OLIVE PRESS PROPERTY FEBRUARY 2024

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DECADE OF P SUCCESS

roperty

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Celebrating our tenth year on the Costa del Sol

February 2024

Property

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Property

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August 2023

Kick off your heels at Spain’s hottest new hotels See page 6

www.theolivepress.es

May 2023

OUTDOOR LIFE

How to lead that Spanish lifestyle to the full See page 14

OLD TO NEW: how unwanted buildings have been given a new lease of life See page 22

Swiss salute!

A MAJOR global exhibition is to recognise work of architectural giants Herzog & De the ron, as they reach their Meu45th anniversary.

The Royal Academy show, in London, is ring the Swiss pair’s explohealthy half dozen incredible designs, with a built These include (from in Spain. top left) the Barcelona Forum, Madrid’s CaixaForum and (main) the remarkable 2007 HQ Since 1978 the pair of Spanish bank, BBVA. jects, many yet to be have grafted on 600 probuilt, including Jerez Frontera’s City of Flamenco. de la

See Partners in Design

Golden Millionaire page 22

SPAIN’S golden visa pected to survive… butscheme is ex- Spain’s Golden it’s going to Visa double in price. rise to €1 million andscheme to survive… but investment threshold While Portugal and Ireland it could encourage spending likely of more than scrapped their programmes, recently in less-populated areasto investments deposits or shares of €1 million

By Walter Finch But the government the visa scheme is expected in Spain was quick to vestment. ital companies, or more Spanish capto be exdeny his claims, insisting tended. than €2 million in government bonds. try was actually looking the minis- However, it has been frequently It comes after left wing Government sources at alternacritonly those investing indicate that party Mas Pais claimed thatpolitical tives with suggestions from various icised for creating inflationary pres- Certain desirable highly skilled pro€1million or Social fessionals sures and came under more will be given a three-year Security Ministry hadSpain’s political parties. scrutiny for cases are and family reunification provi- One encouraging black money res- sionally confirmed also idency permit. into the dency permit eligible for this resiit was to scrap but of these is to allow investment Spanish only in less-populated economy. the scheme. without A source told El Pais THE average international In 2022, Spain grantedinvestment. socially beneficial projects.areas or in Currently, the scheme allows will be doubled from thethat the figure Leader Inigo Errejon claimed buyer of 2,462 Spanish property has the Introduced in 2013 eigners to obtain a three-year for- visas to property investors, golden begun to trend of €500,000 invested in current total scheme had led to a ‘brutal’ in the wake of an indownwards in age profile, resi- crease

By Walter Finch The new champions increase the Euro crisis, real estate or in house according to as an investment in a Spanish prices, adding: “Spanish the scheme was in- dence permit, extendable for another vious of nearly 60% from the preof the the latest data.

Spanish company. cittwo, by investing at least expat year. market: Young Brits, tended as a means to izenship cannot be bought”.

But now a report from This data from the While there are still €500,000 in in companiesOnly a handful invested re-inflate the real estate, College of RegisUnion de CredFrench and Germanshousing trars housing market through or government bonds. excluding any mortgages. pandemic paints an optimistic picture Germans, French andplenty of Brits, itos Inmobiliarios (UCI) claims foreign in- The mechanism that the home unleashed the genie of to UCI. Belgians com- the prevailing for 2023, with the first also applies to in- Since the scheme began some 31,000 ing in to hand over their trend quarter already people have acquired a cash, gone tional buyers indicatesamong interna- which hasoffice and flexible working, Despite the seeing 23,380 are the days of them golden transactions by foreignfact that interest rates seen a surge in younger visa. the new sheriffs being entirely in town are a ers. on mortgages for non-residents high-income, near-retirement younger, less financially buyers drawn by this way of working. are The maximum couples. comfortable demographic. invariably higher compared Thus they can fulfil The typical profile of financing percentage the dream of offered foreign buyers These young used to be people between to residents, the marketto those hovers around 70% of the property's upstarts (between 30 spending extended periods contin- valuation with on the ues to witness 50 and 60 and 40) have been years old, married with an amortisation period a surge capitalising on the Spanish coasts without waiting until children, with freedom afforded international buyers. in demand from of around 30 years. a high level of education by the digital nomad they are grey and wrinkly.

Spain's attractiveness, The numbers are underlined As the Olive Press has reported come of more than €60,000.and an in- lifestyle to invest in Spanish property. enviable quality by a drarecentUCI's analysis shows that the Covid ly, buyers from the United States have matic 45% surge in foreign property of life, profitability, and its status as a stable safe haven for investments purchases also surged onto the scene, according transactions.in 2022, totaling 88,800 not, it seems, have been dented ward trajectory of interest by the uprates.

MOVE OVER GRAN DAD

LAUNCH: Feb 2015

2A0GE

COSTA LIVING..

WITH A DIFFERENCE P

SPECIAL

I

T is a coast famed for its endless golden beaches and unspoilt wind-swept beauty.

But now the Costa de la Luz, in Cadiz, has a new claim to fame.

Overlooking the Atlantic, the recently completed House on the Air (Casa en el aire) showcases the distinctive architectural prowess of famed Valencian studio Fran Silvestre Arquitectos.

Drawing inspiration from its unique location on Playa Alemanes, near Zahara de los Atunes, the design team – led by Fran himself - envisioned a project that not only shelters but also inspires, framing the beauty of its natural surroundings.

Navigating the challenging terrain marked by slopes and contours, it is artfully positioned as if it was gently perched

atop the landscape.

Composed of stones mirroring the local terrain, its foundations not only anchor the house but also enhance its connection to its natural surroundings.

This design choice ensures that the interior spaces provide uninterrupted views of the sea, capturing the glimmering reflections of the sunset.

The home is divided into three distinct areas: The main living space with its amazing panoramic views and its master suite and three more bedrooms, which share the same views, and on the lower floor two extra bedrooms facing a shady courtyard.

The House on the Air seamlessly integrates with its natural surroundings, providing a unique and inspiring living experience.

HEADING SOUTH NEARLY a quarter of all British professionals able to work from abroad would choose Spain to uproot.

Some 22% of Brits yearning to ditch their dreary island in favour of better weather and increased spending power would choose Spain - if they could keep their current jobs.

The country knocked America into second place with 19%, while France came a poor third with 13%.

Portugal would be the dream location for 6%, while Southeast Asia gar-

Spain comes top for UK digital nomads thanks to its better quality of life - especially for women aged 25 to 30

By Walter Finch

nered 5% and Latin America only 3%.

A striking 53% of UK professionals able to embrace remote working would move abroad, while just 33% would stick with Blighty and 14%

were undecided in the poll by Nebeus.

The most common profile of a Brit looking to move to Spain meanwhile is a woman aged 25 to 30 in ‘a management role in the private sector’.

Barcelona, with its blend of cosmopolitan flair, tops the list of preferred Spanish cities at 14%.

Other coastal locations, including Malaga, Marbella, Valencia, Alicante and Palma, were popular choices.

Inland cities like Madrid and Sevilla also hold their own in the rankings, proving that Spain’s appeal extends beyond its coastline.

The study points out several incentives for choosing Spain as a remote work base.

The promise of a ‘better quality of life’ is the most significant draw at 46%, followed by the potential for

saving money (19%) and an attractive culture and lifestyle (12%).

Job opportunities (7%) and tax incentives (4%) are also factors.

Yet incredibly, 89% of British professionals were unaware of Spain’s digital nomad visa, with half questioned saying they would now look into it.

The main financial challenges perceived in relocating include healthcare costs (31%), cost of living (21%), and retirement and savings plans (10%).

12

PROPERTY

February 7th - February 20th 2024

A DECADE AND COUNTING

I

The longest running property magazine on the coast

T is with real pride that our Property Magazine has made it into its tenth year.

When we launched in earKick off your heels at Spain’s hottest new hotels ly 2015 we had no idea how roperty well it would be received.

N But we knew the coast deserBR E L ved a publication to explore CE the real state of the market not simply a glossy publication roperty looking at it through rose-tinted spectacles.

BUILDING FORTUNES...

So we went to the experts; the Swiss salute! likes of property analyst Mark Stucklin, the longest-serving agent in Marbella, Chris Clover, of Panorama, and the thoughtful musings of philosophy graduate - our Property Insider Adam Neale, in Estepona.

And it is no surprise that all three of them are with the magazine ISSUE: Featuring former BEST COVER: A 2017 story about BriRECENT ISSUE: As well as champiotoday, as well as long-establi- FIRST Sunday Times property doctor Mark tish buyers coming in ‘like a fireball’ ning Spain’s golden visa scheme, we shed trustworthy agents like Stucklin and Marbella’s Chris Clover before Brexit with two amazing new celebrated the amazing success of Andalucia Development and on the cover churches Swiss architects Herzog & De Meuron Properties Spain.

SLIM SHADY As we head towards our Property Property Property Property Property Property tenth birthday, we vow L Courted by On brand to continue offering the courtyards most varied and interesting content from around Spain and - above all - we promise to give you a true ONLY WAY IS UP* Tech BOOM! YSTAY IN THE NEST! analysis of the market and FOREIGN RUSH MOVE OVER GRANDAD NEW GOLD RUSH not hide it behind glossy A photos and PR puff pieces. st be ag ’s m ain rty lish Sp pe Eng pro in

P

STA O C E H NT O S R YEA

See page 6

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s.es

May 2023

st be ag ’s m ain rty lish Sp pe Eng pro in

P

FEEL THE FEAR Spain’s most huanted houses

See page 16

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es

OCTOBER 2022

A MAJOR global exhibition is to recognise work of architectura the ron, as they reach l giants Herzog & De Meutheir 45th anniversary.

The Royal Academy ring the Swiss pair’s show, in London, is explohealthy half dozen incredible designs, with a built in Spain.

These include (from top left) the Forum, Madrid’s CaixaForum and Barcelona remarkable 2007 (main) the HQ Since 1978 the pair of Spanish bank, BBVA. have grafted on jects, many yet to be built, including 600 proFrontera’s City of Jerez de la Flamenco.

Golden Millionaire See Partners in Design

page 22

...but where do Spain’s Santiago Calatrava and Spain-based Norman Foster rank in the world’s wealthiest architects?

SPAIN’S golden visa pected to survive… scheme is ex- Spain’s Golden but it’s going to Visa double in price. rise to €1 million andscheme to survive… but investment While Portugal and thresho it could encourage Ireland recently scrapped their programme spending in less-pop ld likely to vestments of more than €1 million

By Walter Finch the visa scheme is expecteds, in Spain But the governmen ulated areas in deposits or shares of Spanish t was quick to vestment. to be excaptended. deny his claims, insisting ital companies, or more the minis- However, than €2 milGovernment sources It comes after left try lion in government it has been frequently wing political tiveswas actually looking at alterna- icised bonds. crit- Certain only those investing indicate that party Mas Pais claimed with suggestions from for €1million or that Spain’s various sures and creating inflationary pres- fessionalsdesirable highly skilled promore will be given came under scrutiny and family reunification a three-year res- Social Security Ministry had provi- political parties. for idency permit. sionally confirmed it was to scrap One of these is to allow investment encouraging black money into the cases are also eligible for this resiA source told El Pais the scheme. but only in less-populat Spanish economy. dency permit without ed areas or in Currently, will be doubled from that the figure Leader Inigo Errejon socially beneficial projects.

In 2022, Spain grantedinvestment. the scheme the current total scheme claimed the Introduced 2,462 golden allows for- visas of €500,000 invested eigners to obtain a had led to a ‘brutal’ three-year resi- creaseto property investors, an inincrease the Euro in 2013 in the wake of dence permit, as an investment in a in real estate or in house prices, adding: of nearly 60% from crisis, the scheme was extendable Spanish company.

“Spanish for another the citinpreizenship cannot be bought”. tended as a means to re-inflate the two, by investing at least €500,000 in vious year. Only a handful invested housing market through real estate, excluding in companies or governmen any mortgages. foreign in- The mechanism t bonds. also applies to in- Since the scheme began some 31,000 people have acquired a golden visa.

LIVING LIFE AT THE TOP See Rich by design on page 4 to find out

MALAGA offers one of the best qualities of life in Spain.

A new survey put out of Spain’s mainthe city as sixth 15 cities.

By Cristina Hodgson It is only beaten by Cordoba in Andalucia, in the poll by the Organisation of Consumers and Users vironmental care and (OCU).

Malaga was considered The city, with a climate. population of best places to live and one of the 577,405, also fared with praise for its costwork in Spain ‘abundance of leisure well for its of living, en- the digital infrastructurfacilities and es available’.

Malaga, Cordoba and Sevilla

Sp pr ai op n’ in er s be En ty st gl mag ish

Sp pr ai op n’ in er s be En ty st gl mag ish

Sp pr ai op n’ in er s be En ty st gl mag ish

to live in Spain

Sp pr ai op n’ in er s be En ty st gl mag ish

Sp pr ai op n’ in er s be En ty st gl mag ish

FROM BEYOND THE GRAVE: The legend of Karl Largerfeld in Marbella

among the best places

In total, it scored ity, as well as a good 66 points, with airport with Cordoba only just beating of top great it with 68 of 3,000places to live in the survey Forbesinternational connections. points in Andalucia. magazine also people in each The only other southern try’s most populated of the coun- it as one of the best recently cited cities to live in the top 10 was Sevilla city to make The northern city locations.

Europe. scored 70 at 10th with despite 63 points, while Valencia having wet weather points The survey questioned (65) came with Britain. residents’ on a par opinions seventh and Alicante on mobility, health and eduVigo, in Galicia, came(64) ninth.

Malaga cation, top of the list Europe is the fourth sunniest city in ket, public safety, the labour marthe and has reasonable air qual- pollutioncost of living, environment, and urban cleanliness.

Sp pr ai op n’ in er s be En ty st gl mag ish

OUTDOOR LIFE

www.theolivepress.es

August 2023

How to lead that Spanish lifestyle to the full

www.theolivepress.es

See page 14

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October 2023

NOVEMBER 2022

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See page 16

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November 2023

IKE London buses, as the saying goes, you wait ages, then two turn up together.

And that’s certainly the case with a pair of brand new buildings just opened in Estepona.

Dramatically changing the coastline - and genesis of the once small fishing village - the Mirador del Carmen tower and nearby ‘carbon neutral’ town hall are very much a statement of current mayor Jose Maria Garcia Urbano.

Soon to enter his fourth term, they come after a decade of grand openings, including a hospital, athletics stadium and orchid museum.

Taking just 14 months to build, the unusual 12-floor Mirador del Carmen (left) comprises an arts and cultural centre, with close links to the Carmen Thyssen Museum, in Malaga.

It also has a library, an auditorium for concerts and a rooftop terrace with viewing platform.

At the opening at the weekend Urbano described it as a ‘colophon’, a Greek word, meaning inscription or stamp at the end of a book or manuscript.

Junta president, Juanma Moreno, added it was a ‘gift’ to the town and its visitors.

It comes just weeks after the town also finally inaugurated its new €13 million town hall (right).

While its signature boast is an internal slide between the fourth and fifth floors to liven up the days of the 200 employees, the seven-floor structure also aims to be carbon neutral.

Said to be the ‘most sustainable town hall’ in Spain, due to its renewable energy creation and ‘bioclimatic solutions’, the cube is sheathed by a white lattice designed to shield the inhabitants from the heat of the day.

Meanwhile, photovoltaic panels have been installed on its roof, which are expected to cover the entire electricity demand.

ELITE: Homes include Karl Lagerfeld and (below) Dolce & Gabbana

Designer homes are flooding image-conscious Marbella in the latest trend for super-rich investors, see page 9

OLD TO NEW: how unwanted buildings have been given a new lease of life See page 22

EXTRAORDINARY: How do they do that? Spain’s most outlandish, original places to live

BOTTOMS UP: The Olive Press chooses...

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November 3rd - November 16th 2023

NOLOTIL WARNING

A LETHAL painkiller is STILL being given to Brits five years after it was banned, the Olive Press can reveal.

It comes as a reader contacted us to sound the alarm after he was given the potentially deadly drug while receiving treatment at HCB EXCLUSIVE launching a lawsuit against the

By Yzabelle Bostyn Hospital in Denia, Alicante.

Spanish Ministry of Health after Nolotil, also known as Metamizol, she claims doctors are not followis the most common painkiller In October 2018, the drug was ing the guidelines and patients are in Spain and is often marketed banned for sale without still being given the drug ‘against as an alternative to Ibuprofen or scription to British people a pre- their will’. visiting Paracetmol.

Spain following a months’ long A spokesperson for the hospital campaign by this newspaper and said: “HCB Hospitals follows the tireless medical campaigner Cris- recommendations of the AEMPS, Deaths tina Garcia del Campo. and particularly those for the forRecommendations were also is- eign population, we are very aware sued advising medical staff to of the recommendation not to preavoid giving the drug to patients scribe Nolotil to foreign patients.” in urgent care and to carry out It insisted that the recommendation follow up blood tests if the drug is is followed and patients are informed given for seven days or more. about the best available treatments.

The directive note, issued by the WARNING: Cristina has campaigned Spanish Opinion Page 6 Medicine against Nolotil alongside the Olive Press Agency (AEMPS), recommended medical staff monitor patients given the drug to check for potentially deadly side effects like low white blood ‘You’re killing us!’ cell count and sepsis.

However Cristina, founder of the AffectOVER 1,000 people took to the ed by Pharmaceutiof Palma to demand ‘less tourism,streets cals Association, says more life’, ahead of an EU tourism summit bethe guidelines are ing held in the city. ‘not strong enough’.

Protestors marched from Porta “It's worrying beCatalina to Passeig Born, wherede Santa a manicause this is somefesto backed by 77 groups was signed. thing that can kill The manifesto, read by author you, it has killed so gold, spoke out against the ‘lackClara Inof’ susmany people,” she tainable tourism.

She added there were far too many told the Olive Press. holiday rentals and labelled tourism Now, Cristina is a ‘devas-

Outrage as dangerous Spanish painkiller continues to be given to Brits despite being banned

But the drug has been linked to several deaths and serious illnesses among British expats and tourists visiting Spain.

Though usually harmless, Nolotil can affect Northern Europeans with fair complexions and is banned in the UK, Ireland, Sweden.

Stars from Anne Hathaway to Jodie Whittaker keep visiting Ronda, find out why in our travel supplement inside

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What do a British pilot, Country Life magazine and two English teens have to do with Franco’s victory in the Spanish Civil War? SEE PAGE 13

for ENVIRONMENTAL groups are taking legal action against the Junta ‘failing to tackle toxic air’ in the Campo de Gibraltar.

Ecologistas en Accion has filed a complaint with the Health Ministry, claiming nothing has been done to protect citizens from a rise in air pollutants caused by the expansion of ‘toxic’ industries in the Bay of Algeciras. polAccording to the green group, more than 10,000 tonnes of dangerous lutants were released into the atmosphere last year. as This includes potentially lethal cancer-causing chemical benzene, as well other fine particles.

The writ comes as Cadiz province was officially declared to have the worst air quality in Spain.

And alarmingly, La Linea, which borders Gibraltar, ranks as the 30th most polluted place in the world in terms of air quality.

The shocking stats were revealed in a damning World Health Organisation report which lists the world’s ‘most contaminated’ towns and cities.

Continues page 11 Adding salt to the wound, Cadiz also came bottom in

Tragic end

“IT’S a dirty world that I don’t want to live in anymore.”

These were the intended last words of a British teen who had embarked on a suicide pact with her 16-yearold boyfriend in Marbella.

The privately-educated expat, 14, added: “I’m Sorry: To anyone who has ever loved/known or supported me, thank you, I love you and I will miss you.”

Bizarre

However, her heartfelt messages had a cruel, bizarre twist, when her British-Brazilian boyfriend Richard Fitzsimons managed to take his life off the top of the Corte Ingles department store, while she miraculously survived.

It came as a hero security guard somehow managed to grab the girl before she was able to plunge to her death after her lover.

In a tragically sad incident - that has shocked the coast and made headlines around the world - the teenager, who we are not naming for legal reasons, is now requiring serious Continues page 2

TOXIC: Oil refinery plumes black smoke into the Campo

NOLOTIL VICTORY

A LETHAL painkiller believed to be responsible for the deaths of dozens of expats is finally being regulated in Spain.

Nolotil, which the Olive Press has investigated for nearly two years, has been

banned for tourists in Spain.

In a breakthrough move, The Spanish Medicine Agency (AEMPS) has finally issued a directive to all healthcare bodies to stop giving the drug to British and

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Irish tourists.

Expats in Spain will now be administered Nolotil on a short term prescription only. Furthermore it can only be prescribed after a detailed analysis of the patient’s medical history and heritage.

It will also have to be much more closely monitored.

It comes after an Olive Press investigation into the mysterious deaths of expats from the drug was launched 2016, in along with a 1,000-strong petition to have it regulated a year later.

Nolotil, also known as Metamizole, is banned in the UK, the US and most of Europe.

Despite this, the drug is still one of the most popular painkillers in Spain,

Lethal painkiller BANNED for Brits after hard-fought battle

Save our home!

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Mosquito which despite various side effects, Screens can cause a rapid drop in white blood cells, leaving patients unable to fight infections. Medical translator, Cristina Garcia del Campo, who has pulled together hundreds of case studies from victims for the AEMPS’ probe, said she was ‘very happy’ the authorities have finally reacted. Following the results of her KILL THE rigorous investigation she DRUG has now demanded that the drug must not be sold without a prescription and a detailed patient analysis.

“I am very happy that the problem has been dealt with,” she told the Olive Press. “I will be making sure that the AEMPS recommendations are carried out and if necessary make sure it’s banned completely.” The Olive Press began investigating after a trio of expat families told us how their relatives had died unnecessarily in excruciating pain, after taking the drug in Andalucia.

In April, the paper revealed the first steps towards regulation had been taken, with Marina Salud, a big health network in Alicante, issuing a warning to stop administering the drug to British, Irish and Scandinavian patients.

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tating industry’.

The protest on Monday also called end to pollution, overcrowding for an and the growth of more tourist lets.

It comes after growing frustration residents who claim their quality from is being sacrificed for the comfort of life of visTOO MUCH: locals rail against itors. 'overtourism' The protest was in response to the meeting of EU tour- who ism ministers in Palma. rent legally.”

She also highlighted climate change The European Tourism Forum brought as a significant chalindustry leaders lenge for the together to discuss the social sustainability islands. of tourism.

“We The summit aimed to find ways to promote ‘alternative’ just are a limited, small and fragile territory. We have destinations. over one million inhabitants and receive 15 million tourists a year.

Balearic President Marga Prohens urged EU leaders to “We want bring in new laws to regulate holiday to minimise the negative effects rentals. of tourism and be sustainable from an economic, She said: “Holiday lets present a great opportunity to ronmental social share the wealth generated by tourism. point of view. If just one of these and enviHowever, illegal everything things fails, ones create unfair competition for hotels and owners Ministers fails.” took part in a series of discussions at the summit this week to try and combat the negative impact of the trade.

In particular, they signed a joint social and sustainable tourism. declaration in favour of In the declaration, ministers agreed to advocate for ‘greener, more digital, inclusive, See pages 9 & 11 resilient and responsive’ tourism.

They also vowed to create job opportunities and ensure the ‘long-term well-being of everyone in the value chain, especially the local populations’.

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CULTURAL ICONS: Are these Spain’s 10 best buildings? Look inside

SEEING DOUBLE: The new Estepona town hall and Mirador (below)

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The incredible allure of crafty courtyards has been turned into an artform in Spain, some with roses, others with geraniums and some with simply palms. We take a look at their history.

April 2023

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21/6/19 13:30

THE average international buyer of Spanish property has begun to trend downwards in age profile, according to the latest data.

While there are still plenty of Brits, Germans, French and Belgians coming in to hand over their cash, gone are the days of them being entirely high-income, near-retirement couples.

The typical profile of foreign buyers used to be people between 50 and 60 years old, married with children, with a high level of education and an income of more than €60,000.

By Walter Finch

But now a report from Union de Creditos Inmobiliarios (UCI) claims that the prevailing trend among international buyers indicates the new sheriffs in town are a younger, less financially comfortable demographic.

These young upstarts (between 30 and 40) have been capitalising on the freedom afforded by the digital nomad lifestyle to invest in Spanish property.

UCI's analysis shows that the Covid

The new champions of the Spanish expat housing market: Young Brits, French and Germans pandemic unleashed the genie of the home office and flexible working, which has seen a surge in younger buyers drawn by this way of working.

Thus they can fulfil the dream of spending extended periods on the Spanish coasts without waiting until they are grey and wrinkly.

As the Olive Press has reported recently, buyers from the United States have also surged onto the scene, according

to UCI. Despite the fact that interest rates on mortgages for non-residents are invariably higher compared to those offered to residents, the market continues to witness a surge in demand from international buyers.

The numbers are underlined by a dramatic 45% surge in foreign property purchases in 2022, totaling 88,800 transactions.

This data from the College of Registrars paints an optimistic picture for 2023, with the first quarter already seeing 23,380 transactions by foreigners.

The maximum financing percentage hovers around 70% of the property's valuation with an amortisation period of around 30 years.

Spain's attractiveness, enviable quality of life, profitability, and its status as a stable safe haven for investments have not, it seems, been dented by the upward trajectory of interest rates.

IF you’re still wondering whether buying in Spain is a sound investment, the latest figures should give you a clue.

In the second quarter of 2023, prices nationwide increased by 3.6% compared to the same period in 2022.

It follows a healthy 3.5% year-onyear boost during the first quarter of this year.

The latest statistics mean prices have been rising in Spain every quarter since 2014.

That’s almost 10 years of continuous and steady growth.

Driving the uptick has been the construction of new-build homes, which are popping up across the country, but particularly on the Costa del Sol and Costa Blanca.

And if you bought a new-build home last year, you will have already seen a tidy increase in value, with the av-

Property prices in Spain have risen for every quarter since 2014

By Laurence Dollimore

erage price rising 7% year-on-year.

The investment opportunities have not been lost on foreign buyers,

who only purchased 2.7% fewer homes in the first quarter of 2023 compared to 2022.

That is a strong sign of demand given the sharp interest rate rises this year and the worsening cost of

AN incredible 90% of luxury homes bought in Marbella are bought by foreigners and 90% are purchased without a mortgage.

The surprising figure has emerged in a fascinating new report on the resort by leading agent Panorama.

It comes as the luxury market - defined by the agency as homes over €2 million - proves to be even stronger than 2022. “Some agencies are reporting an increase in sales of up to 20% at the high end,” explained author of the report Chris Clover.

Of foreign buyers, the British are still the main

living and inflation crises hitting Spain’s most important foreign buyer markets in the UK and Germany.

In particular, the number of purchases by foreigners fell by just

NINETY NINETY

buyers with 16% of purchases, followed by Swedes, at 12%, Dutch at 8%, with the Belgians and Germans not far behind.

Asking prices in all price categories in Marbella have risen, on average, by about 15% between June 2022 and June 2023, reaching a new alltime high of €4,233/m2 – approximately double the average asking price per m2 of 10 years ago.

2.7% year-on-year in Q1 2023, compared to declines among Spanish buyers of a 9% for second-home purchases and a 12% for first-home purchases.

In addition, this strength in sales among foreigners follows the significant rebound of 2022, when they grew by 30.7% compared to 6.4% growth for home sales as a whole.

As a result, they now account for a much larger portion of total sales (19.5%, according to the Ministry of Transport, Mobility and Urban Agenda), and this is partly down to the fact that foreign buyers are less dependent on credit when purchasing property. *With respect to longterm expat Malaga resident Yazz

HUNDREDS of new luxury homes will be needed on the Costa del Sol after Google announced it was making big moves into Malaga.

Global developers are jostling for position to satisfy the expected demand as the city becomes the new ‘Silicon Valley of Europe.’

US property giant Berkshire Hathaway is aiming to build an initial 400 luxury villas to meet demand, after Google announced a cybersecurity ‘centre of excellence’ in the city.

Its Spanish chief believes many of the buyers will be Americans relocating for the new jobs, having been seduced by the lifestyle and climate.

“The interest Americans are showing in Malaga is especially significant as the city

Google’s plans to make Malaga new ‘Silicon Valley’ will see rising demand for luxury homes on the costa

By Walter Finch

quickly positions itself as the Silicon Valley of Europe,” explained Bruno Rabassa at Berkshire Hathaway Home Services Spain, which has opened an office in the city.

“In a short time the city will have to accommodate many displaced workers from large companies.”

His new office in the city centre intends to offer 400 new luxury properties to serve the burgeoning tech sector after Google’s announcement.

"The technological and cultural attractions, the climate, and above all the lifestyle have turned Malaga into a strategic key point for the real estate sector," he told SER radio.

His company has already opened an office in Marbella, with plans to develop over 1,400 luxury properties along the Costa del Sol. Google released new details on its ‘centre of excellence’ at its annual cybersecurity summit in Madrid, a fortnight ago.

The Google Safety Engineering Centre (GSEC) is being developed inside the shell of a historic building by the port of

Malaga.

It aims to open its doors to budding cybersecurity professionals in the second half of 2023.

And rather than just focus on southern Europe, as originally believed, the Malaga centre is now aimed at becoming a global hub.

It will be ‘at the heart of the digital revolution’, revealed Kent Walker, President of Global Affairs and Chief Legal Officer at Google.

“This is going to change the rules of the game: In 2023, Malaga will become our new Google Security Engineering Cen-

ter, a global centre for cybersecurity and malware research,” he said.

Google released a slick video showcasing the new development, featuring some of the most iconic locations including the Pompidou Museum, the port and the cathedral as part of its promotion for the new project.

Such a development is expected to create an agglomeration effect, drawing a wider range of tech enterprises to Spain’s south coast, creating the ‘Silicon Valley’ effect.

OUNGSTERS in Spain are among the oldest in Europe to flee the nest.

The average age to leave home is an incredible 31 years, the third highest on the continent.

Only Greeks and Slovakians leave home later.

The percentage of young adults living with their parents is over 60% in the case of 18 to 34 year olds, and 50% for 25 to 34 year olds.

The lack of affordable housing in cities and popular tourist spots, including the costas and the Balearic Islands, is the key issue.

According to a new OECD Economic Survey on housing across Europe, Spain has a long-standing issue due to

Lack of affordable housing is keeping Spaniards at home into their 30s

By Alex Trelinski

continually rising prices.

It blames the ‘difficult transition from education to the labour market’ and adds it creates ‘a difficult transition to independent life for young Spaniards’.

High rental prices mean youngsters are priced out of the market, while there is a critically low supply of council housing.

According to the report average rents have risen by 40% over the last decade compared to just 10% in salaries.

Yet, alarmingly, only 1% of Spain's hou-

sing stock is 'social housing' compared to 7% in other OECD nations.

The report did however sound a note of optimism over the new Housing Law, which is seeking to ‘address the lack of affordable housing’ through regulations and tax measures.

The plan to allocate 40% of new residential construction to social housing half of it for social rental units - ‘could generate benefits for lower-income households’, ruled the report.

“But only if carefully monitored to ensure that such inclusionary zoning does not reduce incentives to start new projects or drive up market prices,” it added.

NOT LEAVING: Spanish are the third oldest to fly the nest

FOREIGN property buyers accounted for 88,858 home purchases in Spain last year - up by 45% on 2021 figures.

The College of Registrars says deals struck by non-Spaniards worth at least €500,000 increased by 63.5% compared to the previous year, accounting for 8,975 transactions.

The registrars added that the percentage of foreigners entering the Spanish housing market is normally around 13% annually, but rose last

High spending foreigners boost property market with Brits on top

By Alex Trelinski

year to 13.8%.

Overall, nearly 650,000 sales were carried out last year - the highest figure since 2007, just before the property bubble burst in Spain.

The breakdown of results by nationality puts UK buyers at 11.07% of purchases made by foreigners.

They are followed by Germans with

9.47%, French (6.97%), Belgians (5.21%), Moroccans (5.15%), Romanians (5.07%) and Dutch (4.91%).

The registrars deduced that properties with an area of over 100 m2 are bought by Americans, the British, Danes and Dutch, while those below 80 m2 are usually acquired by Moroccans, Romanians, Bulgarians, Poles and Italians.

Unsurprisingly tourist areas are the areas that most foreign buyers go

for- led by Alicante province with 41.7% of all house deals, with Tenerife on 35%.

In terms of regions, the Balearic Islands account for 34.38% of all non-Spanish sales.

That's followed by the Canary Islands (28.6%), Valencia (26.8%), Murcia (19%), Andalucia (15%) and Catalunya (13.5%).

Broadly speaking, British and German buyers led the list of foreign

buyers in coastal and island areas, while Romanians and Moroccans were the leading non-Spanish purchasers in landlocked regions like Aragon, Extremadura and Madrid.

Total transactions last year were 646,241 deals - 14.5% more than in 2021 with used property sales exceeding 530,000.

The average price paid for a home in Spain was around €188,000 - a 4.5% rise, with bigger increases in the Balearic Islands, Madrid, the Basque Country and Catalunya.

MERICANS are coming to Spain for longer both as digital nomads and to retire.

The number living in Spain grew by 13% from 2019 to 2021, while home sales to US buyers jumped by 88% from 2019 to 2022.

Americans also splash the cash more than any other buyers, apart from the Danes, cough-

By Alex Trelinski

ing up an average of €2,837 per square metre.

And their purchasing power grew the most in the same period, according to the General Council of Notaries report.

American buyers tend to focus on urban areas like Madrid, while

Surge in buyers from US with sales up 88%

Valencia and Andalucia are key locations.

“As with any big city, people are attracted to its job opportunities and amenities,” said Alex Ingrim from financial services firm Chase Buchanan.

“There is a strong word of mouth about Valencia, with a large ex-

pat community and among them many Americans,” he added.

Spain launched its digital nomad visa earlier this year, making it easier for foreigners to move and work in the country.

The visa is tailored for ‘international teleworkers’ and applicants must comply with a set of require-

ments, such as accreditation or professional experience of at least three years.

“Prior to having this visa, it was difficult to work in Spain because the tax rates were so high and there wasn’t a clear-cut immigration regime, other than the ′golden visa’ that allowed you to move to Spain and work,” added Ingrim.

PROPERTY

February 7th - February 20th 2024

SAVED BY NOMADS AN eyesore hotel which has been left to crumble into ruin is finally due to undergo regeneration - thanks to digital nomads.

The long-abandoned Los Alamos Hotel in Torremolinos is set to be transformed into the largest co-living building on the Costa del Sol.

Developer Nuovit Homes is undertaking work to cater to the growing community of digital nomads on the coast.

The project, named ‘Oceanika’, will occupy approximately 15,000 square metres and will feature 180 apartments, each designed to maximise natural

light.

Set to open in 2025, it will have a gym, coworking spaces, and many green areas.

It will also be heavy on green technology and will feature ‘energy-saving’ elevators, solar panels and electric vehicle

BEFORE AFTER charging points.

Using sustainable wood as a large part of its build will reduce construction time by 20%

as well as its carbon footprint by 60% and water consumption by 30%.

Estepona’s expat army Resort pips Marbella as the fastest-growing town in Andalucia up to January 2023 ESTEPONA is Spain’s second-fastest growing town.

According to official stats the population surged by 4.6% in the year up to January 2023.

The National Institute of Statistics (INE) report

SURGE: Mar bell a by grew 10,000 more residents in 2023

GOODLIFE: The expat dream of beach yoga in Estepona’s Guadalmina

By Walter Finch

showed the Costa del Sol resort grew from 73,698 to 77,068 residents over 12 months from January 2022.

And the main rise is due to foreigners, whose numbers officially grew from 18,250 to 20,987, a rise of 15%.

Marbella came second in Andalucia (and fourth

in Spain) as its population rose by 3.9% from 150,321 to 156,153 residents.

And this has shot up again

to a remarkable 165,871 this year, according to statistics from Marbella town hall just released.

PASTORAL CARE

LESS THREATENING: Great teaching spaces for kids ‘with anger issues’

Fab four

13

A SCHOOL is embracing true pastoral care by teaching pupils in shepherd huts.

They have been bought by a school in Swindon (UK) for €40,000 to use as a ‘well being space’.

The Lydiard Park Academy believes they are ‘less threatening’ then normal classrooms and corridors.

As a result children with anger issues and other problems who have been home-schooled are being enticed back to the academy.

The jewel of the Costa del Sol comes third only to Madrid and Barcelona as the most international place to live in Spain.

Some 153 nationalities are registered in the municipality, compared to 180 in Madrid and 177 in Barcelona.

The largest number of foreigners in Marbella are Brits (5,486), followed by Moroccans (5,177) and Ukrainians (4,516).

There are 3,712 Colombians and 3,319 Russians officially registered on the padron.

Benalmadena meanwhile saw a 3.8% growth to 76,318 people, while Torrevieja on the Costa Blanca came top growing by a staggering 6.8% to 91,731 residents by the beginning of 2023.

THE top four most expensive homes for sale in Spain are all within about ten miles of each other.

That’s according to the most popular real estate portal Idealista, which ranks this stunning villa in Marbella at Number One costing €35-million.

The 16-bedroom property in Las Lomas del Marbella Club spreads over 2,743 metres on a plot of 8,799 square metres.

It has all the mod cons you would expect including an art-deco floor design and a bar (left) complete with topLUXURY: Spain’s ‘most expensive’ o f - t h e home costs €35 million range Bose

FIT FOR A KING

IT is the most emblematic inland town in rural Spain.

Yet, despite being the third visited place in Andalucia, Ronda hasn’t got a five-star hotel.

But now one is on the way after the town hall gave planning permission to build one in the heart of the old town.

The Catalonia Hotels chain will begin work on the historic El Castillo building, once a religious college and monastery, later this year.

The project will bring hundreds of jobs and boost the local tourism industry.

Rosy year ahead for UK PROPERTY experts have done a U-turn over prospects for the UK residential market.

With inflation falling faster than expected, together with a rate-slashing spree by mortgage lenders, prices are set to rise by 3%.

It comes after leading agent Knight Frank issued a gloomy forecast of a 4% DROP in prices in 2024 only four months ago.

The average five-year fixed mortgage rate is now at 4.86% in the UK, down from an August high of 6.11%.

speakers.

Next on the list comes a nearby villa in the Sierra Blanca area, costing €30 million.

It has six bedrooms over 2,000 square metres as well as a cinema.

Next up is a property in Benahavis, which comes in at €29 million and has 14 bedrooms and 3,188 square metres of space.

Finally the fourth most expensive property in nearby Nueva Atalaya counts on six bedrooms and a price tag of €27.5 million.

FOR SALE building in Torremolinos (El Pinillo) directly from the owner CALLE MADRE TERESA DE CALCUTA, 8 370sq.m build including – three 90sq.m. apartments, one 90sq.m. studio and garage, private lift, fully furnished Photos and full description available on request.

Euros 825,000

José (+34) 661 34 15 68 Email: ensena@gmail.com

14

PROPERTY Mark Stucklin

t.com www.spanishpropertyinsigh

W

ITH the data in hand it looks like the Spanish housing market enjoyed a soft landing in 2023 after a remarkable mini-boom that followed in the wake of the pandemic.

There are no obvious reasons to see why the market might lurch up or down in 2024, with it more likely to track sideways at the current level.

Using data from the National Institute of Statistics (INE) for the first 11 months of last year we see that home sales for Spain as a whole came in at 550,215

February 7th February 20th 2024

Soft Landing

A stable year for the Spanish property market, except for the Alicante bounce transactions, down 9% compared to the same period in 2022, but 17% higher than in 2019 the last normal year before the pandemic distorted the market.

Sales in 2023 were the second highest in more than 15 years, second only to the boom of 2022, and 24% above the 10 year average, despite headwinds like higher interest rates (up 22% in 2023), and inflation eroding purchasing power (7% on average last year, falling to

SLOWING DOWN: But gently, except in Alicante, where sales kept up in 2023

THE NEXT GENERATION OF REAL ESTATE HAS ARRIVED

All roads lead to home.

4% by year end).

It was a similar story of a return to pre-pandemic normality in areas of most interest to foreign buyers like Malaga and the Balearics, but in Alicante the sales boom continued almost unabated in 2023, fueled by strong foreign demand.

Sales in Alicante cruised towards the end of 2023 ending up 34% above 2019 and close to record highs.

Strong foreign demand contributed to the market resilience in 2023. The number of home sales involving a foreign buyer in the first nine months of 2023 was down 6% compared to 2022 but up by 41% compared to 2019, 45% higher than the 10 year average, and the second highest on record, all according to the land registrars’ association.

Regionally, foreign sales were down 19% in Andalucia and 28% in the Balearics, but up 6% in the Valencian region.

House price evolution in 2023 was driven by firm demand and a chronic shortage of homes for sale in big cities and popular

coasts. According to the INE the average Spanish house price increased 4.5% year-onyear, to reach a level last seen in Q1 2008, in nominal terms at least (in real terms, Spanish house prices are still 25% below where they were in 2008).

In comparison, according to Eurostat, EU house prices declined an annualised 1% in Q3, 2.1% in the Euro area, and 10.2% in Germany, so Spanish house prices are holding up much better than in most other EU countries.

Regionally, house prices increased 4% in the Balearics, and 5% in Andalucia and the Valencian region.

What to expect this year? It looks like interest rates have peaked, and the Bank of Spain forecasts continued economic growth, albeit less than last year, and lower inflation than the last two years, all of which should support local demand.

On the foreign front, the 2020s baby boomer retirement surge will continue to increase the number of northern Europeans thinking about retiring to the sun. In the absence of some nasty shock, I expect the Spanish housing market to lose a bit of altitude in 2024, but nothing to write home about.

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PROPERTY

February 7th - February 20th 2024

PEAK OF ACHIEVEMENT Buying a ski chalet is the very definition of luxury, with - mostly - prices to match

CREDIT: Sotherby’s International Reality

16

A Price: €38,700,000 Bedrooms: 8 Area: 1335sqm Country: France

With magnificent views that encompass the Swiss Alps and Mont Blanc, this luxurious chalet neatly moulds its rustic, wooden exterior with a clean, modernist interior.

Price: €19,170,000 Bedrooms: 3 Area: 388sqm Country: Switzerland

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Price: €13,550,000 Bedrooms: 8 Area: 1250sqm Country: Canada

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Nestled within a private community in Whistler, this stunning skiin/ski-out property offers vast expanses of living and entertaining space, including an outdoor pool, gym and games room.

CREDIT: Fotocasa

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CREDIT: Swish Sierra Nevada

Known as Eclipse, this luxury chalet is a bastion of prestige and glamour, exquisitely combining Alpine architecture with topclass modern facilities. Set in the skiing nirvana of Courchevel, it offers stunning views and plenty of places to sleep.

S Andalucia’s unique ‘Semana Blanca’ half term holiday looms, schoolchildren along the Costa del Sol will be dusting off their skis and stocking up on warm layers ready for a trip to the slopes.

Be it nearby Sierra Nevada or - if they’re really lucky - Baqueira or the Alps, why let the kids have all the fun?

For up there in the snowy expanses of

A cosy skiing lodge within the heavenly surrounds of the Sierra Nevada mountain range, this property has been meticulously designed to guarantee comfort and jaw-dropping panoramic views.

Price: On application Bedrooms: 4 Area: 165sqm Country: Spain

Reasonably priced by skiing standards, this chalet subtly merges authenticity with bespoke fittings in a hotly sought-after region of the Austrian Alps.

Price: €2,490,000 Bedrooms: 3 Area: 280sqm Country: Austria

With snowy slopes in winter and rolling, green hills in the summer, this Pyrenean chalet near Baqueira is unique for its truly year-round appeal.

Price: €1,100,000 Bedrooms: 4 Area: 262sqm Country: Spain

By Ben Pawlowski

Spain, Europe and further afield in north America, there are a myriad of opportunities to acquire a dream chalet.

So let your imagination run wild and become inspired to pick up a pair of skis with these bespoke, handpicked chalets available to buy or hire in some of the world’s best skiing locations.

PANORAMIC VIEWS, MONTE HALCONES Ref: OP14465 Beds: 5 | Built: 461 m² | Plot: 1,732 m² | Price: € 2,925,000

PENTHOUSE, MONTE PARAÍSO COUNTRY CLUB Ref: OP14047 Beds: 4 | Built: 269 m² | Terraces: 147 m² | Price: € 2,695,000

FRONTLINE GOLF PLOT WITH VILLA PROJECT, LA CERQUILLA Ref: OP13864 | Plot: 1,810 m² | Price: € 2,300,000

LUXURY APARTMENT, MONTE PARAÍSO Ref: OP14619 Beds: 3 | Built: 168 m² | Terraces: 41 m² | Price: € 1,675,000

REFURBISHED FLAT, EMBRUJO DE BANÚS Ref: OP14406 Beds: 3 | Built: 166 m² | Terraces: 26 m² | Price: € 1,295,000

FAMILY HOME, LOMAS PUEBLO Ref: 08982 Beds: 4 | Built: 217 m² | Terraces: 33 m² | Price: € 795,000

Tel. (+34) 952 863 750 panorama.es

Offices at Puente Romano and opposite the Marbella Club hotel

18

PROPERTY

Rising rents

RENTALS prices in Spain are set to soar with available properties at a 'minimum' according to real estate portal Fotocasa.

Rents are projected to rise by over 5% this year, after record-high prices were logged last year.

In the first half of 2023, the all-time high rental price was recorded at €11.69 per square metre - a figure exceeding the previous record set during the 2007 real estate bubble.

Higher rents are causing the exclusion from the market of many potential tenants - up to 40% who can only afford lower prices.

The escalating costs means that there is a 14% rise in demand for rooms in shared housing.

Housing woes THE slice of a paycheck going up in smoke each month on rent has climbed three percent to 33%.

Barcelona tops the list, demanding 44% of household income, followed closely by Palma at 43%, Valencia at 39%, Málaga at 38%, and Madrid at 37%.

Meanwhile, average mortgage costs have jumped from 18% to 22% in the last year.

A tight squeeze in housing supply and the resulting price hike is blamed for pushing rental costs to the limit, while rising interest rates are the culprits for buyers.

RENT CRISIS SPECIAL

February 7th - February 20th 2024

RENT CAPS

A fine record

Controls set for Spain’s second city as 140 municipalities in Catalunya are labelled ‘tense zones’ CATALUNYA is set to be the first region in Spain to order price limits on landlords.

Rent controls are to be introduced in 140 municipalities, revealed planning boss Ester Capella.

All of Barcelona and the pro-

ticularly in densely populated areas.

A meeting between vincial capitals of Lleida, Tar- Capella and Isabel ragona and Girona will come Rodríguez, Spain's under the ruling.

Minister of HousThe move is a response to the ing culminated in urgent affordability crisis, par- an agreement to finalise the Rental Price Reference Index in the up- CAP: Six million people live in the affected area JUST 16% of Spanish young- ish Youth Council study. coming weeks. sters have managed to move out The figure represents a fall This index is designed - will be designated as ‘tense of their parents’ home, compared from the 19% before the panto provide a benchmark zones’, meaning rents for new to the European average of 32%. demic and a huge drop from the for setting rental prices, leases ‘cannot exceed’ the price The 18 to 30-year group is finding 26% registered before the six particularly in areas with set in the last contract over the it even harder since the COVID year ‘crisis’ hit in 2008. high housing demand or past five years. pandemic, it has emerged.

Youth unemployment, sitting where there's a significant Furthermore, landlords who Just seven million youngsters at 28% for the under 25s, is a imbalance between supply own more than 10 properties in that age range were able major factor in the change, as will be restricted from setting and demand. to move away from the family well as the high price of rentThe municipalities - home rent prices above the estabhousehold, discovered a Span- al accommodation. to over six million people lished index.

By Walter Finch

STAY-AT-HOME GENERATION

A SPANISH landlord has been slammed with a record €420,000 fine for renting out unlicensed tourist apartments 'for years'.

The unnamed Barcelona owner rented 14 flats for years, advertised online through holiday accommodation portals.

On arrival, punters were handed keys by an elderly tenant who lived in the same block.

Barcelona town hall hopes the giant fine will serve as a warning that illegal rentals are no longer being tolerated in the city.

The 14 flats had initially been advertised on Booking.com and Airbnb, but in 2018 the portals withdrew any apartments in the city that did not have a license number.

Inspectors have been busy over the last six years monitoring the owner and others like him via a string of other sites.

The properties usually appeared under many different names in order to trick the authorities.

The €420,000 fine is understood to equate to the estimated profit he made.

The town hall is also providing their file to the Hacienda tax authorities in case he hasn’t declared his income properly.

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20

A

PROPERTY

T the end of last year, a well-established squat (okupa) was raided in Barcelona, leading to several arrests.

The mass raid by riot police (pictured right) reignited a debate in Spain about squatting and spurred a flurry of articles and denunciations of the current government.

The facts are squatting emerges when a section of the population is unable to afford basic housing.

The problem is exacerbated by rental markets suffering a chronic shortage of properties at reasonable prices.

That’s Spain in a nutshell and, sadly, government attempts to address the issue, specifically with the new housing law, are only making matters worse.

The facts are, the new law is merely discouraging private investment without replacing it with anything else.

What’s more, the burden of dealing with the problem is now being levied on homeowners, including the costs associated with evicting squatters.

It’s all stick and no carrot for everyone concerned.

Media slant v reality Spain’s mainstream media allows politicians to continually fear-monger that a

February 7th - February 20th 2024

PROBLEM OR PANIC?

by Adam Neale

The squatting of empty homes is a necessity not an anarchist’s folly and the actual numbers do not match up to the media hype, explains Adam Neale criminal underclass exists, one intent on squatting homes for profit or just for the thrills.

However this picture of an insurmountable and unbearable crisis simply is not true.

While there are tens of thousands of squatted homes in Spain, the number of denuncias against squatters began to decline since 2022.

Furthermore the number of squats has actually declined since 2016 from 87,000 to 78,000 in 2023.

Addressing the housing crisis

UNDER INVESTMENT: Spain spends a tenth of the UK on social housing

THE

The Property Insider

Meanwhile, rents have been rising far faster than incomes in Spain.

According to the Cerda Institut, rent now takes up over 40% of BATTLE: Squatters in Barcelona waged a desperate fight against eviction in November income for low earners, putting housing out of reach for many. ters to avoid addressing the root of the Solutions With such financial pressures, particularly problem.

What we need is a sharp increase in the in the cities, some resort to squatting empty Quite simply, no goverment has se- construction of affordable housing. buildings out of economic necessity rather riously committed to expanding social Rather than political rhetoric, governments than criminal opportunism. housing or funding its development should offer tax breaks, low-cost loans In Barcelona, the average squatter is with private sector incentives. and other financial incentives for private between 36 and 45 years old with de- Rather than addressing the issue they developers to build affordable housing. pendent children. Some 72% are Spani- are simply pushing the problem onto Where market incentives fail, direct sh nationals despite some sectors of the landlords and into the courts, which are public investment in social housing is media claiming they are all immigrants or now overwhelmed. warranted. anarchist hippies.

Evicting a squatter takes ten to 11 mon- So yes, it’s true that 78,000 squatted ths on average at trial level and a fur- homes – even if it only represents 0.4% Social housing tragedy ther ten months if appealed, for a total of the country’s housing stock – is cauof around 20 months. sing headaches for thousands of proSpain spends just €35 per person per As the Olive Press revealed last year perty owners. year on social housing, compared to one English owner in Ronda has wai- However, politicians and the media have €439 in the UK (see chart left). ted two years to even get a court date. exploited the situation to generate disproIt is the lowest in Europe, in fact.

With such delays, it is understandable portionate fears of a widespread crisis.

But instead of constructive policy solu- owners feel aggrieved, but the root of We must address the root economic cautions, politicians exploit fears of squat- the problem remains unaddressed. ses rather than whip up moral panic.

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22

PROPERTY

February 7th - February 20th 2024

Celebrity

HAVEN

W

Soller ( Mallorca)

NEWS

www.theolivepress.es

January 24th - February

this month that reShe told her 143,000 followers decision. locating had been a great Zumba class, she gushed: IT is something Smiling after a beachsideI mean to go on. moving to Spain. as when the costas’ latest So it was no surprise in, Jasmine Harman, “I’m starting the year to you, whatever “Whatever happened expat celebrity to move the good, let go a kitten. went on in 2023, hold onto announced she was adopting rescue i n the in took afresh 48, of the bad and start The Place in the Sun star, it living by a bin. cat after a friend found a new addition! Over 2024.” is “Family News! We haveours found a kitten all She continued: “Family thing the holidays, a friend of put on her Instagram the most important us a and this will give alone by some bins,” she balance.” better much feed.

ADOPTED: she’s now called Hashe chose Es“We have taken her in, to life with a On whyshe added: “It Jasmine and tepona, zel and she’s adapting amazingly family have a lovely commufamily.” taken in a helping Brits find has After spending decades Harman finally took nity feel. We have stray kitten lots of Spanish famtheir ‘dream life’ abroad, (far left) buying a home in Esilies nearby.” the plunge in October tepona.

6th 2024

3

anyone of a rite of passage for

Place in our home

Shot in the foot

FRUIT CAKE Julio Iglesias stopped at airport with suitcase full of berries and meat

As TV star Jasmine Harman and ex-Premiership ace Steven Caulker move to the Costa del Sol, we look at 10 of the most well-known celebrities to make this country their home (well, at least, on/off)

HETHER it is Saudi princes, Hollywood actors or British TV stars you are looking for, there is no shortage of celebrities who have made Spain their home.

From the early days when Audrey Hepburn and Cary Grant could be spotted chatting over breakfast in Marbella, to the current batch of publicity-hungry reality TV stars routinely spotted falling out of clubs, the trend has shown no sign of abating.

The latest high-profile expats to make the move Iberian-side include Jasmine Harman who has moved to Estepona on the Costa

Annie Lennox

SpanBy Ben Pawlowski HE is the best-selling ish artist of all time having sold over 150 million albums stringent import rules he according to worldwide. still was detained, Yet, Julio Iglesias, 80,in his a popular Spanish TV show travels with foodstuffs Fiesta. suitcases. spokesman for the DoMarbella-based A s AgriculThe ‘al- minican Republic’ multi-millionaire was ar- ture Ministry confirmed the most arrested’ on his Re- stop after Iglesias arrived on rival in the Dominican a private flight. ex-girlfriend, public with an astonishfood Meanwhile an‘Makoke’ Giing 42 kilograms of Jose María she often stuffed into his luggage.

Lat- aever revealed The so-called ‘King ofPunta used to transport food in’ was pulled over at immi- for Iglesias, who has 5,000 Cana airport where vast performed over gration officers seized ies, concerts around the world. quantities of strawberr s, “Sometimes I would bring blueberrie Galicia from raspberries, seafood him cherries, tomatoes, celery, which he loved,” she told the beans, spinach, lettuce, Fiesta programme. mushrooms and meat. of eight, including father The Falling foul of the country’s

a pop star Enrique, has lived quiet life since retiring. time He mostly splits his

Spain inflight magazine.part in a simiA BMW dealership in The actress took tion in 2017. has dropped an ad campaign actress lar demonstra armed terrorist featuring Money Heist in ETA was an waged a bloody Itziar Ituno for protesting political group that independence for defence of the rights of campaign for prisoners from ETA. took of- the Basque Country killing 829 The garage in Bilbao e at the people over nearly 60 years. appearanc disbandher fence at in The group eventually protest of 20,000 people ed in April 2018.

Raquel Bilbao. an Ituno played inspector hit Netflix show.

Airline Iberia also removed for its Murillo in the interview with the star

between The Bahamas livand Punta Cana, old ing with his 58-yearDutch wife, Miranda Ri-

while jnsburger.

1-0 to the league leaders, the second game, losing He regularthey drew 0-0 on Sunday. ly visits his 123 appearances in England’s The centre-back made at Tottenham, Southampton huge estate top flight, including spells between side MalLiverpool.

Marbella FIFTH-tier Spanish football a surpris- and 32-year old’s career had previously been derailed The Ojen, as the defender suffered aga City have announced staff. and by a wave of personal issues, and a gambling his ing new addition to their alcoholism where anxiety, , Totwith depression Former Liverpool and son Enrique getting addiction. kept just tenham star Steven Caulker they and grew up. a play- “I hit so many rock bottoms has joined the club as Reports lower and lower,” he confessed.a financial rock bottom, er-manager. rock bottom, in the US ip star rock The former Premiersh g the “It was a mental an emotional and spiritual his bottom, suggest rock discoverin physical a after joined up his bottom”. health is declub while on holiday with and therapy, Caulker admits teriorati ng, Following intensive rehab day-by-day. girlfriend and son in Nerja. a com- he has to confront his personal battles an organisation in particuIt was sadly anything but Behind the White Lines, team belar suffering manding start with the end of a He set up to provide training camps to young players mowhich seeks from ing on the wrong young. clubs when for 6-0 hammering in his who are released from bility issues Caulker can not yet playable first game.

While Brexit rules mean has been and memoim- the club until he has a special licence, he Things coaching badges. ry loss. proved for to manage the team while completing

CLEAN START

By Dilip Kuner

del Sol. The Place in the Sun star, 48, has spent decades Shelping find S ERBrits EE ME? UR READ N YOU CAN ALL O S their ‘dreamCTHAlife’ abroad EN SO SINES and has U B R S U A D BE COUL S THIS now taken her ownYOadvice.

LA VISUA S LITTLE A M O R S Meanwhile Hollywood F IS UE actress 0 AN AS €5 Amber Heard recently moved to Madrid, after a year in Mallorca, following her split from Johnny Depp, while ex-Manchester United ace Lee Sharpe is happily living near Javea on the Costa Blanca having become a golf pro.

There are literally hundreds of ex-professional footballers and other sportsmen living here, not to mention reality TV stars.

It’s no surprise as Spain offers an at-

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All FANCY yourself as a boxer? a session Comers can earn €368 the ring if they fancy a whirl in with heavyweight contender .

Oleksandr Usyk (pictured) - who is Actually, the Ukrainianhis forthtraining in Valencia for with Tycoming world title fight ed son Fury - needs right-hand 210 cm boxers between 200 and tall and have an arm span of 200 to 216 cm.

Usyk fights the Gypsy King, the WBC champion, in Saudi Arabia on February 17.

Fury, 35, is training in Morecambe, Lancashire, previhaving trained ously for fights at KinaDaniel han’s controMTK versial gym in Marbella.

Bit of a tough guy?

The former Eurythmics singer has long been a big fan of Spain and particularly Mallorca where she owns a house in Soller where stone buildings line charming narrow streets that weave in and out of lush squares. Despite her busy schedule, Lennox spends extended periods in her charming home… and less so in the two village houses she bought two deca-

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des ago in the inland Cadiz provincial town of Olvera. All’s the better, for now you can sprinkle a bit of stardust on your life, with one of them, Annie’s Corner, now on the market for just €90,000. The classic white-washed home spreads over 190m and counts on three bedrooms and two bathrooms. The sweet dream can be acquired at www.olveraproperties.com.

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tractive combination of fantastic weather, luxurious properties and discreet locations, which all add to the appeal.

From pop stars to leading actors, the Olive Press takes a light-hearted peek behind the gated mansions of some of the more famous names who live or spend time in Spain.

Michael Douglas and Catherine Zeta-Jones Javea ( Valencia)

The Hollywood power couple famously own an estate in Mallorca, although little is known about the holiday home they acquired in the charming Valencia resort of Javea (pictured left).

Overlooking an isolated, rocky cove, it has a stunning, enviable position.

Maybe when in town they pop round to the pad of TV chef Nigella Lawson for a spot of dinner – she too has a home in Javea. It’s less likely they play golf with Lee Sharpe.

Brad Pitt

Port d’Andratx ( Mallorca) Hollywood superstar Brad Pitt can occasionally be found in his mansion in Mallorca, an impressive house in Port d'Andratx that’s worth €3.5 million. A keen fan of architecture with a serious property portfolio, he bought the home in 2016 but hasn’t visited that often, according to neighbours.

Michael Schumacher Port d’Andratx ( Mallorca) The legendary Formula 1 driver is well known for his love of Mallorca. With its tranquil landscapes and Mediterranean allure, it is the perfect setting for Schumacher to recuperate in the long years since his tragic skiing accident in 2013. His wife Corrina bought Villa Yasmin in Port d'Andratx for a reported €30 million, in 2017, to provide a tranquil retreat for the racing icon on the family’s visits to the island. He is anything but the only famous German on the island with tennis ace Boris Becker long owning there, while Claudia Schiffer had a family home there in Camp de Mar for decades.

Continues on page 24

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24

PROPERTY

February 7th - February 20th 2024

Dolph Lundgren Marbella

Swedish actor and martial artist Dolph Lundgren is another Andalucian lover and chose the scenic beauty of Marbella for his second home. Famous for his roles in action films, Lundgren finds solace in the tranquillity of the Mediterranean coast, providing a contrast to his dynamic on-screen persona. A big muscle man, he blends in with all the other strongmen who regularly spend time here, including famous boxers like Tyson Fury and Matthew Macklin.

Photo by Jon Clarke

Benahavis

The 79-year-old British rocker was once deported from Spain as a callow 20-year-old. Police found him sleeping rough in Barcelona and put him on the first plane home. But Rod has had the last laugh and now owns a sumptuous mansion in Spain’s most exclusive private estate, La Zagaleta overlooking Marbella, where his neighbours include the Mayor of Moscow and ex chairman of the UK Conservative Party Lord Stanley Fink.

Hugh Grant Benahavis

Hugh Grant has often embraced the sun-drenched lifestyle of southern Spain, in particular Marbella where the Olive Press once snapped him (above) having dinner in the Casco Historico…but rumours of his ‘palatial home’ have been greatly exaggerated. It would seem he would rather rent than buy. Indeed, when the Olive Press recently asked Grant at a party in London if he owned a property in the hills in Zagaleta, where he has stayed, he said: “Yes I do know the area and have visited many times but I don’t own a house there,” he insisted. “I guess it is just a great bit of promotion for the local agents”.

Continues on page 26

From page 22

Rod Stewart

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PROPERTY

From page 24

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David Guetta Ibiza

The world-renowned DJ owns one of the most luxurious villas on Ibiza.

Named after one of his songs and designed by his wife Cathy, Villa Titanium has 12 bedrooms and 12 bathrooms, as well as a cinema, spa, gym and its own disco. He’s certainly anything but the only superstar DJ owning on the island with Calvin Harris recently buying a farm in Santa Eulalia and Pete Tong a long time on/off resident. Supermodel Linda Evangelista meanwhile has an isolated villa in Es Cubells.

Antony Worrall Mads Mikkelsen Santa Catalina ( Mallorca) Thompson Another long-time Mijas

The TV chef is known to enjoy regular trips to his avocado farm in the hills above Mijas on the Costa del Sol. “It’s remote, tucked away in the mountainside in Las Lomas, without anyone overlooking it. It’s got sea and mountain views and it’s a nice place to escape to,” Thompson has said of the property.

FOR MORE INFORMATION OR TO EXPLORE THE WORLD OF SUSTAINABLE ELEGANCE, REACH OUT TO JOHN AT 638 421 464 OR VIA EMAIL AT JOHN@CAPEREED.COM. VISIT THEIR WEBSITE AT WWW.CAPEREED.ES TO WITNESS THE ESSENCE OF ENVIRONMENTALLY RESPONSIBLE AND LUXURIOUS LIVING.

fan of Mallorca, Hannibal and Casino Royale star Mikkelsen has snapped up a property in Palma’s trendy Santa Catalina. Locals have spotted the award-winning Danish actor enjoying meals out in neighbourhood sushi restaurants.

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Spacious luxury 7-bed villa finished to the highest specifications, delivering exquisite design with underfloor heating throughout, a garage for 5 cars, a heated pool, etc. Located in one of Marbella’s most desirable areas, Nueva Andalucia, just 5 minutes from Puerto Banus.

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28

PROPERTY

February 7th - February 20th 2024

HOMESELLERS REPORT

GENERATIONAL FLIP A

Regulation will bring trust back into the market, explains well-established agent Ben Bateman… but the proposals ‘mustn’t be self serving’

S his agency approaches its half century it’s fair to say Ben Bateman’s Holmes Sotogrande has had to overcome plenty of challenges.

Aside from various recessions, the pandemic and Brexit, his 45-yearold agency has had to put up with dozens, probably hundreds, of flyby-night one-man bands turning up promising the earth, but ultimately falling flat, often leaving buyers (or sellers) in the doldrums.

“The market in Sotogrande is pretty slow be“You need to be able to cause not many people want to sell. trust in the people who ul“And they don’t need to: The place is very timately handle the largest popular with long term expats and has really purchases you will make grown in recent years. in your life,” he explains, “Just take Sotogrande school, for example, it over lunch in Sotogrande has 1400 pupils at the moment, which is a big port. increase on five years ago.

“It’s incredible how many “The thing is so many owners here are wealdirect marketeers arrive in thy and take, for example, more recent buSpain and subscribe to the yers who bought since the financial crisis… big listings portals, simply most didn’t buy with mortgages, but bought taking data and marketing with cash. it from their bedrooms.

“So interest rates going up simply doesn’t ma“The problem is most of tter to them. They don’t need to sell.” them have no idea what’s

HOW’S THE MARKET

happening in their local markets and end up promising sellers they will sell their homes for way more than they are worth.

“Sure, one in 100 patsies will get lucky, but most of the time they end up wasting months or years for owners and proper agents like us have to pick up the pieces and help them out.”

And he should know having taken over from the agency his father Ian set up in 1979 and having grown up on the Costa del Sol in the leafy enclave of Sotogrande.

He joined up not long after graduating with a degree in microbiology at Bristol University and working in London in marketing.

Like his whole family, including his grandparents, he has lived in Sotogrande for decades and now has five children growing up in the exclusive resort, one of the most privileged in Spain.

“I’ve now got old school friends from Sotogrande who are coming back to buy and things have moved on so much.

“Let’s face it, how many people re-

member the Ryder Cup (in which Ben worked) in 1997 or what it was like before the Almenara hotel opened in 2000?

“I call it a generational flip when there are so few people left who remember the history and legacy of this place.”

He sees it almost as his own legacy to help new buyers coming in, of which the majority are foreigners these days.

“It’s a huge melting pot and there are 48 nationalities at Sotogrande school these days, and like the kids there, I don’t see people as French, Russian or Spanish etc. They are simply internationals.

“I look at their personality profile, not their nationality or wealth in any case.”

As a founding member (along with

six other agents, including Panorama and Diana Morales) of the LPA group of agents on the coast, he is a strong supporter of proper regulation in the Andalucia market, as there is now in Catalunya and most recently Valencia.

The 30-plus agencies in the group - who all adhere to a strict code of ethics and are all professionally qualified - are mostly supporters of similar laws being introduced.

“But for it to work we need to have confidence that the regulations are not just self-serving, explains Ben” Not anyone can just get in by paying.

“There will need to be proper rules with training that can’t be just easily bought…and if you break the rules you get thrown out, just like you are in America.”

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