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September 14th - September 27th 2016
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Spain Property Guides
September 14th - September 27th 2016
Don’t get caught out when buying in Spain
Issue 10
Eastender house hunting
Page III
Andalucia’s top Roman ruins
page x
Cost of mansion life
page xVII
By the book ALMOST 13,000 holiday rental properties have been registered since new regulations came into effect in May of this year. The first three months of the new legislation - which requires properties to meet specific requirements, including adequate furniture, external ventilation, air conditioning and first aid kits - has seen 12,591 homes register. The Junta say the new regulations are designed to give tourists some guarantee of quality service and comfort.
History for € 4.5m
UP FOR GRABS: Palacete de Cazulus is steeped in history
page xII
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Demand from overseas continues to grow, with the Brits holding their ground in the face of Brexit, writes market analyst Mark Stucklin
H
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September 14th - September 27th 27th 2016 2016 September 14th - September
3,500
1.45
3,000
1.4
OME sales to foreign buyers are booming in Spain. 2,500 And even the Brits are continuing to flock to their place in the sun. The latest housing market figures from the Prop2,000 erty Registrars based on home sales inscribed in the Registry show that foreign demand for property in Spain grew strongly in the second quarter with British buyers 1,500 holding their ground as the dominant group in the lead up to Brexit. Indeed, foreign buyers were involved in 14,429 home 1,000 sales from April until June, up 29.1% on the same period last year. 500 Total sales in Q2 were up 23.7% to 107,838, as purchases involving local buyers increased 22.9% to 93,409. As a result, the market share of foreign buyers in Q2 0 was 13.4%, almost a record high (see chart above). So it seems that the appetite of foreign investors for property in Spain just keeps rising. The British were once again the biggest group by far with 20% of the foreign market, followed by the Germans with 8%, and the French and Swedish with 7% each. Italian demand was up the most – by 60% – followed by Belgian demand up 46%, and Russian demand up 32%, as the Russian market stabilises after several years of heavy declines. British demand was up 29% year-on-year, which may come as a surprise to those expecting to see a collapse in demand from the UK in the light of Brexit. However, given that the UK’s referendum on EU membership took place on June 23, these figures do not reflect sales after the referendum. If there has been a big drop in British buyers since the Brexit vote, it probably won’t show up until the Q3 and Q4 figures are re- pound at the start of the year. As it happens British buyers stood their ground despite a leased. That said, I was expecting to see a decline weaker pound, and demand from the UK has in British demand simply due to the weaker been fairly steady for four consecutive quar-
1.35 1.3 1.25 1.2 1.15
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II IV 16
ters. But given the pound is now closer to €1.15, how long can this last? I expect to see a noticeable decline in the Q3 figures when they come out.
It is interesting to see that both German and French demand decreased, suggesting that the Germans and the French are not falling over themselves to take advantage of low house prices in Spain. Perhaps there are other factors putting them off. The Swedish bought more than 1,000 homes in Spain in one quarter, the first time that has even happened, while Chinese demand is steadily increasing, perhaps due the the Spanish ‘Golden Visa’ scheme. The Registrars also report that their house price index, based on a repeat sale methodology (only counting properties sold twice in the study period), rose by an annualised 7.48% in Q2. All in all the picture is one of increasing foreign demand for property in Spain, though who knows how large it could be if Spain was better governed. Mark Stucklin runs www.spanishpropertyinsight.com for buyers, owners, and vendors of property in Spain
Property
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HAPPY: CEO Bonan
We love the spirit of Spain! Jon Clarke meets the boss of leading furniture brand Roche Bobois as it launches a charity project for Africa
I
T was during a teenage trip on a moped around Spain that François Roche fell in love with the Spanish. Travelling around with a tent for three months, the young Parisian furniture designer really got a taste for its beauty and its people. 'It's why we launched our first shops in Spain even before Franco died," explains Roche Bobois CEO Gilles Bonan. "It came well before London and we have always done very well here. "I remember François telling me about his adventures here and his love of the country and its spirit." Indeed, the quality French brand, born in the 1950s, has over 20 shops around the country, including one in Marbella. "It's the third most important for us but only just after Barcelona and Madrid," reveals Bonan, a well travelled executive who speaks good English and Spanish having studied at university. "And it is rising all the time now - particularly with all the super wealthy families who don't just buy one sofa but kit their whole houses out with our furniture." To celebrate the success of their growth in Spain, the company has collaborated with a raft of top Spanish designers to create 10 bespoke versions of their iconic Mah Jong sofa. With the aim to raise money for African orphans, the sofas designed by names such as Rossy de Palma and Agatha Ruiz de la Prada, are to be auctioned this year. The company was an amalgamation of two designers in Paris. "Originally they could not agree on whose name should come first,” said Bonan. "So for their first few adverts they interchanged with the name Roche first, then Bobois first."
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Small screen boost
September - September 27th 2016 September 14th14th - September 27th 2016
AND it is not just the buyers heading to Mallorca, celebrities have also flocked to the island this summer with British actress Sienna Miller, X-Men actor Michael Fassbender and ex-Real Madrid ace Ruud van Nistelrooy all spotted on the island
A BUYING boom has exploded on the Balearics following their rise to fame on the small screen. Property sales in Mallorca have soared following the popular BBC drama The Night Manager. Starring British heartthrob Tom Hiddleston and national treasure Hugh Laurie, the setting of most of the series is at a luxurious hilltop hideaway in Mallorca. In fact, Martin Dell, director of Spanish property portal Kyero.com, reports that enquiries in Mallorca are up 38% on last summer, and attributes much of the interest to the BBC drama. “The popularity of The Night Manager has put Mallorca in a different league,” he said. “That as well as the fact that it was named one of TripAdvisor’s top 10 islands in the world to visit in 2016 has done
ISLAND DREAMS: Mallorca property enquiries soar
wonders for the property market.” He added: “The upmarket portrayal of Mallorca on the small screen is reflected in the interest in pricier property.”
In total, more than six million people watched the BBC drama when it aired last spring. The lavish clifftop La Fortaleza estate is owned Tory donor Lord James Lupton, who purchased it for an estimated €40
million in 2011 from another Brit, John Ogden. A one-week stay at the sumptuous estate was auctioned for a cool €265,000 at a Conservative Party fundraiser last year.
Back on track
Eastenders soap star Shane Richie is house hunting for a Costa del Sol bolthole EXCLUSIVE By Rob Horgan
CHEEKY chap Shane Richie is eyeing up a Costa del Sol retreat. The Eastenders star has been viewing properties along the coast for the last two months, the Olive Press can reveal. Originally interested in a beachside pad in Calahonda, Shane, 52, and his wife Christie Goddard are now viewing townhouses inland in their quest for a dream Spanish home. No stranger to southern Spain, Shane - famous for playing Alfie Moon in Eastenders - appeared on hit TV show Benidorm for a one-off cameo appearance last year. It was while filming on the Costa Blanca that the singerturned-actor fell in love with the country and decided to start house hunting. “Shane and Christie are keeping their options open,” a source told the Olive Press. “They are pretty keen on the Calahonda area but are looking at villas, townhouses and beachside properties as
III 17
COSTA COCKNEY: Richie’s house search
Alfie’s on the hunt
well.” Shane and Christie tied the knot in 2007. The couple
have three children aged between 10 and five. It is understood that their
Costa del Sol pad will be used as a holiday home rather than a permanent residence.
AN abandoned train station in Velez-Malaga is to be converted into a bus station. Out of action since 1968, the station, next to Parque Andalucia, will be transformed following agreement by the provincial government to award a budget of €240,208. Town planning councillor Cynthia Garcia said: “The work will recover one of our most emblematic buildings and give it importance once again.”
Giddy up HORSE-DRAWN carriages from the 19th Century will adorn the walls of Marbella’s latest culinary addition. The Town Gourmet Market, set to resemble a town square, will feature pots of colourful flowers as well as recreations of mosaics. The privately funded project will have three entrances, taking up 470 square metres of revitalised space. The mixture of modernity and tradition is the creation of Grupo Afil, Fajardo and T10 Architects.
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Does the perfect living room
exist?
REALTY Building the perfection since 1962
Plots | Villas | Chalets
SALE, RENTAL & CONSTRUCTION Avda. Cabo de Plata, 1 11393 · Zahara de los Atunes +34 956 439 151 atlanterra.com
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M re ar po ke rt t
Diana Morales, Founding Partner and Pia Arrieta, Partner and Managing Director
The bigger picture In terms of investment and development, the move is towards bigger, with the bespoke smaller projects gradually overshadowed by larger-scale projects that can now count on participation from major banks. This is in itself a sign of growth, and it comes amid a climate of economic recovery on a national level too, with Spain posting 3% GDP growth in 2015 (the highest in Europe) and a steady drop in unemployment. Public finances are looking a lot healthier than a few years ago, as are the nation’s banks, though it is in spite of the political impasse that marked the first half of 2016. Political uncertainty surrounding the elections of December 2015 slowed the flow of foreign investment into Spain towards the end of the year, yet the good news is that the Spanish property and construction sectors are once again contributing to economic growth as bank mortgages have returned and domestic sales are gradually rising.
The housing market The majority of homebuyers on the Costa del Sol right now are looking for modern/contemporary homes. In the main, these can be defined as apartments and villas that feature sleek white-washed architecture, floor-to-ceiling windows, open-plan living areas incorporating modern style kitchens and the latest styles in bathrooms and terrace areas. In villas there has been a move towards somewhat more compact and easily maintained properties, with wine cellars moving out of the basement to become backlit glass design features often situated between the kitchen and dining room. Home cinemas and games rooms are being integrated into one interactive entertainment area typically complete with bar, with areas such as gyms and home spas, increasingly sophisticated in their aesthetic presentation. Modern technology plays an important role in these homes, with home automation systems, modern lighting settings and online connectivity gradually becoming a must, along with the security offered by gated villa communities. Given such a prevailing wish list, it is not surprising that newly built apartments and villas are leading the way in terms of desirability, prices commanded and speed of sale, with off-plan buying very much back in vogue – as is evidenced by the off-plan selling of projects such as Los Olivos, Les Rivages and La Finca de Marbella.
The property market has taken a battering from outside forces over the past 12 months, yet Marbella is standing strong as always, according to leading agent Diana Morales Properties’ annual market report
Standing firm
F
ALLING markets, an EU referendum and two - soon to be three - Spanish general elections, everything that could have gone against the property market in 2016 has done. And yet Marbella is standing strong, as it always does. Pia Arrieta, Partner of Diana Morales Properties, explains that despite the political and economic uncertainty Marbella continues to stand on its own two feet. “Marbella is a market unto its own,” she says. “We have gone through ups and downs before and compared to other coastal resorts Marbella has always fared well. This year is no different.” She adds: “The Brexit vote wobbled the market, there is no escaping that.
The lack of a government in Spain also added to buyer’s uncertainty. “But things look to be on the up now. Even with the political uncertainty lingering, buyers are coming back.” And Pia expects 2017 to be a good year for the market, in particular for areas on the outskirts of Marbella. “Seafront properties in Marbella are always going to be popular,” Pia says. “What we have started seeing this year, and expect to see more of in 2017, is a boom in properties on the outskirts of Marbella. “The new Golden Mile in Estepona is getting more and more popular as is Benahavis and areas east of Marbella up to Cabopino.” For more information visit www.DMproperties.com or call 952 765 138
Buyer profile The top segment of Russian buyers who dominated the market at the height of the recession have greatly reduced in numbers. This is not essentially something to do with Marbella but largely the product of geopolitical factors that are also encouraging middle class, affluent buyers from the Middle East. The market is now dominated by properties between €1 million and €5 million, with the rush of Norwegian high-end buyers that led the years of recovery now abating. In their wake has come French and Belgian buyers driven as much by dissatisfaction with high taxes and domestic insecurity as with the charms of Southern Spain. For much of 2015 it was the British who led the way with rekindled gusto. However, interest has cooled in 2016, as many British buyers wait to see what the fallout of voting to leave the EU brings. Countering this, there has been a growth in Middle Eastern buyers, while traditional markets such as the Netherlands retain strong momentum. Interest from China and Latin America has been slower to take off than was at first anticipated. This said, together with a slowly resurgent domestic market the demand for Marbella real estate is both stronger and broadly diversified.
Source: College of Property Registrars
Sales and Price Trends
Source: Ministry of Public Works
After reaching a low point in 2011, property sales in Marbella began to rise consistently, recording yearon-year gains that have long since surpassed double digits. In the beginning it was mostly driven by the very top end of the market (often in the form of luxury properties in the Golden Mile, La Zagaleta, Sierra Blanca and Camoján) on the one hand and heavily discounted ‘distressed’ properties located outside the Marbella area on the other. As the unsold housing stock pro-
duced by the financial crisis was gradually absorbed – and here we have to stress that Marbella was only moderately affected by so-called toxic assets – the focus shifted to new-build homes, with the first new projects launched in 2012 and growing in number ever since. Though this has in many ways been a ‘top-down’ recovery, it gradually broadened its scope from a premium segment heavily dependent on Russian buyers to one dominated by mid to high level homes attract-
ing cash buyers from countries such as Holland, Belgium, France, the UK, the Middle East and above all Scandinavia, where Norway led the way. Driven originally by discounted prices, they are now above all enticed by the lifestyle and prestige of this region, and while still keen on value for money are now willing to pay for quality and location. The result has been a gradual increase in property prices (Knight Frank’s PIRI report cites a 2% increase in property prices in Marbella during 2015).
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Murky waters THE sale of Puerto Banus to investors is being delayed by Spain’s political impasse. The port’s current concession holder, Puerto Banus SA, and the investment group making the purchase - which has been negotiating for over a year - are waiting for the government to produce a report to confirm when exactly the current concession to manage the port runs out.
Maximum The original concession was given to entrepreneur Jose Banus in 1968 for a period of 99 years, but the last Socialist government established 35 years as the maximum length of concessions given. However in 2014 the PP put the maximum period up to 50 years again, meaning the original concession could not be up until 2043, massively altering the value and viability of the sale. The ports authority, the APPA, have said the interpretation of state law is the responsibility of the central administration, however with no government in place, decisions about the port are being put on the back burner.
VII September 14th - September www.theolivepress.es 27th 2016
Golden streets
MARBELLA is home to the most expensive street in Spain to rent a house. According to a survey by property website idealista.com, a house on Calle Alcala in Marbella’s golf valley will set you back on average €38,950 a month.
EXTRAVAGANT: Marbella mansions
September 14th - September September 14th - September 27th27th 20162016
21
Three out of four of Spain’s most expensive streets to rent are in Marbella
Its most expensive property is an eye-watering €118,000 a month, or €3,806 per day. It is this luxury villa, available for short-term lets only, that is said to have brought the street’s average up. The 10-bedroom mansion comes complete with two presidential suites, each of which has a bathroom with its own en suite living room, terraces, a huge cinema, and a separate bungalow for the hired help, all set in a 4,000 square metre plot. Avenida Tibidabo in Barcelona could only muster a distant second, with house rentals likely to cost you a cool €18,363 per month. Sierra Blanca in Marbella came third in the list with average monthly rentals reaching €16,300 while nearby Guadalmina Baja, home to ex-Spanish Prime Minister Jose Aznar, came a close fourth with €16,267.
Sheikh up in MARBELLA
MARBELLA’S port authority (APPA) is looking for new investors to develop the La Bajadilla port after its Sheikh owner failed to present any plans. Sheikh Al-Thani, who also owns Malaga Football Club, missed the final deadline to present his development plans to the APPA after being awarded the contract to develop the port more than four years ago.
His company, Nas Marbella, was given an ultimatum on March 28 to begin the development or face the cancellation of the contract. The APPA is now reportedly in talks with an infrastructure investment fund, an investor from the UK and another from the Middle East. The project is expected to create 3,000 jobs and be a major economic boost for the area just 2km east of Marbella’s Puerto Deportivo.
The only certainty is uncertainty
It is only be three months since the UK voted for Brexit, but it´s now time to focus on the future, writes Smart Currency Exchange Business Development Manager Mark Rickard
R
E-UNITING with the EU has been dismissed by Prime Minister Theresa May and her government time and again. The challenges of leaving the EU will begin to unfold with the enormous unwinding of the UK’s 40-year relationship with their European neighbours. But now is not the time for doom and gloom. The summer economic data from the UK was better than expected, with sterling bouncing back towards 1.20 against the euro. May has also been rebuilding relationships with global key trading partners at the G20 summit, where 'smiles and promises' were exchanged for the benefit of the world’s media. The political situation across the pond is equally volatile. After a sport-packed summer of football, tennis and the Olympics, it will be interesting to see if more javelins are thrown (at each other) in the Trump v Clinton presidential race. The world will be watching and expect 'fire and brimstone' whatever happens. The US economy has been improving in the last 18 months, and the dollar has benefited sitting at the top the Currency Table by some distance. It will be interesting to see how the dollar re-
acts in November when the 44th president is named. Meanwhile, back in Spain, the Spanish Property market has again prospered this year, despite the summer months slowing down for sales on the coast. There are some fantastic new projects coming to the market this autumn, not just apartments, also villa communities (€450k to €1 million) in Sotogrande, Atalaya and Cancelada attracting buyers from all over Europe and the Americas. The banks are selling their bad stock and giving mortgages again, which bodes well for a good quarter before the end of the year. Hopefully sterling will gain better footings, and improve its position against the US dollar and euro in the next few months. For the latest currency news and rates visit www.smartcurrencyexchange.com
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VIII 22 www.theolivepress.es
Name: Jacqui Reddin-Williams Age: 61 Born: Dublin First Job: Play at the Leicester Repertory Theatre First job in real estate: Independent sales consultant with Beaux Villages Immobilier, France Job History: Stage and TV actress, including playing role of Sandy in Grease in the West End Occupation: Senior sales manager for Beaux Villages, in Jonzac Work Hours: 8am - 9pm Quote: “We are helping people move into their dream home. I love it” Marital Status: Married 26 years to husband Maynard Williams, who renovates old buildings Lives: Historic Stone farmhouse with 18 dogs and 6 cats, near Jonzac
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September 14th - September 27th 2016 September 14th - September 27th 2016
Tale of two cities Property Magazine talks to two siblings both working in real estate but in different countries, Spain and France. How do their lives compare, discovers Samantha Mordi
T
HEY are a brother and sister expat pair both working in real estate. Both based abroad, their working lives revolve around finding dream homes for mostly British buyers looking to relocate to sunnier climes. With blonde hair, blue eyes and a distinct London accent it doesn’t take long to work out they are related. But Tony and Jacqui Reddin, from Hertfordshire, are not just polar opposites in terms of personality, they live in different countries and have completely different types of work practice and lifestyle. For while Tony, 56, is a founding member of the Spanish Estate Agent, in Estepona, Jacqui, 61, runs
the Beaux Village office in Jonzac, in the south of France. Some 1,376kms apart, they speak every week, communicate daily online, and keep a close eye on trends in European real estate. “We are competitive in our own right,” explains Tony. “But we are in different countries” Jacqui - who acted for many years, appearing in various TV shows and treading the boards in the West End - describes Tony, a former nightclub owner, as her ‘baby brother’. “He is such a big character, with a larger than life personality,” she explains. But the big question is, how do their lives compare over the border? Here is a potted guide into how their everyday lives compare:
Name: Tony Reddin Age: 56 Born: Harpenden, Herts First job inreal estate: Another estate agency in Estepona Occupation: Senior Sales Executive Job History: Former nightclub owner, and transfer company owner Work Hours: 24/7 I LOVE IT!!! Quote: “This job is anything but a chore. In fact, it is a pure pleasure”. Marital status: Been divorced for 27 years, has one son Home: In an apartment on Cristo Beach, Estepona Typical customer: Retired couples looking for sunshine escape Typical sale: Townhouses between €200,000 to 400,000 Hobbies: Cooking, Winner of Come Dine With Me in 2011
Typical Customer: Couples taking early retirement to live the dream
Average sale time: In Spain it is possible to complete on a house in less than a week but normally it is within 2 months
Typical sale: Old farmhouses with pool, gorgeous views, close to a village for around €350,000
Amount of properties seen before buying:
Hobbies: Photography
On average people see between 6 & 30 properties but sometimes they fall in love with the first one. One client saw one property, put the deposit down & completed in about 4 weeks.
Average sale time: 3 months Amount of properties seen before buying: Around 10
Celeb sale: I sold a luxury top floor apartment to the MD of Barratt Homes (we went to the lawyer on a Sunday) but ALL my clients are celebs to me!!!
Celebrity sale: a Deputy Prime Minister and a President WORLD OF CONTRASTS: La Rochelle (France) and Casares on the Costa del Sol
PROPERTIES SELLING FAST AT THE SPANISH ESTATE AGENT ! Thinking of selling? Get in touch with The Spanish Estate Agent – the fastest growing agency on the Costa del Sol
Phone us now on +34 951 516 905 Come and meet our motivated and professional consultants at Avenida Espana 250, Estepona 29680. Or visit our website at www.thespanishestateagent.com Email info@thespanishestateagent.com
It’s your move!
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EL MADROÑAL
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Ref: OP9341
Rustic-style villa with superb panoramic views
MARBELLA EAST
Great value 3-bedroom family villa, plus 1-bedroom independent guest apartment located in this sought-after urbanisation with 24-hr security, within a 10-minute drive to Puerto Banús! Priced to sell!
ISTAN ROAD
Ref: OP9067
4-bedroom villa in El Rosario, 5-minute drive to the beach. Amazing views. Offered fully furnished, ready to live in!
GOLDEN MILE
September14th 14th -- September 2016 September September27th 27th 2016
Built: 324 m² Plot: 1,390 m² Price: € 1,650,000
Luxurious 1-bed, modern garden flat in Imara complex, with 24-hr security. A few minutes’ drive to the sea and town. Top specs.
Built: 108 m² including terraces Price: € 550,000
Ref: OP8816
4-bedroom villa with wonderful views in Sierra Blanca Country Club, a gated community with 24-hr security. 7-minute drive to Puente Romano.
GOLDEN MILE
Ref: OP9361
Built: 478 m² Plot: 5,000 m² Price: € 1,695,000
Built: 281 m² Plot: 458 m² Price: € 549,000
Ref: OP7561
3-bedroom corner townhouse with patio & garage in this Andalusian pueblo style complex. 10-minutes’ walk to the beach. Priced to sell.
Built: 159 m² Terrace: 15 m² Price: € 430,000
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
23 V 23
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September 14th - September 27th 2016
24
When in Laurence Dollimore explores who was building what and where more than 2,000 years ago
Baelo Claudia, Costa de la Luz THESE ruins some 15km north of Tarifa reveal a once highly strategic and wealthy Roman town.
STRATEGIC: Ancient Roman town
Vital to the trade routes serving Europe and North Africa, its position on the coast near the Straits of Gibraltar made it a crucial stop-off point. The town made most of its wealth by supplying the popular delicacy du jour, garum, a fish paste, to the whole of the Roman Empire. The town, named by Emperor Claudius, who reigned from 41 to 45 AD, boasted a basilica, theatre, thermal baths, aqueducts, lucrative salting factories and the Temple of Isis.
Property Law • Conveyancing Inheritance • Probate • Wills None Resident Taxes Family Law & Divorces • Claims Setting Up Companies We cover from Estepona to Nerja and Inland We speak English, Spanish, Scadinavian, Dutch and French
Dolores Perujo Palomo Tel: 0034 952 587 704 Email: bonafide@bonafidecosta.es Abogada Lawyer nº 4905 C/Cartama, 25 - 29649 La Cala de Mijas, Malaga
T
HE Romans were the first civilization to experience a coastal real estate boom, and it’s no wonder the who’s who of AD life chose to settle in Andalucia.
From one of a kind mosaic floors to historic baths, our long gone relatives have left plenty of clues that tell us how they lived and what their property portfolios looked like.
Acinipo, Ronda CREATED by retired soldiers from the Roman legions more than 2,000 years ago, Acinipo boasts some of the most well preserved buildings, with its Roman theatre still in use today. The 32 hectare city thrived in 1 AD when it had a population of 5,000, even printing its own money with coins featuring bunches of grapes. Its famous theatre, which is thought to have begun construction in 65 AD and been completed in 200 AD, seated 2,000 and remains in good condition, boasting an orange tiled orchestra pit and actors’ changing rooms, while a modern steel stage has recently been added.
Roman nerve centre, Jimena de la Frontera ONE of the Roman empire’s most important settlements is believed to be lying under the soil in Jimena de la Frontera. Archaeologists have begun digging up what they believe to be a Roman ‘nerve-centre’. Originally uncovered by retired archeologist Hamo Sassoon when he retired to the Campo de Gibraltar, the excavation work could re-write the history books. A complex series of walls, strategically placed castle and layout of the town were ‘obvious giveaways’ to Sassoon. Early excavation work uncovered Roman coins stamped with Oba, supported by his early findings.
Hedionda Roman baths, Casares FURTHER proof of Roman dwellings can be found at the newly renovated sulphurous bathing pool in Casares. The town hall has created a new outdoor bathing area in a bid to preserve the historic site, by building two walls in the channel leading from the bathing room to the adjacent river.
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n Roma
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September - September 27th 2016 September 14th14th - September 27th 2016
XI 25
La Cizana, Torremolinos
THIS once bustling Roman settlement near Los Alamos beach in Torremolinos was an important fish-salting plant. Archeologists have recently unearthed residential areas, industrial facilities and ceramics and pottery typical of the Roman period. The site is thought to be more than two thousand years old, with several tanks for salting fish, a spa complex and a storage area with two large pottery kilns dating back to 100BC also being discovered. The Romans learned the salt-curing method from the Greeks, and it is still widely used today.
Rio Verde villa, Marbella
Italica, Sevilla Just 9km north of Sevilla sits the ruins of Italica. Founded in 206BC the town became an important centre of Roman culture and was later the birthplace of three Roman emperors, Trajan and Hadrian and Theodosius . The town thrived particularly under Hadrian and has been survived by a huge amphitheatre and twenty mosaics, including a highly detailed coloured floor featuring birds, Netpune and the seasons.
IT seems ‘Marbs’ began attracting the wealthy more than 2,000 years ago. This ancient villa, 1km west of Puerto Banus, was once part of the great Roman settlement of Cliniana and is a one of its kind for the stunning mosaic floors it left behind, meaning its owner would have been of great importance. A turn from the traditional classical themes and intricate details, the famous black and
white p a t terned tiles - never before seen in a Roman villa - display a collection of images in black and white, from shoes to kitchen utensils and the infamous Medusa.
Primrose Real Estate Sales and Rentals
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PROPERTY OF THE MONTH Alcaidesa – Ref 260 Price: 295,000€
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(was 325,000€)
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PAST IN THE PRESENT: Palacete de Cazula has a colourful past
Living history
Pr o FO pe CU rt S y
Steeped in over 500 years of history it is time for a new owner to pen the Palacete de Cazulas’ next chapter, writes Rob Horgan
B
OASTING a 30ft swimming pool, a hard tennis court and mesmerising gardens modelled on the Alhambra’s expansive grounds, life at the Palacete de Cazulas has never been so good. For while the Palacete today hosts weddings, conferences and yoga retreats, the ‘one of a kind’ property has a bloody and salacious past. Steeped in history the Palacete has borne witness to everything from the murder of a lotharious aristocrat to the invasion of Franco’s forces during the civil war. As British `manager´ Richard Russell-Cowan explains, the attraction of the property - which is on the market for a cool €4.5 million - is as much its history as it is its buildings. “The Palacete has history all around it, every inch of it is steeped in intrigue,” Richard says. “A buyer is not just paying for a beautiful property but is also buying into the Palacete’s rich and colourful past.” He added: “It truly is a one off, there is nowhere else like it.” Just one hour from Granada and halfan-hour from the beach, the Palacete is placed atop a windy road in Otívar in the Sierra de Cazulas.
It was first built in 1492 by Christian nobleman Don Rodrigo de Ulloa who acquired the land from a Moor, just months after the last Moorish king of Granada ceded the city to Christian King Ferdinand. Don Rodrigo eventually went on to become mayor of the Castillo de Almunecar and stayed at the Palacete until his death in the mid 16th century. The estate then passed into the hands of the noble De Castro family who remained there for over 400 years. The most infamous member of the De Castro clan was Don Paco de Castro, a loyal friend to the King who had Droigt du Seigneur (the power to hang people from a gibbet which he placed on a nearby hill above the property for the whole village to see). A notorious womaniser, Don Paco met a bloody end when he took advantage of one local lady too many, to the anger of a jealous lover. Don Paco’s daughter the Marquesa de Montanaro y Balsinas was the last of the de Castro lineage to live in the Palecete. During her time at the estate she had to endure a raid on the premises by Franco forces where furniture, paintings and religious artifacts were burnt in front of the
EXPANSIVE: The main building and its chapel main entrance. The Marquesa and her staff escaped down the river and spent four years hiding in Madrid before returning and renovating the building. The last two decades have been somewhat less dramatic at the Palacete which has allowed British couple Richard and Brenda to turn the estate into a successful business. Previously operating as a hotel, the Palacete is now a rental property and is often used to host weddings of up to 150 people. It is also a popular spot for bird watchers, star gazers, musicians, artists and yogis. Wild flower collectors are also avid visitors with 400 different species in the area, while the estate’s 2,500m2 orchard boasts white and red sweet vines, avocado, cherimoya, bananas and mango. As well as the 12-double bedroom main building, the estate also has an adjoining cottage with three twin bedded rooms and ensuite bathrooms and a 500m2 barn. It even has a museum, library as well as numerous large terraces. For more information visit www.cazulas.com or call 619 040 309/ 686 929 288
LUXURY: Dining hall (above), bedroom (far left) and tennis court (below)
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Property
XIV 28 www.theolivepress.es The Property Insider
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September 14th - September 27th 27th 2016 2016 September 14th - September
Whether you’re resident or non-resident in Spain you are liable to pay taxes on any income earned from your property
by Adam Neale
Tax implications of letting property to holidaymakers
F
OLLOWING the passage, in February 2016, of a new law in Andalucia regulating holiday rentals, I've already written about the rules and regulations landlords must comply with and the importance of registering your property with the regional tourism authority over the past few months. But what we've not looked at, so far, are the fiscal implications of short-term letting a property on the Costa del Sol, most likely to holidaymakers, from the landlord's point of view. So, I talked to our friendly neighbourhood lawyer, Adolfo Martos Gross, of Costa del Sol law firm GAM Abogados, to ensure I got the facts and figures straight about the taxes you have to pay, whoever you may be and however you own property in Spain if you already let it or are considering doing so. The general rule, Adolfo explains, is that if you earn any income from a property you own and let in Spain, you are liable for taxation, although the kind of tax and how much you pay depends on where you reside for fiscal purposes and who (or what) you are. For our purposes, there are four classifications of taxpayer in Spain: a resident individual or company and a non-resident individual or company. Individual tax residents of Spain are required to declare any income they earn and pay tax under the
Impuesto sobre la Renta de las Personas Físicas (IRPF, income tax), Adolfo says, while companies that are resident in Spain are required to declare their revenues and pay tax under the Impuesto sobre Sociedades (corporate tax). Individuals pay IRPF in line with a sliding scale levied on total earnings during a fiscal year, while companies generally pay corporate tax at a rate of 25% on any profits. For individuals and companies that are not resident in Spain, Adolfo notes, things get a little more complicated, as where you reside is also relevant. Both are required to pay the Impuesto sobre la Renta de No Residentes (IRNR), which is levied at different rates depending on if you reside within or outside the European Union. Tax residents of other EU member states are liable to pay IRNR at a flat rate of 19% on any income or profits earned in Spain, while residents of the rest of the world are required to pay IRNR at 24%. Another big difference between tax residents and non-residents, Adolfo adds, is how often you have to pay. Residents are required to declare income earned from letting property as part their annual IRPF tax return to the Agencia Tributaria (AKA Hacienda, Tax Agency) and settle any taxes due in June of the following year. Non-residents, on the other hand, have to pay on a quarterly basis, within a period of 20 calendar days after the end of the
quarter. With the exception of those resident outside of the EU, Adolfo says, landlords are able to deduct costs arising from the maintenance of the property, although this does not include improvements; financial costs, such as interest on mortgages or loans used to buy the property, although not the capital; and any taxes, charges or other running costs, including the Impuesto sobre Bienes Inmuebles (IBI, property tax), refuse collection, insurance, community fees and depreciation, arising from the property that is being let. Last but not least, Adolfo says, is the Impuesto sobre el Valor Añadido (IVA, value-added tax or VAT), levied on goods delivered and services provided. In most cases, this is not applicable as property letting is exempt from IVA, meaning landlords in Spain are normally not required to charge IVA or declare it. But if the tenant sublets the property to a third party the original let is subject to IVA. But, Adolfo notes, if the property is let on a basis where services, such as daily cleaning, catering and the like, are provided, then IVA must be charged at the reduced rate of 10% and landlords are required to make quarterly IVA declarations and pay the corresponding tax on an annual or quarterly basis, in accordance with their fiscal residence status.
Terra Meridiana. 77 Calle Caridad, 29680 Estepona. Tel: +34 951 318480. Office Mob: +34 678 452109 Email: info@terrameridiana.com. http://www.terrameridiana.com
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Not Intu it A MULTI-MILLION euro shopping complex funded by British company Intu has been hit by further delays. The commercial and leisure superstore, in Torremolinos, has so far been halted for five years and could face further setbacks. Previously, the Junta has turned down the project several times, because it was considered a risk for flooding. The Junta’s latest decision on whether or not construction can begin is expected in October or November.
Page turner RONDA’S regional library is up for a global architectural award. Opened in March this year, the library has been shortlisted as one of six outstanding project’s for this year’s World Architectural News Civic Building Awards. The awards recognise public buildings for their originality, innovation, design, sustainability and integration into the local community. The building is up against buildings from as far away as New Zealand and Canada.
NEW LOCATION FOR LA PERLA PROPERTY MANAGEMENT Jane Clay has opened the doors to her plush new office in Sabinillas and couldn’t be happier!!! With it’s central location it’s now even easier to pop in and have a chat to resolve all your doubts on your property in Spain. La Perla Living in Bahia passed on to be La Perla Property Management in 2010 and Jane has over 29 years experience of managing property on the coast. In DLP San Pedro in 1987 then in Sotogrande in Paniagua and followed by La Paloma de Manilva where all the infraestructure was renewed and all the villas built, moving on in 2003 to La Perla de la Bahia where she now manages 140 of the properties onsite. The services are dedicated to taking the ‘hassle factor’ out of being a homeowner in Spain, making your life as easy as you want it to be and increasing the enjoyment of your property. They are always making improvements to be able to offer an even higher quality of service. They offer an array of services for your convenience and they can be specifically tailored to your situation or needs. Services include: Cleaning packages A, B & C Annual Air-conditioning Contracts Insurance Brokers Gardening & Plants Welcome Package Personal Secretary Weekly Check Maintenance Service They can manage the Sale or rental of your property for long or short lets. If you bought your property as an investment or as a second home, they can arrange rentals for the periods where the house is not being used with the advantage that they always have a person on site to help the rental clients and to make sure that your house is always being looked after. Jane Clay – La Perla Property Management jane.clay@laperladelabahia.com janelclay@hotmail.com Tel : + 34 952 890 930 Fax: + 34 952 897 377 Mobile + 34 620 368 288 Conjunto San Luis, Portal 3 Local 4 (next to Banco Popular), Calle Isaac Peral, San Luis de Sabinillas, Manilva, 29692 Malaga
www.laperladelabahia.com
Jane and her team can’t wait to welcome you to their new office and help you in all your needs
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Do you live in Spain and still have UK and Offshore Investments? - by Richard Black / International Financial Adviser
general income for the year and taxed at the scale rates of tax of up to 48% in Andalucía. ISAs too are fully taxable in Spain in the hands of Spanish residents at the corresponding savings income tax rates (19%, 21% and 23%). This applies to income and gains from cash and share ISAs. Many expatriates mistakenly think that, since they are UK investments, and tax-free ones at that, that they do not need to be declared in Spain. In fact they do, and with the new global automatic exchange of information regime which started this year, the Spain tax authorities will be informed about your UK investments. Other UK investments Many UK nationals have accumulated savings and investment portfolios using an array of options such as National Savings to Individual Savings Accounts (ISAs), Personal Equity Plans (PEPs) and Premium Bonds. Unfortunately, once you take up residence in Spain, the tax incentives provided by the UK schemes fall away and the income and gains may become wholly taxable under Spanish law. When you move to a new country, it is a major change and should prompt a complete review of your wealth management to ensure it is as effective as possible for your new life. Similarly, if you have lived in Spain for a number of years, it would be wise to have a full review of your saving / investment / pension position to ensure optimum benefits. Premium bonds and ISAs They do not provide any automatic interest earnings or capital growth, but the possibility of winning a large prize made them quite appealing. However, the prize fund has been slashed over recent years, with further cuts from this June. One key attraction is that they have always been tax-free. So even if you are lucky enough to win the £1 million jackpot, you do not pay any income tax on this. They are not tax-free if you live in Spain though. As a Spanish resident, winnings are taxed as general income. So they are added to your
You should also look at your other UK investments, such as shares, unit trusts, OEICs and investment bonds and consider how they are taxed in Spain. Are they the most tax efficient way possible for you? Investment bonds are another vehicle people use in the UK to hold their savings. UK residents can withdraw 5% of their original investment each year with no immediate liability to UK tax. This 5% tax-deferred allowance does not extend to Spanish residents. In many cases the Spanish tax treatment of such investments is not particularly beneficial, so seek advice if you have these bonds. UK rental income If you rent out property in the UK, this income remains taxable in the UK. It is also taxable in Spain if you are resident here, and must be added to your other general income and taxed at the scale rates of tax. A 60% reduction is available in Spain against the net rental income, but only for long-term lettings. The UK tax paid on this income can be offset against the Spanish tax on the same income.
Bank interest, whether earned from Spanish, UK or offshore banks, is taxed as savings income at rates of 19%, 21% and 23%, depending on the amount earned. To help you consider your own situation • Are your savings accounts earning the best returns they can or like the majority of funds on bank deposit earning virtually no interest? • Are your investments performing the way you would like? • Is the financial adviser you used to deal with no longer here and advising you? • Have you a Pension in the UK which needs reviewed? • Are you aware that many defined benefit pension schemes are seriously underfunded and deficits are growing all the time ? We have entered new era for international tax planning and cross border wealth management.
What you can do and where we can help We will meet with you at our office in Marbella or at your preferred location, and have a friendly and relaxed conversation about your general situation. From this starting point we can determine a course of action that will ensure your situation is in the best possible shape moving forward.
To organise a review, please feel free to contact me on 0034 952 816 443 or email richard.black@blacktowerfm.com
The UK government has made changes over recent years that make owning UK property less attractive. Non-residents are now subject to capital gains tax when selling UK property, on gains from 6th April 2015; previously they were exempt. The rates of Stamp Duty Land Tax (applied to additional residential properties and buy-to-let) are going up. Bank interest
Blacktower Financial Management (International) Ltd is licensed by the Gibraltar Financial Services Commission Licence 00805B and with the DGS and CNMV in Spain.
Looking for peace of mind? • Expert wealth management • Effective tax planning • Tailored investments • International Pension Transfers • Private Banking • Discretionary Fund Management Contact the Marbella or Gibraltar Office: O T +34 952 816 443 | +350 200 42353 E info@blacktowerfm.com Blacktower Financial Management (International) Limited is licensed by the Gibraltar FSC Licence 00805B and registered with the DGS in Spain. Blacktower Financial Management Limited is authorised and regulated by the Financial Conduct Authority in the UK.
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Bringing rural tranquility to the Costa del Sol, SPP and Real Capital Solutions is set to break ground at the picturesque Arboleda development in Benahavis
I
T will be surrounded by white-flowered honeysuckle, pink and purple bougainvilleas and lemon and orange groves, the setting of the Costa del Sol’s highly anticipated Arboleda development will resemble a hilltop hideaway in the Guadalhorce Valley or a retreat in Cordoba’s mountainous Subbetica region. But the new Arboleda development is in fact on the Costa del Sol; just two minutes from a golf course, as well as a cluster of shops and restaurants. Better still it is just a five minute walk to the beach. Located on the road to Benahavis, an award-winning team has created a beautiful, state-of-the-art development that combines 21st century living with rural tranquility. Named Arboleda - the Spanish word for grove architect Francisco Robles has used materials to compliment their surroundings, with a special focus on providing natural lighting and revealing ex-
Get in to the grove
pansive views to the surrounding 50,000 squaremetre of protected woodland. “Being part of a community whilst retaining individuality – this is what I envisioned for Arboleda,” he
says. “Providing five different types of villas allows diversity in size, style and use, while all of them have elements in common to unite.” The team at SPP and Real Capital solutions are set
to break ground on September 15, with an ‘exciting amount of interest’ already bubbling away. In total there will be 18 villas of various shapes and sizes, released in a series of construction phases with prices ranging from €719,000 to over a million. With all the necessary planning permission in place, the company has an office on site and is ready to listen to offers, with construction time expected to be 18 months from the point of sale. With a focus on open-plan living an American design consultancy has been drafted in to provide a sophisticated interior. Underfloor heating, botanical gardens and a private swimming pool are a few more features the development has to offer. For more information visit www.rcsspain.com or call 951239866
Property
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14th - September 27th 2016 September September 14th - September 27th 2016
Sweet dreams
Average costs per month
Mansion life
•
Gardener: €1000
•
Maid: €1,260
•
Chefs: €4,480
•
Chauffers: €2,800
•
Pool maintenance: €500
•
Community Fees: €1,000
The cost of living the dream in one of the Costa del Sol’s most exclusive communities?
M
OST of us dream of purchasing a bolthole in the exclusive enclaves of Marbella’s Zagaleta or Guadalmina Baja, but even if we could the depressing reality is that we probably couldn’t even afford the maintenance fees. Such estates need so much upkeep that the town’s surrounding them have more work than residents. Benahavis mayor Jose Antonio Mena recently described every mansion as a ‘small business’ because they have to hire six to eight people, adding that his town now has increased job security thanks to the likes of neighbouring Zagaleta and Guadalmina. But just how much do the extra costs add up to? After paying for housekeeping, a chef and community fees, mansion living costs a cool €11,040 per month.
LIFE looks sweet for a former sugar factory near Marbella. The Trapiche El Prado factory’s fortune is set to change, with Marbella Town hall and the Junta deciding that urgent work needs to be carried out. The derelict building was bequeathed to Marbella Town Hall in 1992 and looked set to be transformed into an old peoples home. However, the building has been abandoned and grown more ruined ever since, with the town hall struggling to fund the reformation. A campaign group, Plataforma en Defensa y Mantenimiento del Trapiche del Prado, has decided to tackle the walls, remove trees and clear vegetation first, before moving on to the rest of the building.
OVERHAUL: Sugar factory
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Up, up and away PROPERTY prices in Spain are soaring to pre-crisis levels. The dark days appear to be over for the Spanish market, with a 7.5% increase for homes in the second quarter. Data from the Colegio de Registradores de la Propiedad has confirmed that property is now on average the same price as it was in 2004.
ENROUTE: China´s magic Wanda
Wanda wonder A CHINESE hotel group has got its eyes on the Costa del Sol. The Wanda group met with senior officials at Marbella Town Hall, to see how they can best begin to build here. The hotel supergroup put forward its best players to cement the move, including Eddy Tiftik, deputy director general of the group's hotel, and local representatives Oded Arbel and Carlos Pulido. Tiftik said: “Luxury activities such as golf, yachting, shopping and skiing makes the area very attractive to the middle and upper classes of tourists from China.”
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Taxing times
11+
32
years experience in
ALL PROPERTY MATTERS
RICS SURVEYORS & VALUERS BY BUILDING CAMPBELL FERGUSON
For peace of mind follow these property buying rules
How Spain’s tax system is undermining the property market and its would-be buyers
T
HE situation in Spain is fragile, what with Brexit, the continuing dictatorship of Sr Rajoy and the out of control national and regional debts. Tourism, residential expats and short stay are a major contributor to the Spanish economy that appears to carry on regardless. However, it’s ‘on a shaky peg’. All it would take would be one small tremor or a bomb in a tourist place, and Spain could be in the same position as all the other Mediterranean countries. The exceptional numbers of tourists this year is not because of an overwhelming desire for Spain, it’s due to the impression of there being nowhere else ‘safe’ to go in the sunshine. And as for the longer-term residents, they are being hit for tax in so many ways. Frighten these people away and their energy, work and spending power is lost, plus that of all the people they give jobs to. That’s all money brought into and distributed in the economy of Spain, keeping employment and services alive. It’s an active problem as last month there was a report stating Marbella has recently ‘lost’ 5,000 residents. Here’s part of an email I received recently from someone who has lived on the Costa del Sol for decades.
“The Spanish government do nothing to attract any investor into Spain. No one wants to invest and therefore buy property in a country that’s apparently staggering on the verge of bankruptcy, and as proof increases existing taxes and constantly seem bent on inventing and applying new ones. It’s now classed as one of the highest taxed countries in the world. The latest that definitely affects Costa buyers is the application of the draconian law on holiday rental properties whose effect is to extract more taxes. Thus the idea of buying a second home to earn some money from it while it is not in use is now impossible. Buying it only serves to invite loss as there’s not a sufficient property value increase to cover the costs of buying and
Find Your Property selling and running the property while it’s owned. It encourages the Spanish taxman to steal your wallet as he delves into your international tax affairs. Buyers are naturally deterred and will Instruct never return.Instruct It’s a Surveyor bad and worseningBuilding omen for SpainLawyer and its property markets.” A lawyer told me he has a client who owns a large villa in a Spanish company and Buy with Knowledge keeps a car in the garage& for use when Confidence here. He is now being taxed for ‘notional income’ that the +34 company could have 952 923 520 Connect with us! earned by renting admin@surveyspain.com out the villa when he surveyspain.com is not there plus rent on the car for the same periods! They’ll start at the top, but soon it will be everybody who owns a property and/ or car that’s not occupied or used all the time. It’s the same principle as being taxed on gains a seller should have made and purchase taxes a buyer should have paid, but ‘avoided’ by selling/buying a property at below the taxman’s notional value for the property. Is the fairness of these taxes being challenged or are the professionals scared off by the hacienda threatening them and all their clients with draconian and repeat ‘investigations’? The law works so slowly and who is going to take on the tax authorities?
Contact Campbell and the team on +34 952 923 520 or email info@surveyspain.com
EXPERIENCED ENGLISH SOLICITORS & SPANISH ABOGADOS Looking to buy a Spanish property? Contact us for your free guide to buying Spanish property safely & securely. We provide a wide range of legal services including: Conveyancing
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OF PORTRAYING MARBELLA’S BEST Email: enquiries@mylawyerinspain.com Telephone: (+34) 951 203 094 from the UK 0845 508 2395 www.mylawyerinspain.com Offices: Marbella, Torrox, Murcia, Almería, Alicante & Valencia.
® essential marbella magazine W W W. E S S E N T I A L M A G A Z I N E . C O M
Property
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ATALAYA
€210,000
€495,000
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REF: WW606
Larger than average 2 bedroom apartment, Estepona, Costa del Sol This beautifully presented spacious apartment is located in one of the most sought after areas on the Costa del Sol. It has an open plan living/dining area with a separate large kitchen. Gated Community / Communal Pools / Air Conditioning / Underground Parking / Covered Terrace Bed 2 | Bath 2 | Built 110 m2
€1,175,000
September14th 14th -- September 2016 September September27th 27th 2016
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GUADALMINA ALTA €495,000 REF: WW281 Beautiful 3 bedroom single level villa, Guadalmina Alta, Costa del Sol An attractive villa nestled in a quiet cul-de-sac, has stunning 360º panoramic views of the sea and mountains from all windows of the villa. Alarm Sytem / Private Swimming Pool / Double Glazing / Fruit Trees / Fireplace / Seclusion and Privacy Bed 3 | Bath 3 | Built 177 m2 | Plot 1397 m2
€850,000
NEW GOLDEN MILE €1,175,000 REF: WW620 Magnificent beachfront apartment, near Estepona, Costa Del Sol
SAN PEDRO DE ALCANTARA €850,000 REF: WW607 Beautiful family home with independent guest studio, Costa Del Sol
This exceptional two bedroom luxury apartment epitomizes all that is luxury and quality living. It is located in one of the most exclusive and prestigious developments. Access to the Beach / 24 hr Security / Breathtaking Views / Highest Quality Materials / Alarm System Bed 2 | Bath 2 | Built 190 m2 | Terrace 105 m2
A gorgeous 4 bedroom detached villa in a prime area of San Pedro de Alcantara. It is beautifully presented and has an independent studio flat. Solarium / Jacuzzi / Garage / Private Garden and Pool / Utility Room / Fitted Wardrobe / Store Room Bed 4 | Bath 3 | Built 266 m2 | Plot 937 m2
tel: +34 952 880 941 info@winkworth.es www.winkworth.es
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NEW RELEASES 2016/2017
· Arboleda Villas, Atalaya LAUNCHED
Aria Apartments, Mijas Costa
· Treana Ultra-Luxury, Benahavís
A collection of exciting new property developments brought to the Costa del
New Releases Info:
Sol by Real Capital Solutions Spain. More beautiful apartments, penthouses and
www.RCSspain.com/2016
villas coming soon.
Tel: +34 951 239 866 commercial partner
RCS New Releases SP Sep.indd 1
13/09/2016 16:17:28