spain.

However, Wealth Tax was reinstated in Spanish Residence Permits for Spain by Royal Decree 13/2011 of 17 September 2011, in principle only for Small Entrepreneurs the fiscal years 2011 and 2012. Now, The validity of the residence permits Law 16/2012 of 27 December 2012 given to entrepreneurs will not be maintains this law applicable for the homogeneous: it will vary periods fiscal year 2013, and as from January 1st between 90 days and five years and may 2014, it will again be eliminated. be extended for successive periods of two years in the case of “investor Those who are liable to pay Wealth Tax are individuals who are tax residence" permits. residents in Spain, as well as nonThe law would also open the door to residents who have assets on Spanish those who simply wish to develop territory. Further changes have also entrepreneurial activities in Spain. This been introduced affecting mostly residence permit will be valid for one those in the higher wealth brackets. year and will be granted to those owners of businesses that promote innovation Spanish Wealth Tax is based on the and have a positive economic impact total net assets held until December 31st of each year, and the tax rates on Spain. range from 0.2% to 2.5%. Tax residents The initial application for these residence are liable for Wealth Tax on their net permits will be processed at embassies worldwide assets, while non-residents and consulates with an indefinite validity are taxed only on their net assets located provided there is an ongoing in Spanish territory. By “net assets” the investment, thereby eliminating the need government means that if one owns a of an annual renewal. In addition, the home, for example, with a mortgage, the residence permit will be extended to mortgage remaining to pay is deducted his/her spouse and children but, from the value before calculating the applicable tax. probably not retroactively.

Although the full details of the proposed law are yet to be known, there is a general consensus that it will be passed within the coming months, and the basic parameters are now established (+34) 952 863 750 | www.panorama.es

abolished again on January 1st, 2014 (and, as a result, the corresponding Wealth Tax returns will be filed in 2012, 2013 and 2014).

• The minimum taxable amount has been raised to €700,000. Therefore, individuals whose total net wealth in assets is less than €700,000 are not liable to pay Wealth Tax. • Residents may deduct from the Wealth Tax the value of their main residence in Spain up to a maximum of €300,000.

As mentioned, these figures are for Andalucía, and will vary in other Autonomous Communities, like Madrid, where there is presently no Wealth Tax applicable.

Wealth Tax is levied on an individual basis. When a property or other asset belongs to two or more individuals, each person will pay tax according to the percentage of the assets held in their name.

Income Tax Residents (IRPF) Residents in Spain must file Income Tax and declare the income they receive regardless of their source.

For tax purposes, an individual is considered a tax resident in Spain when any of the following conditions are met: • If one resides in Spain over 183 days per calendar year, regardless whether one is officially a resident.

• If the center of main interest (COMI), or the base of the economic/business activities is, directly or indirectly situated in Spain.

• If the spouse (not legally separated or divorced) and their minor children are supported by him/her and live permanently in Spain. In this case, however, the tax office admits proof to The general conditions of the new the contrary.

Wealth Tax are as follows (applicable Non-Residents (IRNR) to Andalucía): • Wealth Tax is applicable only for tax Non-residents must also pay Income years 2011, 2012 and 2013, and is to be Tax on income received from the 43

Legislative News ownership of Spanish property. There are two ways of taxation applicable, depending on the source of income: a) Income derived from property rentals: 24,75% b) Derived benefit on own use of property (presumed income): 1.1% of the cadastral value of the property (if the cadastral value has been revised after 01.01.1994, otherwise, the applicable rates will be: 2% of the cadastral value of the property) at the rate of 24.75% Many non-resident individuals believe they should not pay income tax in Spain (IRNR) for their Spanish property, unless they rent it. Obviously, this is not true and tax on a presumed income (derived benefit) from property ownership must be paid before the December 31st every year.

are subject to 3% tax retention of the total sales price, paid to the Tax Office by the purchaser on account of the seller, and applied against the seller’s capital gains tax. In the case the retained tax were to be higher than the gross tax payable, the taxpayer will be entitled to reimbursement of the excess.

only a part of the proceeds from the previous sale is reinvested, tax payable will be proportionally reduced to the amount reinvested.

Tax residents are liable for wealth tax on their net worldwide assets, while non-residents are taxed only on their net assets located in Spanish territory

The tax relief applicable to the purchase of the main residence has been abolished for fiscal residents in Spain, being effective from January 1st, 2013.

Elimination of the tax relief on the acquisition of main residence

However, a temporary law has been passed where it is still possible to benefit from this tax relief when investing in their main residence in future years when: a) taxpayers have bought their main residence before December 31st, 2012. b) taxpayers have invested money to build, extend or renovate their main residences. c) taxpayers with physical impairments have, for this reason, undertaken works in their main residence.

Capital Gains Tax derived from the sale Note: we refer here exclusively to of a property applicable to Spanish Property Income Tax. Different taxation residents for the years 2012 and 2013 applies depending on the source of is set at 21% for the first 6,000€ profit, non-resident income. at 25%, for profit between 6,001€ up to 24,000€, and at 27% for profit Capital Gains Tax We will be happy to keep you updated over 24,001€. on any further developments on any Capital Gains tax for non-residents on Law 16/2012 of 27 December has matter relating to Spanish Property the sale of property is set at 21% for introduced an amendment to capital purchase and ownership.

2012 and 2013, payable on profits, i.e., gains tax for residents who have sold a the difference between the purchase property that they have owned less than Copyright© 2013 Mauro Cruz - Conde. price plus costs and taxes paid when a year. In this case, the Capital Gains Tax Blvd. Príncipe Alfonso de purchasing, and the sales price minus will be taxed based on the General Hohenlohe s/n costs of sale. The base purchase cost is Capital Gains tax scale, and not in the uplifted slightly for every year of Savings Capital Gain Tax Scale, and Marbella Club Hotel, Of. 7-8. ownership according to a table which is therefore taxes will be paid in a rate that 29602 Marbella. Tel. +34 952 768 976 published annually by the government. scales, depending on each Autonomous mauro@cruz-conde.com www.cruz-conde.com For the sale of property bought prior Community, from 4.75% to 55%. to December 31st, 1994, special taxation conditions apply.

With respect to the sale of property For more information on Legal formalities belonging to fiscal residents in Spain, & Costs involved in purchasing property in As from January 1st, 2014, the Capital where the property has been one’s Spain, please refer back to the chart on our Gains Tax rate will be reestablished permanent home until 2013, proceeds article “Buyer’s Guide” on page 41. at 19%, as the increase was only a of this sale may be reinvested in another temporary measure instated due to the permanent residence within two years NOTE: as the information contained in this recession. prior and two years after the sale of article may be modified after publication, this property. If the total amount is Panorama always recommends consulting a All non-resident sellers, regardless of the reinvested in a new home, capital gains qualified solicitor and/or financial advisor with date of the purchase of their property, tax will not be applicable. However, if respect to all issues related to law and taxes.

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Insurance

Exceptional Household Insurance

By Danni Worth

Homeowners commonly assume that “all insurance is the A specialist private client household policy would normally same”, and advertising encourages price comparison with include the following benefits; little attention being paid to coverage, and the cheapest price •Contents cover that automatically includes usually wins.

Standard insurance is fine for standard homes, but if you have a little more to protect, then a standard policy is unlikely to provide you with adequate cover. Unfortunately, this is usually only revealed at the claims making stage, and it soon becomes apparent that saving a few Euros on the premium can mean losing tens of thousands in the event of a claim.

Therefore if you are fortunate enough to own a high value home, you should really consider discussing your insurance requirements with a specialist high net worth Insurance Broker, who will not only be able to assist you in arranging cover to meet your unique requirements, but will also be able to provide you with that personal service which is hard to find nowadays, and above all will fully understand your expectations, and aim at all times to exceed them.

accidental loss and damage to your possessions anywhere in the world

•Accidental damage •Less onerous conditions and more gene rous limits •No single item limit •Worldwide All Risks jewellery cover available •No average clause •New for old •Identity theft cover

A specialist high net worth broker will also be able to offer advice on risk management, home security, personal safety, as And the most important thing: peace of mind that there will well as arranging to introduce expert fine art valuers to assist be no nasty surprises at the time of a claim. with inventories and valuations.

And when a claim occurs, is when the real difference between a standard policy and a specialist high net worth policy can be experienced. The specialist private client broker’s commitment to service combined with the niche Insurer’s philosophy to fulfil not only their contractual but very often a perceived moral obligation to their client, means that the client really does feel that they are dealing with companies that actually do care about them. (+34) 952 863 750 | www.panorama.es

Specialist Private Clients Insurance Broker Tel. + 34 95 288 2273 danni@opdebeeck-worth.com

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Seller’s Guide

Important Tax Reforms

The Property Seller's Guide

By Alex Clover

Selling one's property is an art. The property market in Marbella has always been quite competitive and many sellers without local experience should take expert guidance as to how to go about selling their property in a realistic manner.

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www.panorama.es | (+34) 952 863 750

Seller’s Guide Knowing how to sell a property is, unto itself, an art. The property market in a resort area such as Marbella has always been quite competitive, but in today’s rather difficult market, even more so.

This brief article is intended to share some essential points about selling properties, learned from our own experience as agents for more than 40 years in Marbella.

Marbella is not a big city like London, Dublin or New York with a captive market within 50 miles of the centre, but a city of only 140,473 registered residents (about double that, off season, counting the part-time residents) and a market spread out all over Europe and the rest of the World. It is precisely for this reason that in resort areas it generally takes a lot longer to sell properties than in big cities.

Alex, Chris & Katinka Clover

One thing to avoid, if you

Most buyers are not looking for a intend to use agents to primary residence, but a second or even a third home, i.e. a luxury item. This has market your property, is always been the case in Marbella, but it takes on significant importance in listing on a net basis today’s more complicated property market, in a crisis climate. Where in some countries, many are forgoing your property, and you are potentially luxury items, in others, economies giving away part of your assets! The are progressing. right asking price is perhaps the most essential ingredient in the art of selling In Marbella, properties can stay on real estate and is the result of thorough the market from a few weeks to market research. Don't settle for the several years depending on the figure you would like to hear, find out asking price, location, condition and the true market value taking into general desirability of the property, consideration: what sales of comparable and of course an owner’s genuine properties have been accomplished, and willingness to sell. at what price? What are other owners with similar properties asking? Is your Establishing an asking price property unique, which will allow you to ask a higher price as it cannot be easily The first and foremost important thing reproduced, or are there many similar to establish is a “sales strategy” - a plan! properties being offered?

The backbone of this sales strategy is fixing the asking price. In other words, if The more unique a property, the more you ask too much for your property, an owner can ask for it and the stronger people will not even bother to view it they can negotiate when trying to seal a and the result is that you won't even deal. The less unique a property, the reach the market place. Ask too little for more the owners are going to have to (+34) 952 863 750 | www.panorama.es

resign themselves to the fact that there is a large supply of similar properties, and that they will have to price it extremely competitively in order to sell it.

Avoid quoting a “net” price One thing to avoid, if you intend to use agents to market your property, is listing on a net basis, that is, “I want so much net to me and you agents add on your commission”. What will happen is that you will end up with a property marketed at several different prices leading to confusion and mistrust of potential buyers. Agent A will show your property to Mr. Smith at €450,000. Mr.

The right asking price is perhaps the most essential ingredient in the art of selling real estate and is the result of thorough market research 47

Seller’s Guide

Wise sellers will form a team with their agents and protect them, as they expect to be protected and advised by their agents and fix one sole asking price for the property Also: beware of agents who encourage you to list with them on a net basis.

They will be looking after their own interests but not necessarily yours.

Exclusivity or not?

Katinka Clover, Listings Director & Board Member

Smith then sees your property announced by Agent B at €445,000, then, Mr. Smith returns to your property to have a look at it from the outside and happens to meet your neighbour, who tells him your net asking price is €425,000! (But maybe you might accept €415,000!)

Result: before the prospective buyer has even thought of making an offer and with an outstanding obligation to pay a commission to your agent who brought you the client in the first place, your asking price has been reduced considerably, your sales strategy shipwrecked, and the buyer totally confused.

Should you give an exclusive sales agreement to an agent? If you are an absentee owner, or if you don't feel like playing a co-ordination role among various agents of varying ability, granting a sole agency can make your life a lot easier. You first have to meet an agent (if you don't already know one) with whom you can develop a good relationship of trust and confidence.

Your lawyer or close friends may be able to introduce you to someone of that calibre. The quality of an agent’s web site can give you excellent information relative to the professional values of the agent.

business”, and obliging your agents to negotiate against you and the buyer in order to protect an eventual fee. Wise sellers will form a team with their agents and protect them, as they expect to be protected and advised by their agents and fix one sole asking price for the property, inclusive of commission.

The motivation factor that you give to an agency by granting them exclusivity makes the agency more responsible to you as a seller in a way that they are not with their non-exclusive listings.

Obviously you must ensure that both you and your agent agree to a specific sales strategy that makes sense, and that he or she take a series of steps to market your property effectively, If you list your property with your including advertising, producing a broagents on a net basis, you are also telling chure and networking your property your agents “your commission is your with other agents. It is especially 48

www.panorama.es | (+34) 952 863 750

Then in the event of a loss, â‚Ź 15.000 is exactly what they will pay you

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Established for over 40 years in Marbella, Op de Beeck & Worth are an independent Insurance broker who specialise in providing bespoke insurance solutions to private clients

Seller’s Guide

Many buyers are very knowledgeable today and will recognize a realistically-priced property if they see it important that the agent reports to you regularly on any sales activity. In other words, you have the right to demand a lot more service from an agency with which you have signed exclusivity.

A responsible agent will try to avoid taking a sole agency unless he sincerely feels that the asking price is correct (or can be adjusted after a short time on the market without many viewings) and that he or she is truly capable of selling the property within the time frame allocated.

A good agency, whether on an exclusive basis or not, can be extremely helpful in dealing with the promotion and sale of your property in an objective and analytical manner, helping you to reach the right decisions at the end of the day.

Many sellers prefer to spend the time and effort working with several agents and others will find that they prefer to try to sell their properties themselves, directly and without getting agents involved. Sellers should obviously choose the course of action with which they feel most comfortable.

Chris & Katinka

exposure with their sales team and other collaborating agents as their more expensive listings. Agents don't give keys out to clients, they always show properties personally and they will spend an enormous amount of time Commission Rates and energy in their efforts to find the The standard agency fee in a resort area right buyer. such as Marbella is 5% plus VAT and any top negotiator will really earn it at Frequent comments by sellers: the end of the day. In the lowest priced “My property has been on the market for properties of under, for example, months and I’m hardly getting any viewings” €300,000 or €400,000 some agents might ask a slightly higher commission, to The only time this might be considered ensure the property is getting the same to be normal is if your property would 50

only be of interest to a small crosssection of buyers. All other factors being equal, it is likely your property is over-priced in today’s market, or that your property is not getting enough of the right market exposure. Our advice: speak to your agent for their feedback, or seek the advice of another wellestablished agency with a good reputation. An accurately priced and marketed property should be getting a regular stream of clients viewing it.

Depending on the property, this should be from several viewings a week to at least two or more viewings a month. www.panorama.es | (+34) 952 863 750

Seller’s Guide “I really need to sell my property now” If you need to sell your property within, say 2 to 3 months, you need to be prepared to price it at a heavy discount when compared to similar properties on the market. What kind of discount?

Here is where you really do need to have a very knowledgeable agent working for you who can suggest a low enough price to attract the necessary viewings to get the property sold, while at the same time not pricing it too low.

“How much negotiation room should I build into my asking price?”

With the help of your agent we recommend getting a thorough understanding of the prices of similar properties in the market. Then price the property accordingly taking into consideration not just asking prices, but prices at which properties have actually sold. A knowledgeable agent in your area should have this information or can find out for you. Then price the property accordingly and as aggressively as you feel comfortable doing.

Some brochures of our exlusive properties

An owner may say “but why should I lower my asking price if the other properties for sale in the same complex are priced similarly to mine and they aren’t as good?”

Good question. The fact is that if you are not getting viewings, they may not be getting viewings at their asking prices either. The other thing to consider is that if your property has a lower asking price than inferior properties for sale in your complex, then clients viewing those properties will certainly also be looking at yours. (+34) 952 863 750 | www.panorama.es

Bear in mind that no buyer will want to pay the full asking price on a property, they will still want a discount, and even more so in today’s crisis climate.

However, many buyers are very knowledgeable today and will recognize a realistically-priced property if they see “All the clients that agents bring to my property it, and will take this into account when negotiating. But the old rule of “asking are time-wasters” your final price” and not negotiating Are they really? If you are getting lots of is still, usually, tantamount to suicide for viewings and no offers on your property, a seller. chances are your property is not as unique as you’d like to think it is. It likely Other tips for selling your needs to be reduced in price or perhaps home consider making universally-desirable renovations to it in order to increase its Your property should be presented appeal. And always remember, selling a in its best light property in many ways is a numbers game.

The more people who view it, the better First impressions count. When agents chance there is of one of them falling in take clients to view your property, ensure that curtains and shutters are love with the property and buying it.

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Seller’s Guide

Get your main agent to put up their "For Sale" sign This always results in enquiries. Many potential buyers drive around different residential areas to get a feel for what areas they like best, before going to an agent. Who knows, they might even be looking at yours from outside, saying "that would be a nice property for us!” but without the sign, they would never know it is for sale. Not allowing a sign to be placed is to block one of the many proven paths for reaching the market place. Our experience is that signs help significantly in selling properties.

Facilitate viewings on as short a notice as possible If you leave your keys with a neighbour who plays golf three times a week, you are losing a vital chance to show the property at the client's convenience.

Bear in mind that the first properties that agents tend to show are the ones they have the keys to. Properties that need appointments to be set up in advance will generally be shown less.

The Marbella Property Magazine, published yearly by Christopher Clover

open to let lots of light flood the photos to all your agents, if you are property. not listing exclusively. Your agent should be able to introduce you to one Check your agent’s website to see how although you will have to pay the your property is presented to clients, photographer’s fees. both in terms of the photographs and the description and the accuracy of the If there are any small repairs or information presented. repainting that would enhance the overall appeal of the property, it's Make sure your agent takes excellent well worth getting this work done now photographs. While the photographs to eliminate any small “objection should be representative, they should factors”. Although it goes without also be as good as they possibly can. saying, a clean house is a desirable It is the single easiest thing to do to house, and many buyers are put off make your property stand out from if the property is grubby or untidy, the crowd. If you don’t like your and use small factors to justify a agent’s photographs, ask him or her to seller and to themselves a lower offer. retake them, or better yet, you might get Make sure your home is spotless a professional photographer to take and you will instantly create a favourable them for you, and insure uniform quality impression.

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Taxes Make sure that you are fully aware of your tax obligations when you put your property on the market. Meet with your lawyer and tax advisor, and find out the options open to you to ensure there are no surprises when you eventually enter into negotiations to sell.

Our experience is that “for sale” signs help significantly in selling properties

www.panorama.es | (+34) 952 863 750

Seller’s Guide

Negotiating a sale

Power of Attorney can take the “first step” towards the sale by signing a Let your agent form a team with you private contract without delay. with respect to handling the negotiation in an eventual sale, checking points with Points to consider when a negotiation your lawyer and tax advisor when neces- is taking place: is the buyer expecting a sary. This is your agent’s job and one of counter-offer from you or has he or the reasons you pay the agency’s fee, and she given you a one-and-only, take-it-orexperienced agents are generally better leave-it offer? Do they have other at negotiating the commercial points of properties in mind if they don't buy a deal than lawyers. Once this is accom- yours? Is their offer a fair one? Are all plished, your lawyer should take the lead details included in the offer – price, role (in coordination with your agent target contract date, deposit, completion when necessary), draft the sales contract date, precise understanding of what is and supervise the eventual completion included in the sale in the form of fixtures, fittings and furniture, etc.? All of the sale. these items should be agreed upon at the If you are frequently travelling, it can outset before lawyers are instructed. often make sense to leave a Power of To avoid unpleasant surprises, Attorney enabling your lawyer to sign a under no circumstances should the private contract on your written instruc- commercial points in a transaction be tions. You can negotiate the details of negotiated "piecemeal". the sale with your agent by telephone and e-mail and your lawyer with the Don't allow yourself to be pressured by your agent or anyone else to accept an offer! A good agent will simply point out your options, give you a sincere opinion Let your agent form a based on his experience of showing the property often, along with information team with you with about real sale prices of similar respect to handling the properties and support the conclusion that you reach. But once you make negotiation in an up your mind to proceed, and considering the “emotional factor” of eventual sale many property buyers where they can change their minds abruptly, make

Panorama's website, thousands of visitors & hundreds of email enquiries every month

sure you move quickly (but surely) to close the deal.

In summary, selling a property can be as easy or as complicated as any task involving one's personal affairs.

Competent, honest, professional help from agents, lawyers and tax advisors can go a long way to help you manage your sale objectively and easily.

By Alex Clover Copyright © 2013 Panorama Properties S.L. All rights reserved

Panorama’s Team: Sales, Administrative & Rentals Departments

(+34) 952 863 750 | www.panorama.es

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Villas Panorama has marketed quality Marbella properties longer than any other estate agency. Here you will find a selection of some of the most exclusive villas available in Marbella today. We take great pride in being one of very few agencies that are able to consistently handle the complexities involved in marketing properties of this category.

Villas | Price range over € 15 million

Stunning estate with sea views | Marbella’s Golden Mile 6 bedrooms, 6 bathrooms | 10,124m² plot, 2,292m² enclosed, 386m² terraces Brand-new, elegant mansion with guest house • Top specs throughout • Main house: beautiful reception rooms, formal dining room, breakfast room, professional kitchen, 4 en-suite bedrooms, cinema room, billiard room, study, gym, superb spa area, several terraces and staff area • Guest house: 2 spacious en-suite bedrooms with access to a covered terrace • Extensive park-like garden with several palm and cypress trees Exquisite pool with pavilion • Independent staff accommodation with 2 bedrooms • Beautifully and expensively furnished, ready to move into • Situated in one of the best residential areas • Close to all amenities •

Reference 7818 56

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 10 million

Exceptional property | Nueva Andalucía 5 bedrooms, 6 bathrooms | 3,158m² plot, 1,500m² enclosed, 500m² terraces Brand-new contemporary style villa with incredible views of La Concha • Beautiful landscaped garden with heated pool • Spacious living room and separate dining room, both with superb views • Spectacular modern kitchen with Kok and Miele appliances • Master bedroom with “his and her” bathrooms and walk-in wardrobes • 12-seat cinema room • Wine cellar • Spa area with indoor heated pool and gym • Enormous roof terrace with chill out area • 6-car garage • Staff accommodation • Some special features include: guard’s house, lift, under-floor heating and TV security cameras • Offered fully furnished • Established residential area • Close to all golf courses and Puerto Banús •

Reference 7660 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 7 million

Spectacular mansion next to the best beaches | Los Monteros, Marbella East 7 bedrooms, 7 bathrooms | 2,738m² plot, 1,118m² built including terraces Spacious beachside property • Lovely tropical garden with pool, covered and uncovered terraces and lounge areas including an outside kitchen • Living room with fireplace and separate dining room • Siematic kitchen with Miele and Gaggenau appliances • Master en-suite bedroom with walk-in wardrobe and private terrace • 4 en-suite guest bedrooms, 2 guest apartments • Cinema and poker rooms • Fitness area • Further features include security cameras, under-floor heating and 24-hour security in the urbanization • Best residential area in East Marbella • Just steps from the beach and within a 7-minute drive to Marbella •

Reference 7604 58

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 5.5 million

Outstanding property in exclusive gated community | Marbella’s Golden Mile 7 bedrooms, 6 bathrooms | 2,574m² plot, 1,085m² enclosed, 659m² terraces Stunning mansion with an air of "La Provençe" • Sea and mountain views • Manicured garden designed by a renowned landscape architect • Beautiful driveway • Bright living room and separate dining room • Siematic kitchen with Gaggenau appliances and breakfast area • All bedrooms have access to a large terrace with sea views • Wine cellar, interior heated pool, steam room and sauna • Independent guest apartment and staff accommodation • Outdoor pool with pavilion and further guest apartment • Situated in the foothills of La Concha • Within a 5minute drive to Puerto Banús and Marbella centre •

Reference 7343 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 5.5 million

Andalusian style charm and elegance in wonderful surroundings | Marbella Hill Club 5 bedrooms, 5 bathrooms | 7,150m² plot, 1,340m² enclosed, 740m² terraces Stunning private villa in one of the most established areas • Magnificent extensive garden with breathtaking mountain views • Beautiful entrance courtyard • Delightful pool area with gazebo • 2 living rooms and large separate dining room, all with access to exterior terraces • Beautiful antique wooden fitted library • Enormous master en-suite bedroom with private terrace • 4 en-suite guest bedrooms, all with access to the garden • 4-car garage • Gated complex with night time security • Within a 5-minute drive to Puerto Banús and Marbella centre • A perfect family home, great for entertaining •

Reference 7737 60

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 5.5 million

Contemporary masterpiece with panoramic sea and mountain views | Benahavís 6 bedrooms, 6 bathrooms | 3,000m² plot, 1,399m² enclosed, 240m² terraces Recently built property in a gated complex • Surrounded by nature in the hills above San Pedro • Landscaped garden with heated pool and wood decking • Built to highest standards • Perfect for entertaining • Enormous living/dining room with access to an extensive covered terrace • Gaggenau kitchen with breakfast area and access to a terrace • Fantastic lounge overlooking the living room • Independent 1-bed apartment • Cinema room • Wine cellar with dining area • Gym and sauna • Staff accommodation • 6-car garage • Special features include: home automation system, alarm system with land security and video surveillance • Within a 10-minute drive to Puerto Banús •

Reference 7794 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 5.5 million

Contemporary style villa in most exclusive Country Club | Benahavís 4 bedrooms, 4 bathrooms | 3,375m² plot, 740m² enclosed, 369m² terraces Brand-new property surrounded by nature • Within La Zagaleta, offering the highest levels of security, privacy and facilities, including a private golf course • Mountain views • The garden has been left in its natural state and has a heated pool with waterfall and BBQ area • Impressive entrance driveway • Fantastic modern kitchen with top range appliances • 4 en-suite bedrooms • Cinema room and wine cellar • Fantastic roof terrace with outstanding views • Other features include: geothermal energy system for under-floor heating, computer controlled lighting, advanced home Domotic system and audio/visual systems •

Reference 7642 62

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 5.5 million

Modern Elegance in La Cerquilla | Nueva Andalucía 6 bedrooms, 6 bathrooms | 2,294m² plot, 688m² enclosed, 118m² terraces Brand-new south-facing residence with excellent sea views • Tropical garden with heated pool • Magnificent living room with different seating areas and separate dining room • Kitchen with Whirlpool appliances • Cinema room, gym, Turkish bath, massage room • Special features include: under-floor heating, home automation system, Sonos Multi-Room music system • Independent staff accommodation • Situated in one of the most prestigious areas of Nueva Andalucía • Close to golf courses and amenities •

Reference 7854 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 3.5 million

Unique beachside villa in Puente Romano | Marbella’s Golden Mile 4 bedrooms, 5 bathrooms | 400m² plot, 376m² enclosed, 123m² terraces Spacious property with sea views in most sough-after area • Lovely garden and terrace with plunge pool • Bright living/dining room with fireplace • Kitchen with breakfast area • Master en-suite bedroom on top level with “his and her” walk-in wardrobes and private terrace • Triple garage • Easy access to all floors by lift • Next to the 5-star Puente Romano hotel with all of its facilities at hand • Steps from the beach and promenade •

Reference 7332 64

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 4.5 million

Modern splendour in excellent location | Marbella’s Golden Mile 7 bedrooms, 7 bathrooms | 2,392m² plot, 591m² enclosed, 196m² terraces Bright and airy south-facing mansion with incredible sea views • Mature tropical garden with several palm trees Spacious living room with fireplace and separate dining room • Top quality kitchen with breakfast area and fireplace • Master en-suite bedroom with walk-in wardrobe, private terrace and access to the garden • 6 en-suite guest bedrooms, 4 of them with access to the garden • Chill-out area with bar next to the pool • Under-floor heating • Independent staff accommodation • Walking distance to the beach and amenities • Great property for entertaining •

Reference 7813 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 3.5 million

Elegant country style residence in the hills above San Pedro | El Madroñal 6 bedrooms, 6 bathrooms | 6,617m² plot, 930m² enclosed, 115m² terraces South-facing property in the middle of the peaceful nature • Magnificent sea, mountain and garden views • Beautifully maintained garden with several olive trees • Pebble stone private drive way • Spacious living room and winter lounge, both with fireplace • Dining room with double-height ceiling • English country style kitchen with informal dining room • Large covered porch with several seating areas • Guest house with 2 en-suite bedrooms, one with access to the garden • 2 independent guest apartments • Other features include: extra water storage, electricity generator, under-floor heating by oil and security cameras • Gated community, only a 5-minute drive from San Pedro •

Reference 7478 66

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 3.5 million

Luxurious villa in prime location | Sierra Blanca, Marbella’s Golden Mile 6 bedrooms, 7 bathrooms | 2,300m² plot, 1,022m² enclosed, 147m² terraces Spectacular villa on a double plot with panoramic sea views • Beautifully decorated and finished • Mature garden with heated pool and Jacuzzi • Enormous living room with TV area and access to extensive covered terrace • Separate dining room with access to the terrace • Modern kitchen • 5 en-suite bedrooms • Fully equipped gym and sauna • 5-car garage • Staff accommodation • Offered fully furnished, ready to move into • One of the most prestigious areas with 24-hour security •

Reference 7501 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 3 million

Attractive modern property in the Golf Valley | La Cerquilla, Nueva Andalucía 6 bedrooms, 7 bathrooms | 2,480m² plot, 485m² enclosed, 142m² terraces Completely renovated villa with superb sea views • Landscaped garden with heated pool, gazebo and private tennis court with floodlights • Spacious lounge with fireplace and access to a covered terrace • Dining room, TV room, study • Open-plan Siematic kitchen with Silestone island and Gaggenau appliances • Master bedroom with “his and her” bathrooms, walk-in wardrobe and terrace • 4 en-suite guest bedrooms • Independent staff apartment • Features include: travertine marble floors, under-floor heating in kitchen and bathrooms, central heating in main areas, double glazing and perimetral alarm system • One of the most sought-after areas within a 3-minute drive to Puerto Banús •

Reference 7396 68

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 3 million

Magnificent mansion surrounded by nature | El Madroñal, Benahavís 7 bedrooms, 7 bathrooms | 9,920m² plot, 1,158m² enclosed, 220m² terraces Southeast-facing Relais-Chateaux style property with uninterrupted sea and mountain views • High standards throughout • Main villa with beautiful entrance porch with fountains, spacious living and dining area with bar, climatized wine, open-plan kitchen with TV lounge and 3 fireplaces, 4 en-suite bedrooms plus staff accommodation • 2 independent guest apartments with en-suite bedrooms • 1-bed guest studio • Several terraces with BBQ areas • Extensive garden with heated swimming pool • Gated community with 24-hour security and total privacy • Above San Pedro and a 10-minute drive to Puerto Banús •

Reference 7000 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 2.5 million

First class finishings in ideal location | Las Brisas, Nueva Andalucía 5 bedrooms, 6 bathrooms | 1,783m² plot, 580m² built Wonderful family home for year round living • Magnificent open views to Las Brisas golf and the mountains • Landscaped garden with pool and water cascade • Totally refurbished to high standards • Enormous living room with fireplace and separate dining area • Open-plan kitchen with Miele appliances • Cinema room, wine cellar, sauna • Guest apartment • Close to all golf courses and within a short drive to Puerto Banús •

Reference 6176 70

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 2.5 million

Rustic style villa in Marbella Club Golf Resort | Benahavís 5 bedrooms, 4 bathrooms | 5,005m² plot, 649m² enclosed, 197m² terraces Stunning south-facing property offering spectacular mountain and sea views • Mature garden with cork and pine trees and heated pool • Complete privacy • Open-plan living/dining area and further lounge, both with fireplace • Spacious kitchen with top quality appliances • Master en-suite bedroom and 3 guest bedrooms • Independent guest apartment with en-suite bedroom • Very cozy covered and uncovered terraces with nice views • Some features include: under-floor heating and rustic style floors • Exceptional gated estate offering golf course, clubhouse, equestrian centre and 24-hour security • Within a 15-minute drive to Puerto Banús •

Reference 7657 www.panorama.es | (+34) 952 863 750

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Villas | Price range over € 2.5 million

Impressive family home in Sierra Blanca | Marbella’s Golden Mile 6 bedrooms, 6 bathrooms | 1,295m² plot, 705m² enclosed, 112m² terraces Comfortable and spacious south-facing villa with sea views • Manicured garden with heated pool • Built to top specs • Bright living room with fireplace, spacious dining room • TV room • Modern kitchen with breakfast area • Extensive terraces with garden and sea views • Master bedroom with “his and her” en-suite bathrooms and dressing areas • 4 en-suite guest bedrooms • Enormous basement including 4-car garage, games room, 2 rooms (possibility to convert into self-contained apartment) and 2 shower rooms • Other features include: under-floor heating on main and upper levels and high quality marble floors • One of the most desired residential areas on the Golden Mile •

Reference 7743 72

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 2 million

Andalusian colonial style mansion | Guadalmina Baja 4 bedrooms, 4 bathrooms | 2,035m² plot, 764m² enclosed, 77m² terraces Stunning beachside villa in a tranquil residential area • Beautiful garden with pool • Built around a beautiful patio with fountain and antique iron columns • Luminous living room and dining room, both with fireplace • Beautiful kitchen 2 studies • 4 en-suite bedrooms • Basement with 7-car garage, multipurpose area, storage area and staff accommodation • Plenty of space for entertaining and dining “al fresco” • Other features include: central heating, handmade and hand painted tiles, terracotta floors, travertine marble in bathrooms, perimetral alarm system with cameras and water well • A truly unique property with Andalusian flair •

Reference 7614 www.panorama.es | (+34) 952 863 750

73

Villas | Price range over € 1.5 million

Beachside villa, walking distance to Marbella centre | Marbella’s Golden Mile 6 bedrooms, 4 bathrooms | 600m² plot, 311m² enclosed, 148m² terraces Contemporary style villa in desired area • Lovely garden with pool • Living/dining room on split level with fireplace • Large terrace and porch • Spacious kitchen • 3 en-suite bedrooms and the other 3 sharing a bathroom • Central heating • Gated and tranquil urbanization • Steps from the beach and promenade • Unique opportunity •

Reference 7753 74

www.panorama.es | (+34) 952 863 750

Villas | Price range over € 1.5 million

Lovely villa close to golf courses | La Cerquilla, Nueva Andalucía 4 bedrooms, 4 bathrooms | 1,350m² plot, 428m² enclosed, 109m² terraces Delightful family home in Golf Valley with sea views • Mature garden with pool • Living/dining room on a split level with fireplace and access to spacious covered terrace • Modern kitchen • Master en-suite bedroom with fireplace, dressing area and terrace with great views • 3 en-suite guest bedrooms • Basement with games room, storage area, gym and double garage • Offered fully furnished • Set in a tranquil residential area • Within a 3-minute drive to Puerto Banús •

Reference 7628 www.panorama.es | (+34) 952 863 750

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Villas | Price range under € 1 million

Delightful family home in established area | Ronda road, Benahavís 6 bedrooms, 5 bathrooms | 4,570m² plot, 472m² enclosed, 112m² terraces Spacious property in the hills above San Pedro • Extensive mature garden with large pool and terrace areas • Beautiful driveway leading to nice entrance courtyard • Charming living room with fireplace, separate dining room, study • Spacious kitchen with breakfast area • Master en-suite bedroom and a guest bedroom on the main level • 2 independent guest apartments, one with 2 bedrooms/1 bathroom and the other with 2 en-suite bedrooms • Offered fully furnished • Double garage • Plenty of parking space for guests • Central heating • Ready to move into •

Reference 7461 76

www.panorama.es | (+34) 952 863 750

Villas | Price range under € 1 million

Colonial style villa with “park-like” garden | Los Naranjos, Nueva Andalucía 4 bedrooms, 4 bathrooms | 1,253m² plot, 358m² built Bright west-facing family home • Lovely mature garden with palm trees • Living/dining room with fireplace and access to a lovely porch • Cozy kitchen with breakfast area • Sea, golf and mountain views from roof terrace • Large basement with games room, laundry area and bathroom • Carport for 3 cars • Established residential area with night time security • Close to Los Naranjos Golf Course and at the back of Magna Marbella Golf Course • Within a 2-minute drive to Puerto Banús and amenities •

Reference 7477 www.panorama.es | (+34) 952 863 750

77

Villas | Price range under € 1 million

Ideal property for golfers | Los Arqueros, Benahavís 5 bedrooms, 3 bathrooms | 1,164m² plot, 383m² built Well-built modern villa • Sea and mountain views • Beautiful mature garden • Infinity pool surrounded by wood decking • Bright, spacious living/dining room on split level with fireplace and access to the garden and pool area • Airy modern kitchen with access to a porch for dining “al fresco” • Master en-suite bedroom with access to the garden • Independent staff apartment • Walking distance to the Club House of Los Arqueros, an urbanization offering its own golf course and security • Within a 10-minute drive to Puerto Banús •

Reference 7399 78

www.panorama.es | (+34) 952 863 750

Villas | Price range under € 3.5 million

Marbella Golden Mile Altos Reales 5 bedrooms, 4 bathrooms 3,000m² plot, 685m² enclosed, 279m² terraces • Outstanding villa on a large plot • Magnificent sea & mountain views • Can be extended by approx. 150m2 • Exclusive gated community with 24-hour security • Only a 3-minute drive to Marbella centre

Reference

7333

Marbella Golden Mile Las Lomas del Marbella Club 4 bedrooms, 3 bathrooms 4,842m² plot, 594m² built • Elegant villa on a large, elevated plot • Stunning sea & mountain views • Extensive garden & private tennis court • Possibility to extend • One of the most sought-after urbanizations on the Golden Mile

Reference

7560

Nueva Andalucía Aloha 5 bedrooms, 5 bathrooms 1,307m² plot, 513m² built • Immaculate family home • Overlooking the beautifully kept garden • Recently built to high specs • Walking distance to all amenities & Puerto Banús • Close to many golf courses

Reference (+34) 952 863 750 | www.panorama.es

6235 79

Villas | Price range under € 2.5 million

San Pedro de Alcántara Guadalmina Baja 7 bedrooms, 7 bathrooms 1,930m² plot, 380m² enclosed, 247m² terraces • Bright & spacious beachside residence • Mature landscaped garden with heated pool • Plus 2 studios & a guest apartment • Tranquil & established urbanization • Within a 5-minute drive to Puerto Banús

Reference

7720

Marbella Golden Mile La Carolina 4 bedrooms, 4 bathrooms 1,801m² plot, 403m² enclosed, 121m² terraces • Lovely Mediterranean style villa • Fantastic sea & mountain views • Built to high specs • Possibility to a add a 5th bedroom • One of the most consolidated areas • Walking distance to the beach & amenities

Reference

6518

Marbella Golden Mile El Oasis 3 bedrooms, 3 bathrooms 260m² plot, 196m² built • Beachfront semi-detached house • Stunning panoramic views • Independent 1-bed duplex apartment • Mediterranean style complex with beautiful gardens & pool • Walking distance to the Puente Romano Hotel

Reference 7856 80

www.panorama.es | (+34) 952 863 750

Villas | Price range under € 2 million

Marbella Golden Mile Marbella Hill Club 6 bedrooms, 5 bathrooms 2,826m² plot, 610m² built • Charming rustic style villa on a large plot • Sea & mountain views • Magnificent garden • One of the most established urbanizations with night time security

Reference

7120

Marbella Golden Mile Altos Reales 5 bedrooms, 4 bathrooms 908m² plot, 326m² enclosed, 44m² terraces

• Exceptional rustic style villa • Lovely sea & mountain views • One of the most exclusive gated urbanizations with 24-hour security • Only a 5-minute drive to Marbella centre, the beach and all amenities

Reference

6548

Marbella Golden Mile Arroyo de Las Piedras 5 bedrooms, 5 bathrooms 1,026m² plot, 451m² enclosed, 248m² terraces • Contemporary style property under construction • Sea & mountain views • High specs throughout • Sought-after community with 24-hour security • Due to be completed end of 2013

Reference (+34) 952 863 750 | www.panorama.es

7678 81

Villas | Price range under € 1.9 million

Benahavís Capanes del Golf 5 bedrooms, 5 bathrooms 1,491m² plot, 474m² enclosed, 101m² terraces

• • • • •

Luxurious Mediterranean style mansion Panoramic sea & golf views Landscaped garden with salt water pool Prestigious complex with 24-hour security Next to Atalaya golf & within a 7-minute drive to Puerto Banús

Reference

7808

Nueva Andalucía Las Brisas 4 bedrooms, 3 bathrooms 1,890m² plot, 370m² enclosed, 46m² terraces

• • • • • •

Very private, rustic style family home Wonderful golf & mountain views Built to high standards Distributed mostly over 1 level Mature garden & heated pool Within a 2-minute drive to Puerto Banús

Reference

6338

Nueva Andalucía Las Brisas 4 bedrooms, 4 bathrooms 1,451m² plot, 390m² enclosed, 75m² terraces

• • • • •

Brand-new modern villa Excellent views of La Concha Mountain High specs throughout Garden with palm trees & large pool Only a 2-minute drive to Puerto Banús & 5 top-class golf courses

Reference 82

7507 www.panorama.es | (+34) 952 863 750

Villas | Price range under € 1.5 million

Nueva Andalucía Las Brisas 4 bedrooms, 3 bathrooms 1,497m² plot, 350m² enclosed, 199m² terraces • Rustic style villa with a modern touch • Golf, mountain & some sea views • Fully renovated to a very high standard • Close to all golf courses • Very tranquil residential area on a culde-sac street in the heart of Nueva Andalucía

Reference

7341

Marbella Golden Mile Lomas de Río Verde 5 bedrooms, 5 bathrooms 994m² plot, 385m² enclosed, 192m² terraces • Unique Bali style property • Built on 1 level & recently renovated • Beautiful tropical garden, heated pool, lake & gazebo with lounge area • Offering complete privacy • Within a 2-minute drive to Puerto Banús

Reference

7482

Nueva Andalucía Las Brisas 5 bedrooms, 5 bathrooms 1,023m² plot, 345m² built • Lovely south-facing property • Renovated & in impeccable condition • Gated community with 24-hour security • Next to Las Brisas golf course & close to all amenities • Within a 2-minute drive to Puerto Banús

Reference (+34) 952 863 750 | www.panorama.es

7488 83

Villas | Price range under € 1.3 million

Marbella Golden Mile Marbella Hill Club 4 bedrooms, 4 bathrooms 1,500m² plot, 427m² enclosed, 67m² terraces • Bright & spacious family home • Excellent sea & mountain views • Mature garden • Exclusive community with night time security • Within a 5-minute drive to Puerto Banús & Marbella Centre

Reference

7067

Marbella Golden Mile Rocío de Nagüeles 5 bedrooms, 5 bathrooms 1,300m² plot, 194m² enclosed, 46m² terraces • Charming & very private residence • Lovely sea & mountain views • Fully renovated 10 years ago • Nice garden with pool & pond with waterfall • Tranquil & consolidated residential area

Reference

7850

Benahavís Nueva Atalaya 4 bedrooms, 3 bathrooms 1,040 m² plot, 249m² enclosed, 40m² terraces • Brand-new contemporary style home • Panoramic sea & mountains views • High specs throughout • Built on 1 level plus a small basement • First line golf complex with 24-hour security Other similar villas available

Reference 84

7192 www.panorama.es | (+34) 952 863 750

Villas | Price range under € 1.3 million

Marbella Golden Mile Marbella Hill Club 4 bedrooms, 3 bathrooms 1,075m² plot, 272m² enclosed, 90m² terraces • Lovely villa in immaculate condition • Sea & mountain views • Easy to maintain • Exclusive community with night time security • Consolidated residential area

Reference

6672

Marbella Golden Mile Balcones de Sierra Blanca 4 bedrooms, 3 bathrooms 725m² plot, 219m² built • Bright south-facing family home • Mature garden & pool • Sought-after consolidated area on the hillside of the Golden Mile • Within a 5-minute drive to the beach, Puerto • Banús & Marbella centre

Reference

7537

Marbella Golden Mile La Virginia 4 bedrooms, 3 bathrooms 304m² plot, 207m² built • Rustic style villa with lots of charm • Beautifully maintained • Central heating throughout • Andalusian-pueblo style complex with its own chapel & 2 restaurants • Walking distance to Marbella centre

Reference (+34) 952 863 750 | www.panorama.es

7634 85

Villas | Price range under € 900,000

Marbella Golden Mile Cascada de Camoján 3 bedrooms, 3 bathrooms 1,087m² plot, 200m² built • Elegant, well-maintained family home • Mature landscaped garden with pool • One of the most desirable locations • Close to Marbella centre & a 10-minute drive to Puerto Banús

Reference

5871

Marbella Golden Mile Cascada de Camoján 3 bedrooms, 2 bathrooms 185m² plot, 225m² enclosed, 43m² terraces • Immaculate semi-detached villa • Spectacular mountain views • Finished to high standards • Lovely roof terrace ideal for sunbathing • Small gated complex in an established area with 24-hour security

Reference

6536

Marbella Golden Mile Istán Road 6 bedrooms, 6 bathrooms 40,831m² plot, 508m² enclosed, 200m² terraces • Elegant country finca set in beautiful grounds • Sea & garden views • Main house, guest cottage & staff’s quarters • Tennis court, pool house, fruit trees, kennels • Situated on the Istán road • Within a 5-minute drive to Marbella centre

Reference 86

6568 www.panorama.es | (+34) 952 863 750

Villas | Price range under € 800,000

Benahavis Fuente del Espanto 5 bedrooms, 5 bathrooms 1,246m² plot, 287m² enclosed, 43m² terraces • Country style villa surrounded by nature • Views of La Concha Mountain • Very private, situated in a cul-de-sac road • Guest house & heated salt water pool • Quiet residential area • Within a 5-minute drive to San Pedro town

Reference

6931

Marbella Golden Mile Marbella Centre 3 bedrooms, 2 bathrooms 600m² plot, 149m² built • Beachside bungalow • Central heating throughout • Possibility to extend the house by 100m2 • One of the most sought-after areas • Steps from the beach, the Sea Promenade & all amenities

Reference

7545

New Golden Mile El Pilar 5 bedrooms, 4 bathrooms 1,042m² plot, 416m² enclosed, 66m² terraces • Spacious & private rustic style family home • Modern fixtures • Extensive terraces, one with sea views • Mature garden with fruit trees & heated pool • Walking distance to amenities & less than a 10-minute drive to Puerto Banús

Reference (+34) 952 863 750 | www.panorama.es

7695 87

Villas | Price range under € 600,000

Nueva Andalucía Golf Valley 3 bedrooms, 3 bathrooms 405m² plot, 260m² enclosed, 42m² terraces • Immaculate home next to Aloha golf course • Fully renovated • Open-plan lay-out finished to high quality • Sunny terraces, heated Jacuzzi & BBQ • Gated community with 24-hour security, pools, gym, tennis court & concierge service

Reference

7723

Marbella Golden Mile Sierra Blanca Country Club 4 bedrooms, 4 bathrooms 1,050m² plot, 207m² enclosed, 97m² terraces • Colonial style villa surrounded by nature • Outstanding views of the sea, the Istán lake, Gibraltar & North Africa • Beautiful garden with olive & fruit trees • Gated community with 24-hour security • Within a 10-minute drive to Marbella

Reference

6344

San Pedro de Alcántara Valle del Sol 5 bedrooms, 5 bathrooms 984m² plot, 326m² built • Bright family home, partially renovated • Views to the garden & some sea views • Set on a flat, very private & sunny plot • Possibility to buy an adjoining plot • Very tranquil residential area • Close to all golf courses & all amenities

Reference 88

7080 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses There are some truly unique developments in Marbella whose apartments or townhouses really capture the essence of the Marbella lifestyle that so many have come to love. Here you will find a selection of some of the best apartments and townhouses on the market today in the most established residential areas.

Apartments & Townhouses | Price range over € 3.5 million

Exceptional apartment in most sought-after complex | Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 317m² enclosed, 192m2 terraces Spectacular beachfront duplex garden apartment • Panoramic views of the Mediterranean coast • Spacious and bright living/dining room of approx. 82m2 • Luxurious master en-suite bedroom, enjoying superb sea views • Large covered terrace with excellent views • Private plunge pool and garden • High quality specifications throughout • Situated in a most sought-after, beachfront complex offering beautiful communal gardens with pool, gym, 24-hour security and direct access to the beach • Within a 10-minute walk to Puerto Banús •

Reference 6218 90

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 3.5 million

Unique apartment within an exclusive beachfront complex | Las Dunas, New Golden Mile 3 bedrooms, 3 bathrooms | 361m² enclosed, 220m² terraces Completely renovated and extended 1st floor apartment, previously 2 different units • Currently comprising 3 spacious en-suite bedrooms but could be easily converted back into a 4-bed property • Southwest-facing with stunning views • Superb living room with 2 seating areas and formal dining room with temperature controlled wine cellar, both with access to a large glassed-in terrace • Open-plan, state of the art kitchen with breakfast area and fully equipped bar • Exclusive complex offering 24-hour security, concierge service and manicured gardens with heated outdoor pool • There is also a possibility to buy a 1-bed guest apartment and a studio right next to the pool area •

Reference 7452 (+34) 952 863 750 | www.panorama.es

91

Apartments & Townhouses | Price range over € 3 million

Unbeatable beachfront penthouse in best area | Marbella’s Golden Mile 3 bedrooms, 4 bathrooms | 220m² enclosed, 79m² terraces • Beachfront duplex penthouse with open sea views from both levels • South-facing with bright living room • Several terraces, one with plunge pool • Situated in Marina Puente Romano, offering beautiful gardens, pool and 24-hour security • Next to the 5-star Puente Romano Hotel, one of the best residential areas • Possibility to use the hotel’s gym and tennis club • Only a few steps from the beach and promenade •

Reference 6246 92

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 2 million

Outstanding penthouse in Playas del Duque | Puerto Banús 3 bedrooms, 3 bathrooms | 297m² built including terraces, 22m² solarium Duplex penthouse in beachfront complex • Incredible views over the communal gardens and towards sea • Airy living/dining room with fireplace and access to a large terrace • Immaculately kept • Enormous roof terrace with superb views • Situated in a desired complex with incredible communal gardens and pool, concierge and direct access to the beach • Walking distance to all amenities • Next to the world famous Puerto Banús with all of the luxurious shops at hand •

Reference 7555 (+34) 952 863 750 | www.panorama.es

93

Apartments & Townhouses | Price range over € 2 million

Contemporary property in most prestigious residential area | Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 357m² enclosed, 286m² terraces Luxurious townhouse with Zen garden and private pool • Sea and mountain views • Built to high specs throughout • Spacious living/dining room with fireplace leading on to the main terrace • Modern kitchen with access to a terrace • Large master en-suite bedroom with a private terrace • 2 en-suite guest bedrooms, one with balcony and sitting area • Private lift, solarium, wine cellar, storage and a 3-car garage • Brand-new complex surrounded by nature • Communal gardens with pools, 3 spas with heated indoor pool, sauna, Turkish bath and gym and 24-hour security • Furniture available separately from Pedro Peña Interior Design •

Reference 5248 94

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 2 million

Exclusive penthouse with panoramic sea views | Puerto Banús 3 bedrooms, 3 bathrooms | 215m² enclosed, 131m² terraces Beachfront duplex penthouse in ideal setting • Panoramic sea and garden views from both levels • Bright and spacious rooms • Extensive terraces, one with jacuzzi and BBQ area ideal for entertaining “al fresco” • Unique beachfront complex with lush gardens, pool, gym and 24-hour security • Direct access to the beach • Within a 10-minute walk to Puerto Banús •

Reference 5917 96

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 1.5 million

Luxurious apartment next to the best beaches | Marbella East 3 bedrooms, 3 bathrooms | 232m² built, including terraces Southwest-facing ground floor beachside apartment • Stunning sea and garden views • Luxurious specifications throughout • Spacious living/dining room with fireplace • Covered terrace, enjoying afternoon sun • Superb master bedroom with dressing area and access to the terrace • Gated beachfront complex with tropical gardens, pool, 24-hour security and direct access to the beach • Next to the most sought-after beaches • Within a 7-minute drive to Marbella centre •

Reference 7294 (+34) 952 863 750 | www.panorama.es

97

Apartments & Townhouses | Price range over € 1.5 million

Exquisite apartment in Terrazas de Puente Romano | Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 301m² built including terrace South-facing 2nd floor apartment • Enjoying views over communal gardens • Top quality finishes throughout • Generous living space: very large L-shaped living room with dining area • Small community with delightful gardens, pools and 24-hour security • Best residential area • Just a stroll from the beach and 5-star Puente Romano Hotel •

Reference 5582 98

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 1.5 million

Lovely beachside penthouse next to a 5-star hotel | Marbella’s Golden Mile 4 bedrooms, 4 bathrooms | 202m² enclosed, 72m² terraces Duplex apartment in prestigious area • Views over the fabulous communal gardens and towards the sea • Airy living/dining room • Spacious terraces, all with great views • Situated in the prestigious Marina Puente Romano, one of the best residential areas • Fabulous communal gardens and pool • All hotels facilities at hand • Steps from the beach and promenade • Ideal setting for holiday home •

Reference 6197 (+34) 952 863 750 | www.panorama.es

99

Apartments & Townhouses | Price range over € 1.5 million

Luxury property next to Puerto Banús | Malibu 2 bedrooms, 2 bathrooms | 188m² enclosed, 79m² terraces Spacious, south-facing 2nd floor beachfront apartment • Impressive sea and garden views • High specifications throughout • Well distributed with spacious rooms • Large terrace offering great views • Top location and most desired complex, with communal gardens, 2 pools (one which is heated), 24-hour security, gym and SPA area • Direct acces to the beach • Walking distance to Puerto Banús • Close to most highly selected shops, restaurants and bars •

Reference 7558 100

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 1 million

Remarkable penthouse with fabulous views | San Pedro de Alcántara 3 bedrooms, 2 bathrooms | 156m² enclosed, 140m² terraces Beachfront corner property overlooking the communal gardens towards the sea • Spacious living/dining room with access to a large terrace • Master en-suite bedroom with a large terrace with pergola and plunge pool and a further terrace • 2 guest bedrooms sharing a bathroom, both with access to another terrace • Brand-new Mediterranean style complex with over 10,000 m2 of lush tropical gardens with pool and direct access to the beach and Promenade • Quiet and private location, yet close to all amenities, in the picturesque town of San Pedro de Alcántara • Within a 5minute drive to Puerto Banús •

Reference 7838 (+34) 952 863 750 | www.panorama.es

101

Apartments & Townhouses | Price range over € 1 million

Contemporary style apartment in a great area | Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 268m² enclosed, 299m² terraces Brand-new 1st floor apartment with enormous solarium • Sea and mountain views • Bioclimatic, eco-friendly architecture • High specs throughout • Modern design with open spaces • Small contemporary style complex with 24-hour security • Within a short drive to Puerto Banús and Marbella Centre • Mediterranean style communal gardens and pool • Situated in one of the most desired residential area • Other units available •

Reference 7235 102

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 1 million

Top quality townhouse in privileged area | Sierra Blanca, Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 405m² enclosed, 68m² garden, 203m² terraces Enormous brand-new townhouse • Sea, garden and mountain views • Quality materials and finishings throughout • Ample living/dining room with access to a covered terrace and private garden • Terraces and porches on all levels • Enormous roof terrace with plunge pool • Large basement with gym and cinema room • Possibility to add 2 further bedrooms • Lift, home automation system, central air conditioning and heating systems with independent electronic thermostats, acoustic isolation systems • Complex of only 15 properties offering magnificent communal areas and security • One of the most sought-after residential areas • Close to Puerto Banús and Marbella centre •

Reference 6341 (+34) 952 863 750 | www.panorama.es

103

Apartments & Townhouses | Price range over € 1 million

Immaculate penthouse next to Marbella centre | Alhambra del Mar 3 bedrooms, 3 bathrooms | 253m² enclosed, 63m² terraces Bright beachside duplex penthouse • Lovely views over the communal gardens and partial sea views • Large living/dining room • Spacious master en-suite bedroom with walk-in wardrobe • 2 guest en-suite bedrooms with private terraces • Rear terrace with some sea and mountain views • Southwest-facing solarium with private plunge pool • Offered fully furnished • Gated parking area just for this unit's block • Unique Mediterranean style beachfront complex with beautiful communal gardens, pool, direct access to the beach, night time security • Steps from the promenade and beach • Walking distance to Marbella centre and all amenities •

Reference 7277 104

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range over € 1 million

Lovely renovated apartment in Marina Puente Romano | Marbella’s Golden Mile 3 bedrooms, 3 bathrooms | 141m² enclosed, 43m² terraces Attractive apartment in a beachfront complex • Views over the beautiful communal gardens and towards the sea • Exquisitely finished and decorated • Delightful living room with access to a spacious partially covered terrace • Openplan modern kitchen with top quality appliances • Offered fully furnished • Magnificent communal gardens with ponds, pool, 24-hour security and direct access to the beach • Next to the famous 5-star Puente Romano Hotel, with all its facilities at hand • Steps from the beach and promenade •

Reference 7810 (+34) 952 863 750 | www.panorama.es

105

Apartments & Townhouses | Price range over € 900,000

Modern apartment in exclusive beachfront complex | New Golden Mile 3 bedrooms, 2 bathrooms | 142m² enclosed, 43m² terraces Contemporary corner apartment • Large terrace with incredible sea views • Brand-new beachfront development with direct access to the beach • Amazing communal gardens with fountains, large pool, gym, SPA area with Jacuzzi, Turkish bath and sauna • High-tech security system and 24-hour security service • Just a few minutes from the marina of Estepona and walking distance to all amenities • Other units available •

Reference 7522 106

www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range € 950,000 - 850,000

Spacious contemporary apartment in La Trinidad | Marbella’s Golden Mile 2 bedrooms, 2 bathrooms | 175m² enclosed, 61m² terraces Largest 2-bedroom apartment in the best block of this 5-star complex • Sea and mountain views • High specs throughout • Immaculate condition • Extensive living/dining room with study • Lovely south-west facing terrace • Beautiful communal gardens with a pond, 2 outdoor pools, 1 indoor heated pool and children's pool, gym, 2 saunas and 24-hour security •

Reference 7756 (+34) 952 863 750 | www.panorama.es

107

Apartments & Townhouses | Price range under € 1.8 million

Marbella Golden Mile Cascada de Camoján 3 bedrooms, 3 bathrooms • 251m² enclosed, 320m² terraces • Enormous duplex penthouse with sea views • Extensive terraces for outdoor living • Built to top specs • Contemporary complex with 24-hour security, gardens & pools • Only a 3-minute drive to Marbella centre

Reference

7064

Marbella Golden Mile Puente Romano 4 bedrooms, 4 bathrooms 301m² enclosed, 48m² terraces • Completely renovated beachside property • 2 duplex penthouses joined together • Lovely views over communal gardens • Next to the 5-star hotel, with all hotel facilities at hand Other apartments available

Reference

7404

Puerto Banús La Alzambra 3 bedrooms, 3 bathrooms 172m² enclosed, 109m² terraces • Immaculate duplex penthouse • Open views • Enormous terraces, one with Jacuzzi • High quality finishes throughout • Magnificent complex with gardens & pool • Walking distance to Puerto Banús & the beach

Reference 108

7680 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under € 1 million

San Pedro de Alcántara Guadalmina Baja 3 bedrooms, 4 bathrooms 259m² enclosed, 57m² terraces, 262m² garden • Superb beachfront garden apartment • Sea views & private garden • Steps from the beach • Sought-after complex in a quiet area with 24-hour security & pool

Reference

7844

Marbella Golden Mile Marbella centre 2 bedrooms, 2 bathrooms 107m² enclosed, 20m² terraces • Beachfront elevated ground floor apartment • Excellent sea views • Built to high specifications • Luxurious complex with 24-hour security, communal indoor & outdoor pools, gym and sauna

Reference

6019

Marbella Golden Mile Playa Esmeralda 3 bedrooms, 3 bathrooms 155m² enclosed, 24m² terraces • Unique beachfront 1st floor apartment • Lovely sea & garden views • Exclusive community with beautiful gardens, several pools, gym & direct access to the Sea Promenade • Only a few minutes from Puerto Banús & the Puente Romano Hotel

Reference (+34) 952 863 750 | www.panorama.es

7530 109

Apartments & Townhouses | Price range under € 900,000

Marbella Golden Mile Mansion Club 2 bedrooms, 2 bathrooms 154m² built including terrace • Luxurious penthouse with sea views • Within a 5-star complex close to Marbella centre • Beautifully maintained tropical gardens with pools, gym with indoor heated pool, restaurant & 24-hour security Other apartments available

Reference

7385

Puerto Banús Los Granados 2 bedrooms, 2 bathrooms 132m² enclosed, 36m² terraces • Beautiful, realistically priced apartment • Fabulous views over the communal gardens & pool towards the sea • Most exclusive beachfront complexes • Kitchen and bathrooms stylishly refurbished • Steps from the beach & walking distance to all amenities

Reference

6695

Las Lomas del Marbella Club Monte Paraíso 3 bedrooms, 2 bathrooms 145m² enclosed, 34m² terraces • Bright south-facing 1st floor apartment • Beautiful views over the communal gardens • 5-star gated complex with tropical gardens, several pools, one of which is heated, indoor pool, gym & 24-hour security Other apartments available

Reference 110

7629 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under € 800,000

Las Lomas del Marbella Club Monte Paraíso 2 bedrooms, 2 bathrooms 157m² enclosed, 51m² terraces Magnificent, top quality duplex penthouse ǩ Panoramic sea and mountain views ǩ One of the best complexes on the Golden Mile ǩ 24-hour security service, beautifully maintained gardens, 5 pools including an interior heated pool, gym and bar

Reference

7840

Marbella Golden Mile Lomas de Sierra Blanca 4 bedrooms, 3 bathrooms 223m² enclosed, 48m² terraces ǩ Spacious west-facing, 1st floor apartment ǩ Sea and garden views ǩ Beautiful communal gardens with pool ǩ Gated complex in exclusive area with 24-hour security ǩ Just minutes away from Puerto Banús

Reference

6664

Marbella Golden Mile Puente Romano 2 bedrooms, 2 bathrooms 117m² enclosed, 25m² terraces ǩ Beachside 1st floor apartment ǩ Fully renovated to high specifications ǩ Gated complex opposite Puente Romano Hotel ǩ Views over the beautiful communal gardens & pool Other apartments available

Reference (+34) 952 863 750 | www.panorama.es

7366 111

Apartments & Townhouses | Price range under € 750,000

Marbella Golden Mile Lomas de Puente Romano 6 bedrooms, 7 bathrooms 593m² built including terraces, 232m² plot • 2 townhouses joined together to obtain an enormous property • Cinema room, games room, heated pool • Parking space for 8 cars • Gated complex opposite Puente Romano Hotel • Walking distance to the beach

Reference

7045

Marbella Golden Mile Marbella centre 3 bedrooms, 3 bathrooms 168m² built including terrace • Brand-new 4th floor apartment • Sea and garden views • Spacious living areas, luxurious finishings • Gated complex with gardens, pool, gym & security • Walking distance to the beach & amenities Other units available

Reference

7792

Marbella East Reserva de Los Monteros 2 bedrooms, 2 bathrooms 140m² enclosed, 40m² terraces • Beachfront ground floor apartment • Excellent sea views & private garden • Mediterranean style gated complex with security • Next to the best beaches of Marbella • Within a 10-minute drive to Marbella centre

Reference 112

7781 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under € 650,000

Puerto Banús Ventura del Mar 2 bedrooms, 2 bathrooms 126m² enclosed, 31m² terraces • Lovely south-facing beachside apartment • Sea & garden views • With direct access to the communal gardens • 5-star beachfront complex with direct access to the beach • Within a short walk to Puerto Banús

Reference

7833

Marbella Golden Mile Alhambra del Mar 2 bedrooms, 2 bathrooms 107m² enclosed, 36m² terraces • Splendid ground floor apartment • Large terrace & garden of 45m2 for private use with direct access to the communal pool • Most prestigious beachside complexes • Only a few steps from the beach & Marbella centre

Reference

6361

Marbella Nagüeles 4 bedrooms, 3 bathrooms 311m² enclosed, 86m² terraces, 35m² garden • Enormous corner townhouse • Partial sea views & private garden • High standards throughout • Gated complex with beautiful gardens & pool • Ideal family home • Tranquil residential area above the Golden Mile

Reference (+34) 952 863 750 | www.panorama.es

7795 113

Apartments & Townhouses | Price range under € 550,000

Puerto Banús El Embrujo Playa 3 bedrooms, 2 bathrooms 141m² enclosed, 25m² terraces • Spacious south-facing beachside penthouse • Lovely views to surrounding areas & the sea • Gated complex with beautifully maintained gardens, pools & 24-hour security • Short walk from the beach and close to amenities

Reference

6910

Marbella Golden Mile Altos Reales 2 bedrooms, 2 bathrooms 124m² enclosed, 63m² terraces • Lovely ground floor corner apartment • Sea and garden views • High specs throughout • Direct access to the communal grounds • Sought-after, exclusive complex of villas with 24-hour security

Reference

7665

Marbella Golden Mile Monte Paraíso Country Club 2 bedrooms, 2 bathrooms 168m² enclosed, 68m² terraces • Lovely apartment with sea & garden views • High specs throughout • 5-star gated complex with 24-hour security • Within a 2-minute drive to Marbella centre Other apartments available

Reference 114

6363 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under € 500,000

Marbella Golden Mile Las Cañas 2 bedrooms, 2 bathrooms 121m² enclosed, 33m² terraces • Beachside 2nd floor apartment • Sought-after complex with gardens, pools, 24-hour security & direct access to the beach • Good rental potential • Walking distance to all amenities

Reference

6387

Marbella Golden Mile Señorío de Marbella 3 bedrooms, 2 bathrooms 139m² enclosed, 35m² terraces • Bright 2nd floor apartment • Sea and garden views • Gated complex with 24-hour security, Andalusian style gardens, 4 pools, one of them heated & 2 paddle courts • Within a 5-minute walk to the beach & a 5minute drive to Marbella centre & Puerto Banús

Reference

6079

Marbella Golden Mile Las Lomas del Marbella Club 3 bedrooms, 3 bathrooms 153m² enclosed, 27m² terraces • Very bright, south-facing apartment • Magnificent sea & mountain views • Large terrace with Jacuzzi • Luxurious gated complex with beautiful gardens, several pools & security service Other properties available

Reference (+34) 952 863 750 | www.panorama.es

5826 115

Apartments & Townhouses | Price range under € 500,000

Marbella Golden Mile Puerto Banús 2 bedrooms, 2 bathrooms 100m² enclosed, 16m² terraces • Brand-new beachside apartment • Gated complex designed to the highest standards • Tropical communal gardens of 7,000m2, with heated pool, sauna & indoor heated pool • Walking distance to all amenities Other properties available

Reference

7246

Marbella Golden Mile Las Lomas del Marbella Club 3 bedrooms, 3 bathrooms 176m² enclosed, 63m² terraces • 2 townhouses joined together resulting a unique property • Lovely south-facing patio • Andalusian-pueblo style complex with beautiful communal grounds, pool & club house • Walking distance to the beach & a 5-minute drive to Marbella centre & Puerto Banús

Reference

7113

Marbella Golden Mile Las Lomas del Marbella Club 4 bedrooms, 4 bathrooms 181m² enclosed, 72m² terraces • Very bright, 1st floor apartment • Magnificent sea & mountain views • Enormous terrace • Luxurious gated complex with beautifully maintained gardens, several pools & security service Other properties available

Reference 116

6608 www.panorama.es | (+34) 952 863 750

Rentals Department Here you will find a small selection of properties that Panorama has available for rent. Our team has a vast amount of experience in the rentals market in the Marbella area. Whether it is a practical, centrally located apartment or a family villa for long-term rent, we can offer you the right property to suite your needs.

Panorama Rentals

Rentals Department

By Sarina Garber

A fully comprehensive service, delivered in a professional, caring and personalised manner.

Panorama Rentals Team: Sarina Garber, Sorin Mailat, Beatriz Garvayo & Sian-Ellen Roskott

Welcome to Panorama Rentals, where you will find the best selection of properties available for long term let between Elviria and Guadalmina, plus a number of lovely properties for summer lets.

Renting a property offers the chance to experience living in Spain and getting to know the area and the type of property one would ideally like to buy. We offer a fully personalised service using our own extensive selection of handpicked quality There are fantastic properties to rent in rental properties. From apartments to the current long term market, and many townhouses and villas, we negotiate the owners and developers are offering best conditions and see our clients an option-to-buy, potentially saving through the contract procedure as well thousands of Euros off the final as settling in and assisting throughout purchase price. the tenancy.

118

Our team of four highly experienced Rental Consultants speak English, Spanish, German, French, Dutch, Italian and Romanian. Come and see us for an informal chat, call us on: (+34) 952 90 10 15 (opposite Hotel Marbella Club) or write us at: rentals@panorama.es You can see most of our properties on the Panorama website at: www.panorama.es/rentals

www.panorama.es | Rentals Direct: (+34) 952 901 015

Panorama Rentals

El Madroñal Benahavís 5 en-suite bedrooms • Less than a 10-minute drive to Puerto Banús • Heated outdoor infinity pool • Panoramic views • Facilities include; bar/nightclub, sauna, Jacuzzi, gym & a professional home cinema • 24-hour gated security • Short term let (POA)

Reference 0877

Marbella Golden Mile Puerto Banús 8 bedrooms, 8 bathrooms • Beachfront mansion with staff • Walking distance to Puerto Banús • Stunning sea views • Indoor & outdoor pools & sauna • Discothèque • Short or long term rental (POA)

Reference 0785

Marbella Golden Mile Marina Puente Romano 2 bedrooms, 2 bathrooms • Beachfront apartment with sea views • Walking distance to Marbella & Puerto Banús • Beautiful communal tropical gardens & swimming pool • 24-hour security • Short or long term let (POA)

Reference 0786 Rentals Direct: (+34) 952 901 015 | www.panorama.es

119

Panorama Rentals

Marbella Golden Mile Marbella centre 2 bedrooms, 2 bathrooms • Beachfront apartment • Walking distance to all amenities • Indoor & outdoor communal pools, gym & sauna • 24-hour security • Available for long and short term let (POA) .

Reference 0474

Marbella Golden Mile Arco Iris 3 en-suite bedrooms • Walking distance to the beach • Private garage & storage space • Communal gardens & swimming pool • Long term let (POA)

Reference 0241

Marbella Golden Mile Sierra Blanca 2/3 bedrooms, 2 bathrooms • Brand new & unfurnished apartment • Panoramic views over the coast, Gibraltar & Africa • Community gardens & swimming pool • Long term let (POA)

Reference 0049 120

www.panorama.es | Rentals Direct: (+34) 952 901 015

Panorama Team

Chris Clover

Katinka Clover

Alex Clover

Carolina Alaniz

Gonzalo Ruiz

Managing Director & Board Chairman

Listings Director & Member of the Board of Directors

Property Consultant & Advisor to the Board of Directors

PA to the Managing Director Support Team Director

Accounts Director & Member of the Board of Directors

Ulla Lammervo

Sean Cannon

Senior Property Consultant

Senior Property Consultant

Alfonso Munoz

Marjut Nordstrom

Sales Coordinator

Property Consultant

Property Consultant

Walter Fernández

Luis Gallardo

Vedran Canjuga

Mariano B. Cusimano

Dennis Van Asselt

Property Consultant

Property Consultant

Property Consultant

Property Consultant

Sarina Garber

Sorin Mailat

Margarita Garvayo

Rentals Department Manager

Beatriz Garvayo

Sian-Ellen Roskott

Rentals Consultant

Rentals Consultant

Rentals Consultant

Receptionist

Adriana C. Méndez

Lorena Alaniz

Jovita Vicuña de Clover

Kirsten Clover

Loli Vazquez

Marketing Coordinator

Receptionist

Public Relations

Artistic Advisor

Assistant to Accounts Director

Property Consultant

Beatrice Pitta

(+34) 952 863 750 | www.panorama.es

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Market Leaders in Quality Properties since 1970...

Four Generations of Real Estate Professionals since 1904 Edificio Centro Expo Blvd. Alfonso Hohenlohe, s/n, 29602 Marbella Offices at the Puente Romano Hotel & opposite the Marbella Club Hotel

Tel.: (+34) 952 863 750 www.panorama.es PanoramaMarbella

@panoramarbella