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the Olive Press November 11th - 25th 2015
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Live like a rockstar
Page 23
Happy first Birthday
www.smartcurrencyexchange.com La Cala del Sol, Local No. 17, Cala de Mijas, 29649, Malaga tel: +34 951 401 921
March 30th - April 12th 2016
LIVING ON THE EDGE
Iconic Spanish architects complete stylish cliffside pad on the Andalucia coast
GOING UNDERGROUND: Innovative hillside pad
Page 24
IT brings a whole new meaning to the concept of living life on the edge. Perched above the Med, Casa del Acantilado (The Cliff House) is the latest project from weird and wacky Madrid architects GilBartolome.
Page 30
What’s Hugh doing in Mallorca?
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Photo by: Jesus Granada
Best of the botched jobs
Stunning
Something of a challenge, it was created by Pablo Gil and Jaime Bartolome on a 42-degree slope on the Granada coastline. Commissioned by a young couple from Madrid, every window of the home, near Salobrena, boasts stunning views of the sea. The state-of-the-art design split over two floors features a ‘dragon-scale’ curved roof, floor-toceiling windows and an infinity pool. Its position dug into the hillside helps the inside stay cool in the summer months and warmer in winter. “The project combined
joyful living, innovative construction techniques, the return of craftsman-
ship and the cave as an environmental strategy,” said Bartolome.
Up in the world! EVEREST veteran Stephen Venables has swapped his West Country home for a pad in hilly Gaucin. The intrepid mountaineer, who found fame leading expeditions through the Himalayas, has chosen soaring Andalucian mountains over Somerset countryside. “It’s a strange irony that though I’ve spent most of my life calling myself a mountaineer, this is the first time I’ve actually lived in the mountains,” revealed Venables, 61. Venables and wife Rosie, from Bath, bought a pair of small, adjacent town houses and have knocked them through to create one larger village home. “We are reliant on the local expat community because we are only just learning how to speak Spanish,” he said. Venables found fame forging a new route up Everest’s Kangshung Face and was the first Briton to reach the summit without extra oxygen. He has also explored Antarctica.
IN THE HILLS: Venables (above) and Gaucin
Property specialist for both buyer and a seller As featured on Rightmove Overseas and Propertyguides.com La Cala del Sol, Local No. 17, Cala de Mijas, 29649, Malaga
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Hunting for a house this Easter? Winkworth Spain + 34 952880941
| info@winkworth.es
UK: 0203 5140285 (Standard UK call rate)
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Easter is a great time for change and all things new, and whether you’re looking to buy or sell, we’re here to help. As Winkworth agents we love what we do and pride ourselves on having a unique perspective on the process of matching people with homes.
Property
Expansion plans THE population of Benahavis is set to increase by up to a third if its new town plan (PGOU) is approved by the Junta. Up to 1,063 houses will be added to an additional 3,800 homes, which already have permission from the existing 1983 town plan. The majority of properties are to be built in the surrounding urbanisations, including Montemayor and La Quinta, while an extra 200 homes are to be added to the village. The population is expected to swell from its current unofficial size of 20,000 residents to around 30,000 residents. “There will be less density, but more volume and the main objective is to keep the quality. This is not about quantity,” said local agent Scott Marshall, of Propertiespain.com. “It is an exciting and ambitious new plan, but at this stage it is just a plan,” added the Benahavis property specialist.
www.theolivepress.es
March 30th - April 12th 2016
23
It’s going for a song Rick Parfitt’s Alhaurin pad is up for grabs and it caters for Whatever you Want
IF you’ve ever dreamed of sitting in Rick Parfitt’s chair, the time is right now. The Status Quo rocker’s Spanish mansion is up
EXCLUSIVE By Iona Napier for sale - and for less than half the original asking price.
They’re off-ski RUSSIAN purchases in Spain are on the decline. The Spanish Property Registry reveals buyers fell by 42% between 2014 and 2015. Just 1,767 properties were sold to Russians in 2015, down from 3,106 in 2014. According to agency Engel & Völkers ‘there is no lack of interest, but Russian buyers have become sellers’. They are being replaced by Americans, Swiss and buyers from the Middle East. However, Brits remain the biggest buyers from abroad and represent a staggering 21% of all property sales.
The six-bedroom pile set in a leafy two-and-a-half hectare plot in Alhaurin El Grande has been priced to sell fast, slashed from €2 million two years ago to €995,000 now. Which proves you’re Never Too Late for Whatever You Want. Rick, 67, his third wife Lyndsay Parfitt and their seven-year-old twins use the property as a weekend retreat when they are not at their luxu-
ry Marbella villa. The impressive Alhaurin estate with stunning views boasts a home cinema room, huge swimming pool, tennis court, separate guest house and ‘space for stables’. The house is on the market with the Parfitts’ very own estate agency, Status Homes, which the couple launched late last year in San Pedro. Last June, the Olive Press exposed a dodgy kitchenware scam
ROCKER’S PAD: In Alhaurin and (inset) Parfitt
in Nueva Andalucia which left the Parfitts €2,930 out of pocket.
Would Churchill turn in his grave? WINSTON Churchill’s Second World War HQ is to be given a makeover by a leading Spanish construction company. The keys to the Old War Office in Whitehall, a stone’s throw from the Houses of Parliament and Downing Street, have been handed over to Spain-based firm OHL alongside the Hinduja Group.
The seven-storey, 1,100-room building where Churchill often spent the night will be converted into a five-star hotel. OHL has purchased the lease - for an undisclosed fee - from the British Ministry of Defence on a 250-year arrangement, in partnership with the Hinduja Group.
Looking for a simpler life?
MAKEOVER: For Churchill’s old room and (left) the ex-PM
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the Olive Press November 14th - 25th 2016
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Property
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March 30th - April 12th 2016
Year to remember
Olive Press’ Property magazine celebrates its first birthday
PAGE 2
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July 23rd - August 5th 2015
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the Olive Press May 13th - May 27th 2015
come true ORIGINAL: This stylish villa, designed by renowned architect Angel Taborda and complete with waterfall pool and mature garden, could be yours for just €4.7 million through Andalucia Development
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Marbella’s leading agent Chris Clover on how he started out on the Costa del Sol in 1970 HOMESELLERS REPORT
PAGE 9
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PAGE 7 Contact our Marbella Office: Avda De Manolete, Centro Plaza Local 12-13, Nueva Andalucia, 29660, Marbella, Malaga
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October 1st - October 14th 2015
PAGE 13
PAGE XIX
Room with a view
WONDERWALLS: This mini oasis in Benahavis with a distinct Moroccan vibe, panoramic views of Africa and four bedrooms is priced at €2.2 million with Winkworth
BREATH-TAKING: Views over Spain, Gibraltar and Africa from this extraordinary villa perched high in exclusive La Zagaleta PRICELESS VIEW: This beautiful hillside property, with a stunning and stylish pool, is on sale through www.lazagaleta.com
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Why a host of famous chefs, celebrities and supermarket tycoons are buying in Gaucin
Boom boom boy Mr Boom of Benahavis Scott Marshall reveals his master property plan with 20-something websites
PAGE 14
HOMESELLERS REPORT
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Paradise by the pool...
PAGE 7 Contact our Marbella Office:
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UE cake, candles and Champagne: the Olive Press’ Property magazine is celebrating its first birthday. Since launching in March last year, we have built up to a regular 24-page bi-monthly pullout, supported by the cream of the coast’s best agents, architects and developers. Over six bumper issues, we have broken countless exclusive stories and given readers the inside track on the property market, its growth and its many complex issues. From the sale of Robert Kilroy Silk’s €12m Casares pad, to former Prime Minister Jose Maria Aznar’s ‘illegal’ wall in Marbella, and from Salma Hayek’s campaign to protect La Almoraima estate, to the best green properties in Spain, we have covered the lot. Meanwhile our Kick Out the Kickbacks campaign saw one of Marbella’s biggest law firms taken to court and continues to expose the practice of lawyers giving estate agents ‘backhanders’.
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Malaga company floats A LUXURY property company has become the first in Malaga to float on the stock exchange. Obsido, a Spanish-Norwegian company, debuted on the Mercado Alternativo Bursátil (MAB) this month at a price of €19.40 per share. The company currently manages two hotel resorts in Estepona and Marbella.
Issue No. 6
17
November 26th - December 9th
EXCLUSIVE: Meet the estate agent on an unheard-of selling streak
EXCLUSIVE: Peter Hain buys stunning Estepona villa
SPANISH housebuilder Taylor Wimpey Espana has doubled its annual sales this year. The subsidiary of the British company has already sold out five developments, with British sales up 37%. Meanwhile, German buyers have leapt by an astonishing 160%, fuelled mainly by sales in Mallorca. Marc Pritchard, sales and marketing director, said: “It’s been a really good summer this year. “It’s been at least five years since I’ve experienced such an intense level of enthusiasm for Spanish property.” New Costa del Sol developments popular with British golfers this year include La Floresta Sur near Marbella and Miraval in Mijas.
the Olive Press November 11th - 25th 2015
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LA ZAGALETA BEAUTY: Sold by Panorama
PAGE 21
SOLD OUT
Page 19
ON THE UP: Stunning Spanish properties, such as luxury villa (above) sold by Panorama, are being snapped up in the post-crisis boom
PUERTO BANUS PRIZE: Sold by Panorama
Who bagged top prize at the World Travel Awards?
PAGE 35 NATURAL BEAUTY: Alcornocales Natural Park, while (left) Hayek and (below) Almoraima estate
Controversial Almoraima sale comes off the market after campaign by Olive Press and visit from Hollywood actress Salma Hayek
GOLDEN MILE PAD: Sold by Terra Meridiana
What have former PM Aznar and footballer Bentley got in common?
PAGE 24
FULL STORY PAGE 21
ESTEPONA ESCAPE: Sold by Terra Meridiana
Property sales are back on track with multi-million euro purchases, renewed confidence and fresh hope for the future
Let the good times roll...
THE property sector is set to bounce back at an even faster pace over the coming years. And many in the industry feel this change is across the board, from studio apartments and small holiday homes right up to the luxury sector. If 2015 was the year of the ‘comeback’, 2016 and 2017 will see prices continue to rise with the rental market also gaining ground, according to a leading property expert. Prices are predicted to increase around 6.2% next year alone, claims Servihabitat CEO Julian Cabanillas. This rise is almost three times this year’s increase, which is currently predicted to sit at between 2.3% and 2.6% overall. The real estate giant, part owned by La Caixa bank, also predicted that purchases next year could grow by 25%. This positivity is shared by property expert Terra Meridiana’s Adam Neale. “The crisis brought many tough years for the property market with the crunch really hitting in 2011,” he told the Olive Press. “The market has picked up since then across all budgets and now we can really see the good times picking up again.”
A new chapter to breathe life into this iconic Marbella ruin
Page 22
What has Brigitte Bardot got to do with Spanish property?
Page 24
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SIX OF THE BEST: OP Property magazines over the last 12 months
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Buying or selling property in Spain?
Safe at last!
PAGE 8
Hidden hotspot
How you can buy a millionaire’s home with a down payment of €800,000 and a mortgage with the owners
Property
19
the Olive Press October 1st - October 14th
RE/MAX Top CEO Miguel Bilbao on the huge growth of foreign buyers even flocking to Malaga City
Lucky numbers
So stunning. Pages X - XI
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Expat buying boom
PAGE 6
45 years as an agent
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Buying or selling property in Spain?
24 - Page Special
PAGE III EXCLUSIVE: British politician Robert Kilroy Silk puts his costly Costa estate up for sale
The secret Spanish homes of a dozen leading celebrities
Property
LD
Property expert Mark Stucklin on how the market is suddenly gathering speed with help from the British market
Fit for a star
SO
e 20 - Pag Special
Steaming ahead
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March 19th - April 1st 2015
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And our Olive Press Mega-fusion Property Observatory, launched in January, now I brings together a think ‘‘ tank of property experts two or three times a year. “ The sun is coming out, the tourists are back and the property market is going from strength to strength. It should be a bumper year ahead for everyone in the property industry! Thanks to all the key movers and shakers, including Taylor Wimpey, Winkworth, PropertieSpain Property Overseas Group and Andalucia Development, who have supported us from the beginning. We are gearing up for an exciting year – we hope there will be plenty more of you joining in our success story! www.theolivepress.es
Mark Stucklin on the year Spain left the crisis behind
PAGE 18
Eco triumph for Valdevaqueros beach in Tarifa
PAGE 19
Olive Press Property Observatory launches
PAGE 20
A run down of Spain’s top ecofriendly pads
PAGE 24
January 20th - February 6th 2016
Don’t let the banks cash in!
PERFECT MATCH: Zagaleta (top) meets Valderrama (below)
Spain’s property comeback continues as €240m mega-fusion sees Zagaleta buy the Valderrama group, writes Iona Napier
T is set to become one of the most exclusive golf development projects in Europe. The purchase of emblematic Valderrama golf course by Marbella development company Zagaleta is the fusing of two prestigious Spanish giants. A new mega-project, taking in 200 hectares of rolling virgin hillside near the famous golf course, is the perfect sign that the Spanish property market is truly flourishing again. Zagaleta, just outside Marbella, is Spain’s most luxurious residential development, counting Hugh Grant and the mayor of Moscow among its residents, while Sotogrande-based Valderrama hosted the 1997 Ryder Cup as well as the now defunct Volvo Masters. Developers Zagaleta Limited, based in London, have purchased the Valderrama group, including the golf course, as well as the new land in neighbouring Castellar municipality. In an exciting deal, said to be worth €40 million, Zagaleta has become the new landlord of Valderrama Golf Club, until at least 2050. Alongside the deal, Zagaleta is to invest a further €200 million creating a new complex - dubbed Valderamma 2 - with a second championship course, hotel and around 100 high-end properties. Local agent Ben Bateman, of Holmes Sotogrande described the deal as ‘a very interesting fusion of two famous brands.’ The agent, who has known about the sale for some time and even shown potential clients around the course, added: “The quality of Zagaleta is integral here, and given the new ownership of Sotogrande
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A very interesting fusion of two famous brands.
Ben Bateman, Holmes Sotogrande
It is surely win win for the coast.
Adam Neale, Terra Meridiana
“
EXPERIENCED ENGLISH SOLICITORS & SPANISH ABOGADOS
“
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itself, it’s very exciting news for the whole area.” Fellow agent Adam Neale of Terra Meridiana added: “It is surely win win for the coast. “You are going to get a whole new network of high-end clients looking there.” Security is set to be a major factor in the
development, while quality of construction will also be paramount. At Zagaleta, in Benahavis, near Marbella, homes currently start from around €3 million. An incredibly secretive place, once owned by arms dealer Adnan Khashoggi, its owners are said to have included Rod Stewart
and even President Putin of Russia. The project will unfold over the next decade, and La Zagaleta group has expressed its willingness to collaborate with the Real Club Valderrama, to preserve the privacy and exclusivity that the brand has built up over many years to become a European landmark.
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HOUSE CLEARANCES.....CALL NOW!!! Mijas Golf
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the OliveMarch Press30th November 25th 2015 - April11th 12th- 2016
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Property
26 26the Olive Press November 14th - 25th 2016
www.theolivepress.es March 30th - April 12th 2016
www.theolivepress.es
Positive, but not naive
O
NE of Spain’s top economists, professor Jordi Gual of the Caixa Bank group, is optimistic about the year ahead despite the fragile global economy. Speaking at a dinner for real estate professionals organised by Amat Immobiliaris he talked about the oil price crash, slowdown in China, and low interest rates – and the implications for Spain as it emerges from recession after a painful Spanish firms are just as productive as those internal devaluation and restructuring, in other EU countries like Germany when and now faces a continuing political cricomparing mid-sized and big companies. sis in Madrid. Spain’s productivity problem stems from its After reading so many gloomy headlarge number of small companies compared lines of late, it was reassuring to listen to a more balanced view from someone with access to all the data. Prof Gual made it clear he is cautiously optimistic for Spain, describing his position as ‘positive but not naive’, including on the domestic political front. Without denying the human cost, he explained how Spain has become much more competitive, although the job is not yet over. As a totally open economy, foreign investment has been flooding in to take advantage of Spain’s opportunities, including real estate. Of course, he stressed, if foreign investors take fright, they can leave as quickly as they arrived. ON THE UP: House prices keep going up again He also explained how
The year started well for sales and at least one top economist is cautiously optimistic, writes property pundit Mark Stucklin
to economies like Germany and the UK. Why so many small companies? Because the administrative environment in Spain discourages companies from growing above a certain size.
PRIMROSE R E A L E S TAT E
GOOD START TO THE YEAR Official statistics for January show the Spanish property market kicked off the year with a blast, as sales surged and house prices increased. There were 27,568 homes sold in January, according to the General Council of Notaries, an increase of 27% on last year (see chart above). However, the chart also shows that January 2015 was 11% down on 2014, so this January’s big increase might have more to do with weak sales last year than strong sales this year. The hotspots are Barcelona, Madrid and the most popular towns on the Mediterranean coast like Marbella, as well as the Balearics and Canary Islands.
HOUSE PRICES Meanwhile, average house prices (in terms of €/sqm) rose 2% in January on a year before, having climbed from an annualised decline of 6% in January 2015 (and - 8% a year ago in March 2015).
There were 11,884 new mortgages signed in January, an increase of 30% over the same time last year. Although house prices have crawled back into positive territory (based on the price of property sold), they lack the momentum to rise fast anytime soon. And house prices are still 31% below their 2007 peak. In the context of the SPI House Price Index Tracker (see chart, left), which includes the seven most watched house price indices in Spain, the latest data from the notaries reinforces the picture of Spanish house prices stabilising in mildly-positive territory, after years of big declines.
CONCLUSION Sales up 27%, mortgage lending up 30%, house prices up 2%: It looks like January was a great start to the year for the Spanish property market.
Mark Stucklin runs www.spanishpropertyinsight.com
“Wij spreken Uw taal” - Nederlands, Spaans, Engels “We speak your language” - Dutch, Spanish, English “Hablamos tu idioma” - Holandés, Español, Inglés Primrose Real Estate - run by Lynn Van Wilderode based in Manilva (Málaga), operating on the Costa del Sol, covering Marbella to Gibraltar.
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This private villa has been renovated and has an open fire and air con.The house is surrounded by a private plot of 600m2 which consists of gardens, a large swimming pool, a front patio and a covered garage for 1 car.
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the Olive Press November 11th - 25th 2015
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VILLA LA QUINTA 4 Beds • 5 Bath • 550 Built m2 • 143 Terrace m2 • REF 176-01246P Brand new stunning contemporary villa offering breath-taking views towards the sea and tranquil surroundings. The property has been built to perfection with high qualities throughout. As you enter the house you have a good size living/dining area that leads out to the covered terrace and pool area. The garage holds 2-3 cars as well as having space for a store room.
Centro Comercial Plaza 63, 29660 Nueva Andalucia, Marbella Tel +34 952 816 250 • info@andadev.com • www.andadev.com
28
the Olive Press November 14th - 25th 2016
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the Olive Press November 11th -12th 25th2016 2015 www.theolivepress.es March 30th - April
In cyberspace… buyer beware!
I
T seems extraordinary that in 2016 there are still a large number of individuals operating as estate agencies who are totally unregistered in Spain. What do I mean by ‘unregistered’? Well, aside from failing to provide proper invoices to their clients for services, they don’t have public liability insurance, which means that anything verbally stated or promised as part of a purchase or sale will have no recourse on them, except in a civil court. On top of this, they don’t have registered addresses and are often not properly checking whether the properties they sell are completely legal and allowed to be traded.
There is little protection for anyone buying and selling through big property portals… and it is unfair on legal, registered agents, believes Graham Govier of Inland Andalucia
In short, they are not adhering to any aspect of the European Trade Description Act… and all the strict regulations that us legal agents have to abide by are generally ignored. This doesn’t happen in the UK, Germany or Denmark… so why does it happen in Spain? A lot of the blame has to sit with the large number of property portals that exist out in cyberspace. Websites such as Kyero, Think Spain, A and Place in the Sun, etc, which do not check the accreditation of anyone offering properties for sale. And why would they? That would drastically restrict their revenue, of course. It is even apparently too much for many of them to simply have a disclaimer tucked away in the small print as part of their ‘terms of use’ section. This is all completely unacceptable in
2016. Where is the protection for the public? I believe it is going to take new European legislation to resolve this. Meanwhile it has to be BUYER BEWARE. We always advise our clients to use their credit card when reserving a property. This method provides the additional protection of the credit card company. If ‘Sorry…we don’t take credit cards’ is the reaction of your agent, ask yourself why? That is the true indication if you are really dealing with a registered agency that has bank accreditation. Property prices are still low and there are some great bargains out there… but do not risk your savings without investigating who you are dealing with. If it all goes wrong you will live to regret it! Contact Graham Govier at Inland Andalucia on graham@inlandandalucia.com
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A dream view IT may be in need of a little TLC but this cortijo between Alcala la Real and Castillo de Locubin could become a dream finca overlooking stunning Andalucian countryside. On the market for just €49,000 you would be hard pushed to find a cortijo project in such a stunning location going as cheap. With a large well, 4,500m2 of land and planning permission already in place to rebuild, it would make a dream spot for a cycling retreat or a hikers getaway. Contact Inland Andalucia for more information.
Property
30 30 the Olive Press November 14th - 25th 2016
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March 30th - April 12th 2016
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What would the Romans say ...about Spain’s long list of botched makeovers and reckless restorations? Rob Horgan and Iona Napier tour the country’s monumental disasters
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HEN archaeologists uncovered incredible Roman ruins in Ecija, the town hall turned it
into a car park. When UNESCO threatened to take away Sevilla’s World Heritage status, the city ploughed
ahead with plans for a 40-storey skyscraper anyway. And now, in Cadiz, Spain’s latest res-
Towering insult FOR 13 centuries a bell tower overlooked the ancient city of Sevilla. It was the tallest building in Andalucia’s capital and the standout jewel on the city’s skyline. Then in 2010, a 178-metre tower was erected by Spanish bank Cajasol and the quaint La Giralda bell tower was thrust into its shadows. It was regarded as such an eyesore and an insult to the city’s architecture, UNESCO threatened to remove Sevilla from its list of World Heritage Sites. In the end, the city retained its status but remains on the ‘threatened list’ and has been warned off ruining its historic skyline.
WHEN the final stone is set in place, Gaudi’s famous Sagrada Familia will be the world’s tallest church, soaring 170 metres above Barcelona. It will also be one of the strangest looking and possibly the most controversial places of worship ever built. Confounding architects, critics and historians alike, the church was described by George Orwell as ‘one of the most hideous buildings in the world’ and he admitted he hoped it would be destroyed during the Spanish Civil War. Although Gaudi began the work, the building’s numerous subsequent architects have each added their own stamp. Some critics say they have strayed too far from the original vision of the great Spanish architect. Started in 1882 the project is scheduled - although unlikely to be finished in 2026.
Mocked Such a cowboy cockup it is, that it has received international media coverage lambasting the poor workmanship and the images went viral on social media, as people mocked the less-thanlovingly restored Moorish castle. But the botched job on the Castillo is sadly nothing new. In place of historic landmarks, giant eyesores have been popping up across the country since the turn of the century. Here are some of the worst (or best, depending on your taste).
Monkey business ONE of Spain’s biggest restoration disasters has polemically become a tourist draw. When an elderly woman tried to repair a religious fresco in a Zaragoza church in 2012, scandal and derision reverberated through the country and its media outlets. But now Cecilia Gimenez, 82, has the last laugh, as a visitor centre has opened to document RED-FACED: Gimenez her botched drawing of Christ.
toration disaster is unfolding. Historians and locals are outraged over ‘repairs’ to El Castillo de Matrera, after the 9th century castle was ‘extended’ by builders. In place of ancient stone work, concrete blocks were slotted in to ‘preserve’ the monument. A National Monument since 1949, a local historian described the work as a ‘heritage massacre’.
Unholy hotchpotch
Her efforts to preserve Behold the Man (Ecce Homo) were cruelly but somewhat accurately renamed Behold the Monkey (Ecce Mono). The patched-up 100-year-old sketch has drawn some 100,000 visitors to Borja and even inspired an opera, Behold the Man. Borja Mayor Francisco Arilla hopes more good can come, with an average of 30,000 visitors per year predicted.
Car crash dig ARCHEOLOGISTS could barely hide their excitement. Historians revelled in the unearthing of a new hidden gem. And then … the bulldozers moved in, flattening nearly 2,000 years of history. Beneath the main square of Ecija, in Sevilla, a treasure trove of Roman history languishes beneath a new car park. Where a Roman bath house, gymnasium and temple had once stood, Seat Ibizas, Leons and Toledos are now parked up. While archaeologists around the world slammed the work, the town hall claimed that had it not dug up the main square to build the car park in 1998, the remains would never have been found.
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the Olive Press November 11th - 25th 2015
LIBERTYHOME
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here’s a great DeaL on your home insurance Great 50€ Cashback offers also on: Comprehensive Car Insurance. Ask for a quote. Life Insurance. Ask for a quote.
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For an instant quote call 902 255 258 or go to www.libertyexpatriates.es Only for new policies issued and in force between 21st March and 22nd June 2016. Not for renewals or replacements. Home Insurance premiums must be paid by Direct Debit and be over 225€ to receive 50€ Cashback. Home Insurance premiums over 225€ but not paid by Direct Debit will receive a 20€ El Corte Inglés shopping voucher. Comprehensive Car Insurance premiums must be paid by Direct Debit to receive 50€ Cashback. Life Insurance premiums must be over 150€ and paid by Direct Debit to receive 50€ Cashback. 50€ Cashback will be refunded directly to your bank account (applies only to bank accounts within the SEPA zone, otherwise you’ll receive a 50€ shopping or petrol voucher instead, depending on the case). Conditions apply.
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Property
32 32the Olive Press November 14th - 25th 2016
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HOMESELLERS REPORT
In the know From the big smoke to the rolling hills, Property Overseas Group owner Richard Woodland is an inland wizard
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T was never a question of "I lived in Marbella for a few IF Richard Woodland would years but I was attracted to escape the London rat race, the inland lifestyle so I bought it was WHEN. some land and built my own The Property Overseas Group finca in Coin." owner, who was raised in sub- The softly-spoken agent conurban south London, pursued tinued: "The finca I was buildhis dream to move to Spain ing was initially intended as a almost 15 years ago. weekend retreat but it wasn't The half-Spanish IT man- long before I had moved in ager traded his job in the big permanently and then started smoke to work for Country- building a new project in Monwide, the UK's da." largest estate By this point agency at the Richard had My Spanish time, which left Countrywas establishwide and set is perfect for ing a Marbella up his own negotiating base. agency, Prop"My mother is erty Overseas bureaucratic from Madrid Group, which red tape so I had always now operates holidayed in from its inland Spain, mostly office in Coin, on the coast, opposite La and I was interested in prop- Trocha commercial centre. erty so the job at Countrywide Due to the length of time he was the perfect timing and has lived in the area, he has the perfect fit," the 50-year- built up the best contacts for old father-of-three told the local architects, lawyers, garOlive Press. deners and builders and can
KNOWLEDGABLE: Richard Woodland provide the complete service to clients. As importantly, he is completely bilingual – perfect for negotiating bureaucratic red tape and changeable Spanish laws. "I realised I can be really helpful to buyers," he explains, adding that most of his clients are looking for property with beautiful views and a private plot of land. He believes in the current climate this can be achieved easily inland for around ₏250,000. "You can certainly get much more for your money inland," insists Richard, who lives with his partner and son in Coin.
He has two daughters in the UK. Such a big fan of the region, he now has several properties of his own that he rents out - including one in Estepona, which can be rented cheaply while house hunting and you can be refunded the rental if you buy. While he knows the property market on the coast, he is a particular specialist in the Guadalhorce valley, including the towns of Coin, Monda, Guaro, Tolox and Alhaurin el Grande. Call Richard on 952 814 780 email info@propertyoverseasgroup.com or visit www.propertyoverseasgroup.com
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the OliveMarch Press30th November 25th 2015 - April11th 12th- 2016
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Marbella Real Estate Photos
the Olive Press November 14th - 25th 2016
NEW on the Costa Del Sol Prices from EUR 90 + IVA Get those all important viewings with good pictures
www.marbellarealestatephotos.com
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Property
www.theolivepress.es March 30th - April 12th 2016
Brexit, house prices and why not to worry www.smartcurrencyexchange.com
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HATEVER the results of the vote on June 23, our research shows us that Spain will always appeal to British buyers. Even if Brexit comes to pass, Brits will still want their place in the sun or the countryside, a better way of life and a warmer climate. We do not expect there to be any change in the ability of Brits to purchase abroad – after all, the most popular locations in Spain do rely on the significant stream of income from British buyers and expats to boost their economy. From a currency perspective, here at Smart Currency Exchange we have seen how sterling strengthened against the euro throughout 2015 following worries over Greece and the weakness of the Eurozone economy. Forecasts were for continued euro weakness, but the markets were caught by surprise when the European Central La Cala del Sol, Local No. 17, Cala de Mijas, 29649, Malaga tel: +34 951 401 921
Britons will always want a place in the sun but also keep an eye on exchange rates, writes Smart Currency Exchange expert Mark Rickard Bank’s actions following the the vote. December 2015 meeting It is important to rememdidn’t meet expectations, ber, however, that although the sterling-euro exchange and the euro strengthened. Sterling’s weakness has since rate soared in the summer of been exacerbated by talk of 2015, the rates available now the potential of Brexit; and are still considerably better than those setting a available up date for the until as recently referendum There is no as 2014, in the has focused guarantee the wake of the fieveryone’s nancial crisis. minds on rate will shoot Of course this what this up following the volatility may could mean. well affect what The pound referendum properties you will more can afford for than likely your money in continue to struggle in the face of un- sterling, taking any property certain markets, speculation beyond your budget. about the outcomes of the This is where we recomreferendum and in response mend utilising our services and property buyer soluto other economic data. Be aware that sterling could tions, such as the opportunistill fall further in the run up ty to secure the price of your to the referendum and after property in pounds at the
current rate to protect you from any future fluctuations before you make your final payment. After all, if you choose to leave the property price in the hands of the exchange rates and wait for rates to improve, you may be waiting for some time. If the outcome of the referendum IS a Brexit, the sterling-euro rate could potentially fall further. And even if we decide to remain in the EU, there is likely to be some uncertainty in exchange rates until everything settles down, so there is no guarantee the rate will shoot up immediately following the referendum. Email Mark@smartcurrencyexchange.com or visit the Mijas La Cala office behind SuperSol.
NEW LOCATION FOR LA PERLA PROPERTY MANAGEMENT Jane Clay has opened the doors to her plush new office in Sabinillas and couldn’t be happier!!! With it’s central location it’s now even easier to pop in and have a chat to resolve all your doubts on your property in Spain. La Perla Living in Bahia passed on to be La Perla Property Management in 2010 and Jane has over 29 years experience of managing property on the coast. In DLP San Pedro in 1987 then in Sotogrande in Paniagua and followed by La Paloma de Manilva where all the infraestructure was renewed and all the villas built, moving on in 2003 to La Perla de la Bahia where she now manages 140 of the properties onsite. The services are dedicated to taking the ‘hassle factor’ out of being a homeowner in Spain, making your life as easy as you want it to be and increasing the enjoyment of your property. They are always making improvements to be able to offer an even higher quality of service. They offer an array of services for your convenience and they can be specifically tailored to your situation or needs. Services include: Cleaning packages A, B & C Annual Air-conditioning Contracts Insurance Brokers Gardening & Plants Welcome Package Personal Secretary Weekly Check Maintenance Service They can manage the Sale or rental of your property for long or short lets. If you bought your property as an investment or as a second home, they can arrange rentals for the periods where the house is not being used with the advantage that they always have a person on site to help the rental clients and to make sure that your house is always being looked after.
Jane Clay – La Perla Property Management jane.clay@laperladelabahia.com janelclay@hotmail.com Tel : + 34 952 890 930 Fax: + 34 952 897 377 Mobile + 34 620 368 288 Conjunto San Luis, Portal 3 Local 4 (next to Banco Popular), Calle Isaac Peral, San Luis de Sabinillas, Manilva, 29692 Malaga
www.laperladelabahia.com
Jane and her team can’t wait to welcome you to their new office and help you in all your needs
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the Olive Press November 14th - 25th 2016
How many New Year Resolutions have you broken so far? - By Quentin Sellar / International Financial Adviser
We are almost at the end of the first quarter of 2016 and as the last weekend will include Easter most of us will break the “I won’t eat chocolate in 2016” resolution by Easter Sunday - if we have lasted that long! That was a slightly flippant opening, but there is a common resolution that my colleagues and I hear most days: “I said at the start of the year that we MUST get my finances sorted out and do something about…” That ‘something’ could be a frozen pension in the UK or having too much cash in a current account that is earning them absolutely nothing and even in these days of low inflation, eroding their spending ability. It could be having investments that were started when you were living in the UK and made fantastic sense as a UK resident, but give you absolutely no benefit at all now that you are living in Spain. Think ISA’s or Premium Bonds. It could even be an inheritance that you know you should do something with, but with all this uncertainty caused by Brexit, interest rates rising in the USA or concern over the volatility of the financial markets the money is still sitting in a deposit account gaining no interest whatsoever. Or it could be that you know you should have done something about your Residency, completing your Modelo 720 submission. Let’s take this step by step and look at the main areas where we find people are not planning properly or are delinquent, and therefore leaving themselves open to a severe fine or potentially penalising their beneficiaries. I’ve focussed on a few of the most important issues and the key ones are: • Spanish or UK resident • Declaration of Offshore Assets (Modelo 720) • Spanish Inheritance Tax
Before I start on those, on 29 October 2014, 51 jurisdictions signed the first ever multilateral competent authority agreement to automatically exchange information. Known as the “Automatic Exchange of Information or Common Reporting Standards”.
was 1:1.28 and on 31st December 2015 it had climbed to 1:1.36. So even if the value of the asset in GBP had not increased, the euro value had increased quite significantly.
These countries have agreed to collect data on income earned in their territory by non-resident individuals and automatically transmit this data to the authorities where the individual resides, so that it can be taxed in the individual’s country of residence. This process started with the EU Savings Directive in 2005, where details of savings accounts held in other countries were automatically sent to the tax offices. In January 2016 this level of information was extended to all income from any source.
You need to be aware that the system in Spain is completely different to that of the UK. I’m not going to go into all the differences or explain how it is calculated in this article because it is very complicated, but the most significant differences are:
Fiscal Residency - this is a matter of fact and not a matter of choice. Spain will class you as being a Fiscal Resident, and therefore due to pay your taxes in Spain if: • You spend more than 183 days a year in Spain • Your dependent spouse and children live here • Your centre of economic interest is in Spain The taxes that are due to be paid in Spain: • Income tax on worldwide income • Savings and Dividend taxes • Capital Gains Tax And as a fiscal resident you are also now need to declare all assets held outside of Spain. Declaration of Overseas Assets - Modelo 720 Since 2014, you have been obligated to declare assets held in other countries if you have more than €50,000 in either:
Inheritance Tax
• There are no free transfers between spouses • The beneficiary must pay the tax before they can inherit the asset • There are different rates applied depending on your relationship to the deceased, i.e. Unmarried couples pay twice as much as those who are married or who have registered as “Pareja de Hecho” Step children will pay twice as much as natural children There are allowances, again depending on your relationship to the deceased but these are nowhere near the level of the UK, so most people will have a tax liability to pay. Can we help? Of course we can. When we meet a client for the first time we have a relaxed conversation to establish their current situation, discuss their future plans and finally what they want to happen to their estate when that time comes. We then develop a solution that will meet those needs in the most tax effective way possible.
I’ve only touched on the most common problems people encounter so if you want more information contact me on + 34 952 816 443 or email info@blacktowerfm.com
• Property • Bank Accounts • Investments The deadline for this submission is 31st March and if you have not already done so, please complete it now. The fines for a late submission are a lot less severe than no submission at all and being caught. From January 2016 the asset will be declared to the Spanish authorities anyway. Once you have made the declaration, you do not need to submit again unless your holdings in any of the three asset classes has increased by more than €20,000, or made any disposals. However, do not be caught out by the exchange rate trap. On 31st December 2013, the £:€ rate was 1:1.20 but on 31st December 2014 it
Blacktower Financial Management Ltd is authorised and regulated in the UK by the Financial Conduct Authority and is registered with both the DGS and CNMV. Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) Licence No: 00805B and registered with the DGS in Spain.
Looking for peace of mind? • Expert wealth management • Effective tax planning • Tailored investments • International Pension Transfers • Private Banking • Discretionary Fund Management Contact the Marbella or Gibraltar Office: O T +34 952 816 443 | +350 200 42353 E info@blacktowerfm.com Blacktower Financial Management (International) Limited is licensed by the Gibraltar FSC Licence 00805B and registered with the DGS in Spain. Blacktower Financial Management Limited is authorised and regulated by the Financial Conduct Authority in the UK.
www.blacktowerfm.com
Property
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March 30th - April 12th 2016
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the Olive Press November 11th - 25th 2015
Walk the planks MORE French riviera-style seafront boardwalks are to be laid in a push to connect the entire Costa del Sol. French developer Les Rivages is investing €500,000 on a new section on the outskirts
of Estepona where it is spending €12 million building 18 luxury properties. The boardwalk is part of the Senda Litoral project to link 180km of coast stretching from Nerja to Manilva.
Taking care of business Andalucia Development is keeping busy in the golf valley and in Nueva Andalucia
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LF and the team at Anda- back in 1981, it has been perlucia Development are up fectly poised to be part of the to their eyes in business immense growth of Marbella at this time of year. and the surrounding areas. With the Costa del Sol seeing The multilingual team is a an explosion of growth over ‘one-stop-shop’ for your needs recent decades and can take and the recovery care of all the of the crisis well and The multilingual details underway, it’s esbureaucratic sential to speak that are team is a ‘one hoops to people who involved when know their stuff -stop-shop’ buying or sellto keep savvy. ing a house. for all your The small but Nurturing very wellestabsolid relationneeds lished Scandinaships with clivian team at Anents, lawyers, dalucia Developbuilding and ment in Marbella has a wealth property management compaof experience in the Spanish nies and many more over the and international real estate years, their connections make markets. the whole process of buying or Since the company was set up selling a house as smooth as by Kjell Hessedahl, Ulf’s father, possible.
VERY BUSY: Ulf Their goal: to make their customers feel as comfortable as possible throughout what can be a stressful process. They also secure all of the practical aftersale aspects so you don’t have to worry about a thing. With an approachable, welcoming workforce for whom nothing is too much trouble, the team at Andalucia Development would love to see you. You can find them in Centro Plaza, Local 63, Nueva Andalucia, Marbella. Call them on 952 816 250 or email info@andadev. com
Cocomo
www.castlesestateagency.com Calle Isaac Peral 4, Sabinillas 29692 · Manilva, Malaga · España · Office: (0034) 951 714 626 / 952 891 221
235,000€
695,000€
Ref. 1555
225,000€
Ref. 1506
Ref. 1536
3 Bedroom Apartment
4 Bedroom Villa
3 Bedroom Townhouse
Type: Duplex Apartment / Area: Casares Costa Bedrooms: 3 / Bathrooms: 3 / Area Built: 120m² / Terrace: 60m²
Type: Villa / Area: Casares Costa / Bedrooms: 4 Bathrooms: 4 / Area Built: 245m² / Plot Size: 2058m²
Type: Townhouse / Area: Duquesa / Bedrooms:3 Bathrooms:3 / Area Built:107m² / Terrace: 98m²
Fabulous ground floor duplex apartment located on a front line beach urbanisation at Casares, with good access to main coast road and villages of Sabinillas, Estepona and the nearby golf and marina complex at La Duquesa. Beautiful landscaped gardens and swimming pool areas with direct access to beach.
A stunning 4-bedroom luxury villa located in an elevated position on the Casares Costa between Estepona and Sabinillas. A short drive to local shops, restaurants, supermarkets and 2 minute walking distance to the blue flag beaches. Close proximity to the prestigious Finca Cortesin Golf course and Dona Julia. This villa was designed in a classic Andalucian style by the renowned local architect Aubrey David and has spectacular elevated sea views.
120,000€
Beautifully presented 3 bedroom townhouse located on a small, tranquil urbanisation overlooking La Duquesa Golf and enjoying panoramic views of the course and to the sea. The picturesque port of La Duquesa and traditional fishing village of Sabinillas is a short walk away. The townhouse is in excellent condition having been recently been renovated to a high standard. The house has a small garden to the front and a private parking space. A fine property in a lovely location, in fantastic condition and tastefully furnished. Ideal for holidays or as a permanent residence and viewing is recommended
390,000€
Ref. 1532
170,000€
Ref. 1386
Ref. 1352
2 Bedroom Apartment
3 Bedroom Apartment
2 Bedroom Apartment
Type:Apartment / Area:Duquesa / Bedrooms:2 / Bathrooms:2 Area Built:88m² / Terrace: 30m²
Type: Duplex Apartment / Area: Casares Costa / Bedrooms:3 Bathrooms:3 / Area Built:170m² / Terrace: 35m²
Type: Penthouse Apartment / Area: Duquesa / Bedrooms:2 Bathrooms:2 / Area Built:75m² / Terrace: 61m²
Fantastic opportunity, for 2 bedroom apartment situated in the luxury complex of Duquesa Village. Landscaped gardens, multiple community swimming pools, 24hr security, good road access to the blue flag beaches nearby, and the picturesque marina of Puerto de la Duquesa. Bright and spacious lounge and dining area with access onto the main sunny terrace. A fabulous apartment at an unbeatable price. Excellent permanent or holiday home with rental potential. Viewing highly recommended.
Magnificent frontline beach top floor duplex apartment located on the prestigious complex of La Perla de la Bahia, Casares. A luxurious urbanization in a Moorish design with substantial tropical gardens, fountains and pools. Built to a high quality the property affords lovely views of the beach and sea. The complex is completely private, with good security, video door entry and alarm system. Direct access to a blue flag beach via gardens which also include a fabulous choice of swimming pools - one of which is heated.
A superb top floor apartment with a huge roof terrace enjoying panoramic sea views, ideally situated close to the marina and golf of La Duquesa. Good access to the beach and nearby shops and restaurants the property is bright and spacious, beautifully presented and includes an underground parking space and storeroom. The apartment is located on a secure gated complex with lovely swimming pool and garden areas and a padel tennis court.
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RECIO & MADRONA Gestoría
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Property
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March 30th - April 12th 2016
Administrative Advisors with 20 years experience in both Spain and the UK Tax advisors and accounting services Business start-up
PRICEY PAD: La Fortaleza while (above) Hugh Laurie and (below) Lord Lupton
Vehicle transfers, Spanish car registration and driving license renewals Assisting at the notary
EXPAT SERVICES Application for NIE and residency Translation services and help with phone calls to Spanish companies Bank accounts & mortgages
tel: 952 892 097 – info@costamanilva.com Av. Manilva 1 – Edificio Avenida, 1F – Sabinillas – 29692 Manilva
The Lord’s lair THE priciest pad in Spain is owned by a British lord. Tory donor Lord James Lupton purchased lavish clifftop estate La Fortaleza, in Mallorca, for an estimated €40 million in 2011 from another Brit, John Ogden. However, it is a snip compared to the estate’s €125 million price tag at the peak of the boom in 2008, when Ogden put it on the market Now multimillionaire Lupton, a former executive at Barings bank, has allowed the BBC to film the new se-
BBC films drama at Spain’s most expensive property, which belongs to aristocratic Brit ries of The Night Manager, there for an undisclosed sum last month. The drama sees Hugh Laurie and Tom Hiddleston strut around the seven-villa, two-pool estate perched high above Pollenca bay in a thriller about arms dealer Richard Roper. A one-week stay at the
sumptuous estate was auctioned for a cool €265,000 at a Conservative party fundraiser last year. La Fortaleza was built as a fort in 1628 to defend the peninsula from the Saracens. While it cannot be rented publically, it may soon be open to the public several days a month.
Finca Tintorera
Direct owners!Two great business opportunities, 40 Directfrom fromthe owners! Two great business opportunities at a 40 hectare farm on the Rio Hct. farm on our the “Rio Genal” Genal (River Genal) old mill to renovate. to 800 meters River ItVery consists of aruin, veryplus old buildings mill, plus outbuildings renovate. 800 metres of riverwater frontage, and three on wells flat river Front, three prevorations flatonriver land!land! Great for It is great for growing organic vegetables, woodland, olives, ECO-vegetables horses, sheep andgrowing, even cork.plus woodlands higher location. Cork, olives, horses, etc. It would be a perfect sheeps, project for a hotel, training centre/school or Tourist Hotel, Schools, Training centers, walking, riding. stables. There are two villages just 15 minutes and for a 45-minute Two Villages 15 min, coast 45 min. Plansaway, available Centers. drive from the coast. Townhall apr. And, the town hall has already approved a training centre.
750.000 €
Farm Rio Genal
Ideal hotel or restaurant development. Idealfor fora Hotel / Restaurant / Camping Van’s, etc. Farm Rio Genal includes an old farmhouse that can be renovated 38 Hct., 5 min main road, 15 with plans available from the townmin hall. autovia Sotogrande Estepona beach! At 38 hectares and just five minutes from the main road, you can be in Sotogrande motorway in just 15 minutes - then to Lots of water, via plustheriver, electricity. Old farmhouse Estepona beach and Malaga are not much further! renovate. available withand Townhall apr. There is lotsPlans of water plus a river electricity. Come and haveworking a look around! Experienced team, honest pricing, available.
Must be viewed!
800.000 € 1 0 atom10 a nam d 7and - 9 pevenings m Call 952 11 74 51 · Mob 616 73 66 00 · 8 8 -am 7 to 9 o’clock
www.theolivepress.es the OliveMarch Press30th November 25th 2015 www.theolivepress.es - April11th 12th- 2016 Property A unique opportunity to acquire this established freehold restaurant & bar,
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situated in the renowned beachside community of Benamara.
Cocomo Next to The Senator Banus Spa Hotel Marbella
What the papers say... “The Cocomo building provides a stylish ambience and a sleek, modern approach for today’s discerning clientele to enjoy a light snack, a signature cocktail or a full evening meal. Cocomo delivers for its diverse mix of local residents and global visitors alike.” This is an excellent opportunity to acquire the freehold site of this well established venue in readiness for an immediate return on investment. Due to a change in personal circumstances of its owner, an established hotelier, for whom the site was developed as a lifestyle retirement business, it is now reluctantly being offered for sale with vacant possession. Located in the picturesque community of Benamara dos Hermanos, beachside, only minutes from fashionable Puerto Banus and adjacent to the distinguished five star Senator Banus Spa Hotel, it has gained an enviable Plot: Terrace: Build total: Bar: Basement: Apartment:
500 metres 240 metres 330 metres 150 metres 100 metres 96 metres
reputation from its discerning clientele. Operating profitably from its first opening, it provides its occupier privileged profits and an excellent eclectic customer mix, with continued growth potential either as owner operator or with significant investment potential, providing a yield of circa 7.5%. The site extends to over 500 sq metres and is constructed over 3 floors. All works during its extensive half million euro reform were fully authorised and approved by the local authority and overseen by Baldrich – Tobal Arquitectos.
Accommodation & Luxury Apartment There is an external access from the street to a self-contained staff unit which has its own bathroom, A/C and provides for overnight accommodation. First Floor – The Apartment – Reformed in 2016, two double bedrooms, master bathroom, guest cloak room, lounge/dining room with new kitchen and utility area. The apartment is accessed by its own independent external staircase.
The establishment is marketed freehold and priced to sell, interested parties should make contact with the owner directly by email cocomomarbella@hotmail.co.uk
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March 30th - April 12th 2016
The price you pay
The Property Insider by Ad am Neale
In the final part of this series on Costa del Sol property development, I review the fees and taxes a vendor has to pay before starting work, during the build, and at the time of sale
T
HERE are two possible outcomes once you have developed a new property: keep it as your permanent residence, holiday home, or to rent out or sell it. Either way, you will be liable for a variety of levies, although these vary significantly, depending on the property and municipality. In addition to fees for professionals like architects and builders, you’ll have to hand over some significant sums to your local town hall for licences; to the Land and Property Registries and to notaries for registration fees; and, should you sell, pay ‘plusvalía municipal’ (local tax on the increase in the value of the land), also to your local council, and capital gains tax to the Spanish Tax Agency (‘Agencia Tributaria’, better known as ‘Hacienda’). To ensure we crossed all the ‘i’s and dotted all the ‘t’s, we asked Adolfo Martos Gross, a partner at the Costa del Sol firm, GAM Abogados, for more information. Let’s take a new-build villa in Marbella as an example, where, using round numbers, the plot costs €500,000 and construction €1,000,000. Before laying the first brick, you need to apply for a building permit at your local town hall. Assuming the project meets relevant regulations, in Marbella the licence fee is
4% of projected build costs - in this case €20,000-28,000. These are based on amounts approved by the Architects Association of Malaga and are generally 30-50% lower than the real construction cost. But every town hall sets its own tax rates, so the percentage can vary. Once the property is completed, you have to apply for a ‘licence of initial occupation’, again at the town hall before you can connect to utilities and legally move in. In Marbella, this is levied at 0.308% of the build costs, Adolfo says, and normally based on the same projections provided for the building permit. As a result, set aside another €1,5002,000, also variable. Thereafter, you need to visit a notary to draw up the deeds of the new property you’ll be required to pay 1.5% of the real build cost in stamp duty. That, Adolfo notes, adds up to €15,000, plus another €2,000 for the Land Registry and notary’s fees. Up to this point, the costs are the same whether you decide to keep the property or sell it - around €37,500-47,000. If you opt to sell a new villa you will be liable to pay ‘plusvalía municipal’. If the period of ownership is under five
years, the rate in Marbella is 2.5% and the catastral value is usually less than half market value. So, for our €1.5 m villa it would come to €15,750. If you profit from the sale, you will also be liable for capital gains tax, levied at different rates depending on your status (resident or non-resident, individual or company). Given Hacienda’s zealousness, Adolfo suggests you consult a specialist about declaring gains. Typically, all other costs – such as Land and Property Registries, and the notary – are paid by the buyer. But if the property is mortgaged, the seller is liable for the costs of cancelling an existing mortgage, if the buyer does not take it over. BUT, mortgage cancellations are tax exempt and recommends developers negotiate with banks to pay no cancellation fee or, in the worst case, no more than 0.5%. If there was a €300,000 mortgage pending, cancellation costs shouldn’t exceed €500 for the Land Registry and €800 for the notary’s fee. Finally, as the developer of a new-build property in Spain, you also have to take out a 10-year structural damage insurance policy, which should cost in the region of €4,000 for our million-euro villa.
Terra Meridiana. 77 Calle Caridad, 29680 Estepona. Tel: +34 951 318480. Office Mob: +34 678 452109 Email: info@terrameridiana.com. http://www.terrameridiana.com
essentialmagazine
IF you bought to let a Spanish property to offset bills and mortgage fees and you don’t have an extra spare centimo to spend on it, think again. Andalucía has just confirmed its residential property rental licensing scheme, bringing it into line with the majority of other tourist areas throughout Spain. And safe to say, whether you get a license or whether you don’t, it will cost you. As far back as 2011, Barcelona started controlling the rentals of private residential property. This has gradually spread to all the Costas, with the active backing of the hotel industry which saw private apartment and villa lets as an increasing threat to their occupancy rates. According to a recent study by HostelTur, private lettings in 2015 accounted for approximately 25% of total short-term rentals in Spain, or more than 7.4 million tourists - an increase of 17% on 2014. From a health and safety angle, the regulation of sometimes shockingly bad accommodation is a good thing. Provision of fire, smoke and carbon monoxide detectors is good. But some of the new require-
16 years 1999-2015
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w w w. e s s e n t i a l m a g a z i n e . c o m
Relative values
Why do bank valuations differ from the buying price?
11+
years experience in
W
ITH the Bank of Spain's proposed the value. modification to Circular4/2004, For example, ALL PROPERTY MATTERS SURVEYORS & VALUERS Spanish registered banks may say a bank RICS BYBUILDING CAMPBELL FERGUSON now be required, at least once a has taken ten year, to assess the accuracy of all property p r o p e r t i e s For peace of mind follow valuations and reappraise if there is a signifi- within a development and five of these have cant depreciation. been extended.these property buying rules This is long overdue and will give many banks If the extensions were not registered (assuma clearer – and possibly scarier – picture of ing all licences and permissions have been Findfrom Your Property their current investment standings. granted) the valuations the tasador The mortgage process in Spain requires a will all be the same, even though half of the valuation from a Spanish tasador, who is in- properties are worth considerably more. structed by the bank. In comparison, as RICS Registered Valuers However, because tasador valuations are are internationally regulated without a naregulated by the Bank of Spain tional interest, theirInstruct guideInstruct this opens the door for ecolines mean valuations are Building Surveyor Lawyer nomic ‘tinkering’, resulting in based on ‘what is seen’ on the valuations not being the site and measured accordThe property true market value. ingly. was valued Presently, the Survey Spain Another client recently wantNetwork of RICS Chartered ed to Buy purchase a detached with Knowledge for the bank Surveyors undertake periodic villa with & pool and their bank Confidence below the valuations for various Europearranged a tasador valuaan banks who require updated tion. asking price Market Valuations of their curIn this case, the property was rent mortgaged stock. valued for below +34 952 923 520the bank Connect with us! This is a trend we are seeing the asking price, although we admin@surveyspain.com more frequently as banks turn to RICS valu- had valued above asking price. surveyspain.com ers to get true market valuations after being When the two valuations were compared it was disappointed with the ‘accuracy’ of tasador found that the pool, being 10 years old with all reports when the property is eventually sold. licences and permissions, had not been regisTasadores are bound to value properties for tered within the escritura. Therefore it was not mortgage purposes based only on the infor- included in the tasador valuation even though mation contained within the escritura as a the bank’s valuer had physically inspected it. result of the authorities wanting to combat People are unaware that their property may tax avoidance. However, this often provides a have been valued on a different basis and false impression as extensions or pool addi- that recent legislation has effectively meant tions are often only formally registered with- that RICS valuations cannot be used by banks in the escritura when the property changes wanting to register the mortgage of a property hands. in Spain. Also, the banks often require the valuation Tasador valuations are not necessarily to be after deduction of taxes and essential wrong, they may just be based on a different expenses, which can be as much as 10% of set of rules not related to true market value.
Contact Campbell and the team on +34 952 923 520 or email info@surveyspain.com
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The widest choice of self catering holiday rentals in and around Nerja Over 180 villas and apartments A massive choice, over 300,000 bednights available in 2016 95.5% of holidaymakers said they would recommend us 89% said our properties represented real value for money 91% thought our pre arrival information was very clear 89% said our staff were very helpful For more information contact our rentals team
We never forget you have a choice Holiday Rentals: www.teamstarholidayrentals.com Nerja, Calle Carabeo 77 tel: (+34) 95 252 7300 – fax: (+34) 95 296 6116
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