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January 18th - January 31st 2017
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Spain Property Guides
January 18th - January 31st 2017
Don’t get caught out when buying in Spain
Issue 12
Removing the floor
A VICTORY for mortgage owners has been awarded by the European Court of Justice. The court has ruled that two million mortgage holders in Spain are entitled to additional refunds from the banks because they paid too much interest. It came due to the so-called ‘floor clauses’ that saw most Spanish banks fail to lower their interest rates to borrowers to match the base rate set by the European Central Bank. The court ruled that it was unfair and that repayments should cover the entire life of the mortgage during the time that interest rates were low and continue to be. When the central bank base rate was lowered to stimulate the eurozone economy some years ago, mortgage repayments should have tracked it to 1.5% to 2%, however many borrowers continued to pay 3.5% and more. The surprise ruling is final and cannot be appealed. Around two million borrowers should now be set to receive repayments, estimated to be worth billions of euros.
G Little slice of home BRITISH expats are on a buy-to-let spree in London and the south east of England. According to mortgage lender Skipton International there has been a significant rise in expat investment over recent years. New figures reveal 40% of expats’ buyto-lets are in the UK capital, while 25% are in the pricey south east. “Prices in London have increased significantly in the past few years, meaning that capital gains have been very attractive for investors,” said Skipton mortgage director Nigel Pascoe. “Expats have many reasons for investing and long term investment is usually the most important.” The trend has occurred as it has become easier to secure lending for expats, who previously struggled with credit checks and recent credit history. Some 35% of expats cited long term investment as their main reason for buying, while another 19% said it was part of their pension plan.
ET your hands on one of the first new properties of the year - right on the beach! This stunning contemporary villa with wonderful sea views and heated infinity pool has gone on the market this week. Just a few steps from one of Marbella’s loveliest stretches of sand, the four bedroom home with a gym and cinema could be yours for a cool €7.9m. The chic new addition to Bahia Marbella, just east of the town, includes the latest technology, with a preinstalled sound system, solar panels and underfloor heating. The property, marketed by Panorama Properties, sits in a gated community with 24-hour security.
New Year, new house? NEW PROPERTY: Stunning Bahia villa on the shores of Marbella
And the King of all renovation jobs
MALAGA province’s second biggest castle will finally be renovated after a €2 million project failed to take off almost a decade ago. La Estrella castle is spread over 25,000 square metres and is currently being used during the filming of ‘Douglas, el Guardian de Historia’ – a Spanish TV series which features the battle of Teba, where the castle lies. A project to give the structure a face lift was abandoned in 2008 at the onset of the global financial crisis. It now back on, and will improve accessibility, undertake archeological investigation, consolidate the walls and generally improve the existing structure.
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January 18th - January 31st 2017
Property
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January18th 18th- -January January31st 31st 2017 2017 January
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Feeling the force STAR Wars producers have pinpointed one of Spain’s property hotspots to begin filming the next in the blockbuster series. The sci-fi franchise is set to use Fuerteventura as the backdrop of its highly anticipated Han Solo spin-off. The yet-to-be named movie will be set on the Canary island, thanks to its wild sandy beaches and large mountainous areas. The scenic island was the fifth most sought after location for properties last year with an average asking price of €150,000. The upcoming film will star Alden Ehrenreich as the young Han Solo, a role Harrison Ford originated, while Game of Thrones star Emilia Clarke - who is has filmed across Spain for the hit TV show - has also been cast in an, as yet, unspecified role. The film is expected to premiere in May 2018.
MOVIE SET: Star Wars said to begin filming in Fuerteventura
Arch enemy
Home Swede home THE Swedes could soon overtake the Brits as the biggest foreign buyer group in Spain. Last year saw demand from the Nordics steadily increase, with sales in the third quarter rising 22.7% as UK sales fell by 16.3%. “Swedish demand is important in Alicante and the Costa del Sol, where they are the second biggest group of foreign buyers behind the British,” insisted property specialist Mark Stucklin. “And I expect they will become even more important after Brexit.” Daniel Nilsson, CEO of Swedish agent Fastighetsbyran said: “Ninety per cent our buyers are Swedish and we had more than 700 sales last year. “The main bulk is concentrated on the peninsula, 54% on Costa Blanca and 29% on Costa del Sol this year. We also see increasing demand for big cities like Barcelona, Alicante and Málaga, not only the traditional destinations.”
A POLITICAL party is calling for Franco’s victory arch in Madrid to be torn down. Left-leaning political party Compromis, allied to Podemos, has asked Mariano Rajoy’s government to tear down the monument. The Valencia-based party argues it is an ‘insult to the memory of
Purple pain STILL FOR SALE: Mansion was a wedding gift from Prince
the victims of the military coup’ that eventually brought Franco to power. The 43-meter high monument - which was completed in 1956 was built to mark the ‘triumphant’ entry of Franco’s troops into the capital after a bloody end to the civil war. However it was never officially inaugurated or used as a viewing point or exhibition, as originally planned. Rajoy’s government has yet to respond to the request but sources at Madrid City Hall have said local authorities hope to rebrand the monument – giving it a new significance – although the details are yet to be decided upon.
House of the late Prince struggling to sell nine months on
T
Dead good news
THE burial ground of celebrated British writers Gerald Brenan and Marjorie Grice-Hutchinson is receiving a €96,000 makeover. Malaga City Hall has announced that stabilisation work will be carried out on the charming English Cemetery in areas where the clay soil and the action of water run-off has taken its toll, endangering some of the graves. Walls and cracks will also be repaired during the three-month project. Established in 1830 by the then British consul William Mark, the cemetery - spread over 8,000 square meters - is the oldest non-Roman Catholic Christian cemetery in mainland Spain. It has a functioning chapel and graves of all denominations - and a number of former German sailors - making it the veritable Highgate Cemetery of the Costa del Sol. CONTROVERSIAL: Franco arch
Cave craze
HE sprawling Marbella mansion once owned by the late music legend Prince is seemingly impos-
sible to sell. The enormous 13-bedroom palace in Paraiso Alto - which appropriately comes with a recording studio and impeccable manicured gardens was put on the market in April last year for €5.25 million, but it has failed to drum up enough interest.
Failed
RENOVATION: Where Grice-Hitchinson and Brennan are buried
Prince, who died of an overdose last year, fell in love with the Costa del Sol after performing in Marbella in 1990. He is thought to have written many of his inspirational songs at the stunning estate. The wedding gift from the famous singer to his former Puerto Rican wife Mayte Garcia in 1998 also counts a gym, pool and tennis court. The property is listed with agent Engel and Volkers.
A GROWING trend for troglodyte living is turning Andalucia’s traditional cave dwellings into cosy homes. The unusual inhabitations in the Sierra Morena foothills, north of Cordoba, are being converted into rural housing at a rapid rate. Emblematic of the new cave craze is the Cuevas del Pino development, which sees ‘warm and fluid’ living spaces carved into the rock. The converted rock residences, which were traditionally used as makeshift shelters by wandering shepherds and poorer households, start from just €93,000.
Renovation revival DEMAND for budget properties in Spain is four times higher than supply, according to property website Kyero.com. Renovation properties below €60,000 are booming, according to the website, which features 200,000 homes from 3,000 estate agents. Politics and pressures of modern life are said to be pushing many to pursue the rural renovation dream. Richard Speigal, Head of Research said: “We’ve seen from the huge boom in searches for Spanish property that the Brexit vote seems to have, if anything, whetted Brits’ appetite for Spanish homes rather than driving down interest. “At the same time, buyers from the UK are looking for cheaper solutions as a result of the pound’s decline, so buying a dilapidated farmhouse and doing it up is an attractive option.”
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SOUTHERN SPAIN DAMP PROOFING S S DP
GUARANTEED SOLUTIONS Please call or email for any further enquiries: Telephone: 0034 950 436 430 Mob: 0034 652 358 672 Email: ssdamp@gmail.com www.southernspaindampproofingco.com
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Property
January 18th - January 31st 18th -2017 January 31st 2017
Walk this way MADRID mayor Manuel Carmena wants to consult the public on her plans to pedestrianise the city’s famed Gran Via. She has also suggested launching a shuttle bus service as an alternative to the recent ban on vehicles, which is aimed at decreasing air pollution. “We want to make enquiries on how to best reduce the traffic and pedestrianise the Gran Via,” said
Carmena. The Gran Via is known as the Spanish Broadway and is packed with shops and bars while being considered as a showcase of early 20th-century architecture. Pedestrianising the area would be a large-scale project not seen since London’s Oxford Street announced it would be fully pedestrianised by 2020 last year.
Villa scam
H
OLIDAYMAKERS have been tricked out of thousands of euros in a villa scam that has led to at least 20 arrests in Spain. Dozens of suspected fraud victims were sold ‘bargain’ holidays in the Canary and Balearic Islands that didn’t exist. Seemingly genuine and slick websites filled with photos of luxury villas are luring families in while ‘customer service’ staff appear helpful in the emails they send out. Familied targeted were sent professional-looking contracts and were promised a ‘money-back guarantee’ in case anything went wrong. But once the money for their stay was transferred, the websites went silent, leaving them unable to pick up keys or
Brits conned out of thousands in hoax holiday rentals sting
get crucial details about bookings. One family lost €4,300 on a two-week holiday for eight in Tenerife, while others have turned up to find their accommodation already occupied. Some 20 Spaniards and Romanians have been arrested in Spain after allegedly conning €792,000 out of unsuspecting tourists. Spanish cops arrested a gang on suspicion of fraud and money-laundering, froze their bank accounts and seized €70,000 in cash, seven cars and a boat.
Future perfect
DEMAND from international buyers looks set to continue this year after a strong 2016. According to Lucas Fox International Properties, the last 12 months were a turning point for the country’s property market. Co-founder Alexander Vaughan said that the recovery continued throughout 2016 and price increases moved beyond the big cities like Madrid to desirable second home destinations. “We believe that a growing economy, low financing costs, good potential for rental returns and capital appreciation will continue to drive sales throughout 2017 and beyond,” he said. “Despite Brexit, across Spain as a whole Brits still dominate foreign sales with nearly a fifth of the market share, more than double that of French buyers.”
Primrose Real Estate Sales and Rentals
PRIMROSE R E A L E S TAT E
Dutch, Spanish & English spoken Based in Manilva (Málaga), operating on the Costa del Sol, covering Marbella to Gibraltar.
PROPERTY OF THE MONTH Alcaidesa – Ref 260 Price: 295,000€
We have something for everyone tel: (+34) 661 193 789
info@primrose-realestate.com
www.primrose-realestate.com
(was 325,000€)
www.theolivepress.es
MARBELLA EAST
Ref: OP9523
Beachside villa steps to the sea
NUEVA ANDALUCÍA
Mediterranean-style 4-bedroom villa located in a residential area in Elviria, next to one of Marbella’s best beaches, only 120-metres to the sea and within walking distance to all amenities.
GOLDEN MILE
Ref: OP9651
3-bedroom Andalusian-style townhouse located within steps to Puerto Banús and to all amenities. Views to La Concha. Community gardens & pool.
GOLDEN MILE
January 18th - January 31st 2017
Built: 80 m² Terrace: 42 m² Price: € 495,000
Fully renovated 3-bedroom townhouse in Ancón Sierra, an exclusive gated complex with communal gardens, pools, 24-hour security & concierge.
Built: 295 m² Plot: 219 m² Price: € 750,000
Ref: OP9361
Luxurious 1-bedroom, modern garden flat in Imara, a 5-star complex with 24-hr security. Just minutes’ drive to the sea & town. Top specs.
LA QUINTA
Ref: OP9597
Built: 528 m² Plot: 1,005 m² Price: € 1,800,000
Built: 108 m² including terraces Price: € 550,000
Ref: OP9554
5-bedroom villa in a gated community with 24hour security. Within a 5-minute drive to Puerto Banús. Wonderful mountain, sea and golf views.
Built: 565 m² Plot: 1,013 m² Price: € 2,250,000
Offices at the Puente Romano Hotel & opposite the Marbella Club Hotel Tel. (+34) 952 863 750 info@panorama.es www.panorama.es An International Associate of Savills
Regulated by RICS
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January January18th 18th- January - January31st 31st2017 2017
JU U AG DO ST RG A W 99 EN IN FORN 5, T S 00 A 0 LE EU ... RO S
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STUNNING: Bathroom (top) living area and (below) kitchen
OH what a deal Property
www.theolivepress.es
Bargain buy
It was one of the best-value villas in Marbella at 1.2m euros... now the price is down again
L
IVE the millionaire’s lifestyle or coin in €4,500 a week in summer rentals - with this great value fivebed villa, owners can do both. A heated swimming pool, self-contained apartment and wrap-around sun terraces are just some of its jaw-dropping features. It was on the market for €1.195 million, but now due to the need for a quick sale the owner has put the picture perfect Villa Atalaya on the market for just €995,000 making it definitively one of the best value Marbella property’s around. Five minutes from San Pedro and Puerto Banus, the stunning location offers sea views towards Gibraltar and Morocco. Recently kitted out with top-of-the-range furniture from Roche Bobois and El
LEAFY: The garden and pool are the
perfect escape
www.theolivepress.es
November November - November22nd 9th9th - November 22nd2016 2016
XVII 35
Going for €1.2 million, is this the bestvalue villa in Marbella? SPACIOUS: Marbella pad on the market
L
IVE the millionaire’s lifestyle or coin in €4,500 a week in summer rentals - with this great value five-bed villa, owners can do both. A heated swimming pool, separate apartment and wraparound sun terraces are just some of its jawdropping features. On the market for €1.195 million in a picture perfect set-
ting, Villa Atalaya is possibly one of the best bargains in luxury Marbella property currently to be had. Five minutes drive from San Pedro and Puerto Banus, the stunning location offers clear views across the Mediterranean sea towards Gibraltar and Morocco. Recently kitted out with top-of-therange furniture from Roche Bobois and El Corte Ingles, the 450m2 villa
has five double bedrooms with fitted wardrobes and marble floors and four modern bathrooms, including a master ensuite with a sea-facing balcony. Underneath the villa, a self-contained apartment would make an ideal cinema room, bodega or gymnasium. Set in extensive, wellmaintained gardens with a heated pool, the covered terrace area is the perfect space for al fresco barbeques. A great investment, the villa is very successful in short term rentals and currently is on the short-term rental market for €3,500/ per week during low season and €4,500/ per week during peak summer time. For more information call Andrew on 615 286 038
Corte Ingles, the 450m2 villa has five double bedrooms with fitted wardrobes and marble floors and four modern bathrooms, including a master ensuite with a sea-facing balcony. Underneath the villa, a self-contained apartment would make an ideal cinema room, bodega or gymnasium. Set in extensive, well-maintained gardens with a heated pool, the covered terrace area is the perfect space for al fresco barbeques. A great investment, the villa is very successful in short term rentals and currently is on the short-term rental market from €3,500/per week to €4,500/ per week. For more information call owner Andrew on 615 286 038
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January 18th - January 31st 2017
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Property
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January 18th - January 31st 2017
Marbs megaho
Ojen resort
All is not lost Costa del Sol firm will fight for your lost deposit
DID you place a large deposit on an ‘off-plan property’ in Spain and believe you have lost your money due to either the developer entering into bankruptcy or failure of your development not being completed? Were you one of the many thousands of people from the UK or throughout Europe that this happened too? The Spanish Supreme Court has ruled that the Banks who backed the Spanish developers are now liable and have been instructed to return ‘purchasers’ deposits’.
Palo Alto is the latest new des res enclave in Ojen, an ambitious 50-hectare gated community which has just received €250 million of investment. It will initially include 60 apartments and 15 penthouses, priced between €440,000 and €1 million, designed by architect Villarroel Torrico. An incredible 50% of phase one has been sold in just 5 months. Just five minutes from Marbella, the 20 hectares of green areas consist of low-density, light-enhancing buildings, sizeable plots and luxury leisure facilities. Residents will benefit from a health club, a kids club, indoor pool, spa, a business centre and 24-hour security. Ailse Warriner, Marketing Director, says: “The balance of nature combined with modern contemporary living has great appeal for all nationalities. The majority of our buyers are professionals, aged 40-60 and are purchasing a first, second or investment home”. With luxurious furnishings from Gunni & Trentino, Palo Alto offers standards that are one-step above the rest. Every home will have high quality floorings, LED lighting, high quality carpentry and fully insulated UV protection windows.
Success
Many purchasers were caught up in this situation due to the recession that hit the Spanish property market in 2008. The Spanish court has ruled that purchasers are now able to reclaim their lost deposits for up to fifteen years from the time when their property was deemed to be completed. Each claim can only be brought before courts once and must be done so individually. Off Plan Property Deposit Refunds S.L. based in Estepona in Malaga, have been successfully reclaiming lost deposits for clients on a totally ‘no win no fee’ basis and are working diligently in conjunction with a highly professional team of lawyers who have been successfully reclaiming lost deposits through the Spanish Courts for the last ten years for hundreds of clients. FIGHTING FOR YOU: Off Plan Our lawyers are very well known and respected along the Costa Del Sol and have been in practice for over twenty years and specialise in this process of reclaiming lost deposits through the Spanish Courts for the last ten years for hundreds of clients. There are NO upfront costs required and no monies are required from a client at the outset or during the duration of a claim. Our ‘no win no fee’ basis has been set up whereby a fee is only paid on the successful outcome of an individual case. In the unlikely event a case is unsuccessful ALL COSTS on both sides are met by our lawyers as they are confident that when representing clients on a ‘no win no fee’ basis they WILL win the case. Each individual case can vary in length of time, this is normally between twelve and twenty-four months. However, a decision as to whether there is a viable case to reclaim your lost deposit is made very quickly by our legal department. If you were one of the unfortunate purchasers who lost their hard-earned deposit ALL IS NOT LOST! Contact us today to discuss your possible claim with no obligation. Call us on +34 642 74 07 08 or on our UK number +44 20 8150 3732 Email: info@o-ppdr.com www.off-planpropertydepositrefunds.com
Estepona pads Fast becoming the place to live on the Costa, property developers have been quick to move into this garden city which seems to add a new attraction every season. London-based Kronos Homes is building 70 luxury apartments in the Arroyo Vaquero area, some eight kilometers west of the town.
Marbella’s luxury hot €300 millio constructio mer. Hong Kongnum Estat nounced i struct th complex ne Zaragoza du It is expec open year-r summer 20 slated to cr stable jobs Spanning 151,000m2, acquired th €50 million
Cost del boom
Sexy new building projects t out for this year
B
UILDERS will be hard at work this year as Spain’s construction industry gets back into full swing with several exciting projects nearing completion and others just getting
started. From exclusive to lagoons an Laurence Dol look at the coo est projects change Andalu
Torremolinos leisure park Marbella mansions True to form, Marbs continues to attract luxury property developers and 2017 is no exception. Pacific Investments plans to build five upscale villas at a
cost of €25 million. Each property will sprawl over up to 3,000 square meters and will set buyers back €7 million a pop.
British property developer Intu is going to build wh the largest shopping and leisure complex in And some 200,000 square meters. The company is s approval, but says it intends to begin work earl completion due in 36 months. The giant leisure park will include shops, restau slope and large pool with surf waves. Located betw de Congresos and the motorway, it will directly cr jobs, while indirect employment should provide j 3,000.
www.theolivepress.es January 18th - January 31st
2017
IX
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-based Platies has ant will cone 600-bed ear the Real unes. cted to be round from 019 and is reate 1,000 s. over , the firm he land for n in 2015
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and has reached an agreement with the town hall to develop it. The terms state that the buildings can be no taller than four storeys and the surrounding areas must include gardens and roads.
Lagoon living Ever pictured living on a beach? In 2017 that Malibu dream can become a reality at the first residential crystal lagoon resort in Europe. Alcazaba Lagoon in Casares offers resort-style living around
a lagoon featuring private fine sand beaches. Families can kayak, windsurf and paddleboard to their heart’s content, directly from their doorstep. The first 100 apartments are now ready to move into.
Haute hotel
to look
e new complexes nd fancy hotels, llimore takes a olest and grandshaping up to ucia’s skyline.
hat it says will be dalucia, covering still awaiting final ly this year, with
urants, a dry ski ween the Palacio reate 4,000 new obs for a further
Princess Diana’s favourite Mijas retreat, the Byblos Hotel, is set to reopen its doors to a new A-list crowd after being sold for €60 million. The erstwhile upscale holiday hideaway of royalty and rock gods has been closed since 2010. Since then its former owner, UK business tycoon Lord Alan Sugar, has been embroiled in a lengthy legal wrangle with troubled developer Aifos. But after finally settling, Madrid-based Ayco Inmobiliaria snapped up the 135-room hotel last September and has vowed to reopen it this year, creating some 300 new jobs. The blue and white building will reportedly be refurbished in a way that stays true to its original character. Princess Diana stayed no less than three times at this leafy enclave in the hills above Fuengirola, where she was famously photographed topless by paparazzi.
January 18th - January 31st 2017
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Does the perfect sun deck
exist?
REALTY Building perfection since 1962
Plots | Villas | Chalets
SALES, RENTALS & CONSTRUCTION Avda. Cabo de Plata, 1 11393 · Zahara de los Atunes +34 956 439 151 atlanterra.com
Property www.theolivepress.es
Bumper year Inland property demand continues to soar
A
N estate agency selling inland properties is expanding following a bumper year of sales. Inland Andalucia, which sells homes away from the coast between Sevilla and Jaen, sold more than 100 boltholes last year and is expecting further growth for 2017. Now, to keep up with growth, owner Graham Govier is hiring two more staff and expanding one of his offices in Alcala la Real in Jaen. “We sold 110 properties with an average value of €70,000 last year – that’s a €7.7 million turnover and a 20% increase on the year before,” said Graham. “We have been totally unaffected by Brexit as buyers can see the unbelievable value for money, with liveable homes coming in at just €16,000, it’s incredible.” What’s more interest in the inland regions of Granada and Jaen is set to soar this year, thanks to new flights from Gatwick to Granada, introduced by EasyJet. “When Ryanair pulled out a few years ago we noticed quite a drop in business, so these new flights will definitely give us a boost,” added Govier. The company has also seen a spike of young professionals from the UK who have been priced out by the eye-watering house prices and the need for large deposits. “More and more young professionals, especially those in IT industries, are looking at getting on the ladder here in Spain be-
January18th 18th- -January January31st 31st 2017 2017 January
MORTGAGE THINK TANK
January 18th - January 31st 2017
by mortgage broker Tancrede de Pola
Last year tested the Spanish market but confidence and business boomed
D
ON THE UP: Inland properties
cause the prices are so high back home,” he continued. “The young and first time buyers get a lot more help here so it’s definitely a smart move.”
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ESPITE Brexit and political deadlock in Spain, 2016 was an unbelievable year. Mortgage rates continued dropping and prices of new homes across Spain rose by 3.3%. On a business level, the Finance Bureau had its best year since 2007. What’s more reassuring is that not only did the number of deals increase but so did the size, with more and more people investing in high-end apartments in the very best locations and villas. It’s a sign that there is a great deal of confidence in the market which has carried through to the New Year. January has kicked it off with a bang, the Finance Bureau is very busy taking instruction from clients and I hope this is a sign of things to come. There will of course be challenges, and while Brexit is yet to make much of a
Bring on 2017!
dent in business, this could change once the process of the UK leaving Europe begins particularly if this exerts further downward pressure on the pound. But as last year proved, there is such international interest in the Costa del Sol that there will always be demand from other Europeans who won’t be affected by the fluctuating exchange rate. Figures from the third quarter of last year, for example, saw Swedish sales increase by 22.7%, which helped off-
set the initial dip in British confidence post-Brexit. Additionally, banks are seemingly happier to lend to less straight-forward clients – such as self-employed investors and non European nationals – and I am hopeful that things will continue to get better and better for the borrowers. The growth and robust performance across Spain last year have managed to create a stable environment, and with mortgage rates starting as low as 1.25%, I expect a great year ahead.
To contact Tancrede for all your mortgaging needs call: 666 709 743 or for insurance queries call: 951 203 540 Email: tdp@thefinanacebureau.com The Finance Bureau Centro Commercial Guadalmina, 2nOffice No. 7 Guadalmina, 29670
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Tower power The capital’s business district to receive new addition
M
ADRID’S Paseo de la Castellana is set to receive a fifth tower. Dubbed Caleido, the 36-storey building will cost €84 million to complete, and will house a university campus for the Instituto de Empresa, a Quiron medical clinic and a shopping mall. It is expected to create 1,559 jobs during its con-
Tel: +34 951 127 116 email: ventas@kingofcotton.com www.kingofcotton.com Centro Comercial la Colonia, Avenida Virgen del Rocio s/n San Pedro de Alcantara, 29670 Marbella, Malaga
T H E KI NG HAS ARRIVED 15% discount for Olive Press readers Use offer code: OLIVE15 in store or online
struction and another 3,992 once it opens. The Paseo de la Castellana is one of the longest and widest avenues in Madrid and is home to many business, banking and financial buildings. It is one of the longest and widest avenues in the capital and features many of the most important embassies.
How does ‘used’ compete with ‘new’?
The importance of the home report pack
May you live in interesting times” - Reputedly an ironic ancient Chinese curse, and certainly 2017 is likely to have many opportunities to be ‘interesting’. Locally, we see many new properties under construction, both individual villas and urbanisations. The vast majority of these are aimed at the upper price level and we hope that all have done their marketing analysis correctly. Certainly, many appear to be pre-sold or for individual owners, all of which is good news. Long may it continue, though for every new property built there are still a number of older properties available. Investigation of the market shows a definite double level, with older properties being available at often half or less per square metre compared to the new ones. That’s the effect of everything being offered as one package to a buyer, with guarantees, though sometimes the small print of the latter needs to be read very carefully. The sensible used property seller can compete with that by having a Home Report prepared that gathers all the information on their property together and offers it as one pack to buyers. It's what the increasing numbers of Northern European buyers
are used to in their home countries, so reassure them by giving them a comprehensive pack with copies of floor plans, Nota Simple, Catastral, Energy Certificate, Electricity and Water invoices. Copies of First Occupation Licences, Decennial Insurance Certificate, proof of Community and IBI payments, and any other licences or permissions that you have for extensions, should all be included.
Connections
As internet connections are becoming more important, so a copy of an Ookla internet speed test would also be good. Photos of inside, outside and views, plus location maps and aerial photos will be really helpful too and it doesn’t have to be a fancy brochure. It can all be on a memory stick that’s given to viewers or even create an individual website. Too much bother? Well, realise that the majority of that information is required by law to be given by sellers and their agents to every enquirer. If it's not available, both will be heavily fined, and we are talking thousands of euros potentially. Also, it's all going to have to be available for the eventual purchaser’s lawyer doing their ‘due diligence’, so why not have it all available anyway. You
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RICS BUILDING SURVEYORS & VALUERS
For peace of mind follow these property buying rules
even could negotiate a reduction in the lawyer’s fee by handFind Your‘on Property ing them everything a plate’. A responsible agent will help you gather it as reassurance for themselves that they are not goInstruct Instruct ing to do all the marketing, but Building Lawyer then find thatSurveyor it can’t be sold or the buyer is ‘lost’ due to extensive delays while the paperwork is sorted out.Buy Yes,with theKnowledge agent may want an exclusive deal for a pe& Confidence riod in return for all the work, but by doing it they show themselves to be true business people who +34 952 923 520 Connect with us! are likely to be successful in admin@surveyspain.com surveyspain.com their marketing too. A prudent buyer is going to be delighted and reassured with all the information. It may also mean that a higher price can be achieved as the buyer knows what they are acquiring. Also, for us as surveyors carrying out pre-acquisition surveys and/ or valuations, we are undoubtedly going to look more favourably on a property for which we can get all the information we need and thus avoid the ‘no information supplied’ comments that can reduce the value. The days of selling a ‘pig in a poke’ and keeping fingers crossed are passing by, as the majority of buyers are much more informed, prudent and ‘canny’ than in the boom times a decade ago.
Contact Campbell and the team on +34 952 923 520 or email info@surveyspain.com