Olive Press Property Magazine November 2022

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Tech BOOM!

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

Global developers are jostling for posi tion 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

quickly positions itself as the Silicon Val ley 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 ac commodate 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 attrac tions, the climate, and above all the life style 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 cy bersecurity 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 rev olution’, 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.

By Walter Finch

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

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

The €30 million mansion for sale

YOU barely need a reason to leave this giant 4,540 square metre Marbella mansion.

It has eight bedrooms, nine bathrooms, a tennis court, gym, an outdoor pool and enchanting bo tanical gardens.

The ‘authentic Spanish villa’ is selling for a whopping €28,900,000.

Fitted with fine wood furniture and beautiful chandeliers, well-matched upholstery and fiery streaks of blues, reds and greens throughout, makes for a charming Mediterranean experi ence.

The property is just fifty metres from the beach in the heart of the Golden Mile.

Christie’s International Real Estate describes it as ‘a true luxury opportunity by the sea’.

It’s located in the Puente Romano area, close to Marbella town centre and Puerto Banus.

Homes for millionaires

WHEN regular visitors and local own ers include Hugh Grant, Boris Johnson and Ronaldo, it makes sense to set the bar high.

Getoutyour fur coats

By Cristina Hodgson

THE coldest village in Spain is in sunny Andalucia. While the icy waters around Galicia’s Cies Islands make Pontevedra decidedly chilly and the so-called ‘cold triangle’ in Teruel brings the tempera tures right down in Calamocha, the ic iest place in Spain is Dilar, in Granada. While the province becomes a veritable frying pan in summer, when the winter sets in, sub-zero temperatures become the norm around Dilar just south of Granada. Sitting on the western slopes of the Si erra Nevada, at an altitude of 878 me tres above sea level, it positively shivers come Christmas.

But no worries for its 2,000 residents who always have warm coasts at the ready, for when the mercury regularly drops to between -9ºC and -12ºC.

And they don’t mind with their direct access to the nearby Natural Park and location next to the Rio Dilar, making it an ideal place for rural tourism.

Other chilly locations in Andalucia, include nearby Viznar, just north of Granada, Aroche, in Huelva and Velez Blanco, in Almeria.

Around Spain Molina de Aragon (in Guadalajara), Reinosa (in Cantabria) and Cerler (in Huesca) all see regular sub-zero temperatures

DIVINE INTERVENTION

ONLY one village made it into Spain’s Most Beautiful list this year.

Puentedey, in Burgos, was the only place selected for the prestigious network, which counts 105 villages around Spain and its islands.

While 22 applied, only Puentedey met the strict criteria to join the as sociation, Los Pueblos Mas Bonitos de España, which was set up in 2011.

The village, which dates back to the 14th century, is built on a natural 15-metre high stone bridge, formed over millions of years and with the river Nela running through it.

It got its name, Puentedey, meaning ‘Bridge of God’ from this natural formation.

OnlyPuentedey-‘Bridgeof God’-madeitintothisyear’slist

Now, a brand new high-end property website has launched to focus on the most exclusive homes for sale in Benahavis.

Set up by long term local agent Scott Marshall, Premium Property Benaha vis features hundreds of stunning villas around the town, just inland from Mar bella.

Part of the so-called Golden Triangle, that also includes Estepona, the majority of villas are well into the seven figures.

Broken up into 20 easy-to-use sections, potential buyers can search everything from Spain’s most expensive urbanisation of Zagaleta to the more affordable Puerto del Capitan.

“We have already become the specialist go-to agency in Benahavis so it made sense to develop the new site,” explains Marshall, who was born in the town, and owns PropertieSpain agency.

“Benahavis is our blood so we focus ex clusively on properties here and our local expertise means we can not only offer the best properties but also offer first hand local advice.”

The settlement, an hour from Bur gos city, has a population of just 48, and is known for its nearly intact Ro

mantic architecture. Its San Pelayo church (on top of the bridge, above) is a charming mix of Romantic and Gothic styles, while the nearby Palacio de Brizuela (left) dates back to the 14th cen tury with two tow ers added in the 15th century. The 105 villages in the Los Pueblos Bo nitos group, all are under 15,000 in population and have

perfectly preserved historic cores, as well as an ‘architectural or natural heritage’.

While only one village made it in 2022, a record 11 places, including Genalguacil, in Malaga and Banos de la Encina, in Jaen, made the list in 2021.

Tourism

The potential rewards for the vil lages are huge, with the promo tion they get globally from being members and the huge growth in tourism it brings. Some of the Olive Press fa vourites include Setenil de las Bodegas, in Cadiz, El Castell de Guadalest, on the Costa Blanca and Alcudia in Mallorca.

Marshall, whose artist father David de signed the charming La Aldea urbanisa tion in the heart of the village, is a keen walker and loves the nearby hills of the new Sierra de las Nieves national park.

“The Sierra de las Nieves is one of the most privileged plac es to live next to in Spain, so near the coast, yet so wild and now completely protected,” he explains.

“Benaha vis is a true gem right next to it, so for nature lovers there is no better place to live.”

Lawbird is a firm of English speaking lawyers who specialise in property law, corporate law, litigation and immigration law.

Whether you plan to buy a house, start a company or relocate to Spain, we offer a no-nonsense service to assist you.

Lawbird Legal Services Slp C.Ricardo Soriano, 19 29601 Marbella (Spain) TEL: +34 952 861 890 FAX: +34 952 861 695 gary.newsham@lawbird.com www.lawbird.com

By Jon Clarke

NATURAL SELECTION: The village is built over the River Nela arch

A JIGSAW of solar panels are set to create a giant sustainable dome in Sevilla.

The ingenious project, designed by Bjarke Ingels, will become the permanent home for the European Commission’s Joint Research Cen tre when built in 2024.

Described as a ‘cloud of pergolas’, it is inspired by the shaded plazas and streets of the city and will shelter the entire centre site from the sun.

The main buildings, plus a plaza and garden, will all sit underneath the dome, created by a series of col umns covered with photovoltaics.

Based at the original Expo 92 site at Isla de la Cartuja, the canopies themselves will be made out of lightweight solar panels, which will then be used to power the complex.

In addition to the energy harvest ed from the panels, the canopies

BRIGHT IDEA

By Alex Trelinski

will also incorporate integrated rainwater collection technology.

The area's design will allow natu ral cross ventilation and ideal light that will cut energy consumption in terms of conventional lights and air conditioning.

It is hoped the building will be carbon neutral, in particular as the materials for the building will also consist of low-carbon concrete.

The centre will be part of Sevilla's vision to become a global bench mark for sustainability by 2025 and to make all of the Isla de la Cartuja powered 100% by renewable energy.

Countryside law looms

THE final regulations of a new country side construction law are about to be pub lished.

They have been on the drawing board for a year, since the Junta approved the new LIS TA law in December 2021.

The law will allow the building of more homes in the countryside under strict cri teria and conditions.

“It should spell good news and, yes, it will bring change,” explained countryside spe cialist Anita Schmidt, at Villas and Fincas, based in Casares.

“We don’t want overbuilding in the country, but it will mean many Spanish families may finally be able to do something with their grandparents’ land, and that will mean it being better maintained, so less risk of fire.

“It will also bring life back to some of the forgotten villages, the ones suffering from depopulation.

“And of course, foreigners with patience and perseverance may be able to find the right plot to build their dream home again.”

But she added nothing had been finalized yet and it ‘wouldn’t surprise’ her if it will take another year before local town halls have figured out how to handle these new regulations.

The new law means the PGOM town plans of various coastal resorts and inland towns can now finally be completed.

Marbella could be one of the first to bene fit as the mayor Angeles Munoz met with officials from the Junta in Sevilla last week to ratify a plan passed in the resort in Sep tember. Among the planned changes are an increase of land that can be developed (‘sue lo urbano’) from 40 million metres squared to 52.2 million.

Giantsolarpanel dome aims to make new EC research centre carbon neutral

BUILT into cliff faces, perched on pla teaus and hidden in woods, each of these properties posed its own challenges to the ar chitects involved in their creation. After the BBC included two homes in Spain in a series on extraordinary properties, the Olive Press takes a look at some other unusual homes found in Spain, and the solutions their desig-

Parade Hotel on Governor’s Parade

Bringing tourism back into the Town Centre

IN the wake of the disastrous Covid-19 Pandem ic, the ‘normal’ way of life was interrupted. Government restrictions on social interaction and travel meant that the hotel industry had to reinvent the hospitality sector in order to adapt to the changes in market demand and operational management.

The emphasis was put on ensuring the health and safety of all customers and providing a safe envi ronment for holiday makers.

At the same time, Gibraltar has seen a decline in the number of hotel beds, with established hotels such as Continental Hotel, Queens Hotel, and now the renowned Caleta Palace Hotel demolished for redevelopment into residential schemes. This has added to the under supply of existing ho tels and bed space in Gibraltar and has inevitably led to a sharp increase in the demand for serviced apartments for short term holiday lets.

Main Street and will provide a substantial devel opment with basement and six upper floors and a total build area in excess of 2,900 m2.

development of 48 detached and terraced houses is underway as scheduled following the successful off plan sale of Phase I. The North Gorge development has been shortlisted for a Gibraltar Sustainability Award. Few remaining properties for sale in phase II with prices ranging between £1.450 to £1.895 million.

There is currently a market gap for BnB accommo dation, which is much needed in Gibraltar, to avoid the situation of Summer 2021, when demand for rooms exceeded availability.

Projects are now focusing on locating hotels back into the city centre with all its amenities to bring back tourism to the heart of town.

It is estimated that there are on average only 650 hotel beds available in Gibraltar and this shortage has led to more demand for short term holiday apartment lettings.

With a couple of exceptions, most hotel projects under way in Gibraltar are small scale at around 20 keys.

There is nothing else that provides for a city centre hotel in the way that the Parade Hotel Develop ment does.

This well-planned project has full planning permis sion to provide a hotel over two freehold properties. The scheme has been under planning for around two years in order to carefully perfect the concept that is now ready for development.

The properties are a stone’s throw from Central

The hotel design and concept provides conference and meeting areas in the heart of town, lush dou ble, and executive double hotel suites - all with lavish ensuite bathrooms - special needs suites, balconies, with bright and airy rooms featuring gallery height ceilings and views overlooking the Garrison Library Gardens and Governor’s Parade.

The hotel suites at every level are serviced by corridors peering into the central courtyard with covered Atrium where quaint seating areas are at ground level for the restaurant and other commer cial amenities.

Demand

There are plans for bars, restaurants, basement cinema, conference meeting rooms, a rooftop pool, gymnasium and sun decked terraces.

Given that the demand for hotel rooms is still high with average occupancy rates around 60-70% all year round and almost 100% during peak season, now is the time to take such an investment oppor tunity forward which is ready to go.

The properties are also currently under town plan ning applications with an alternative scheme for residential apartments that could be serviced apartments.

These will follow the same concept as the hotel and include the same amenities but with apart ments which can be held by the same operator or sold piecemeal under a Hotel Operational Man agement structure.

This would attract particularly good returns for investors seeking rental returns on property investment.

For more details on the Hotel Development Scheme please contact BFA Estate Agents - Mark Francis - Director MRICS on (+350) 200 71131 or speak with one of our agents.

EXTRAORDINARY: The whole home is counterbalanced by this rock

3. THE SOLO HOUSE

Location: Matarranya, Teruel

Project architects: KGDVS

It could also be called the Round House, as it offers 360-degree panoramic views from a plateau setting that overlooks wooded wilderness. It is designed in a modular fashion with units accessed from the 1,000m2 interior patio complete with a pool carved into the rock. Modu les can be shifted to alter li ving space. It is intended to make residents feel alone in the woods as part of a small project of unique homes set in 100 hectares.

Set in a desert-like landscape, the House of Three Sisters (named after the siblings who had it built as a holiday home) is designed to change over time. The architects say: “Sun and precipitation will change the colour of the wood, and on the facades there are signs of life growing on this building.”

PIC CREDIT Solo Houses

Location: Bullas, Murcia

Project architects: Blancafort-Reus Arquitectura

6. SATELLITE SUBURBIA, HOUSE WITH COLOUR MOOD

THIS project has paid the greatest attention to minimising its impact on the natural environ ment. Despite the wooded plot, no trees were felled and the house was raised to avoid dama ging the soil substructure and animal habitats. This was taken to such lengths that trees actua lly grow through the structure of the home.

It may be (interestingly) brutal from the outside, but the great feature of this house is the inspired use of co lours. These bring warmth and light into the interior in a unique and hi ghly imaginative way.

BUSINESS BOOMING

The director of Marbella Estate Group took a plunge to open the firm, and it’s a move that has paid off

SAM Shaje sold three properties during his first summer working as a real estate agent in Marbel la more than six years ago.

When he told his boss that he was dis appointed with the low commission, his boss replied: ‘If you don’t like it you can open up your own agency’.

And that’s exactly what Sam did.

In 2017 he launched Marbella Estate Group and business has grown ‘tenfold’ since then.

“At first we started with a single employ ee and now we have nine people work ing for us,” Sam said.

Marbella Estate Group is based in San Pedro and offers top properties to buy and sell in all of the Costa del Sol area, with a special focus on Marbella.

The company has also ex panded its horizons with Marbella design group, a division of the group which specialises in design and architecture.

Sam actually studied ar chitecture in Valencia, choosing to leave Sweden to pursue his studies in Spain.

“Our drive lies in the satisfaction of our customers by helping them reach the best solutions and property goals based on family

situations, leisure time and relocation to Spain,” he said.

Marbella Estate Group also helps peo ple navigate the paperwork and bu reaucracy involved in the relocation process.

“A lot of our clients from outside the EU are looking for that golden visa,” Sam said.

“We have lawyers who spe cialise in that so that we are not only helping cli ents purchase property in Spain, but follow up and help them get living rights.”

Sam said Marbella Estate Group aims to follow through with clients from ‘start to finish’.

“We strive to be the firm that will help you fulfill your purpose in the Spanish market in the most efficient and com fortable way possible,” he said.

PIC

Location: Ibiza

Architect: Andre Jacques

Location: Mar Menor, Murcia

Architect: Javier Peña of Xpiral Arquitectura

PIC CREDIT Xpiral

SAM SHAJE CEO / Founder

Fairway LAWYERS

FEELING THE PINCH

THE 12-month Euribor, the rate normally used to calculate mortgage interest rates in Spain, continued its steep climb in October.

It has now risen for 10 con secutive months, pushing up borrowing costs in the process.

The Euribor turned positive in April after 74 months in the red (since January 2016) and finished October on 2.629% As you can see from the

Mortgage interest rates continue steep climb, writes Mark Stucklin

chart, Euribor has climbed more steeply this year than at any time in the quarter of a century since it was first publi shed at the end of 1998, and is now at the highest level it has been since December 2008.

As a result of the latest in

crease a typical 20-year variable-rate mortgage of €120,000 resetting in No vember will incur higher monthly mortgage repay ments of around €172 at a

time when borrowers are al ready feeling the pinch from consumer price inflation.

Euribor is being driven up by the European Central Bank’s attempts to dampen inflation, which hit 10.7% in the Eu ro-area this October

Experts expect it to rise to between 2.8% and 3.0% by year end, with some forecasts as high as 3.5%.

For more detailed information about the Spanish market, visit www.spanishpropertyinsight.com

Contact Diego at Fairway Lawyers diego@fairwaylawyers.com

Tel: 952 77 11 50 WhatsApp: 606 307 885

www.fairwaylawyers.com

C/Nuestra Señora de Gracia 28, 1C 29602, Marbella (Malaga)

Renovated modern luxury villa, probably one of the best in this complex due to its central location and views. Located in a gated community of only 40 villas, offers 24h security, a clubhouse with a gym, an indoor heated pool and a restaurant. The parking area and main entrance of this home are on the top of the building, where you have a hall and access to the lift and stairs. Coming down one level we find a large floor that consists of a high-quality open plan kitchen, next to a dining area that opens to the living room, where we see a cosy fire place and access to the panoramic terrace that enjoys fantastic views of the sea and the mountains surrounding Benahavís, on this same level there is a guest toilet. BED: 5 | BATH: 4.5 | BUILT SIZE: 336M2 | TERRACE SIZE: 86 M2 GARDEN/PLOT: 524 M2 | PRIVATE HEATED POOL

Why

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EXPERIENCE

Panorama is Marbella’s longest established real estate agency, bringing buyers and sellers together in harmony for over 52 years.

PRACTICES AND ETHICS ARE REGULATED

The only residential agency on the Costa del Sol to be regulated by RICS, the Royal Institution of Chartered Surveyors, with respect to our procedures and ethical conduct which gives extraordinary protection to our clients.

INDUSTRY RECOGNITION

Panorama has won Best Real Estate Agency in Spain at the International Property Awards in 2019, 2020, 2021 and 2022.

PROFESSIONALISM AND TRANSPARENCY

We have an unrivalled reputation for professionalism, transparency and expert local and product knowledge.

A FULL-SERVICE AGENCY

Offering sales, rentals, plots, development land, commercial properties, professional consulting services and Client Services. 6

WE HAVE TIME FOR YOU

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BUYERS & SELLERS FROM ALL OVER THE WORLD

Together we speak 13 different languages.

We are more than 30 highly qualified and experienced professionals. 7

STRATEGIC & CENTRAL LOCATIONS

Our offices are located along Marbella’s Golden Mile, in the Puente Romano Beach Resort and opposite the Marbella Club Hotel.

PARTNERSHIPS THAT GUARANTEE PROPERTY EXPOSURE

We operate a second agency - Puente Romano Real Estate, in collaboration with the owners of Puente Romano.

This gives extraordinary exposure to the properties of our seller clients to the guests at the Puente Romano and Nobu hotels.

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

Offices at Puente Romano and opposite the Marbella Club hotel

ROCK BOTTOM

THREE potential bu yers have emerged for a deserted Cas tilla y León village priced at just € 260,000. That’s after attempts to sell it for millions of euros fai led in recent years.

Salto de Castro is part of the Fonfria municipality in Zamora Province and is close to the Portuguese border.

Located in the Aribes del Duero natural park, it was built to house workers at a nearby dam but was aban doned in 1989 after the dam site was automated.

Covering 4,000 square metres, the sale includes several buildings including 44 homes, a bar, a church, a school, and a small hotel. Thrown into the package are the old Guardia Ci vil barracks, a swimming

By Alex Trelinski

pool, and sports areas.

Salto de Castro was bou ght by a family in 2000 with the aim of creating a tourist village. The project was abandoned due to the economic crisis a

few years later. The owners tried to sell the village for €1.7 million in 2017, and then two years later, hiked the asking price massively to over €6 million.

Unsurprisingly there was no interest, but the new € 260,000 asking price has attracted the interest of a

university and two NGOs. Sales information indica tes that a potential buyer would have access to na tional and regional go vernment subsidies with a likely investment of up to € 2 million required to get everything in order for tou rists to stay there.

Buy your own village in Spain for just €260,000, but there’s a catch

THIS COULD ALL BE YOURS: A whole village is up for sale, including a church, school and bar

MARBELLA may be home to a multitu de of pricey, luxury villas, but there are some qualities for the wealthy that cannot simply be tacked on to the real estate shopping list - such as the signature of one of the most famous fas hion designers in history.

The announcement of five vi llas to be constructed under the visionary design princi ples of the late haute coutu re legend Karl Lagerfeld has awoken a frenzy among inter national property buyers.

Coming three years after the death of Chanel’s creative director in 2019, two of the villas have already found a buyer, the Olive Press un derstands. One, a Dutch businessman was willing to part with €15 million for the honour of owning a villa de signed by legend Lagerfeld, even before ground has even been broken.

The keys for the luxury develo pments, financed by a €51 mi llion investment in the project, are expected to be handed

THE RIGHT CHANEL!

over on completion in 2024. But the villas, built next to each other just off Marbe

lla’s famous Golden Mile, will each be slightly different, and of course with their own pools, spas and cinemas. They count on five or six be drooms and spread over

between 1,045 and 1,305 metres squared and will have a heavy focus on the environ ment and sustainability.

Designed by international architecture house The One

Atelier, under the principles, vision, and iconic aesthetic of the designer. A website boasts: ‘Each bes poke residence is built to shimmer like a faceted gem as it reflects the environment.’

The five principles of Lager feld’s design are listed as sus tainability, genius loci, inclusi veness, dualism and framing.

“These villas are a translation of what he would have imagi ned, his legacy in every detail, in sustainable and responsi ble architecture,” said Lager feld’s CEO Pier Paolo Righi.

“Karl's vision has always in

cluded a willingness to open doors to other worlds, and he did so, day by day, in many ways,” continued Righi.

He added they reflect Lager feld's ‘passion for architec ture, photography, interior design, innovation and sus tainability’.

Marbella-based real estate developer Sierra Blanca Esta tes is charged with finding the final three buyers.

“Never before have we had the prospect of commercia lising not just a home, but a brand experience too,” said boss Carlos Rodríguez.

Luxury villas of ex-fashion boss, Karl Lagerfeld go up for sale on Marbella’s Golden Mile - with two already sold

By Walter Finch

PENTHOUSE, NUEVA ANDALUCÍA

Opportunity to buy a beautifully presented penthouse.

3 Beds | 2 Baths | 142m2 Built | 88m2 terrace

REF: 176-02206P | 875.000€

Beautifully presented penthouse in the popular complex of Cumbres del Rodeo. Easy access from the (2) underground parking takes you directly to the penthouse. As you enter you can appreciate the generous size of the living and dining room where all the front has access to the large terrace. The terrace (80+m2) in a south westerly position which has ample space for lounge areas, dining area and sun loungers, all enjoying grand views towards the sea, coastline and mountain range. There are 3 bedrooms and 2 bathrooms plus a guest toilet as well as a fully fitted kitchen and small laundry area.

TOWNHOUSE, LA QUINTA - BENAHAVIS

Classic original style townhouse in La Quinta Hills, La Quinta – Benahavis.

3 Beds | 2 Baths | 240m2 Built | 53m2 terrace

REF: 176-02241P | 450.000€

West facing with views over the La Quinta Golf course and the hills of La Heredia and surroundings. Distribution is entrance hall opening up to the guest toilet, kitchen and living/dining room which leads out to the terrace (both covered and uncovered) and the private small garden. Upstairs you have 3 bedrooms, the master en-suite and the other 2 share a shower room. The is a small west facing terrace from 2 bedrooms.

APARTMENT, NUEVO ANDALUCIA

Top floor apartment in gated community.

2 Beds | 2 Baths | 234m2 Built | 80m2 terrace

REF: 176-02212P | 495.000€

Great top floor apartment in the heart of Nueva Andalucia with one of the best solariums for sale at the moment. A well planned 2 bed 2 bath top floor unit with 2 large terraces of the living room and master suite. The apartment has a south west orientation with plenty of sun and an open aspect view from the lower terraces. On the top floor you have the fantastic solarium with bbq, electricity and water so that you can enjoy this space properly.

SEASON OF OCCASIONAL FRUITFULNESS

WHEN we launched Survey Spain in Sep tember, 2003, an im portant local agent advised us to make sure we bought a place we liked to live in and not just as an investment, ‘as prices are just too high’.

I was lucky to find such a place, at a reasonable price, and we are still here…near Estepona.

But how wrong he was on pric es: They have kept increasing driven up by insatiable demand, and even more so by the avail ability of cheap finance for de velopers and buyers.

But it hasn’t all been plain sailing. Back in our early years (2004/2005 etc), each phase of any development had to be higher priced than the one be fore, so the agents could show what a good investment it was.

Slick salesmen, meanwhile, sold the dream and encouraged people to max out and borrow as much as they could.

But inevitably that led to disas ter. Having reached impossible heights for most buyers, the prices crashed spectacularly in 2007/2008, and in many areas have only recently caught up. This time, with a recession looming, we appear to be on a stronger financial footing, so

any ‘correction’ should not have the devastating consequences of before.

Countries have borrowed more and banks are less likely to re ceive any rescues/bailouts as they got in 2008 and onwards.

Despite all the two steps for ward and one step back over the last few years, with Brexit and Covid being the main cul prits, 2022 was going really well until Russia invaded Ukraine.

That brought the ‘just live with Covid’ confidence to a halt, add ing a distinct nervousness to the market.

On a plus side it has led to a significant increase in buyers from the former soviet republics and Eastern Europe looking for safety, either permanently or as an escape, in case the Ukraine situation spreads. They’ve far outweighed the loss of Russian buyers.

The spectacular rises in energy costs and inflation are also af fecting everyone, although its effects are likely to be dispro portionately large for the lower end of the market.

permanent residence.

● Madrid is also promoting a new ‘digital nomad’ visa, al lowing people to work and live in Spain all year.

LOOKING TO PORTUGAL

Free Marbella seminar explains Portugal’s Non-Habitual Residency tax scheme for expats

WITH Spain having one of Eu rope’s harshest tax regimes, that can drain the funds of small business owners and retired people alike, many British expats and Spanish nationals are looking to Por tugal for a tax situation that will improve their lives.

The opportunities arising from Portugal’s Non-Habitual Residence (NHR) tax scheme will be explained by expert speakers from the Por tuguese offices of financial companies and law firms at a seminar taking place in Marbella on Friday November 25.

The NHR tax scheme offers new foreign resi dents an effective tax holiday for the first 10 years of the residency, with pension income taxed at a flat 10% and other passive income -such as dividend proceeds - taxed at 0%.

Information will also be provided about the D7 and Golden Visa residency options, as well as advice about legal requirements, insurance, and real estate.

Companies taking part in the event include Sovereign Group, Martinez Echevarria lawyers,

C1 Brokers insurance experts, Fine & Country Algarve estate agents and the Ombria Resort. The event is organised by Bruce Hawker, CEO of the Open Media Group - Portugal’s leading publisher of foreign language media.

He comments: “The event will answer ques tions from people who are interested in moving to Portugal. Having spoken to estate agents and other partner companies, we identified an increasing demand from residents of the Costa del Sol, who are attracted to Portugal by the tax breaks. These people are of all nationalities, including Spanish.”

Tax relief

Open Media Group holds seminars in Portu gal and other countries, including the USA. The Living in Portugal events are run in association with the Algarve Regional Tourism Board and co-financed under the Portugal 2020 EU fun ding programme.

Two identical seminars will take place at the Don Pepe Gran Melilla Hotel, Marbella, on November 25: one at 11am and another at 3pm. Before and after each session, guests can talk to the various event partners.

Anyone who wants to attend can book free of charge at www.portugalseminars.pt

Once again, the Brits, who are 16% of foreign buyers, are up and down and hard to predict as the pound keeps gaining and losing value, not to mention the issues surrounding Brexit and time spent in Europe. And many of the other northern European countries, such as Sweden, are having their own domestic issues. Here are the key things to consider this au tumn:

Keys to the Autumn (so far)

● Strong demand continues, although traditional UK buy ers are being replaced by more Eastern Europeans.

● There is an increasing ner vousness among agents that the market probably cannot escape the turmoil elsewhere and things are getting tougher.

● As before, demand is princi pally from Spain, Morocco, and all Northern European countries, with America, Middle and Far East also providing buyers. The mar keting of the Costa del Sol as the place to ‘over-winter’ and avoid the inclement weather is certainly seeing a lot of Nordic buyers.

● There is a shortage of supply at all levels but especially the higher end.

● New construction is continu ing abate, absorbing much buyer demand, despite high er than average prices and increased building costs.

● Prices have started to creep up and will probably do more if the supply shortage and excess demand continues. Some discounts are still pos sible, especially for resale properties.

● With the increasing cost of living and finance issues, it’s likely that there will be more distressed sellers in the months to come.

● ‘Golden Visas’ are still pop ular for non-EU buyers, contributing to higher de mand for properties over €500,000 as they permit

● Climate change still has far too little a mention, although the alteration in lifestyle that the increasing number of changes demands, will be having a hidden effect. Gradually, people are be ginning to take the Energy rating (CEE) of the house into account, with solar and PV panels becoming more sought after, although far behind a good internet con nection.

● Marbella is finally getting its revised town plan into con crete, with agreement with the Junta. The 1986 plan to which the municipality has been obliged to work up to now is getting distinctly creased and dog-eared.

● Reference Values, on which property taxes are based, are a sorry joke, as they are so inaccurate, with most be ing way below the current market level.

● The euphoria of Andalucia’s cancellation of Wealth Tax collapsed after Madrid effec tively created new taxes that would offset the benefits.

Average Difference Between Asking Price and Actual Selling Price

Last Quarter of 2021

October to December – 9.39%

First Quarter of 2022

January to March – 5.72% - It was a busy quarter, reflecting the post-Covid optimism, before the start of Putin’s war.

Second Quarter of 2022

April to June – 4.63% - This difference is the lowest, Third Quarter of 2022

July to September. 7.09% - is the most recent quarter, where the market is perhaps beginning to reflect the seriousness of the European and World economic situation and sellers are more nervous and so willing to accept offers at less then ask ing price.

Changes in Multi-Listing Site – Resales Online and Rentals

On the Costa del Sol there are 14,841 properties for sale at €100,000 or more, 131 (0.9%) of which are new develop ments.

There are 3,579 (24.12%) priced at over €1,000,000, 56 (43.75% of the total) new developments.

1,591 (10.72%) of the 100,000+ properties have a discount of 10% or more since first listing, which is a significant drop from the previous record of 15.84% in January 2022.

Those increasing their price numbered 1,281 (8.63%), which is higher than the previous 6.52%

Some 1,595 properties are available for long-term rental, with 1,271 (79.69%) being at more than €1,000/month, over the minimum wage in Spain, and only 17 (1.07%) are at less than half that.

Some 679 (42.57%) are available at €2,000/month, twice the minimum wage, and 227 (14.23%) are over €5,000/month

CONCLUSION

The change in prices indicates that sellers are feeling more confident, as the reductions are less and the increases more. The absence of lower priced rentals indicates the difficulty lower wage families have in finding a home, with these tend ing to be the service industry workers.

At the same time restaurant owners are finding it difficult to get staff. The recent changes, actual and proposed, give tenants more rights, are likely to make property owners less keen to take the risk of letting, thus reducing the number of rentals even more.

Surveyor Campbell Ferguson on why this recession shouldn’t lead to the big slump of 2008

Alhaurin El Grande, fantastic villa built on one level on flat plot nearthe town, very pleasant and sunny it offers 2 bedrooms, bathroom, kitchen, lounge, conservatory, large terraces surrounding the house facing the garden and private swimming pool, lock up garage and parking area, it has great rental potential and makes a fantastic home!

Ref: 198 – 325.000 €

Fuengirola centre, bright apartment within very quiet position close to all kind of services and beach, very charming and sunny with 2 bedooms, bathroom, fully fitted modern kitchen, bright bathroom, spacious lounge and sunny terrace with pleasant townviews, completely renovated, air conditioning, community garden and parking. Makes a very cosy home! No lift.

Ref: L006 – 179.000 €

Las Lagunas, Mijas área, a unique penthouse in good location near shops, schools and all kind of amenities, makes an ideal Family home to enjoy large solárium and lounge, 18 m2 terrace with sun all day. Comprising of 82 m2 living área with 2 single bedrooms, 2 bathrooms, fully fitted kitchen, utility room and 82 m2 solarium. Good condition ready to move in with underground garage space. Must be seaen!

Ref: 148 – 215.000 €

Ref: 103 – 1.795.000 €

Magnificent villa in a privileged position, very private, bright and sunny with panoraminc views over the sea, mountains and Fuengirola bay. 519 square meters built on 1730 m2 plot, comprising of 4 bedrooms with en suite bathrooms, granny flat, large fully fitted kitchen, lounge, terraces, garden, swimming pool, garage, artificial lake, floor heating, air conditioning, and lots more. Must be seen to appreciate it. Ideal home and great for rental income.

Pueblo Lopez, beatiful apartment, very cosy and with lots of charm and character, very sunny and bright top floor in very quiet área close to amenities, services, beach, etc. Spacious with 2 bedrooms, bathroom, fully fitted kitchen, lounge and sunny terrace overlooking beautiful square. Very quiet área makes it an ideal home!

Ref: L018 – 249.000 €

La Capellania, magnificent villa in a privileged position, very private, bright and sunny with panoraminc views over the sea, mountains and Fuengirola bay. 519 square meters built on 1730 m2 plot, comprising of 4 bedrooms with en suite bathrooms, granny flat, large fully fitted kitchen, lounge, terraces, garden, swimming pool, garage, artificial lake, floor heating, air conditioning, and lots more. Must be seen to appreciate it. Ideal home and great for rental income.

Ref: L010 – 399.000 €

Fuengirola centre, Pueblo López, beautiful townhouse in very quiet position with all amenities and services at the doorstep. Ideal Family home and great for rental income. Very bright and spacious with 3 bedrooms, 2 bathrooms, open plan fully fitted kitchen, utility room, large lounge leading to private patio with swimming pool. Excelent condition, definetely worth a visit.

Ref: L096 – 475.000 €

BENALMÁDENA, LA CAPELLANIA

FUENGIROLA CENTRE

ALHAURIN EL GRANDE

LAS LAGUNAS, MIJAS

FUENGIROLA CENTRE

BENALMÁDENA

FUENGIROLA CENTRE

REDUCED!

REAL ESTATE WITH THE PERSONAL TOUCH

LOOKING to discover and buy your dream home here on the Costa del Sol - or perhaps the time has come to sell or up grade your property?

You can eliminate the stress, hassle and general head aches which can tend to be part and parcel of the process by choos ing Imperial Estate to help guide and navi gate you, profession ally and seamlessly, through the whole process, from start to finish.

Very

Established in 1999 Imperial Estate offers clients a dedicated and personalised service, individually tailored to their clients’ in dividual needs and requests.

A family business, centrally located in Fuengirola, Fabiola and her team bring to bear an intimate knowledge of the local market.

And as part of an extensive network of estate agents with a shared database they guarantee that your property will be visible and accessible to any potential buyers.

You can take advantage of the free cutting-edge virtual tours service, professional photographs, energy efficiency certification among many other features and personal touches which Fabiola and her team provide, as part of their service.

You can also trust the team at Imperial Estate to take care of renting out your home or property, and ensuring it is managed securely and professionally.

So why not drop into their Fuengirola office to speak to Fabiola or to one of her friendly, knowledgeable, multilingual team about your property requirements and take the first step in finding your dream home.

Sea

Browse their website and property listings on www.imperiales tate.com and take the opportunity to list your own property on the website absolutely free!

Check out their handy online property valuation tool, and sub scribe to their mailing list, and be first in line to receive the latest property listings.

Ref:

Call or email Fabiola and her team on: +34 952 664 966 or +34 656 815 699, and at info@imperialestate.com

IT is all over the news, you can’t avoid it. The energy crisis is pushing inflation and the cost of living through the roof, all over Spain.

Despite this, demand for pro perty on the Costa del Sol con tinued to rise in 2022 and rea ched unprecedented levels, with a 73% increase in sales against 2021, according to reports.

It might explain why the pool of properties available on the professional intranet for agents, which had some 22,000 pro perties at this time last year, has now only 11,000 in stock.

Work globally, to live locally and sustainably

Lower

FUENGIROLA, TORREBLANCA

Obviously, Covid caused an initial influx of professionals who suddenly had the flexibility to work from anywhere in the world.

Marbella and nearby towns like Estepona and Mijas offered the combination of true year-round services and activities, mild wea ther and world-class internatio nal schools.

TORREBLANCA

However, what seemed like a temporary arrangement at the time, has now become more permanent: with companies to

day equipped with the techno logy allowing remote working, (plus, perhaps being reluctant to bring workers back into offices). Some governments, like Ger many, are actively encouraging their pensioners to live in Spain in the winter to save energy costs. Simultaneously, Andalucia saw the opportunity and for the last two years, there has been in creasing investment in infrastruc ture. This includes a good im provement in a patchy internet service.

Then from September 19, there was the removal of the wealth tax and reduction of income tax by 4.3% for those in lower ear ning brackets.

The move is designed to attract high spenders to stay over the 180 days threshold to become residents in the region to boost the economy through indirect ta xes (including IVA or VAT).

In addition, the energy crisis has put the need for energy efficient construction at the forefront for developers on the Costa del Sol.

Many were alre ady ahead of the game to ad dress the requirements of inter national buyers.

At a congress for real estate agents I attended in Estepona earlier this year, I noticed that having eco-credentials was one of the main requirements from

high-end investors.

Finally, when data looks at the spiralling rise in the cost of living in Spain as a whole, it greatly ignores the specific conditions of the Costa del Sol, where people can live without putting the hea ting on for most of the year.

And when it comes to food, one can splash out or be as frugal as you like.

I have recently discovered one local producer in the Guadalmina area who sells his own organic pro duce at a fraction of supermarket prices. He is not the only one. Producers like him live in every town.

Work globally, to live locally and sustainably. It is definitely cost-effective to live here and the reason so many people keep choosing the Costa del Sol. Now more than ever.

In

More information at www.thespanishestateagent.com

Imperial Estate brings more than 20 years experience to help smooth the way in your property transactions

LOS BOLICHES, FUENGIROLA

FUENGIROLA CENTRE

FUENGIROLA

MIJAS

BENALMÁDENA

Despite rising costs to borrow and a soaring cost of living, demand for property on the Costa del Sol continues to rise. Vanessa Davila explains why

DIRECT: A fruit trader in Casares sells straight from the land to the consumer

Having ecocredentials was one of the main requirements from investors

Banking without the hassle

PARTNER WITH BUENO

WE ARE ON A MISSION

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A true Eden

Alcaidesa – an emerging luxury destination for those in the know

ALCAIDESA is a hidden gem, ideally located alongside a sweeping sandy beach and su rrounded by protected nature reserves.

Just minutes from Sotogrande, it has stunning views across the Mediterranean over to Gibral tar and Africa.

Alcaidesa is also currently un dergoing a big transformation. The recently redesigned Links

Golf Course and the construc tion of the five-star Fairmont Hotel, which is due to open in 2023/2024, plus the propo sed upgrade of another hotel to offer a five-star experience, will ensure Alcaidesa features in the top choice of visitors and residents alike to this area.

Only 20 minutes from Gibral tar airport and less than an hour to Malaga, Alcaidesa is easily accessible for holidays, golf trips and for residents with families who live fur ther afield.

One Eden has now launched Se renity Alcai desa, an offplan frontline golf residen tial resort development with 1-4 be droom apart ments and penthouses. Set amongst lush lands caped gar dens, facilities will include

AGONY ANT

Turning gold to lead

THIS year saw intense debate in the Eu ropean Parliament over the legality of ‘CBI’ Schemes (Citizenship by Invest ment) offered by three EU countries: Malta, Cyprus, and Bulgaria. Many EU MEPs offered their opinion on the schemes and called for an immediate ban by arguing that they pose a threat to European security and democracy as they can be used as a backdoor to the EU for dirty money.

Some country representatives added that the procedures lacked fairness compared to conventional migration and naturalisation channels, and impact equality as they bene fit the rich and they are an offence against EU values (opinion of MEP belonging to the Spanish Government’s party!).

Separately, ‘RBI’ (Residency by Investment or ‘Golden Visa’ Schemes) is also being of fered, apart from the above countries, by Es tonia, Greece, Spain, Hungary, Ireland, Italy, Latvia, Luxembourg, the Netherlands, and Portugal, on the basis of a minimum invest ment that varies from country to country. Such schemes have brought immense cap ital to the EU: a study - by the very same European Parliament where their legality is being questioned - estimated that the ben efit of Golden Visa schemes on the EU was of €21.4 billion, with 132,000 people ben efiting.

Still, this astounding level of investment

seems for many MEPs (with their varied political inclinations) a negative record be cause, in their opinion, they potentially in volve a broad spectrum of criminality: fraud, tax evasion and money-laundering practic es.

But whilst this argument could have some merit, Golden Visas per se do not increase the above-mentioned risk, or indeed lack fairness.

Checks

Firstly, any person can invest in the EU, with or without ‘Golden Visa’ schemes. Second ly, vetting procedures are in fact higher with investors that apply for Golden Visas ver sus those who do not as, in addition to the source/proof of funds checks, a background check in the form of a criminal record certif icate is required.

And lastly, most if not all non-working resi dency schemes in the world are based on financial capacity, and this will never change whether we find it morally acceptable or not. In fact, tourist visas are the same and this will hardly change either.

a beach entry pool, lap pool, children’s pool and play area, co-working area, an indoor gym, crazy golf and a serene yoga and meditation zone.

Investors

An impressive on-site show apartment and miradors (viewing spots) makes it easy to appreciate the spectacular views and location of these luxury apartments that are al ready appealing to residents, visitors and investors alike.

To arrange a personal visit and tour please call or what sapp 00 34 663 493 630 or view www.oneeden.com/ serenity-alcaidesa

WE HAVE YOU COVERED

GRUPO Dvos is a full-spectrum, frontto-back, start-to completion property developer, offering building con struction, ready to move in proper ties, renovated projects and more.

Whether you are looking for an investment opportunity, holiday home or a permanent residency, Grupo Dvos can and will have you covered with high-quality property in the best locations along the Costa del Sol.

The list of extraordinary coastal villas, apart ments and and penthouses that Grupo Dvos offers will leave your jaw on the ground, and once you buy a property through them an all-in clusive package of services unfolds, such as cleaning services, car rentals, property man agement, babysitting, and gardening etc.

The process for buying a home with Grupo Dvos is as follows:

● You show them your ideal home; the fea tures, the location, the style, the expecta tions, the preferences.

● They will do a thorough search through their listings of beautiful properties to see what matches your expectations, or if you wish to build or refurbish an old property.

● Together, you and they find your perfect match of what your aim is with your prop erty purchase. To make a good profit or to find your dream home.

● They guide you through all the potentially complex and hazardous legal procedures that are required to buy a house abroad.

● If your budget is over €500,000 they will help you get a GOLDEN VISA which gives you residency in Spain.

The relationship between the client and Grupo Dvos endures long after the pur chase is complete and you are happily ensconced in your dream home.

This year Grupo Dvos Properties have been particularly recognised in the category of Best Luxury Residential Property 2022 for the villa ‘Calma en el Alma’ in Cos ta del Sol, Spain.

This spectacular beachside home is located in Guadalmina Baja, on the western tip of Marbella, just 100m from the beach and 10 min utes from the centre of Marbella.

info@grupodvos.com tel: +34 663 78 99 18 C. La Dorada, 12, 29688 El Paraiso, Estepona, Marbella, Málaga www.grupodvos.com

Completely refurbished inside and out, the home offers ample space for modern family living with its large open-plan living area.

WINNER 2022

Visit www.grupodvos.com or call +34 663 789 918 for more

LOCATION, LOCATION: By a beach and golf course with stunning views of Gibraltar and Africa

Whether it’s an investment property, holiday home or somewhere to live, Grupo Dvos has the right opportunity for you

Malta and Cyprus passport schemes threaten existence of Spain’s Golden Visas

YOUR LEGAL PROBLEMS ADDRESSED BY ANTONIO FLORES

Serenity is an exciting new development on a prime front line golf location in Alcaidesa, offering the highest quality 1, 2, 3 & 4 bedroom apartments and penthouses with Phase I consisting of 77 meticulously designed homes.

These homes embody style and quality with private terraces, golf, sea, lake or mountain views.

The Resort will be set amongst landscaped gardens that will provide residents with extensive leisure facilities such as indoor gym, lap pool, yoga area, beach entry pool, children’s play area, co-working space and many more