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MODERN MIRACLES
The minimalist theme of new Spanish churches
See page 20
NOT SO SWIFT
10 years on, Real Madrid’s Santiago Bernabeu stadium renovation finally complete
WHEN Real Madrid’s Santiago Bernabeu stadium hosted Taylor Swift’s Eras tour, all eyes were on the pop superstar.
But for the football club the real star of the show was the stadium itself.
Swift’s concert marked the first occasion the ground was fully open - al beit ‘unofficially’ - after a massive revamp some 10 years after the plans were first announced.
But now it has been ‘officially’ unveiled.
It took €1.8 billion - about €1 billion more than initially planned - for architects GMP Architekten, L35, and Ribas & Ribas to transform it into a multifaceted public attraction, boasting a Real Madrid Museum, dining and retail spa ces, and a skywalk offering panoramic views.
It also boasts a sliding roof and even an underground ‘greenhouse’ where the turf pitch can be retracted for optimal growing conditions.
A striking feature of the stadium is its sinuous stainless steel facade. This metallic skin, designed to conceal the original concrete structure, gives the Bernabeu a distinctive, sculptural form.
“The curved stainless steel louvres have imbued the Bernabeu with a new identity, solidifying its status as a Madrid landmark,” said a spokesman for GMP Architekten. “From afar, the metal facade shimmers like a jewel, reflecting light in countless ways.”
Beyond aesthetics, the metal cladding serves a functional purpose. Horizontal gaps between the louvres allow natural ventilation for the stadium's interior.
The renovation also increased seating capacity by 3,000 to 85,000, added VIP and hospitality lounges.
STILL GOING UP
PROPERTY prices are climbing ever higher in Spain as demand outstrips supply.
Since 2019, only the Balearics have seen faster price rises than Andalucia, according to a report by BBVA Research.
Both new and existing homes have increased in price by over 20% since 2019. Despite the boom, BBVA estimates prices are yet to reach the peaks of the previous real estate bubble from two decades ago.
Current prices are still 9% below those levels (8% for new homes and 10% existing) with only Madrid and the Balearics having surpassed prices
By Walter Finch
from 2000.
The Canary Islands has seen the sharpest rise with houses being 16.4% more expensive than a year ago. It is followed by the Balearics (11.9%), the Valencian Community (11.5%), the Community of Madrid (11.5%), Murcia (8.8%), Andalucia (8.7%). By province, 45 have higher prices than a year ago, led by Santa Cruz de Tener-
ife, where seller expectations rose by 18.6%, with Las Palmas (13.5%) second and Malaga (12.2%) third. By cities, the most significant rise was in Malaga, where prices grew by 18.2%, followed by Alicante (18%), Soria (17%) and Valencia (16.1%).
The smallest rises were in Melilla (0.3%), followed by Pamplona (1.1%), Palencia (1.8%), Vitoria (2.1%), and Pontevedra (2.4%).
The price of property in Madrid is now €4,622 sqm, while in Barcelona
it stands at €4,477 sqm.
Across Spain house prices rose by 3.9% in 2023 and 4.3% in the first quarter of 2024, with forecasts predicting a 5% increase in 2024 and 4.7% in 2025.
According to BBVA’s Real Estate Observatory 2024 report, key factors driving this trend include a booming economy, higher family incomes, demand from foreigners and lower interest rates.
The most affordable regions are Cas-
tilla-La Mancha (€939), Extremadura (€976) and Castilla y León (€1,198). While Spanish authorities urgently try to build new houses, supply is still expected to fall short of meeting the growing demand.
BBVA forecasts 120,000 construction permits in 2024, an increase of 10,000 from the previous year. The first four months of 2024 saw a 14.8% growth in permits compared to the same period last year, indicating a new construction cycle driven by increased demand. However, challenges such as zoning issues, labour shortages, and regulatory uncertainty continue to hinder new projects.
November 29thDecember 12th 2023
ON THE UP
Mark Stucklin
SPANISH home sales were up 6pc in the first half with prices also rising in what looks like one of the most buoyant housing
Spanish property market buoyant in the first half of
the year
markets in Europe in 2024, according to the latest data from the Spanish notaries’ association. There were 350,818 home sales witnessed by notaries in
the first half of the year. Q2 sales were 189,909, up 10.5pc on last year, and the second best Q2 on record during the last 15 years, as illustrated by the chart above.
But figures just released by the National Institute of Statistics (INE), and widely reported in the press, showed sales declining 4pc in Q2 , which appear to be at odds with the numbers from the notaries.
witnessed by them in the month, and 2)
The Institute of National Statistics (INE) based on sales inscribed in the Land Register by the Association of Spanish Land Registrars.
Sales in the second quarter increased in all the regions of most interest to foreign investors with the exception of the Balearics where sales declined by 8.4pc compared to a year before. Sales increased the most in Madrid (+16pc) followed by Andalucia (+11pc).
The notaries data shows average Spanish house prices increasing 3.4pc over
12 months to the end of June 2024, having increased in every quarter but one since Q2 2015, (if you exclude a three-quarter dip in prices over the pandemic, for obvious reasons).
Spanish house prices have risen steadily since bottoming out in 2013, and have continued to rise despite higher interest rates that have sent other European housing markets like France and Germany into decline.
Spanish home sales figures come from two official sources: 1) The Association of Spanish Notaries based on sales it all depends on your starting point.
However, the average Spanish house price is still below where it was more than 15 years ago in nominal terms, so
By region prices rose the most in the Valencian Community (+7.2pc) and the least in the Balearics (+2pc), as illustrated by the final chart (left).
Pool grab
RESIDENTS of four large apartment blocks face losing their swimming pools, gardens and car parks as part of an ongoing legal dispute.
The properties in Benalmadena, which comprise 1,750 flats, may not officially own the two hectares of land surrounding them.
The buildings in El Gamonal were constructed by the Sofico group, founded back in the 1960s during the regime of dictator Francisco Franco.
Tourism was on the rise in Spain, back then, and construction in the area became wild and rampant.
Sofico went bust in the 1970s so it was a great surprise when the residents received notifications from the company’s heirs in 2015, informing them they were claiming ownership of the plots of land.
The four blocks, Agata, Hercules, iris and Aguila, do not have detailed documentation, making it difficult to prove ownership.
The ensuing legal battle has so far seen Sofico victorious, obliging the residents to pay for the land or lose access to it.
The company has won its case in the local courts as well as on a provincial level.
Now the litigation is headed to the Supreme Court, where the residents are hopeful they will win.
Should their legal bid fail, they will likely lose the land valued at around €12 million.
The residents insist they now have the right to the land as they have been paying for lifeguards, gardeners, water bills and taxes, among other communal costs, for decades.
“If we don't get something in the Supreme Court we will have to pay Sofico to recover the land, which is what they want, to make a profit,” one owner, lawyer Bernardo Gomez, told local newspaper, Diario Sur.
“This is unacceptable, we are going to fight this until the end.”
BETWEEN A ROCK AND A HARD PLACE
THE Hard Rock Hotel in Marbella has been taken off the property market – its owners will, instead, keep the establishment on their portfolio, thanks to its ongoing profitability.
Stoneweg Hospitality and Bain Capital Credit are the two firms that own the hotel, which began to take shape as a project back in 2021.
According to real estate portal Idealista, the Hard Rock Hotel Marbella was born after Stoneweg and Bain bought up the Hotel Andalucia Plaza, as part of a strategy to reposition Marbella as a luxury destination.
The location of the establishment, in Puerto Banus, was part of the opportunity that the firms identified.
Refurbishment work was completed in 2022, and included a major upgrade of the facilities, in order to attract high-
net-worth tourists seeking luxury and entertainment experiences.
But a recent move to put the hotel on the market for sale has, reportedly, come to nothing.
Sources from the sector consulted by Idealista said that the business was up for sale with a price take of between €140 and €145 million, but after several months and interest from different funds, no final buyer was found.
“Funds ruled it out because it was overpriced and had a prohibitive impact,” the sources told Idealista.
“According to the talk in the sector, another of the reasons it was withdrawn was the lack of offers,” they added.
Only for locals
Controversialproposal
toremedyexcessive tourism would see foreignersbarredfrom buyingpropertyin Mallorca
By Walter Finch
UNLESS you have lived in the Balearic Islands for years you won’t be allowed to buy there.
This is one controversial proposal by a local think tank looking at ways to remedy excessive tourism.
The Forum de la Societat Civil has come up with a total of 200 suggestions, after a debate was held in Palma last month.
It comes after a series of heated protests blocked the centre of the city, with tourists made to feel uncomfortable.
The new suggestions include efforts to recover the historic quarters of
Palma and other towns for residents, rather than just tourists. Meanwhile the group wants to see the conversion of old and obsolete hotels into housing or infrastructure for locals such as cultural, technological and healthcare facilities.
FOREIGNERS’ FAVOURITES
FOREIGN home buyers looking for a Spanish property are mainly eyeing up Mediterranean coastal locations plus the Balearic and the Canary Islands.
The report by idealista highlights 120 areas where foreign demand represents more than 50% of the home buying market in sun and beach destinations. In areas like Roses (Girona), Calpe (Alicante) and Andratx (Mallorca), foreign interest is over 65% in regard to searches made on the idealista website with people from France, the Netherlands, and Germany the most prominent. Alicante province has the highest number of search locations, namely 30, where foreign interest exceeds 50% of the total demand.
Popular spots include Los Frutales in Torrevieja; the districts of Moraira de Moravit-Cap Blanc, Paichi or Pinar de Advocat-Cometa, all with a foreign demand of between 64%-65% of the total, as well as areas of the Orihuela Costa like Playa Flamenca and La Zenia.
The Balearic Islands have 28 locations, some of them attracting 67% of foreign interest including Cala Ratjada and Canyamel, in Mallorca, together with Andratx, including Port d'Andratx and Es Camp de Mar, and Cala Murada in Manacor.
In Malaga, the Nerja area stands out as does the Bay of Casares as well as the districts of Guadalobon, Buenas Noches and Bahia Dorada in Estepona, and Puerto Banus, in Marbella.
The group has also come up with the idea of a maximum number of visitors to the Balearics linked to the number of residents on the islands.
Spokesman Jaume Garau insisted foreigners buying property must first prove that they have resided in the community for a set number of years.
The suggestions are now to go in front of the regional government.
Spain has seen a series of unprecedented protests calling for a change to the country’s tourism model, as locals grapple with problems such rising house and rent prices, antisocial behaviour and noise.
Squirted
There have been protests in Malaga, the Canary Islands, the Balearics and Barcelona.
The protest in the Catalan capital made worldwide headlines after demonstrators squirted tourists with water pistols, taped off hotels and outdoor restaurant dining areas. They also shouted slogans such as ‘Tourist go home’ at visitors.
Rental market heatingup
THE cost of renting a home in Spain has spiralled 10.4% in the past year. This surge is particularly noticeable in Barcelona and Malaga, where demand for rental properties remains high, according to idealista
But rents have surged in all Spanish capitals compared to July last year, with the most substantial increase in Caceres (18.9%), followed by Palma (18.7%) and Valencia (17.6%).
Hotspots Madrid (16.1%), Barcelona (14.3%), Alicante (14.1%), and Malaga (13.6%) have all seen double digit rises in the past year.
Bargain hunters should look at Tarragona (1.9%), which saw the smallest increase, along with Zamora (2.9%), Cádiz (3.9%), Huelva (4.1%), and Pamplona (4.3%).
Barcelona continues to be the most expensive city to rent in, with a square metre on average costing €21.60, followed by Madrid (€19.80) and San Sebastian (€17.60).
They are followed by Palma (€17.20), Malaga (€14.50) and Valencia (€14.10).
The price spiral has been blamed, in part, on the number of tourist rentals which reduce the long-term housing stock. But experts have been quick to point the finger at last year’s new housing law, which made it more difficult to evict tenants, scaring landlords out of the market.
Banking on a bargain
A SPANISH bank has launched budget rental properties in Andalucia, with prices starting at just €300 a month to relieve the area’s rental crisis.
InmoCaixa is advertising affordable properties in an attempt to relieve the stress on the market.
Part of Caixa Bank, there are over 20,000 properties, including houses, flats and even new builds.
In Sevilla, you could rent a flat for as little as €307, with 102 properties advertised at this price.
Built in 2010, the apartments have between one and two bedrooms, heating, double glazed windows and a fully-equipped kitchen.
Meanwhile in Malaga, InmoCaixa are offering 98 flats for €402 a month.
Onthe cheap
THE cheapest areas to buy a property in Andalucia in 2024 have been revealed. According to data from idealista, the cheapest town is Velez Blanco, in Almeria, where the average property sells for €397/m2 - around €1,900 below the regional average.
It is the fourth cheapest town in Spain for a home, behind only Almaden in Ciudad Real (€344/m2), Alcaudete de la Jara in Toledo (€357/m2) and Malagon, also in Ciudad Real (€395/m2).
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NESTLED in one of the most coveted areas of the Golden Mile, Las Lomas, this villa will set you back €35,000,000.
Villa Gratitud, described as ‘the ultimate unification of art, architecture and engineering’ was crafted by renowned interior designer, Luisa Olazabal.
€35m
The layout centers around a stun-
ning chandelier and with custom finishes, it exudes an eclectic and timeless style. You could never get bored in this adult playground, which comes complete with a cocktail bar, cinema, gym, paddle tennis court and indoor pool.
There are nine bedrooms and en-suite bathrooms in the main house, followed by seven additional bedrooms in the guest property.
The impressive estate is surrounded by panoramic ocean views from the expansive garden, inspired by Andalucian architecture.
www.sothebysrealty.com•Property code: E2MP7T
Spla$h the ca$h
If you have tens of millions to spend one of these properties might be just up your street
THE Costa del Sol is known for its luxury, nowhere more so than Marbella.
Alongside Puerto Banus and Benahavis, it is home to some of the most exclusive enclaves on the peninsula.
Marbella is one of the most expensive areas to live in Spain, with designer brands like Dolce and Gabbana building homes in the area. Between 2022-2023 the luxury market grew by 20%, according to local estate agents.
But what are the most expensive properties in Marbella actually like?
Well, we can give you a clue herebut details of the truly most upmarket homes are hard to get hold of. Many are sold privately and discreetly through property brokers rather than having their prices advertised.
So if you have the cash to splurge take a look at the following proper -
ties. If they do not come up to your standards, then you better find yourself a broker…
THIS Villa in Sierra Blanca, part of the famous Golden Mile, will set you back €29,000,000.
It has six bedrooms and six bathrooms split over its three floors.
The double height ceiling living room opens out onto the outdoor pool and stunning garden, with terraces lining the perimeter. It also boasts a games room, gym, wine cellar, hammam, laundry room, storage rooms and a lift.
The master bedroom comes with two private dressing rooms, two bathrooms and a study.
INSIDE the Marbella Club, this villa is found in one of the most exclusive areas of the Golden Mile, the Santa Margarita urbanisation.
At €23,500,000, it has the price tag to match the impeccable location, just a short drive from Marbella old town and luxurious Puerto Banus.
The 1339m2, three floor property uses only the best quality materials and advanced technology. It houses eight bedrooms and 10 bathrooms, including a master suite with a walk in dressing room and separate his and hers bathrooms.
The master bedroom also comes with a private terrace with panoramic sea views. Downstairs, you will find a spacious living room, smaller sitting room, kitchen, gym, soundproof cinema room, yoga studio and a games room.
There is also a garage with space for eight vehicles, as well as a glass lift.
€26.5m
THIS beachfront property in the exclusive Los Monteros area, east of Marbella, comes in at €26,500,000.
Inspired by traditional Mediterranean architecture, the house is built over two floors.
The first floor comprises of a spacious living room with high wooden beamed ceilings, leading out on a covered terrace and fireplace.
There are also formal and informal dining rooms, a kitchen and two guest bedrooms with an ensuites and balconies.
You can also find a wine cellar with a bar, a billiard room and cinema.
Upstairs, there’s a master suite with a beamed, cathedral ceiling, fireplace, living room, small kitchen, a sea view terrace, his and hers dressing rooms and bathrooms.
The master bathroom is equipped with a jacuzzi, a spa, a gym, a massage room, a Turkish bath, a sauna, a pressure shower and a pool.
The property boasts large entertainment areas, including the pool chill-out zone, a gazebo, a BBQ, a summer dining area and additional seating.
www.luxuryestate.com
Property reference: 4654
Cascada de Camojan
A ‘resort-style’ mansion, this €27,500,000 property has the luxury and convenience of a five star hotel.
€23.5m
Located in the most prestigious gated community in Marbella, Cascada de Camojan, offers the best of modern architecture infused with Mediterranean touches. Luxurious from the very start, you are welcomed by an impressive entrance hall and a double staircase.
The living area boasts impressive views to the Mediterranean Sea and Africa. Stepping through the terrace to the kitchen, you will find a piano bar and state of the art appliances.
Downstairs, there is a spa, heated indoor pool, hammam, sauna, gym, cinema, additional bedrooms, entertainment space and a private car showroom.
www.luxuryestate.com•Property reference: 127734893
THIS beachfront villa in Puerto Banus clocks in at an eye watering €30,000,000 for 4,600m².
It has 10 bedrooms and 10 bathrooms spread across the 2,000m2 built area.
A new build, it comes with a pool, sauna, jacuzzi, gym, cinema room, barbecue area and a spacious dining room. The interiors ooze classic grandeur, with gold detailing and marble finishes.
The garden is a ‘private, tranquil space’ with lush greenery and sea views.
On the front line of the beach, the breathtaking ocean views are backed by equally stunning mountains.
While private, the villa is still close to many amenities, golf courses and Marbella center.
There is also a guest apartment, so guests can feel right at home.
Barking up the right tree
AS the ever increasingly hot summers - and extreme weather around the worldremind us, global warming is real.
And its inspiring industries around the world to find solutions within their fields - not least architects and designers.
One Barcelona-based studio has created two energy efficient homes in the forest in the Basque country made completely from cork and wood.
Emiliano Lopez Monica Rivera Arquitectos explains: “The structural base is in concrete and supports the cross-laminated timber structure above (produced in the Basque Country).
“All is clad on the outside by two layers of insulating cork.
“Inside the houses, the structural wood is left exposed, resulting in an atmosphere that is closer to the surrounding woodland than to the sea five hundred meters away.”
Both houses obtained a Class A energy rating (highest achievable by Spa-
nish standards) with an annual energy consumption of 41.44 and 46.22 kWh/m2 and emissions of 7.04 and 7.88 kg of CO2/m2 a year.
Los Monteros
Puerto Banus
ANDALUCIAN MASTERPIECE, BENAHAVÍS Ref: OP14851
Built: 936 m² | Plot: 3,650 m² | Beds: 6 | Price: € 6,950,000
BEACHSIDE APARTMENT, TERRAZAS DE PUENTE ROMANO
Ref: OP15068 Built: 235 m² | Beds: 3 | Price: € 3,950,000
CHARMING HOUSE IN LOMAS PUEBLO Ref: OP15081
Built: 166 m² | Terraces: 64 m² | Beds: 3 | Price: € 995,000
HIGH-END, SEMI-DETACHED VILLA, GOLDEN MILE Ref: OP15130
Built: 655 m² | Terraces: 282 m² | Beds: 3 | Price: € 5,250,000
SEMI-DETACHED, FRONTLINE GOLF IN ALOHA Ref: OP14879
Built: 253 m² | Plot: 952 m² | Beds: 3 | Price: € 2,300,000
CORNER, DUPLEX PENTHOUSE, ALOHA Ref: OP15010
Built: 140 m² including terraces | Beds: 3 | Price: € 795,000
Tel. (+34) 952 863 750 panorama.es
Offices at Puente Romano and opposite the Marbella Club hotel
November 29thDecember 12th 2023
Heavenly DESIGNS
SPAIN’s ancient churches are some of the nation’s most famous architectural gems. They display a variety of architectural styles reflecting the various eras from which they originate , from Mudejar to Renaissance and Baroque. But a new minimalistic church in Tenerife has shown that the era of great religious architecture is by no means over in Spain.
The Holy Redeemer Church of Las Chumberas in San Cristobal de La Laguna, Tenerife, has just won the 2024 ‘Frate Sole’ international prize for sacred architecture.
How the architects of modern churches are taking a minimalist approach
By Dilip Kuner
Fernando Menis is the man behind the design and has described it as a ‘labour of love and dedication’ for the tight-knit community and the ‘evolution of a collective dream’ that took 15 years to build. It draws on the local volcanic lands-
San Jorge Church, Pamplona
cape to create an austere space which incorporates natural light, energy efficiency, and acoustic quality. The church is by no means alone in showcasing modern architectural trends being brought into religious buildings.
Of these, the influence of minimalism on contemporary Spanish religious architecture is undeniable. This artistic and philosophical movement, which seeks simplicity in form and function,
Built in 2013 this church accommodates 400 people, with a daily chapel for 100.
The parish centre includes offices, multi-purpose rooms, classrooms, priest residences, and a guest room.
The building, surrounded by eight-story structures, occupies a site between two squares. Its design focuses on connecting these squares, creating a central atrium for gathering and urban interaction. The church aligns with the street's rhythm, seamlessly integrating into the neighborhood. A rooftop patio provides light while preserving privacy.
has left a profound mark on the design of modern churches.
Minimalist architects aim to create interior spaces that invite reflection and contemplation. Large windows and high ceilings allow for abundant natural light, creating a serene and spiritual atmosphere.
The Holy Redeemer Church of Las Chumberas, San Cristobal de La Laguna
Wood, stone, and concrete are common materials in minimalist churches. Their natural textures and colors contribute to a sense of connection with the earth and the divine.
Basic geometric shapes, such as cubes, spheres, and rectangles, are recurring elements in the design of these churches. The simplicity of the forms conveys a sense of order and balance. Furniture is reduced to the essentials: benches, altars, and pulpits. Clean li-
nes and simple shapes create a clear and focused spiritual environment. White, gray, and beige colors predominate in minimalist churches. These tones create a neutral background that allows architecture and light to take center stage. It is a far cry from the frequently ornate, intricately carved decor of previous centuries. Here we bring you a selection of some of the best and most unusual churches designed in the 21st century…
Architects: Tabuenca & Leache
Architect: Fernando Menis
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CALAHONDA
TORREQUEBRADA LA CALA DE MIJAS
The Church of St. John Paul II, Entrepinos
Architects: VZ Arquitectos
This small community church completed in 2008 is nestled in a residential green space. Its rounded design, resembling a sculpted form, stands out in the landscape.
The building's mass is divided by an exterior atrium and bell tower, creating a sense of excavation. Large granite base and limestone cladding contribute to the monolithic appearance. The interior features a single nave with a double-height space expanding into a side chapel. A floating choir and hidden light sources enhance the sculptural feel. The chapel, presbytery, and auxiliary spaces are unified by a wooden latticework.
La Ascensión del Señor Church, Sevilla
Architects: AGi Architects
The Parish Centre expansion aims to strengthen community engagement and spiritual growth. The design focuses on economical and sustainable solutions, using simple construction techniques.
A large central courtyard connects the church and other facilities, while two smaller court-
yards serve specific liturgical areas.
The main entrance welcomes visitors and invites them inside. The roof's unique shape introduces natural light, defining different liturgical spaces. The architects aim to create a space that addresses community needs and fosters a sense of belonging.
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November 29thDecember 12th 2023 LOOKING FOR MORE PROPERTY STORIES? Scan to visit our website
NEW HIGH
THE average cost per square metre for a property in Marbella hit €4,812 at the end of the first half of the year, according to the real estate portal
Idealista
It’s a new record, something that is starting to become unsurprising, as month after month the figures surpass the previous ones.
Specifically, according to The Agency’s Annual Real Estate Market Report on Marbella and the Costa del Sol, housing prices in Marbella have increased by 10% in the past year, reaching an average of €4,533/m²
Real estate prices in Marbella continue to break records
in February 2024. Areas such as Nagüeles-Golden Mile, Nueva Andalucía, and Las Chapas-El Rosario stand out for their high real estate value. The evolution of housing prices for sale in Marbella is unstoppable, and from February to June 2024, prices have risen by €279/m². The Agency’s Annual Real Estate Market Report on Marbella and the Costa del Sol positions Marbella as
the 16th most expensive city in the world for luxury residences, surpassing Madrid and Dubai. New constructions and renovated properties in exclusive areas can reach prices of up to €28,600 per square mere. The rental market also shows notable figures, with an average rent of €2,263 per prop erty.
Benjamin Beza (pictured), Sales Director of The Agency
Marbella - The
ON THE UP: Marbella, where property prices are steadily rising
Belleside Team, highlighted the region’s appeal: “The solid growth of Marbella’s real estate sector underscores the region’s unique appeal. With its luxurious lifestyle, beautiful landscapes, and solid market fundamentals, Marbella is increasingly becoming a top choice for discerning investors from the United States.”
THE best all-inclusive hotel in the WORLD is in Andalucia, according to a new ranking.
The World Travel Awards - considered the ‘Oscars of tourism’ - have bestowed the prize on a stunning resort in Huelva. Hotel Barcelo Isla Canela, near Ayamonte, was already considered one of the jewels in the crown of Spain’s tourism sector. But now it’s gone up another notch.
Despite only counting on four stars it is very popular with models, celebrities and influencers. The 349-room hotel has beautiful grounds, including tennis and padel courts, a golf course, as well as a spa.
It is also close to some of Spain’s most beautiful beaches and just a short hop across the river into Portugal.
But, best of all, it has been chosen for the excellent quality of food, which provides guests with three meals a day, all within one global price.
Thus, housing values are rising in the seven main areas into which Idealista divides the municipality. In Nagüeles-Golden Mile, the price is already at €6,252; in Nueva Andalucía, at €5,329; in San Pedro, it nearly reaches €4,000, standing at €3,997. The most affordable area is Elviria-Cabopino, where the price per square meter is €3,702.
A GROWING MARKET
THE Spanish real estate market continues to show significant strength, suggesting further growth in the coming years.
However, to see this trend requires looking at some of the figures in a broader context because of the distortions of the Covid and immediate post-Covid period.
Keeping in mind this context is key if we're going to interpret market data properly. For example, analysts are beginning to skip the usual comparisons of current to immediately preceding years. Instead, they compare current data with years before 2020, when the COVID-19 pandemic began.
They argue that economic behaviour during 2020–2022 can be misleading, given the wild swings the pandemic and its aftermath produced.
If we make this adjustment, the picture for Spain looks very positive, especially for regions like Malaga and the Costa del Sol, where the number of foreign buyers and the luxury market offset negative factors like inflation.
Let’s start with some raw figures that suggest a bleak picture of Spain’s real estate market as compared to 2022. These are worth picking apart to understand their real meaning and to see why they are incorrect.
Based on raw numbers, home sales fell by 9.7% in 2023 (10.8% for used homes, 4.8% for new homes) compared to 2022. Prices began to rise rapidly at the start of 2021 as the economy opened up and then declined through 2022.
However, these numbers are distorted by being compared with 2022. In that year, the
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We offer more than just products. We provide a sense of familiarity, trust, and a personal touch that is increasingly rare in today's fast-paced world. We build relationships with our customers, understanding their unique needs and offering tailored solutions that fit their budgets.
We prioritise quality over quantity, customer satisfaction over profit margins, and long-term relationships over one-time transactions. Our charm lies in our ability to adapt to changing times while staying true to core values like punctuality and respect.
Our specialty is Bosch, Balay, and Siemens appliances. We sell their products along with associated replacement parts and extended warranties. While we all hope your appliance never fails, in the rare event that it does,
we keep detailed records to alert the manufacturers and minimise any inconvenience for you.
For Melec, the sale doesn’t end after your purchase. We'll be with you every step of the way to resolve any issues during or after the warranty period, which is now three years in Europe.
Loyalty
Melec is proud to employ a local Spanish staff. We thank them for their loyalty, hard work, and dedication, especially during the busy summer months. They will respectfully address you in English if required.
Our team of seven has survived the financial crisis of 2008 and the pandemic of 2019, thanks mainly to our fantastic customers who have supported us despite stiff competition from online and large retail stores. Many of you know our team by name: Mark, Joseph, Patrick, Pablo ("Moy!"), Carlo, Phoebe, and Miguel in the shop.
Melec extends our sincere and heartfelt gratitude to all our customers, from the early 2000s to today. Without you, we simply wouldn't exist! We will continue to listen to your feedback and learn as technology and the market evolve.
real estate market experienced a surge of pent-up demand in the wake of the Covid-19 pandemic.
To correctly position sales from 2023 in terms of overall trends, we need to look at their relationship
Spain’s real estate market returns to normal
to the last year of sales numbers prior to Covid. According to the same Caixa Bank report, what we find is that home sales in Spain have grown by 16.1% nationally compared to 2019. What applied to the Spanish real estate market is equally evident when we look at regional statistics in Malaga province and the Costa del Sol. Home sales in Malaga province have come down from the pent-up demand we saw released post-pandemic in 2022.
estate transactions occurred between January and November 2023. In relation to 2022, that is a 17.75% decline from more than 39,000 sales in total.
That looks alarming until we compare this with pre-pandemic transactions: there were 27,710 for 2019, which means a 15.9% increase between that year and 2023.
That’s more or less a 4% per annum growth rate, which is very healthy.
As well as the overall strength of the Costa del Sol market, we also see that luxury home purchases play an outsized role here.
For instance, 32,115 real ments and penthouses, drawn by Spain’s favourable climate, lifestyle, and good value compared to other prime European destinations. Prices in Spain’s luxury housing segment have surged 10 - 20% since 2021. In the super-luxury range, homes in Benahavis have an average value of €6.8 million with an average price of €6,437 per square metre. In Marbella, the average is €7 million, with a square metre price approaching €11,000. For comparison, the average price per square metre for Spain was €2,152. By the end of 2023, foreigners made up a third of all home purchases in the Costa del Sol’s golden triangle towns. Compare that
According to a luxury Spanish housing market report by Hiscox, there were 2,500 homes for sale in 2023 with a value greater than €3 million in Malaga province, or 34% of the total Spanish super-luxury market.
Most of these high-end homes are located in Benahavís, Estepona and Marbella, an area known as the Golden Triangle.
Foreign ultra-high net worth investors are flocking to purchase luxury villas, apart-
to the rest of Spain, where foreign purchases make up only 21.4%. The British continued to lead the ranking of foreign buyers, followed by Swedes, Dutch and Belgians.
Please visit our website www.melec-costa.com for more information and a sample of our products. You can also book service calls on WhatsApp (627 120 352), by email (meleccosta@gmail.com), or by phone (952 493 426).
November 29thDecember 12th 2023
The Property Insider
by Adam Neale
Spanish house prices - especially in coastal regions
- have remained remarkably stable. In the last two years, they have grown above the rate of inflation through both the post-pandemic buying surge and the 2023 return to normal.
What can explain the fact that house prices in Spain rose in Q1 2024 by 7% (3.68% inflation-adjusted) compared to the previous year? Likewise, in 2023, prices rose by 8.16% (4.19% inflation-adjusted).
One of the most important reasons is that while prices are rising in Spain, they are doing so from a very low level. The housing crisis of 2007-2013 hit the Spanish market especially hard. It is only now reaching price levels comparable to those in 2007, 17 years ago.
real estate purchased for tourist rentals a quality investment with solid returns.
CaixaBank Research forecasts that the tourism sector's GDP will grow by 2.5% in real terms in 2024, reaching a level of 7.1% above 2019. It ended 2023 with a year-on-year growth of 6.9% and exceeded the 2019 level by 4.5%.
Real estate purchased for tourist rentals is a quality investment
That not only means that buying even a luxury home still seems like a bargain, to foreign buyers especially. It also means that they are willing to push the price up to get the house that they want because compared to their home country, it still seems like a bargain.
A second factor, especially in coastal regions, is the sustained growth in tourism. This has made
The third factor, related to the first two, is that new construction of homes in Spain – and especially in high-demand areas like the Costa del Sol – lags demand.
In 2023, the number of housing starts rose by 1.1% y-o-y to 98,040 units, an improvement from an annual decline of 3.5% in the prior year, based on figures from the Ministry of Development. Likewise, housing completions also increased slightly by 0.7% to 80,473 units in 2023, in contrast to a 4.9% drop in 2022.
Overall, the numbers show that the market has clearly passed through a period of readjustment from the pandemic era. The ‘irrational exuberance’ that accompanied the reopening of the economy post-COVID couldn’t last.
Hipster
Hottest hotel of the summer, Los Felices, launches with host of celebrities and fashion designers
IT’S a style of hotel that rocked California’s inland retreat of Palm Springs in the 1960s.
And with over 100 fashion designers helping to inspire the suites and public areas it is bound to be a huge hit in Spain.
The huge raft of fashionistas, including Alejandro Gomez Palomo, An-
By Jon Clarke
gel Nokonoko and Pepa Salazar, have lent their name to Los Felices (meaning ‘happy people’), in Ibiza. Claiming to be the first hotel in the world entirely dedicated to fashion, each designer has lent a garment to the six villas and 107 rooms.
The hotel on Sant Josep bay, near San Antonio, is showcasing the designers, many who are only now emerging onto the Spanish scene. At a launch party this month, dozens of them attended alongside Hollywood stars Paz Vega and Josh Hutcherson, famous for his role in the Hunger Games. Interior architects Ilmiodesign have done an incredible job matching the style of the Sixties with its clean lines, pastel colours and retro touches.
A riot of colours, quirky furniture and giant photos make up the lounge areas, while tall palm trees and cactus dominate the planting outside. The rooms are buzzing, with Mar-
RETRO: Los Felices is inspired by 60s California
hangout
November 29thDecember 12th 2023
shall speakers, bright colours and numerous products.
Meanwhile, a kiosk offers, naturally, a host of fashion magazines for sale, as well as a range of stylish clobber.
The lucky few will get to stay in the UFO-shaped villas, designed by Danish architect Matti Suuronen back in the 70s.
His bright pink Futuro House is the backdrop to a stage, which will host fashion shows and concerts.
Part of the Concept Group’s chain of hotels, it opened this summer and costs from around €200 +a night in September.
A connected nightclub will open next year, while the restaurant Bambola di Grosso Napoletano fusing Italian with Spanish cuisine.
