Olive Press Property Magazine - Issue 30

Property

Is this Spain’s prettiest street?

Find out in our roundup of the coolest calles,

go S - p m to p ain ag ro ’s az pe in rty e

www.theolivepress.com

Issue 30

Page XX

June 2019

BALE-ING IN Gareth Bale scores exclusive Marbella pad

H

E might be getting nudged out of Real Madrid, but Gareth Bale is strengthening his ties to southern Spain.

The much-maligned Welsh wizard has spent a small fortune on a new property on the Costa del Sol, despite expectation of his return to the UK this summer.

The Olive Press can reveal the striker, who signed for Los Blancos for €100 million six years ago from Tottenham, has snapped up a stunning three-bedroom apartment in Marbella for just under €2 million.

The Welshman managed to knock around 10% off the price of the property, which was on the market for around €2.2 million.

According to sources closely linked to the deal, the modern pad is situated in the exclusive La Trinidad urbanisation

EXCLUSIVE along the famous Golden Mile, which features other celebrity homeowners, including ex-England midfielder Tim Sherwood.

The penthouse is just a 20-minute drive from Finca Cortesin, the luxury golf resort in Casares where Bale, 29, loves to tee up and has stayed at several times over the last few years.

He knows La Trinidad well as he has stayed at his agent Jonathan Barnett’s home in the urbanisation a number of times. The purchase comes after Bale threatened to ‘stay and play golf’ if the remainder of his Real contract is not paid. The father-of-three said: “I’ve got three years left on my contract. If they want me to go, they’ll need to pay me €17 million per season. If not, I’ll stay here. And if I have to play golf, I will.”

Victory looms

AROUND 300,000 owners of illegal homes in Andalucia need no longer fear the Junta’s bulldozers thanks to plans to speed up the legalisation process.

While a royal decree addressing property irregularities is still being drafted, these new measures allow homeowners more stability.

The main aim is to grant more properties many of them expat-owned - AFO status (asimilado fuera de ordenacion).

This gives houses ‘semi-legality’, saving them from being demolished by the Junta which has

happened several times before. Meanwhile, a second proposal aims to toughen sanctioning and inspection once the royal decree is in place so that illegal homes are less likely to built in the future.

The objective of the fast track scheme is to continue ‘without as many obstacles as before’, according to Marifran Carazo, Andalucia’s new Minister of Public Works.

It comes after the President of Spain’s most southerly region, Juanma Moreno, outlined modifications to the Andalucia planning law (LOUA), giving owners of illegal homes a ‘sec-

HELP: Graffiti for homeowners

ond chance’.

“We can’t have 300,000 illegal homes in Andalucia,” the PP leader said, adding that around 90% of illegal properties would be regularised.

Maura Hillen, president of illegal homes action group AUAN, also told the Olive Press that she believed a ‘precedent’ had been set in the case of a British couple.

Expat pensioners Noel and Christine Payne emerged victorious after a 16-year legal battle over their illegal home in Albox, which Hillen described as a ‘positive’ sign of the future.

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June 2019

PROPERTY

Brits to the rescue Mark Stucklin

www.spanishpropertyinsight.com

Sales to British buyers propped up Spain’s property market in the latter half of last year, writes Mark Stucklin

T

HE number of Spanish homes acquired by foreign buyers increased in the second half of last year at the slowest rate since the second half of 2010, and growth would have been even lower had the the British not continued their love affair with property in Spain.

Foreign buyers acquired 50,249 homes in Spain in the last six months of 2018, up 1.4% compared to the same period a year before, reveals a report just published by Spain’s General Council of Notaries. Notaries witness the vast majority of property sales that take place in Spain, and according to their figures, foreign buyers made up 18.2% of the market, down from a high of 20.3% in the second half of 2015.

Although the number of sales involving a foreign buyer increased in the period, the notaries point out

that, “in comparison to the previous FOREIGN PUSH: Charts clearly show how foreigners dominate the market year, the increases registered in the two halves of 2018 were a long in the period, after a decline of ce the base period of the first half way from the results of 2017, when 0.7% in the first half of the year, of 2007, whilst comparing it to logrowth was above 10%.” Foreign whilst expat demand rose by 6.9%, cal demand. In the first two years demand looks like it might be run- down from 11.3% in the first half. both local and foreign demand The notaries point out collapsed by around 60%, but then ning out of momenthat both segments foreign demand started to recover, tum. now retreating whilst local demand (bright blue) The notaries break If you are selling a are from the high levels continued in the doldrums until the down the figures into resident and non-re- property in Spain of growth common start of 2014, and is still 40% below recent years. Refe- its peak after four years of recovery. sident purchases by you better hope in rring to expat demand Non-resident foreign demand – priforeigners, showing it will interest a the notraries say “It marily Western Europeans buying that non-residents appears that the trend holiday homes (dashed line) – recopurchased 22,111 foreign buyer towards growth in vered by 2012 and is now around second homes in the purchases of real 70% higher than it was at the height Spain between Auestate by foreign re- of the boom, whilst expat demand gust and December last year, compared to 28,138 pur- sidents, which had been growing – primarily economic migrants but chases by foreigners living in Spain. by more than 10% every semester also some Western Europeans moving to Spain (solid blue line) – recoSo non-residents accounted for 44% since 2014, has been interrupted.” of foreign demand, and expats li- The left hand chart above (blue) vered by 2015 and ended last year illustrates how foreign demand for 40% higher than in 2007. In both ving in Spain 56%.

Non-resident demand fell by 4.9% Spanish property has changed sin- cases you can see how demand

showed signs of turning down in 2018, though the same could also be said of local demand.

The chart on the right (yellow) shows how spending by locals and foreigners (non-resident and expat) has changed over the same period. Local budgets (red line) declined until the end of 2014, and have barely recovered since, with the amount spent on property in terms of €/m2 still around 35% lower than it was in 2007, whilst non-resident foreign spending has recovered to 95% of what it was, and expat spending is around 85% of what it was. If you need to sell a property in Spain you better hope it will interest a foreign buyer. www.spanishpropertyinsight.com

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June 2019

Foreign retreats

Do it for dean

THE halcyon days of the foreign home buyer market in Spain could be coming to an end.

The number of properties bought by foreigners, while still up, has shrunk to the slowest rate of increase since the second half of 2010.

Figures for the last six months of 2018 show a 1.4% rise on the same period a year before but although it looks positive on paper, Spain’s General Council of Notaries has pointed to a slow down in demand.

Interrupted “In comparison to the previous year, the increases registered in the two halves of 2018 were a long way from the results of 2017, when growth was above 10%,” the council stated.

Non-residents accounted for 44% of foreign demand, and expats living in Spain 56%, between August and December last year.

In this period, non-resident demand fell by 4.9%, whilst expat demand was also down by 11.3% in the first half of 2019.

The council added:“It appears that the trend towards growth in the purchases of real estate by foreign residents, which had been growing by more than 10% every semester since 2014, has been interrupted.”

See Brits to the rescue, pg 2

HOPEFUL: Francisco Sarabia Nieto

Football ace’s restaurant finally gets green light after 12 month construction ban LIONEL Messi’s latest restaurant venture has finally been put back on track after being blocked by the town hall for a YEAR. The Argentine football star will now resume constructing his beachfront restaurant in Barcelona after the local government shut him down when it discovered part of the building was not included in the original planning of the works.

Construction has been on hold for 12 months in the upmarket Castelldefels, with Messi desperate to have it finished for this summer season.

Situated in the Lluminetes neighbourhood, the Argentine restaurant will be run by his wife Antonella Roccuzzo and will have capacity for 100 people.

Green and tidy

RECOGNITION: Spanish hotels overwhelming winners in awards

Rent reform

OFFICIALS in Barcelona have moved to introduce Spain’s most aggressive rent controls after seeing rates rocket by more than 50% in the last five years.

Under the decree, landlords in desirable neighbourhoods will have to negotiate leases based on set prices for their property.

The regulations come after a national law implemented in March capped annual rent hikes at the rate of inflation, currently 1.5 per cent.

The combined rental listings of Airbnb and HomeAway in the Mediterranean city have soared to over 20,000, based on last month’s figures, according to Denver-based researcher Airdna.

MALAGA is set for yet another election as the candidates for Dean of its College of Architects are announced.

Four contenders, all male, have thrown their hat in the ring for the top job which will be voted on by the 1,288 architects of the college on June 27.

Current dean Francisco Sarabia Nieto will be battling at the ballot box to retain his position against three rivals: Juan Jose García Montesinos, Jose Luis Alonso de Diego and Alberto Campo Urbay.

The ballot takes place at El Limonar school from 10am to 5pm.

Messi start

TWO iconic hotels on the Costa del Sol are among a string of seven in coastal Spain earmarked for a €30 million revamp by the new owners.

The Pez Espada in Torremolinos and the Riviera Hotel in Benalmadena are part of the new chain purchased by the Azora group, which also includes five sister hotels in Benidorm.

All will get a share of the €30 million facelift fund.

Failed attraction

UNBLOCKED: Messi restaurant

Built in the 1960s but now in ruin, the property is an old farm and is just a 60 second walk from the

Investment bonanza

beach.

Using his real estate company Edificio Rostower SL, the five-time

SPAIN is leading the way in hotel sustainability with 26 ‘green stays’ in the country being awarded by TripAdvisor.

The Barcelo Hotel Group has had 32 of its hotels recognised for their sustainability in total , including three in Mexico, two in the Dominican Republic and one in Portugal.

The ‘TripAdvisor Ecolider certificate’ aims to recognise hotels for sustainable practices and allows ‘eco-friendly’ travellers to see which ones best share their values.

Sustainability is incorporated into the design of hotels like Menorca’s Barcelo Hamilton, which has solar-heated hot tubs.

The green efforts of hotels are also paying off in other ways, for example the Barcelo Cabo de Gata in Almeria is helping to maintain the nearby natural park from which it takes its name.

Ballon d’Or winner has already lost around €150,000 on the project, but will hope to turn it around now he has been given the green light once again.

It comes after the father-of-three’s previous foray into the restaurant world ended in abject failure some three years ago, when his Bellavista del Jardin del Norte eatery in the centre of Barcelona closed after two years following a drop in profits.

The Lluminetes barrio has been on the up in recent years thanks to an influx of Barcelona FC stars moving into the area, including Messi.

It has seen the arrival of pricey restaurants and boutique hotels while the value of many homes has far surpassed the €1 million mark.

LEADING man Michael Douglas has put his 250-acre Mallorca estate back on the market for nearly half the original asking price.

The two-times Academy Award winner has even done a voiceover for a special video to drum up buyers for the stunning €29 million property.

The historic S’Estaca estate offers expansive views of the sea and has five apartments, a loft, two cottages, home cinema and spa.

Douglas, who is married to actress Catherine Zeta-Jones, brought the estate in 1990 with his former wife Diandra Luker.

The Fatal Attraction star originally put the property up for sale in 2014 for a cool €50 million.

Sotogrande Costa - Independent villa Bedrooms

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5

Garden

1.100 m2

Built

320 m2

pools

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280 m2

Villa with stunning panoramic sea views over the Mediterranean Gibraltar and Africa, 5 minutes from the beach,water sports, prestigious golf courses, polo, international schools. Set in a mature mediterranean 1.100sq.m garden with beautiful sun bed area and swimming pool, the villa was recently fully renovated to the highest standards with prime materials (including beige marble flooring, granite, air conditioning, heating, double glazing,solar panels). With 320 sq.m built and 280sq.m terrace, the two-story villa is south facing with uninterrupted sea view from East to West comprises a spacious living-dining room (fireplace) giving onto a fantastic covered terrace and solarium, a fully equipped modern open plan kitchen, a guest toilet, 6 bedrooms, 5 bath shower rooms, dressing, laundry, cellar with parking for 5 vehicles. Energy class B 15 minutes from Marbella - 56 minutes from Malaga airport -15 minutes from Gibraltar airport

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PROPERTY

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June 2019

HAVEN: New centre for cancer charity helps patients rehabilitate in clean, comfortable surroundings

Shelter from the storm Barcelona Unesco treasure hosts Scottish cancer charity’s first care centre on the continent

A

NEW haven for cancer patients - the first of its kind to be built in mainland Europe - has opened in the stunning grounds of Barcelona’s Sant Pau Hospital, a UNESCO World Heritage Site in Spain.

The Kalida Sant Pau Centre is part of the Maggie Centres network, a Scottish charity that creates uplifting spaces to help anyone affected by cancer.

Adorned with honeycomb-shaped ceramic tiles, the centre’s red-brick facade complements the decorative, art nouveau hospital.

“The whole project has been inspired by the richness of materials, textures, colours, geometries, drawings and greenery of the original hospital complex,”explains architect Benedetta Tagliabue.

A garden lined with patios, trees and pergolas offers patients an es-

cape from a medical environment while maintaining direct access to the hospital’s oncology department.

Alongside counselling rooms and communal spaces, the centre contains a kitchen area, small library and dining area.

Tagliabue adds: “The building scale, the design of the facades and the garden establish a respectful dialogue with this outstanding environment.”

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June 2019

PROPERTY

Making a splash Rule-breaking Madrid design firm gives grungy office block some colour therapy

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TAKE an austere concrete shell, lob some paint at it, and what have you got?

The ominously-titled building, LH135.

This is the latest ambitious project of Mariano, the award-winning Madrid design studio, famed for its non-conformist style and ‘a certain sense of humour’.

Headed by Mariano Martin, the firm has just completed transformation of a drab office block into a wash of eye-catching colour in a bid to restore ‘joy’ to the workplace.

Bright pink, yellow, orange and blue are all at play here to create an office space which, according to Martin, is ‘trying to look back with affection but without nostalgia’.

He adds that with the colours, ‘time will gradually return to the building the joy it used to have’.

In this renovation of the 3000 m2 space, colour is boldly employed to highlight the block’s formerly bleak elements, including air ventilation shafts, stylish terrazzo floor tiles, concrete pillars and limestone facade.

Martin champions the original features: “The beauty of a terrazzo floor, like the ones used in the impressive Venetian palaces, the nobility of the concrete pillars, as the Romans taught us, a limestone facade and a granite hall...can you ask for more?”

PROPERTY ti s

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the historic old town pile, even though I had absolutely no intention of buying it.

The beautiful stone portico and heavy wooden Ronda doors opened onto a porch the width of the entire hallway with a beautiful wrought iron decorative arch above them.

Very much the Andalucian vernacular, this was the way centuries of owners used to bring their animals in from the fields at night.

And off we went through a warren of rooms entered via ornate ochre-painted wooden doors.

Some of the rooms were tall and grand with ceiling rosettes and romantic vaulted ceilings.

All the windows onto the street were arched and crowned with solid metal rejas in the classic Ronda style.

A narrow stairway climbed into a cavernous loft space where the metal roof beams still bore the hooks used for hanging and curing hams,

n

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T started as a search for a modest bolthole in Ronda to live in during the holiday season when our country house is rented out.

Then I stumbled across an enormous old school and it was love at first sight.

It was not even on the list of properties I was being shown and it certainly didn’t fit my criteria, but I could not walk past without taking a peek inside.

I persuaded the agent to show me

a

p

In the first part of a new series on historic home renovation, designer Gabriella Chidgey reveals how a plan to buy a flat in Andalucia became a project to turn the listed 18th-century home of one of Spain’s most celebrated bullfighter into an idyllic aparthotel

A

My romance in Ronda

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June 2019

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a string of garlic still dangling from Apart from a new roof, this proone of them. Strewn around were tected 315-metre-square building boxes full of rags, as well as a had remained untouched for about 20 years… and needed a complete 1980s National police uniform! renovation.

Like much of the house it had lovely teI rang my husband rracotta barro floors, immediately and told I rang my alarmingly bowed in him I had fallen in love husband a number of places. … but thankfully for Doors from the interhim, only with bricks straight away nal courtyard led to and mortar … and inand told him I sisted he came to see a large external yard, it the next day. chicken and pig sheds, was in love On closer inspection a back kitchen and it turned out to be a even a small stable.

Every space detailed the lives of former home of the legendary 18th those who had once inhabited the Century bullfighter Pedro Romehouse, set in the ancient Barrio ro, the very man who constructed de San Francisco - dusty furnitu- Ronda’s nearby bullring - Spain’s re, baskets, pots, pans, tea sets, rush chairs, beds, framed prints of Saints and ancient family photos.

And all around were views across the rooftops of Ronda’s casco historico to the fabled Serrania de Ronda mountains.

oldest.

Painted by Goya, the ‘godfather of modern bullfighting’ was born in the same street and the torero’s crest is indeed carved into the stone portal, as with a number of other buildings around the town.

Dating from the 1780s, it was later bought by a local aristocrat who later generously gifted it to one of his trusted labourers and, from that point on, it became a home to farming families.

At some point, part of the building became a local school and later a bar, while during the civil war it served as a temporary hospital.

Continues overleaf

GRAND DESIGNS: The 250-year old home, near Ronda’s arabic Almocobar gate (far left) has been converted into stylish holiday apartments

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June 2019

HISTORIC: The 315-metre property was a warren of different rooms, some with vaulted ceilings (above) and full of old doors and windows, original terracotta tile floors and perfect to divide255mm into five apartments, most with private Cantueso x 170mm_Layout 1 30/05/2019 11:40 Page 1 terraces

FORMER OWNER: Torero Pedro Romero, who built Ronda bullring

• Beautiful holiday location • 10 air-conditioned cottages • Well known on-site restaurant • Rural location with spectacular views • Landscaped gardens

Cost of the freehold and business: 2,500,000€

Holiday Complex FOR SALE An unusual commercial opportunity to buy the freehold and business of a well established family friendly holiday complex in Andalucía, comprising ten self catering cottages, a restaurant (rated number one in area) with 50 covers inside and 50 outside, and owner’s apartment.

The whole site is tastefully landscaped with an area of over 18,000 m² and is surrounded by olive groves. There are wonderful views to the south over Lake Viñuela and mountain ranges on other aspects.

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June 2019

PROPERTY

LITTLE CHANGE: Some parts of the house, like this outdoor kitchen, were little touched to keep a sense of the building’s past

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From Page VIII

The rest of the house was owned by Dolores, along with her nine siblings.

Sadly it was entirely unsuitable for us and so I continued to see other properties, smaller but a better fit, and even made offers on two.

But nothing worked out.

Meanwhile, my mind kept returning to the old school

GIVING NEW LIFE house, besotted (as was my Double the investment - and husband) with the romance a far greater risk, since it of its past, mulling over its would involve re-mortgaging our own potential. home - it would And finally, I If the walls however, reap saw how it might actually far greater were sound work for us… rewards. they should being divided And I don’t into five apartmean just fistay even if ments, each nancial. It is uneven with their own a privilege to private terrawork with such ces, with scope a historic builfor a communal garden and ding. And inspiring to bring it back to life. even a swimming pool.

So after a year (yes, a year!) of bank negotiations, and another year waiting for licenses, we are nearing the end of a very exciting build.

Although we have renewed the plumbing and electricity completely, installing air conditioning and heating, insulating the house against the elements and noise, and fitting double glazed windows, the intervention has been as gentle as possible.

We took the view that if the walls were sound, they should stay, even if the surface was uneven. For that would be its charm.

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RE-APPOINTING: One of the key issues was how to divide the huge loft space, while keeping its charming old terracotta barro floors and metal beams once used for curing hams and drying onions and garlic

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GREAT OUTDOORS: Creating a nice garden with a pool was vital to allow holidaymakers a place to unwind and relax after a busy day of sight-seeing

rt men

Only where the structure was dangerous, the beams rotten or the plaster cracked and broken did we strip back to start again.

And what a series of unexpected treasures we found.

RESEARCH: Local agent Thorwald Bodensiek of Serrania Services shows Gabriella around the property

More about that in the July issue of the OP Property Magazine when we reveal how to find the best builder to

work with you, how to get planning permission and how to enhance and protect old Andalucian buildings.

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PROPERTY

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M re ar po ke rt t

June 2019

VARIETY: From Nueva Andalucia to Madronal

After a five-year period of sustained growth, there is a change in the air in Marbella, reports Diana Morales Properties

Looking ahead – what’s in store for the market?

LAST year was yet another in a growth cycle that started in 2013 in Marbella.

It began after the market finally bottomed out in 2012 and by 2015 there began a strong demand for new modern villas and apartments being built in the area.

This shift of focus from cheaper distressed buys to wanting off-plan lifestyle properties, with the latest mod cons, started first in Marbella, as well as Mallorca and Ibiza, before being followed along the Costa del Sol and in the key cities of Barcelona, Madrid and Valencia.

In a country the size of Spain with such a diverse market, some regions are only now beginning to feel the effects of recovery, just as others fear their property sector might be peaking.

Across Spain, sales rose 11,3% in 2018 compared with 2017, while in Andalucía the increase was 13,8% and in the province of Málaga 7,4%.

There was a widely reported drop-off in enquiries and sales in the second half of last year, albeit with a rallying of activity towards the end of the year.

And this appears to also apply to Marbella and the Costa del Sol, which drive much of the growth in Málaga province – itself one of the most dynamic property markets in Spain.

The factors at play It is tempting to blame Brexit, but before we do let’s analyse things closer to home.

More specifically, let’s look at supply, demand, price, cost and planning.

We can all agree that there has been a ‘white revolution’ of modern properties going up since the construction machine cranked back into life around 2012.

The first new projects sold so well that it became clear there was a shortage of such homes relative to an eager demand, but now we seem to be approaching a situation where supply has caught up with demand and is in danger of surpassing it.

This is nothing new, as we’ve experienced it before, and it seems to be confirmed by a record number of new projects in Málaga province being signed off by the Colegio de Arquitectos (Institute of Chartered Architects) in 2017, and then again in 2018, when it increased by 57%.

‘

Marbella real estate market report, 2019

‘

Whether there has been a cyclical shift, a result of Brexit or something more local, Marbella needs to pause, take stock and better understand the prevailing conditions Pia Arrieta, Partner

AMAZING LOCATION: The Sierra Blanca hills are difficult to beat anywhere in Spain

Reasons to be optimistic

Property sales in ‘The Golden Triangle’ show a 56% increase from 2012 to 2018* *Provisional, unconfirmed figures for the fourth quarter 2018 Source: Ministerio de Fomento

Source: DM Properties Knight Frank

Growth levelling off - but demand still solid

Golden Triangle

Estate agents reported a pick-up in enquiries at the end of the year, but by and large the stabilisation has continued into 2019.

What does this mean? Not necessarily anything too ominous, as it wouldn’t be such a bad thing if we were to hold on to the present level of sales activity, but in reality, a slowdown in growth is usually followed by a drop, not an extended period of level activity.

It’s therefore important to look at the possible causes behind the latest trend.

Marbella’s tourist and property segments were among the early lights leading the Spanish economy back to growth levels hovering between 2.5 to 3% for some years now.

The unemployment rate and debt have gradually declined, and the overall outlook for the country is reasonably good.

Marbella is a bit of a national indicator, as it tends to be ahead of the curve economically, and it’s in part due to the fact that it is so dependent upon and in tune with the broader European economies.

Demand from these sources has been solid for some time now, driven primarily by new-build modern homes and – in spite of the fact that banks are lending again and interest rates are at historic lows – predominantly by cash buyers.

And yet, just lately there has been a tailing off of demand, which seems to indicate something is afoot.

Sales for the so-called Golden Triangle (Marbella, Estepona and Benahavís) had been rising since 2011, with the exception of a small dip in 2016 caused by the after-shock of the Brexit referendum.

The number of transactions registered rebounded in 2017, with strong international demand and a resurgent British market, yet in 2018 it stabilised due to a relatively poor showing in the second half of the year.

While Marbella solves its planning issues, Benahavís, Estepona, Ojén and Mijas have stepped in to absorb much of the recent growth in what can generally be described as a broadly beneficial spreading of development and investment.

It has levelled the playing field a little and given developer and buyer alike a broader range of options than before. For now, however, we’re witnessing a cooling off of demand in the new areas, as they too see prices rise perhaps more quickly than the market can carry right now.

Is this an over-supply?

This translates into a record number of new projects entering the market and, while they are smaller in scale than during the boom of the 2000s, there is a worrying lack of variety, as many seem to focus on the same mix of design, amenities and price range.

The greatest drop in sales has been seen in the lower-to-mid range, which appears to be

suffering from a degree of oversupply and over-competition.

The top-end of the market looks to be more robust, and those brave enough to veer away from the lowest common denominator are finding rewarding niche segments in the market, though in Marbella, where there is a shortage of new projects, the scenario is different.

Price and cost It is clear that a combination of oversupply and high prices are beginning to have an adverse impact on the market.

Earlier projects saw developers buy the best plots Continues on Page XIII

PROPERTY

XIV

June 2019 From Page XII

of land cheaply, build at a lower cost and sell faster, yet now land values have risen faster than the properties built on them.

Construction costs meanwhile, are also putting pressure on investors’ margins, and the rising house and square metre prices are beginning to put buyers off – especially in a market with so much choice and the best locations taken.

Diana Morales, Founding Partner and Pia Arrieta, Partner and Managing Director

Value

Product trends

High prices are not sexy unless you’re in an upwardly mobile economy, and while top-end buyers are willing to pay a premium for well-located properties, the recent rise in popularity of cheaper areas, such as Manilva, indicates that the lower half of the market is coming back.

The fashion continues to be for open-plan living, as well as terrace pools and/or jacuzzis, as well as entertainment areas, home automation systems, fast WiFi and 24-hour security.

Also gaining in popularity are concierge services, sophisticated spas and even lagoon-style communal pools, clubhouses and private residents-only parks.

Environmental credentials and energy-efficient homes are also more important than before, with indigenous Mediterranean landscaping winning out over subtropical gardens.

Some developments are even incorporating organic vegetable plots into an overall philosophy of wellbeing. This is a growth area along with more eco-friendly construction.

Modernising existing stock The market for renovating and modernising older properties is one that remains solid and is gaining in popularity again.

A number of specialised businesses have had success updating existing villas shows that buyers are happy to consider a resale property as long as it’s appealing.

Furthermore we have noticed a little fatigue with modern, white minimalist styles, with buyers flocking back to a more classic-contemporary blend.

Value-added locations Location is still king, and whi-

Top 10 nationalities searching for property in Marbella in 2018 Source: DM Properties|Knight Frank le we’ve not yet seen the cross-branded luxury residence that is taking foot in luxury markets elsewhere (think Armani villas or Cartier apartments), a property that carries the signature of a ‘starchitect’ carries more allure and a higher price tag.

This is also true of sea views, which can fetch up to 25% more, while golf and country club locations can add 15% to the value.

The Kempinski resort in Estepona was the pioneer in the area back in 1999 and it will be joined by the Costa del Sol Princess in Estepona, while Marbella will soon see the opening of Club Med as well as Four Seasons and the W Hotel, both offering branded residences.

New versus established areas Limited supply combined with a frontline beach location makes the Golden Mile a prime address with prices per square metre reaching over €20,000. Other

Power to the people A new law on community votes to ban holiday rentals now only requires a majority, writes Adam Neale

S

UMMER is coming, a time Owners who purchased a property when many urbanisation dwe- before the law was passed, will, llers suffer from holiday let however, be able to argue that overload as tourists take over when they bought into the comtheir pools and gardens. munity the law did not exist and But not any more. Under a new law therefore they should be allowed passed in December 2018 (Real De- to rent the property out if they so creto Ley 21/2018), voting by com- choose - a point that is likely to munity owners no longer requires cause much controversy in court. unanimity, but merely a majority, to Also, this status cannot be inheban holiday rentals within a commu- rited. So while the law is pragmanity. tic about those who Prior to this, the vote are already actively indeed had to be unaand legally renting Changes do not out their homes, any nimous.

According to local affect properties new owners who purlawyer, Adolfo Martos chase the property Gross, ‘a favourable that are already from them will not vote of three fifths of automatically be the total of the owners being rented out able to continue renwho, in turn, represent ting out the house, as short term three fifths of the partiand any community cipation quotas’ is neerules against it will ded to approve a ban henceforth apply to on holiday rentals, regulated by the the home’s new owners.

Andalucian Touristic Rentals Decree.

However, it is also possible for the However, as he points out, the ruling community to change course if a will not apply retroactively. majority of homeowners vote to reIn other words, the changes do not instate the practice of holiday renaffect those properties that are al- tals within an urbanisation - and ready being rented out as short term vice versa. lets and have a holiday rental licence Again, instead of an absolutely in place. unanimous vote, it will require the

same three-fifths majority.

A majority vote decides The community of owners also has the power to set conditions on holiday rental activities, such as obligating the owners to pay higher community fees or a surcharge (not exceeding 20%).

Adolfo also points out that while this reform was long awaited by those communities that had complained of excessive occupation by tourists disrupting community life, caution is needed as this is a restrictive measure in terms of property rights.

It is also important to note that the 3/5 rule is not applicable to

rentals falling outside the scope of the Andalucian regulation. This means any owner may still rent his apartment out as long as it is for a period of more than two months, or it is not offered on the market through the usual channels (real estate agencies, Airbnb etc.)

Ambiguities and questions There are, however, a number of serious questions surrounding the new law that the legislators have not yet answered in detail.

For example, does the prohibition relate to the purchaser of a home that was already registered as a holiday rental property before the purchase?

Terra Meridiana, 77 Calle Caridad, 29680 Estepona • Tel: +34 951 318480 Office Mob: +34 678 452109 • Email: info@terrameridiana.com • Website: www.terrameridiana.com

established areas are similarly still much in demand, and while much of the recent growth has been in up-and-coming zones such as the New Golden Mile, Estepona West, Marbella East and La Cala, they still have some catching up to do in terms of intrinsic appeal.

External factors In the end, an area as dependent upon the international market as Marbella cannot ignore the macro movements at play, be they economic, political or a combination thereof.

Brexit has clearly had an effect with a drop in British buyers, while the Catalan situation doesn’t cast a positive spell over Spain in general and Catalunya in particular, but it has driven some investment to these shores.

The recent oscillations in rentals legislation and lack of tax reform have done the market no favours, but even the virtual abolition of inheritance tax within the Autonomous Region of Andalucía has had a positive knock-on effect.

The bottom line Conclusion While market conditions have got a little tougher in the past few months we haven’t officially entered anything near a recession or downturn.

If anything, construction, sales and rising prices will continue moderately for some time to come, but if we’re to avoid choppy waters it pays to look potential threats in the eye and be prepared for them.

Not doing this in the past cost us dearly, so Marbella needs to work at being creative, offering quality and value, and hope price levels even out in the near future.

With further infrastructural improvements, as well as new prestigious hotels, a new dynamism is coming to the Marbella area, and let’s not forget that homeowners can still get 3 to 4% net return on shortterm holiday lets, while the long-term rentals market is similarly strong.

All in all, once Brexit is behind us there are more than enough reasons to remain optimistic.

For more information and sales, please visit: www.dmproperties.com or call +34 952 765 138

XV

June 2019

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There are fake companies pretending to offer help to timeshare victims TIMESHARE claims are becoming a trickier business.

Because of the HUGE volume of claim victories going through the Spanish courts, the timeshare resorts themselves are using manipulative strategies to discredit the ‘good guys’ - those companies committed to helping owners get out of contracts that were mis-sold to them.

Many despairing consumers turn to the internet to help them find so-

lutions, only to be bombarded with false information.

There are also influential so-called ‘help’ websites out there purporting to aid consumers in sorting the good guys from the bad. However, looking into the deep background of such websites reveals quite a different story.

One such example is www. kwikchex.com Not only is it funded by the timeshare in-

dustry, it blocks reports of wrongdoings committed by the resorts and targets companies representing consumers who are claiming retribution and the annulment of their timeshare contract.

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XVI

June 2019

PROPERTY

Out of this world ‘Green Spaceship’ to dock in Madrid

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T’S not a UFO but it certainly looks like it’s flying.

Dubbed the Green Spaceship, innovative design studio 3Gatti is pushing architecture to its outer limits with its galactic plans for a new municipal library in Madrid’s Villaverde district.

The group of architects, builders and designers, aim to, ‘create a recognizable landmark’ for Spain’s capital.

Two floors separate the structure into a ‘noisy’ lobby area on the ground floor, and a ‘quiet’ upstairs section of study zones.

3Gatti describes the upper floor as the ‘real spaceship’ of the project, with the out-of-this world effect achieved through angular red tubing and black netting, designed to

retain heat during the winter.

The design studio, based in London, Rome and Shanghai, has created a building that changes with the season. The dark structure turns green in the summer, as Virginia creeper plants are allowed to grow through the upper level, protecting those studying from sunlight.

A concrete and brick structure comprises the core of the library, while the top floor is sprayed in dark plaster, and the lower facade is all glass, helping create the stylish ‘floating’ effect.

Angular alcoves protruding from the building’s exterior, which house ‘private desks’ and ‘cozy lounge’ areas, complete the ‘spaceship’ aesthetic.

JUNGLE: A mass profusion of greenery is to create an exciting new landmark for Madrid suburb

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XVIII

June 2019

PROPERTY

Pure theatre Spanish architects take centre stage with their dramatic conversion of a historic playhouse

A

CURTAIN-RAISING design has transformed a 19th-century Barcelona theatre into a stylish contemporary home guaranteed to get rave reviews from buyers.

Aged brick walls and ceiling beams set the scene, hinting at the dramatic history of The Theatre House a short walk from iconic Avinguda Diagonal, one of the city’s main thoroughfares.

Barcelona studio Cadaval & Sola-Morales are the whodunnits taking curtain calls for this theatrical thriller, which has seen the playhouse transformed into two individual work studios with lofty living spaces.

“The project aims to recover and capitalise on the constructive values of the old theatre, expose its essence and exploit the amplitude that gives great height to its large diaphanous central space,” explains architect Eduardo Cadaval.

The studios flank an indoor car parking space, allowing the owner to display a classic car ‘like a sculpture.’

“It’s a piece of art in direct relationship with the central space of the house,” he adds.

Adjacent to the studios lies a huge open-plan living area where an oversized orange daybed and contemporary prints play leading roles.

Sleeping quarters are at the back of the house, with two bedrooms on the first floor and a third bedroom on the second, with its own terrace.

Cadaval said: “The idea was to build without affecting the existing; understanding that, over time, the theatre will surely have another use and another life.”

Architects Cadaval and Sola-Morales (above) and their open plan garage (left)

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PROPERTY

XX

June 2019

Carrera del Darro, Granada Carrera del Darro is one of the most scenic walks in Granada, along the river Darro (which means ¨gold¨ in Latin). It is located at the edge of the Albaicín, the old Arab quarter that is today a UNESCO World Heritage Site. The street has remained practically the same since the 17th century, with many interesting buildings from the 16th and 17th centuries and remains of old Moorish houses.

Streets ahead!

Spain has published a list of its of its dozen prettiest postcodes

Calle San Agustín, San Cristobal de la Laguna, Tenerife

S

PAIN is one of the most visited countries in the world, attracting travellers from all four corners of the globe.

They come here for the food, the culture, and of course, the stunning local architecture.

If Spain’s streets could talk, they would tell incredible stories, with the Moors, Christian conquerors and Romans and beyond having created and lived among them.

They are so steeped in history and architectural splendour that Spain’s tourist board has listed the most beautiful streets in the country.

Here we present a whistle-stop tour of this year’s winners.

La Laguna is the second city of Tenerife and home to its first University. Calle San Agustín is located in the city's historic centre, which is declared a UNESCO World Heritage site. You can gaze at the many colourful houses and visit historic buildings such as the Casa Salazar and the Convento San Agustín.

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PROPERT Y OF THE WEEK

Passeig del Born, Palma de Mallorca In the heart of Palma, Paseo del Borne is an outstanding example of the city’s European-like modernisation at the beginning of the 19th century. It was built on the old channel Torrente de la Riera, that used to cross the city, and connects the famous Plaza Juan Carlos I and Plaza de la Reina. The boulevard was designed by Madrid architect Isidro González Velázquez, who shaped it in a way reminiscent of the Paseo del Prado in his home city. Two pairs of majestic sphinx guard the street at its beginning and end.

Calle del Angel de Toledo Walking through painter El Greco's adopted home is like travelling back in time. Historically known as the ‘Western Jerusalem’, Toledo was once the home of Jews, Christians and Muslims who famously lived in peaceful co-existence. Calle de Angel, in the old Jewish quarter, is an example of the city’s cross-cultural heritage.

The figure of an angel gives its name to the street. An Islamic-style gate, separated two parts of the judería.

Passeig de Gràcia, Barcelona

TH4068

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Castillo de Locubin, Jaen

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With its fascinating buildings and impressive range of luxury boutiques, Paseo de Gracia is one of the most famous streets of Barcelona, and is often compared to the Champs-Elysées in Paris. It was originally built to connect the Catalan capital to the town of Graciá. Today, Graciá is a neighbourhood of Bar-

celona, but it has kept its independent and vibrant spirit. The boulevard is representative of the modernist era that ruled the city throughout the 19th century. You can admire Art Nouveau buildings such as the Casa Batló and Casa Milá, designed by Antonio Gaudí.

XXI

June 2019

Calle Betis, Sevilla LOCATED in the Triana district, Calle Betis has become an emblematic spot of Sevilla.

The street’s patchwork façade of colourful and asymmetrical houses make it typical of the Andalucian capital. It follows the course of the river Guadalquivir, which the Romans called Baetis (hence the name of the street).

Calle Marques de Larios, Malaga Calle Larios, in Málaga’s city centre and next to the port, is the epicentre of Málaga’s social life and shopping scene. It is currently the most expensive street to live in Andalucia for rental values. It was named after the Larios, a wealthy malagueña family, who bought most of the shares when the street was built. It was

opened to the public on August 27 1891. The harmoniously constructed street is the home of big retail chains and luxury stores such as the jeweler Swarovski. Calle Larios also hosts many major events, including Málaga Fashion Week. In the early 2000’s it was renovated and became pedestrian.

Calle de las Flores de Cordoba (Calle Velazquez)

Calleja de las Flores, in the old Jewish quarter of Córdoba, regularly makes it in rankings of the world's most beautiful streets.

In fact, much of the city’s historic centre has been declared a World heritage Site by UNESCO. The narrow dead end street comes off Calle Velázquez-Bosco and ends in a little patio with a fountain in the middle. The stone pavement, arcs and white walls create the typical look of a Mediterranean town street that makes it so popular with tourists. Between the tile roofs you can see the bell tower of the Mezquita-Cathedral. Perhaps the street’s best known trait is the the coloured pots of carnations and geraniums hanging from the walls and balconies.

Calle Alcala, Madrid

Calle Alcalá is one of the oldest and longest streets in Madrid, at 10,5 km. Starting from the Puerta del Sol, it was the road to Alcalá de Henares and eventually on to Aragón. At the intersection of Alcalá and Gran Vía stands the emblematic Metropolis building, topped with a statue of the goddess of Victory. Metropolis was designed in the turn of the 20th century by French architects Jules and Raymond Février. Its classic Beaux-Arts style was unusual in Spain at the time.

XXII

June 2019

PROPERTY Rúa do Franco Santiago de Compostela, Galicia

Located in Santiago’s old town, Rúa do Franco is known for two reasons. Firstly, it leads pilgrims and visitors to Plaza del Obradoiro and the famous Cathedral. The street actually takes its name from French pilgrims (the Franks) who came from the other side of the Pyrenees. Nowadays, souvenir shops pave the way to the holy shrine. Rúa do Franco is also the city’s epicentre for delicious Galician gastronomy, thus maintaining the tradition of medieval innkeepers who catered for pilgrims.

Calle de la Companía, Salamanca

Calle Balborraz, Zamora Calle Balborraz links Zamora’s old town with the ‘judería (Jewish quarter); it starts off from Zamora’s Plaza Mayor and slopes down to the river Duero. Its name originates from the Arab bab al ras, which means door of the head. There used to be a door at the entrance of the street with a sculpture of the head of Ahmed-ben-Moavia (also known as Abul Kassin - the city's

Arab leader before the reconquest). The door was destroyed in 1555 because it was threatening to collapse.

Calle Balborraz is one of the oldest streets of Zamora, and as such some of the most important processions go through it during Semana Santa. Nowadays most of the street’s houses date from the 19th and 20th century, with a few examples of modernist architecture.

Located in the historical centre of the Golden City’, the Calle de la Compañía amazes with its abundance of architectural gems made with the blond sandstone characteristic to the city. It is named after the Compañía de Jesús that resided there in the 17th century. In the street you can find the renowned Casa de las Conchas that takes its name from the 300 shells adorning its façade (concha means ‘shell’ in Spanish).

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XXIV

June 2019

PROPERTY

Easy as ABC

From buying to aftercare, finding your perfect home is a dream with ABC Property Experts

C

OVERING the entire Costa del Sol, ABC Property Experts have all the tools you need to find your ‘dream home’ and turn it into reality.

The Scandinavian-owned firm - now in its second year in Sotogrande - is having a fantastic year.

Its co-owner Anders Christensen, from Norway, has eight years of real estate experience under his belt already, and is looking forward to helping more clients this summer.

What puts ABC ahead of its rivals is the specialist legal help Anders’ company provides.

“We help clients with everything from finding a property through to aftercare,” he says, “we have our own resident lawyer to provide legal expertise.”

ABC’s listing system and the step-by-step service offered by its helpful team, make it easier than ever to find your perfect property in southern Spain.

“Clients want really specific things and we can help them find what they are looking for,” Anders says.

“We help people from all over the world find their dream homes here.”

Whether you are after a holiday home, a luxury villa, or a high return investment, finding what you want with this property company is as easy as ABC.

Flowing in Famous British businessman and Premier League football star flock to new Benahavis development

T

HE first building project in Benahavis village for more than a decade has proven a hit with more than half of its units already sold.

The Riverside complex, marketed by local agent Propertiespain, features 75 luxury eco-friendly apartments just a stone’s throw away from the vibrant village.

And it’s made an impression on one very famous British businessman.

“I can’t reveal who but he is very well known in the UK,” revealed Propertiespain CEO Scott Marshall.

It comes after the Olive Press revealed a Premier League football star had also bought into the complex last year.

“It's no secret that there has long been a high demand in Benahavis,” added Marshall, “And these homes are perfect to live in all year round but can also make a great investment as rentals.”

They have attracted buyers from around the world, but one nationality continues to lead the way.

“The Brits remain the main buyers but we have sold to Swedish, Norwegians, Russians, Belgians, Dutch and even Estonians,” said Marshall.

"These are high-spec apartments with open plan kitchens, underfloor heating in bathrooms and huge double-glazed windows."

Dragados, the firm building the homes, is one of the most popular and well-respected in the country, while Quabit, behind the construction, is a stock exchange-listed company and one of Spain's most trusted developers.

The 75 apartments all come with parking and storage space included in the price and there is a communal pool for residents.

Construction will be completed between the end of 2019 and January 2020.

For more information give ABC Property Experts a call on +34 952 001 100 or email info@abcpropertyexperts.com

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Anyone interested should call 952 85 54 89 or visit www.propertiespain.com

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Alameda, Malaga 3 bed, 1 bath Build: 82m2

Lora de Estepa, Sevilla 4 bed, 3 bath Build: 143m2 This beautiful chalet sits within a gated community of 3 three properties which share a fantastic swimming pool surrounded by established gardens.

This chalet has the added bonus of a private garage with a stairwell to a guest room with en suite shower room, ideal for guests.

This second floor apartment is centrally located in the beautiful town of Alameda renowned for it fiestas and celebrations. A central hallway leads to a newly installed kitchen with plenty of storage and room to dine and access out on to a sun room and private terrace which has a storage and utility room.

52.000€ CJ498

120.000€ CH143

Aguilar de la Frontera, Cordoba 4 bed, 1 bath Build: 139m2 This lovely property is set just a short drive from has a private gated entrance which leads into a front courtyard garden and on to a walkway that runs down the side of the property giving easy access to the rear garden which has a private swimming pool a spacious patio area with summer kitchen and bar.

Priego de Cordoba, Cordoba 3 bed, 1 bath Build: 158m2 This rural detached 3 double bedroom Spanish Cortijo is situated in Los Villares within the Sierras Subbeticas Natural Park and boasts spectacular mountain views. The countryside home comes with a generous 805m2 plot and has mains electricity and town water connections, in need of updating.

69.995€ TH4005

44.000€ CJ381

Montefrio, Granada 4 bed, 1 bath Build: 142m2

La Carrasca, Martos, Jaen 3 bed, 1 bath Build: 135m2

REDUCED TO SELL. Situated a short distance from Montefrio, Casa Rita stands in an elevated position nestled in the lee of the Parapandas. This deceptively spacious, 142m2 build semi-detached Spanish house has a charm of its own with exposed wooden beams that add to the traditional Andalucian feel.

This townhouse boasts a generous plot size of 250m2 with private swimming pool, patio and garden. Located on a wide street with on road parking right outside the house you enter the property into a good size lounge diner, a ground floor double bedroom, storage room, kitchen diner and utility room.

128.000€ CJ473

149.000€ CJ488

Alcaucin, Malaga 2 bed, 1 bath Build: 87m2 A delightful Spanish chalet constructed on one level in Rio Seco, with views over Lake Vinuela. It has recently had major improvements and is offered for sale in excellent decorative order. The accommodation consists of a large fully fitted kitchen and dining area. The master bedroom has a walk-in wardrobe.

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Calle de la Villa 14, 29532 Molina, Malaga

Periana, Malaga 3 bed, 2 bath Build: 151m2 Situated just outside Mondron village this Spanish farmhouse has its own orchard and outbuildings on a generous 1,000m2 plot. The main property has three bedrooms, two bathrooms, lounge, dining room, modern fully fitted kitchen, private swimming pool and extensive gardens.

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XXVI

June 2019

PROPERTY

BBQ King Ingenious pellet stove barbecues are a dream come true for cooking outdoors

F

INDING the balance between providing the perfect BBQ, while also getting to spend quality times with your guests, is an age old dilemma.

So much is in the timing, preparation and location of your barbecue, and even then, it can so easily go wrong.

That is until now.

An ingenious new to Spain barbecue range is being fired by wood pellets and allows you to set the temperature from an easy-to-use app.

Launched by the US company Traeger - which has been a wood-fire barbecue specialist since the 1980s.

The pellets are fed to the stove via a hopper at the side,

RANGE: Employee at Furniture World

BIG MIX: Nine types of pellets

i n s t a l a c i o n e s info@instalacionesemasur.com www.instalacionesemasur.com

VARIETY: The Traeger range includes eight models on display which slowly feeds them into the barbecue by a corkscrew (auger) method.

You simply set it to the temperature you want and in 15 minutes it is ready to cook.

You can bake, barbecue, grill, smoke, braise and roast, six cooking methods all in one grill. There are so many settings and the app even gives you recipes and tells you the e x a c t cooking times.

It makes the job so

MORTGAGE THINK TANK

easy you can spend time talking to your friends..

There are 9 different types of wood pellets available, each with their unique flavour. The smoke they produce will infuse your food with a delicious flavour and aroma and a bag will give you around 20 hours of slow cooking time.

You can slow cook a joint of meat (brisket, leg of lamb, chicken etc) or fast cook your steak or chops to perfection.

You can even bake cookies, bread or pizza.

This is all thanks to a temperature probe that is placed into the meat and ensures that you get to the exact required temperature as per your recipe.

Every Saturday morning, 10.30am until 1.30pm, this June, Furniture World in Estepona is demonstrating how

to use the Traeger barbecue grill and is giving you the chance to taste food that has been freshly cooked on it.

At Furniture World they have 8 different models from the Traeger collection on display for you to look at, and a wide range of accessories and wood pellets.

Also you can go to the web page www.barbecueworld.es or call us on 687940966 The Traeger Barbecues come with free shipping around Spain and Portugal and also carry a three-year warranty.

Furniture World is situated in the Estepona Poligono, Calle Juan de Mena and they look forward to your visit.

Visit www.barbecueworld. es for more information.

by mortgage broker Tancrede de Pola

Beware the Ides of March?

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A recent slowdown in growth does not mean doom and gloom for Spain’s property market, writes Tancrede de Pola

S

ALES figures from March have led some analysts to suggest that Spain’s property market is slowing down.

It comes after the third month of this year showed an 8% year-on-year rise in purchases, according to INE figures.

While it does show growth, it is not as robust as it has been in the majority of months since the recovery began in 2014.

And if you rely on figures from the Association of Spanish Notaries, the outlook might seem more bleak, with sales allegedly down 2.9% year-on-year in March.

However it is not all gloom and doom.

For starters, figures from the notaries are often volatile and significantly revised months later, so they are not always 100% reliable.

Secondly, a slowdown at this time of year can be expected to be somewhat reversed once the dust settles from the barrage of local, regional and international elections.

The confident victory by the PSOE in Spain’s general election in April will certainly help

HOLDING COURT: Tancrede de Pola is not worried about Spain’s property market undo feelings of uncertainty, as will their vernment has been formed in Spain and the mostly victorious night in the local elections. next four years are more clear.

The EU elections are also now over and did Regardless of outside forces, and as we not return a disastrous result i.e. a swing to have seen before, March could easily be a extremism, hopefully bringing a return of lull before the country’s property market resome confidence. turns to double digit growth in the summer Two of the main lenders have reduced their months. loan-to-values (LTV’S) since the beginning The good news is that sales were most up of the year on the back of Brexit worries but in areas traditionally favoured by foreign buwe expect banks to begin lending more to yers, with Andalucia enjoying a 20% year-onwould-be homebuyers after being more year rise in purchases and the Costa del Sol cautious recently, especially now that a go- a 12% boost.

To contact Tancrede for all your mortgaging needs call: 666 709 743 or for insurance queries call: 951 203 540 Email: tdp@thefinanacebureau.com The Finance Bureau Centro Commercial Guadalmina, 2nOffice No. 7 Guadalmina, 29670

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31/05/2019 10:43

XXVIII June 2019

PROPERTY

Garden city by the sea

AMBITIOUS: New reclamation project Victoria Keys

T

HE latest mega-development for Gibraltar has all the signs of being a big hit with investors.

Victoria Keys, which will be built at Coaling Island inside the historic har-

bour, is set to raise the profile of Rock to rival the likes of Monaco.

Luxury flats, new shopping areas and offices are set to be built in partnership with the government.

Gibraltar

A lineup as bedazzling as the backdrop.

Chief Minister Fabian Picardo explains that the development will ‘showcase our benefits to our widest ever worldwide audience’.

“Our international prominence appears to have had a positive influence on the high net worth individuals that we strive to attract to Gibraltar,” he said.

With current Brexit concerns in Europe, Gibraltar is seen as a stronger investment than owning a Spanish property.

A total of 60,000 square metres of land are to be created for the project by a massive sea reclamation scheme.

The complicated scheme is to be undertaken by a government-owned company, guaranteeing safety in the investment, while the £300 million cost will be returned to government coffers once the land has been created.

“It is precisely projects like these that ensure that new businesses wanting to relocate are able to secure accommodation for themselves and their workers,” added the Chief Minister.

“With the continued requests for commercial space, and its knock-on demand for residential accommodation, it is essential that we exploit this opportunity to its fullest.”

Environment But he promised that there would be no reclamation outside of port waters before the end of the current transition period under the EU Withdrawal Agreement.

And he added that the scheme would be ‘in keeping with all environmental protection rules’.

“Victoria Keys will have an extensive landscaped public promenade, solely for pedestrians and cyclists, along the entire waterfront perimeter,” he continued.

“There will also be wide tree-lined avenues running east to west retaining the historical views across the bay.

“It will become our very own garden city by the sea.”

This will be the second time that the current government carried out a project of this magnitude.

The Westside reclamation of the late 1990s arguably created the foundations for the modern Gibraltar economy that we now know.

Make this your year to celebrate the rich, diverse and fascinating world of Gibraltar

With a UNESCO world heritage site offering 120,000 years of human history and only short drive from the Costa del Sol, enjoy the warmth of the British Gibraltarians and splash out VAT-free in Sterling.

Gibraltar. Sun, sea and history served with a very British twist.

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Four contemporary mews-style houses will be built on the foundations of the 19th-century stables, at the rear of the original, grand Victorian house, which will itself be refurbished to provide 2 thoughtfully designed apartments and a stunning duplex penthouse, commanding spectacular views. Mews houses are, by their nature, located in the very best parts of town. Providing a safe, traffic free environment that is both practical, and hugely charming.

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XXX

June 2019

PROPERTY

Don’t trust experts

H

AVING lived in six different Spanish resorts over the course of six weeks, my wife and I Susie created a dossier on each.

Listing what we did and didn’t like about each place we drew up a short list with Nerja, in the Axarquia, and Denia, on the Costa Blanca, at the top.

When we returned to the UK in the middle of June, last year, we decided to advance our plans immediately and put our house on the market.

Life, as it so often does then threw us a bit of a curve ball, as three days after our return my son, 19, had a serious wakeboarding accident, and following a mistake by the hospital, was in danger of losing his leg.

There were a million other reasons to stay – for one, Susie’s daughter was expecting her first baby, to add to our other two granddaughters.

But, equally, there were other good

In his second column, chartered financial planner Jonathan Holdaway FPFS ACSI, reveals where he has made the leap to Spain and why

reasons to go – our own health and sanity, just counting two.

So plans were delayed, until eventually in February this year - having sold my UK financial planning business (to the safest pair of hands, rather than the highest bidder) - we piled most of our possessions into the back of my X5, roof box and trailer and started another journey with our two faithful hounds Toby and Robbie also on board.

Eager to start our new life as soon as possible, we agreed to take a rented villa in Nerja from February 1 for fear of losing it to someone else.

So we didn’t hang about and made the journey down to Malaga, throu-

gh France and Spain with two days of pretty much solid driving.

And with the Brexit decision looming large, as soon as we arrived we leapt into action to obtain NIE numbers, a Spanish bank account and, of course, the obligatory health Insurance... all the things I had researched we needed in order to obtain residency.

It soon became very apparent that everyone you meet here has a slightly different version of the truth, when it comes to the mechanics and costs of moving here.

Although I found some of the various expat Facebook pages helpful, it was clear that a lot of users and so-called ‘experts’ were using this medium as a virtual soapbox, trying to ram their own opinions firmly down other’s throats and were clearly wrong!

New life begins

DREAM LOCATION: Nerja in the Axarquia

And so, with a slightly faltering start, our new life in Spain has finally begun, as we both strive to establish our social life and businesses as quickly as possible.

With my longterm training as a chartered financial planner (I’ll explain

SETTLING IN: With wife Susie and the dogs

what that means in later columns), I that we lived in a beautiful part of the naturally intend to continue offering UK, there is so much more to offer help and advice to clients who need, here in terms of quality of life. or who can benefit, from my advice. I look forward to what the next few While setting up has months brings – my been hampered sliin laws arrive today ghtly by the excessifor a 10-day visit, for ve bureaucracy that Spain is the land which I have included exists here, I am finally a night time tour of of paperwork’ in the position to help. the Alhambra Palace and she wasn’t in Granada.

As the lady in Santander said; ‘Spain is the I hope it makes as kidding! land of paperwork’ much as an impresand she wasn’t kidsion on them in their ding!

70’s as it did to me in Our next step is to obtain residency, the ‘70’s (see my first column from and fortunately the delay to Brexit last month). has given us slightly more time to achieve this.

Send your comments and Since our arrival we have had visits feedback to Jonathan at jofrom three of our kids – including nathan.holdaway@chasebuSusie’s nine-month-old granddau- chanan.com or call him on ghter, so they can also appreciate 00447723027864 the benefits of our move!

Also a recent return to Bournemouth Jonathan works with Cyprus-regulated for a friend’s wedding has confir- financial advisor CHASE BUCHANAN, med our decision to move here was which has been operating in Cyprus since 2015. Visit www.chasebuchathe right one.

While we were always very thankful nan.com for more information

Send your comments and feedback to Jonathan at jonathan.holdaway@chasebuchanan.com or call him on 00447723027864

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