IT is one of the most prestigious architecture prizes in the world.
So it’s amazing that Spain is connected to two of the three buildings up for the top prize of the UK’s Royal Institute of British Architects (RIBA) awards this year.
Spain-based architect David Chipperfield is on the shortlist of three for the International Prize, for his clever conversion of a monastery (left) into an office block in Paderborn, Germany.
British talent Chipperfield, who spends much of the year in Galicia, used ‘sculptural demolition’ to convert the St Vincenz Hospital into the headquarters of the TAP holding group. Also on the list is the fabulous Modulus Matrix social housing project, in Barcelona, by Peris + Toral Architects.
The stunning 10,000 sqm block was built almost entirely from wood on the site of a former cinema.
The largest wooden building in Spain, it was built from sustainable wood from the Basque Country.
The other nominee is the Lianzhou Museum of Photography, in China, which was built on the site of an old sugar mill.
SPAIN’S housing market continues to set records and shoot for the stars.
It has grown by 9.6% in a year and 16.6% since January 2023, according
to the latest data.
Breakneck expansion has propelled it well above the largest previous peak of 2007, which led to a dramatic crash,
as the graph (left) shows.
The average house in Spain now costs €2,21 per square metre, 4.4% higher
than in June 2007, when it peaked at €2,11 sqm, according to property portal Idealista.
However, by February 2010 it had tumbled to €1,89 sqm, before dropping to an alarming €1,49 sqm in 2016 worsened by the euro crisis.
Since then Spain’s prices have embarked on an impressive recovery that went into overdrive in January last year.
One of the highest rises is in Madrid which exploded by 18.8% in a year to €4,83 sqm, while in Barcelona prices are up 10.8% to €4,59 sqm.
Valencia saw the highest rise, where prices have increased by a fifth (20%), followed closely by Malaga (19.6%), Santander (18.1%) and Alicante (16.7%).
San Sebastian is the most expensive city overall, at €5,631 sqm, while
Sustainable or cause for alarm?
THE situation now is fundamentally different to 2007 in terms of supply. Spain was building more than the whole of Europe then and we are now firmly in a resale market with constricted supply. These days clients are not buying for investment but for lifestyle and you can no longer get mortgages with loan to value ratios of 100% and even for non residents.
Meanwhile, further regulatory changes have closed mechanisms that facilitated a boom such as the ability to sell a contract during construction (aka ‘flipping’).
Zamora is the cheapest at €1,17 sqm. Meanwhile, all but four provinces recorded higher prices, with Santa Cruz de Tenerife and Las Palmas seeing the steepest rises of 16.4% and 16% respectively.
Other fast growers include the Balearic Islands (14.8%), Alicante (13.9%), Malaga (12.7%) and Murcia (14.9%). For anyone looking for bargains, house prices have actually fallen in Ourense (-3.2%), Córdoba (-2.5%), Badajoz (-1.1%) and Ciudad Real (-0.7%).
The Balearic Islands continue to be the most expensive autonomous region at €4,663 sqm, followed by the Community of Madrid (€3,64 sqm), the Basque Country (€3,01 sqm), the Canary Islands (€2,77 sqm) and Catalunya (€2,44 sqm).
Bargain hunters should check out Castilla-La Mancha (€937), Extremadura (€977 sqm) and Castilla y León (€1,199 sqm).
COMMENT by Olive Press Property Insider Adam Neale
SHORTLIST: Lianzhou Museum and (left) Barcelona’s wooden social housing scheme
See
Mark Stucklin www.spanishpropertyinsight.com
THE number of Americans purchasing property in Spain has surged since the pandemic. And it may be set to explode for estate agents on the Costa del Sol in the wake of Donald Trump’s recent election victory.
But what draws US citizens to buy property in Spain, and where do they typically invest?
Anecdotal evidence from my conversations with estate agents provide insights into the motivations, while data from public sources hints at where these buyers are concentrated.
First, let’s assess the significance of the American market for property in Spain.
How many US citizens purchase property in Spain, and how has this trend evolved?
Fortunately, data from Spain’s notaries and land registrars provide some clues.
Last year, 2,414 Spanish
bit down Trump change
The news of Donald Trump’s return to the White House will have wide-reaching consequences – including driving more American buyers to the Costa del Sol?
home sales involved American buyers, an 8% increase from the previous year, marking one of the highest growth rates among foreign buyers.
Although the US ranks as the 14th largest foreign market for Spanish property, its rapid growth is noteworthy.
This year, US buyer numbers have risen even more sharply— up 13% in the first half of the year compared to the same period in 2023, as per notary data. While the US market is relatively small, its growth rate is comparable to other boom-
ing markets like Poland and Ukraine, both influenced by geopolitical factors.
Where do they buy?
Americans have become one of the top foreign buyer groups in areas like Madrid, Castilla-La Mancha, Castile & Leon, La Rioja, and the Basque Country, a surprising shift since pre-pandemic times. While these regions have relatively low foreign-buyer numbers, Americans are making their presence felt.
Meanwhile, estate agents in Malaga report a strong influx
of US buyers on the Costa del Sol post-pandemic, although recent official data is lacking for this specific area. Many of these buyers are reportedly drawn by Malaga’s temperate climate, reminiscent of California, as well as a desire to es-
cape US issues like polarised politics, culture wars, failing schools, and urban crime. The strength of the dollar in the aftermath of the pandemic has also been a factor.
Why do Americans choose Spain?
Purchasers are evenly split between expatriates and non-residents buying second homes, though many intend to eventually live there full-time. For Americans, Spain isn’t a weekend getaway; the distance means most envision a long-term or permanent stay, rather than just occasional visits.
Trump’s recent victory could add momentum to this trend. The dollar has ticked up a bit since the election, and the affluent, educated ‘laptop’ class that largely voted for his opponent might be more motivated to move abroad, especially if the country becomes even more polarised during his second term.
This could give fresh impetus to the growing number of American buyers heading for the Costa del Sol.
A
THE cost of renting in Spain has finally started to trend downwards after nearly three years of steep rises.
A nationwide reduction of 2.62% since June might not be enough to start popping the champagne for tenants who can’t afford to buy.
But it could mark the start of a return to sanity for a rental market that span out of control after the Covid-induced trough of €10.35 per square metre in October 2021.
The average price is now €13.00 sqm across the country, down from a peak of €13.35 three months ago.
The summer months saw a sudden and significant drop off in rental price increases, with the rate going down by 26% between June and August.
Nonetheless, €13 sqm still represents a year-on-year increase of 10.2% – and even an increase of 0.1% on last month.
And there is little respite for where it matters, with rental prices in Madrid surging by 15.9% and Barcelona 13.5%.
Barcelona remains Spain’s most expensive capital to rent, with rates at €23.1 sqm, followed by Madrid (€20.6 sqm) and San Sebastián (€17.9 sqm).
All 50 provincial capitals registered rental price increases apart from Lleida, curiously, which was the only exception at a 0.9% decrease.
Tourist-heavy regions such as Alicante and Malaga saw rises 13.9% and 13.8% respectively, with renting in the Costa del Sol now costing €14.8 sqm.
Barcelona is also the priciest province for rentals, averaging €19.8 sqm, surpassing Madrid (€18.8 sqm), the Balearic Islands (€17.6 sqm), and Guipúzcoa (€16 sqm).
Notably, several regions suffering from ‘oversaturation’ reported smaller rises, including the Balearic Islands (9.3%), the Canary Islands (8.8%) and Andalucia (8.7%).
Even Catalunya rose by only 10.8%.
November 29thDecember 12th 2023
Marbellous
LUXURY property hunters have long been drawn to Marbella, but now it’s almost official – the top five most expensive homes for sale in Spain are located there. According to portal Idealista, these five high-end properties are the most expensive on their site. While there are certainly more expensive homes for sale around the country (perhaps not being publicly sold), these five starting at €27.5 million are a good barometer of what’s out there in the country’s top resort.
Sorry seven
SEVEN apartment owners have been fined €80,000 each for renting illegally in Mallorca.
The owners, who all have property in the same Palma block, will raise a total of €560,000 for the authorities
The Mallorca Tourism Department is levying the fines for operating without the necessary licences.
Tourism Minister Jose Marcial declared that ‘illegal rentals are a plague’.
He warned that they create unfair competition for honest businesses and threaten community harmony.
Justice
The enforcement is part of a clampdown, which has meticulously followed all legal processes to bring the offenders to justice.
Previously, fines handed out for illegal rentals hovered around €40,000, but now they’ve been doubled to deter future violations.
The authorities have pointed out that the maximum possible fine is a whop ping €400,000.
Only 621 properties in Palma have official tourist licences.
The authorities in Mallorca are particularly angry about the number of holiday rentals available on the platform Airbnb, which it claims are illegal.
At least 70% of the properties to rent are illegal, while around only 8% are illegal.
Floodplain
errors
ALMOST a third of the residenc es affected in the Valencia disaster were built in flood risk areas during the housing bubble, according to re search by DATADISTA.
The study claims developers would have known the land was liable to flooding thanks to the 2003 Flooding Land Action Plan (Patricova). Land included on the list has been updated over time to reflect changes due to the climate crisis and other factors.
On a national level, it is estimated at least three million people live in flood risk areas and building on land liable to flooding is still permitted in Spain.
5 4 3 2 1
WONDERWALLS
Thisamazingvillacould DefinitelyMaybeinspire
youtowritearockclassic
IT is very much a slice of Rock n Roll history and it has a rental price tag to match.
With two previous rockstar owners, it’s no wonder Casa Atlantis costs over €100,000 a week to rent in the high season.
Built by Tubular Bells genius Mike Oldfield (right), it was later owned by Oasis legend Noel Gallagher (below), before he sold it to an unnamed millionaire.
Set close to one of Ibiza’s most stunning beaches, it has a 15,000 square metre plot and the most amazing 13-by-five infinity pool.
Also counting on a smaller children’s pool, the six bedroom/seven bathroom villa spreads over 500 spacious square metres.
the low season and sleeps up to 12 people. It sits in an isolated clifftop area and has direct access to beautiful Ses Boques beach.
The current owner has upgraded the home to a ‘truly luxurious family and friends accommodation’ and guests will live like kings. Close to the village of Es Cu-
SOTOGRANDE could soon be in the hands of Saudi Arabia as it prepares to be put up for sale.
Founded in 1962, the luxury resort counts on two golf courses, a marina and a five star hotel, among many other attractions.
Its current owners, London-based Orion Capital Managers are looking to disinvest in the area. According to real estate sources, the company has received several offers, with one from Saudi Arabia, believed to be the PIF fund, the most advanced.
A regular playground for polo stars and princes, including Princes William and Harry, it has counted on many celebrity owners from Glenn Hoddle to Mike Rutherford and Nick Knowles.
bells, near neighbours include
Linda Evan
who has a stunning house up in the nearby hills, while fellow singer songwriter James
lives just up the road.
The village itself counts on a stunning church and a couple of good restaurants.
SAUDI SALE?
The exclusive private community only counts on 7,000 homes, and limits how many people can live there, ensuring privacy and exclusivity. Orion took over Sotogrande for around €225m alongside partner Cerberus in 2014.
In 2017 it bought the remaining stake to manage 100% of the company, before carrying out a series of upgrades, including the renovation of the SO/Sotograne Spa & golf Resort hotel. It also launched a string of new luxury developments including La Reserva, where villas sell for over €10 million.
supermodel
galista (right),
Blunt
BRICKS OF GOLD: (left to right) Villa in Cascada de Camojan, Palacio de la Paz, Mansion on Marbella’s Golden Mile, Villa in La Zagaleta and Mansion in Las Lomas
PROPERTY
November 29thDecember 12th 2023
As the cleanup operation in Valencia continues, the Olive Press looks at how cities around the world are guarding against similar flood disasters...
SOAKING UP THE FUTURE
Aens last year, thousands have died in these floods.
While abnormally high levels of rain
- and in the case of New Orleans, hurricanes - were mostly blamed, another key factor has been the over-construction of properties on
By Dilip Kuner
flood plains and the over-use of concrete, which doesn’t absorb water.
In response, a new wave of flood mitigation strategies are being developed with nature-based solutions at their core.
In some cases they are simply relearning old knowledge that had either been forgotten or dismissed as irrelevant in the quest to build ever more property.
“Above all, everyone has got to stop using concrete. This is the worst material to use,” insists respected Pakistan architect Yasmeen Lari. “If you look at urban flooding, the reason it’s becoming worse is because we’ve got concrete paving everywhere. Water is not able to steep into the soil.”
Meanwhile, too many floodplains have been built on - in particular around Valencia - not only leaving these properties vulnerable to flooding but also endangering previously safe areas which had been protected by wetlands absorbing excess water.
Nature-based solutions seek to restore and enhance nature zones - such as wetlands and woodlands - to reduce flood risks while delivering additional benefits like improved biodiversity and enhanced urban environments. Ironically, Valencia city itself has been seen as one of the pioneers in this movement. It has started to implement green roofs, vertical gardens, and transformed the former river Turia’s floodplain into a park, providing natural flood defences that help absorb excess
water and reduce urban heat.
But the sheer quantity of the water that was dumped overwhelmed these defences, with deadly results in the suburbs and nearby towns.
Much more needs to be done in what has been a slow process in ‘greening’ Valencia and other cities around the world.
Water plaza
One city with an innovative approach to flood prevention is Rotterdam.
It has created a ‘water plaza’ (above), for example, that doubles up as temporary stormwater storage area during heavy rainfall, preventing street overflows that can paralyse the city
When not serving as an emergency reservoir, it is used for recreation, offering sports facilities for residents.
Meanwhile in Singapore, the ABC
Waters Programme is transforming canals, drains, and reservoirs into scenic, green spaces. Not only does this help mitigate flood risk, but it also creates spaces for relaxation and recreation.
Cities world-wide are adopting green infrastructure - such as green roofs which are covered with vegetation to absorb rainfall and permeable pavements which allow water to seep into the ground rather than flood into drains.
In Copenhagen, for example, a company called Tredje Natur has developed a perforated ‘climate tile’ ( see picture overleaf) which absorbs much more rainwater.
Sponge cities
Perhaps one of the most interesting developments in flood management is the concept of the sponge city, which is gaining popularity in China.
A concept invented by landscape architect Kongjian Yu, his ideas were adopted by the Chinese government in 2013 following mass floods.
A pilot programme was tested across 30 cities, including Sanya, where previous concrete flood walls were replaced by sponge-like wetlands, terraced
EFFORTS: Valencia city has been working hard to create areas to absorb water such as in the Turia river basin park (above)
VEGETATION: Green roots and walls help to prevent the floods seen in Valencia (above left)
SPONGING IT UP:
Sanya and Wuhan (here) have adopted clever water absorbing strategies
SERIES of devastating floods caused by massive rainfall have hit cities around the globe so far this centuryand Valencia is just the latest.
From Mumbai and New Orleans in 2005 to Houston in 2017 and Ath-
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FLOODPLAIN MANAGEMENT
embankments, ponds and paddy fields that could absorb 830,000 cubic metres of stormwater at one time.
Wuhan meanwhile, was designed to capture, clean, and store rain water rather than funnel it away.
The water can then be used within the city rather than run into drainage and sewer sys tems that could otherwise be over whelmed.
Meanwhile, flood plains are being restored as part of efforts to manage flood risks.
While nature-based solutions are crucial, traditional flood defences like stormwater systems and flood walls are still needed.
Restoring them not only helps prevent flooding by holding excess water but also supports biodiversity by providing habitats for wildlife.
Blue green infrastructure
New York and Miami have blended the old with the new through ‘blue-green infrastructure’ - a hybrid solution that combines water management with green spaces.
In New York’s Lower Manhattan Coastal Resiliency Project (ringed right), this involves seawalls, el evated streets, and wet lands to shield vulner able areas from the rising waters
and hurricanes that have become an increasing threat.
In Los Angeles ‘green alleys’ have been installed leading to a basin to capture the water and make the city more ‘spongier’. This year after historic rainfall fell in February, the city captured an incredible 13.5 billion gal -
PREVENTION: The giant Themes Barrier prevents floods that happened in London since Roman times, while (below) New York’s Resiliency Project
lons of stormwater, which can serve 165,000 households for an entire year.
In Vienna, meanwhile, a new suburb called Am Seebogen is using the classic sponge city model to plant thousands of trees supported by subterranean chambers that capture and store rainwater which can be used during long dry spells.
One of the most famous flood defences is the Thames Barrier in London.
Until installed in 1982, the city had frequently flooded since Roman times, but in 1953 the North Sea
Flood led to hundreds of deaths. The giant barrier is a good example of how real-time data, tide predictions, and sophisticated climate models can be used to protect the city by anticipating imminent flood risks and trigger early warning systems.
Cities including Bangkok and Manila are also tapping into these technological advancements, deploying early warning systems that use predictive analytics to give residents and authorities the time they need to take action before disaster strikes.
WOODEN WONDER
A BARCELONA social housing project is being tipped as the winner of one of the architecture world’s top prizes. The Moddus Matrix project in Cornella has been short-listed for the RIBA International Prize 2024.
The groundbreaking, six-story courtyard building is under construction and will feature 85 homes.
The pioneering project is largely made from sustainable timber from the Basque region.
Next big thing
Freshen up your home with these latest trends to put on your Christmas list, writes Yzabelle Bostyn
CHRISTMAS and the New Year are almost upon us and with them lots of unique furniture trends to switch up your home.
Interior designers are already predicting which pieces will become 2025’s next big thing, so why not get ahead of the game and put them at the top of your Christmas list?
Rounded edges
Softer edges on furniture are having a real design moment, with circular coffee tables, bubble like sofas and oblong mirrors storming the scene. The style uses natural, organic materials, colours and shapes in an attempt to mimic the natural world.
This ‘Papsan’ chair (left) from CASA mirrors this trend, with the boho wicker frame supporting a luxurious cream coloured cushion - it is perfect to curl up and read a book in the cold winter months. It is available on the CASA website for €159.
Woven wonders
Next years’ trends seem to be all about making the home a more inviting and cosy space.
Using natural materials to add woven or mesh details on your cupboards, cabinets and wardrobes is an easy way to break up harsh edges and cold surfaces, adding more warmth to your home. For example, this rattan cupboard (above) from Casa Viva achieves an understated but stylish look for €475.00.
Warm tones
Shifting from the cool whites and greys of modern homes, we are seeing natural, warm colours creep back into interior design trends. Now, it’s all about earth tones: off-white, beige, tan, cream, brown and green paired with warm lighting. These elements can be incorporated into the home in many ways, including this stunning wood carved headboard (left)
Newly opened furniture store spanning 900 square meters, offering beds, decor, and furniture for both indoor and outdoor spaces. We assist you with everything – from the smallest detail to furnishing your entire home. Welcome!
Eco-materials
Sustainability is now a key consideration for buyers when they purchase new furniture. From recycled materials to vegan leather, there’s lots of different ways you can incorporate eco-friendly pieces into your home. Above all, it is important to buy good quality furniture that will last you a lifetime- even better if it is made from sustainable materials. For example, Skulum has entire collections using recycled wood, including this stylish textured TV stand (above).
Cluttercore
Trinkets, photos, blankets and cushions - homeowners want to build cosy nests full of colours, patterns and textures. Known as
design approach is becoming more and more popular, allowing occupants to show off their personalities. To find the perfect pieces for you, visit www.westwing. es and browse their expansion decor collection includ-
Calle Santa Leonor 18, San Pedro
Stardust Inn
IT was once described as Spain’s ‘most chic’ hotel, and with guests having included the Dalai Lama, Charlie Chaplin and Winston Churchill, it is hard to argue.
By Jon Clarke
Now, the amazing five star Hotel Formentor, in Mallorca, has reopened, and with rack rates to keep the riff raff very much at bay.
With rooms costing over €2,000 a night in October - considerably more than the Marbella Club, the Ritz in Madrid or Barcelona’s Mandarin Oriental
- you’d expect a fair bit of luxury. And you won’t be disappointed.
During a recent unofficial Olive Press inspection tour, we found the grand dame of the Balearics eye-opening in the extreme.
Sitting on the wonderful Formentor peninsula, north of Pollensa, its location couldn’t be more impressive.
The
With
29thDecember 12th 2023
LOCATION:
After an upgrade of reportedly around €25 million, the Four Seasons group now has easily one of the most exclusive hotels in Europe.
It didn’t come cheap though, costing €165 million back in 2020 and this, much due to its 486 hectares of land and practically no neighbours.
The first thing to note is the tight security that grills anyone looking to come in and there are plenty of guards patrolling the grounds.
Thankfully little-changed in terms of its overall structure, the main hotel, built in 1929, is a long, horizontal block of simple white lines.
He promised that it would be put back as it was and ‘everything would be done perfectly’, and as President of the Four Seasons group in Europe, added: “Every now and then we get the chance to revive a legendary hotel and take it into the future.”
This is very evident from the modern lobby, with its circular theme in the ceiling and central sofas.
From here you drop down an organic staircase encircling a tree trunk to the glamorous bar area and hip restaurant with wooden banquettes encouraging privacy.
Everything is designed to maximise the views across sea and the distant peaks of the island’s Tramantana range.
While we didn’t get to see the rooms, walking out into the gardens is the biggest surprise and you have a choice of three distinct pool areas, one designed for adults only.
The main pool is truly breathtaking. Enormous in size, it’s perfect for lengths and for chilling out with a good book.
All around the lawns are impeccable and the planting is low key and understated and very much focuses on the island’s local foliage.
Everything is designed to maximise the views of the sea and peaks
There had been a concern that developers planned to totally change the design, after they were heavily fined for demolishing large parts of the hotel in 2022.
But architect Carlos Lamela, insisted it was vital due to the deterioration of the walls, which left the building ‘precarious’.
The huge covered bar area with pergola was a great way to end the day with a couple of cold canas, which came with nuts and olives and at just over €10 was a great way to see how the other half live.
And for your information former guests include John Wayne and Mijail Gorbachov, as well as King Felipe and Queen Letizia, who were recently pictured in the grounds with their daughters Leonor and Sofia.
LOCATION,
The exclusive Formentor peninsula
ORGANIC: Its wonderful main staircase, original decor in the dining area and a suite
Is Malaga the new Barcelona?
ALMOST 10 years ago I wrote an article comparing the cities of Malaga and Barcelona.
“Is Malaga the new Barcelona?”
I asked in my regular article in the Olive Press
So popular was it online, it sparked an incredible craze of copycat articles, with even the likes of Daily Mail jumping on the bandwagon.
If you Google it you will see multiple articles, including my own, hopefully right at the top.
I was thinking about this comparison recently and wondering what, if anything, had changed about the two cities in terms of what I’d compared back then.
The weather remains fundamentally the same - albeit a little bit hotter and with rainfall heavier and more infrequent - and Malaga still has 300 EXTRA hours of sunshine than Barcelona (below) each year.
Olive Press Property Insider Adam Neale revisits a question he first posed for us a decade ago
To add to the Catalan capital’s gloom, Lionel Messi no longer plays for the local team, although I think Lamine Yamal more than makes up for it… and Malaga FC haven’t exactly set the world alight.
Population surge
The population of both cities has grown, it turns out.
Barcelona now has the highest population it’s had since 1991, with 1.7 million people, some 25% of them foreign born.
Malaga (right) meanwhile has grown from 560,000 to 587,000 residents with 16.7% being foreign.
It means though, that Malaga has grown a little more quickly than Bar-
celona. By 4.82% vs 3.44%. Although, at the provincial level, Barcelona continues to grow a little more quickly and Malaga is the fifth province in Spain in terms of population growth. Malaga will have an expected population growth of 20% over the next 15 years. Almost all of that will come from the arrival of for-
eign-born arrivals, which will make up 33% of the province’s population by 2039.
Metro lines
Barcelona had a much more developed metro system 10 years ago with eight lines and 165 stations, while Malaga had only two lines and 10 stations. Today, while Malaga still has two lines, it has two more planned and no less than 19 stations. Not too shabby an improvement but still dwarfed by Barcelona’s, which has grown from eight lines and 165 stations to 12 lines and 189 stations.
Economy
In terms of economic growth, both Barcelona and Malaga rely heavily on tourism.
As a result of the post-Covid surge in tourism, which continues apace, Malaga saw its economy grow by 3.6% in 2023, while that of Barcelona grew by a still-healthy 2.9%.
The one unfortunate way in which Malaga is becoming more like Barcelona is in terms of cost of living. Back in 2015, Expatistan.com claimed Malaga was 24% cheaper than Barca, but today is just 7% cheaper.
Another site Numbeo disagrees, claim-
The Property Insider by
Adam Neale
ing the cost of living (including rent) is 21.1% higher in Barcelona than Malaga. Breaking that down to a monthly amount, Numbeo says that you would need €4,602 in Barcelona to maintain the same standard of living that €3,800 would bring you in Malaga.
That’s a substantial difference.
Property
That difference extends to property prices as well. When I wrote the original article, Spain was just beginning to emerge from a massive property crisis, which saw huge drops in property prices from their 2007 peaks.
The numbers for 2014 showed property in Barcelona cost €3,188 per metre square.
For Malaga, the price was half of that at €1,559.
So what a difference a decade makes.
To buy property in Barcelona today, the third highest property prices in the
country, you can expect to pay
€4,430/ m2.
The average price in Malaga is now €3,016/m2.
That’s a 93% increase in Malaga’s property prices and a 39% increase in Barcelona.
Seeing that dramatic increase, one can understand why people who live in Malaga are frustrated with the housing situation and why it tops the charts of most important local concerns.
Conclusion
Malaga remains a cheaper option than Barcelona. It is just as beautiful and probably a cleaner city with more beaches than Barcelona and a growing and vibrant cultural scene.
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HOLY RIVALRY
German minster about to be surpassed by Spanish Gaudi masterpiece, writes Dilip Kuner
AGERMAN cathedral is on the verge of losing its title as the world’s tallest church to Barcelona’s La Sagrada Familia.
Antoni Gaudi’s as yet unfinished work is on track to surpass Ulmer Munster in Germany, which has held the record since May 31 1890.
La Sagrada Familia’s ‘Tower of Jesus Christ’ is set to be finished in 2025 as one of the final phases before completion of the cathedral.
At an anticipated height of 172 metres, it will exceed Ulmer Munster’s 161.5 metre Gothic spire by just nine-and-a-half metres once the final tower is crowned with a 17 metre cross - ironically made by a German company.
The final competition of the basilica in 2026 will coincide with the centennial of Gaudi’s death, marking the realisation of his lifelong dream.
Gaudi famously remarked: “My client is not in a hurry,” reflecting his belief that the project’s grandeur warranted the time it took. Meanwhile, the leadership at Ulmer Munster remains unfazed by the impending loss of its record.
Dean Torsten Krannich noted that while the church’s height has been a point of pride, its spiritual significance is what truly matters. “The church lifts my heart up to God,” he emphasised, highlighting its importance extends far beyond its towering spire.
As La Sagrada Familia prepares to claim its title, this transition is not merely about height, but rather a contrast of styles and
histories.
Ulmer Munster, with its Gothic architecture, represents a period marked by soaring cathedrals and religious fortresses.
Its construction was interrupted by the Protestant Reformation and only resumed in the 19th century, symbolising a city that rebuilt itself amid political and economic challenges. In contrast, La Sagrada Familia embodies a different era - a fusion of modernism, natural beauty, and faith.
Gaudí’s brilliance is evident not only in the height of the structure but also in its organic curves and intricate details inspired by nature.
Though Ulmer Munster may soon become the second-tallest church, Ulm boasts a rich cultural heritage. Albert Einstein, born there in 1879, remains a key figure in the city’s identity. Visitors can admire a stained glass window in the church that features Einstein, and the city takes pride in its connection to one of history’s greatest minds.
Certainty needed
What to do as Sterling exchange rates become increasingly volatile
IF you’re considering buying property in Spain, recent fluctuations in the pound-euro exchange rate are definitely something to keep an eye on.
The start of the month saw the pound drop sharply after reaching a near 30-month high just a few weeks ago, driven down by the UK’s Autumn Budget and some strong economic data from the Eurozone.
After a promising start, the pound rose in anticipation of Chancellor Rachel Reeves’ budget announcement. But that optimism quickly evaporated as Eurozone GDP figures revealed unexpected growth, with the bloc’s economy accelerating from 0.2% to 0.4% in the third quarter, coupled with Germany avoiding recession. This was a wake-up call for anyone looking to transfer their pounds into euros for a property purchase.
If you want to gamble on the pound getting stronger then make sure you have enough cash available to cover your deposit if it goes the other way and weakens.
Nothing is worse than suddenly finding a poorer exchange rate means you can no longer put down the deposit.
A wake-up call for anyone looking to transfer pounds into euros
The euro gained further momentum thanks to higher-than-expected inflation figures, which suggested the European Central Bank (ECB) might hold off on rate cuts. In contrast, the UK budget announcement revealed £40 billion in tax hikes and increased borrowing, sending the pound into a tailspin. After hitting a six-week low, it did manage to recover some ground, but uncertainty remains.
For UK buyers eyeing Spanish properties, the current market dynamics could have significant implications. If you’re planning a currency exchange to fund your purchase, it is best to tie into certainty.
Consider consulting with a currency transfer specialist, who can offer competitive rates and help you navigate these turbulent waters and lock in to an exchange rate in advance, giving you certainty. We at the Finance Bureau can help you use the right strategy to mitigate some of the risks associated with currency fluctuations, ensuring that your dream property in Spain doesn’t come with an inflated price tag.
UP AND UP: Barcelona’s Segrada Familia will soon trump Ulmer Munster
SHAME ON YOU
THE government’s failed housing policies have been all over the front pages in recent months.
And to cover up their own failures with the disastrous Housing Act of May 2023, they are stepping up their war on short-term rentals and pointing the finger at those ‘nasty landlords’ who refuse to rent out their homes cheaply under the new laws.
Take Housing Minister Isabel Rodriguez (pictures), who called on homeowners to show solidarity and rent out their homes cheaper than market prices a fortnight ago.
Something of an own goal when it turned out the minister herself owned SEVEN properties, three of which were flats, for which she received €5,130 in rent per month; over €1,700 each. And if anything, over the market value.
Embarrassing to say the least it led to large demonstrations in Madrid and Sevilla, among other cities, and a group, the Sindicato de (tenants’ union) demanded the minister’s resignation and threatened a ‘rent strike’ if not.
She’s unlikely to go and the big problem here is that for the last 20 years - at least - Spain has not had a proper policy for the construction of public
It’s a complicated issue because
There is yet another new law for short-term rentals, as it emerges Spain’s socialist Housing Minister (right) makes €5,000 a month from SEVEN properties, writes Christofer Fogelberg (below)
housing policy is largely managed at the autonomous and municipal level.
And as a result, as the market boomed, hardly any council housing has been built in the last decade.
It is simply not economically viable for construction companies and because of too much red tape.
The problem with so many levels of government is that national law doesn’t have to be followed in the autonomous regions.
One example is the 2023 law, which introduced the possibility of special zonas tensionadas (tension zones).
These are areas with few long term rental properties and high prices in which rental prices are restricted.
For example, if a property has been rented over the last five years, the rent must be the same when it is rented again. Even though on average, rents have gone up over 30% in the last five years.
So what happened? Only one region, Catalunya, introduced zonas tensionadas
And the result: In Barcelona, average rents have fallen by 5% since then - but much more alarmingly, the supply has fallen by 38%!
So regulation has meant there are
even fewer homes for rent - and the few that are available have to be rented out cheaply to make the statistics look good.
But the true result is that most owners don’t want to rent out, but have instead chosen to rent out on a short-term basis, sold up or simply leave them empty.
In Spain there are three legal ways of renting out a property:
1. For permanent residence
2. Temporary rentals (de temporada)
3. Short-term; to tourists for periods of less than two months
As tourist rentals require special licences, many people now offer temporary rentals instead.
To do this, there must be a reason for the rental, e.g. a student renting for the academic year, or a professional footballer with a three-year contract with a club, etc.
You have to prove a specific reason.
The government now plans to close this ‘loophole’ by introducing a new national register for all short-term or temporary rented accommodation.
And this should come into force on January 2 next year.
Registration will be applied for digitally
via a national web portal linked to the housing register.
Andalucia already has a register for tourist licences and so has promised to interconnect its register with the national one.
Anyone who already has a tourist licence won’t have to do anything, it should sync automatically. However, anyone who wants to rent out por temporada will have to register on the national register.
ulation leads to lower supply and higher prices.
Deregulation leads to more supply and lower prices. Maybe the government should make it more attractive to invest in rental property instead of making it difficult?
We all agreeoverregulation leads to lower supply and higher prices
As vice-president of the GIPE, I have received a lot of questions about this from colleagues and, of course, from our clients at StartGroup as well.
There is already a lot of confusion about tourist rentals here after the change in the regional law at the beginning of 2024.
Now this comes in addition, two major changes in less than 10 months! So there are lots of things to bear in mind to have a legal rental property!
After speaking to many representatives from the industry, we all agree - overreg-
I mean, if they can’t solve the problem of home ownership themselves, maybe it would be better to reward those who have homes to rent out instead of penalising them.
The basic principle in the economy is supply and demand...
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