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the Olive Press November 11th - 25th 2015
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November 26th - December 9th
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Issue No. 6
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EXCLUSIVE: Meet the estate agent on an unheard-of selling streak LA ZAGALETA BEAUTY: Sold by Panorama
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ON THE UP: Stunning Spanish properties, such as this luxury Marbella villa (above) sold by Panorama, are being snapped up in the post-crisis boom
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PUERTO BANUS PRIZE: Sold by Panorama
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GOLDEN MILE PAD: Sold by Terra Meridiana
ESTEPONA ESCAPE: Sold by Terra Meridiana
Property sales are back on track with multi-million euro purchases, renewed confidence and fresh hope for the future
Let the good times roll...
THE property sector is set to bounce back at an even faster pace over the coming years. And many in the industry feel this change is across the board, from studio apartments and small holiday homes right up to the luxury sector. If 2015 was the year of the ‘comeback’, 2016 and 2017 will see prices continue to rise with the rental market also gaining ground, according to a leading property expert. Prices are predicted to increase around 6.2% next year alone, claims Servihabitat CEO Julian Cabanillas. This rise is almost three times this year’s increase, which is currently predicted to sit at between 2.3% and 2.6% overall. The real estate giant, part owned by La Caixa bank, also predicted that purchases next year could grow by 25%. This positivity is shared by property expert Terra Meridiana’s Adam Neale. “The crisis brought many tough years for the property market with the crunch really hitting in 2011,” he told the Olive Press. “The market has picked up since then across all budgets and now we can really see the good times picking up again.”
A new chapter to breathe life into this iconic Marbella ruin
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What has Brigitte Bardot got to do with Spanish property?
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the Olive Press November 11th - 25th 2015
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Property
On cloud nine! Expat salesman ties up ‘unheard-of ’ nine home sales on the bounce... and he could be in for a tenth! EXCLUSIVE By Rob Horgan AN Englishman is aiming to make it an unprecedented 10 out of 10. Following in the footsteps of Premier League marksman Jamie Vardy, is Inland Andalucia’s very own sharp shooter Paul Barnett. After bagging an unprecedented nine straight property sales in a row, Barnett will be the envy of estate agent bosses across Andalucia. And he could make it a perfect 10 with a decision imminent on yet another potential purchase
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November 26th - December 9th
Properties making Paul so happy Client Name
Type
Town, Region
Price
1. Francisco & Antonia 2. Sean, Caroline & Thomas 3. Trudi 4. Tony & Louise 5. Victor & Cheryl 6. Murial 7. Jeff & Chrissie 8. Mark & Lorraine 9. Pillar & Jesus
Townhouse Cortijo Villa Townhouse Villa Townhouse Townhouse Villa Villa
Fuente de Perda, Malaga Iznajar, Cordoba Puente Genil, Cordoba Encinas Reales, Cordoba Lora de Estepa, Sevilla Villanueva de Algaidas, Malaga Casariche, Sevilla Marchena, Sevilla Casariche, Sevilla
€ 75,000 € 87,000 € 185,000 € 79,000 € 125,000 € 45,500 € 36,000 € 32,000 € 139,000
10.? Peter & Patricia
Townhouse
Molina, Malaga
Pending
in the inland Malaga area. His boss Graham Govier said in his 15 years in charge of company Inland Andalucia no one agent has ever come close to Barnett’s cur-
YOUR AVERAGE JUAN
FORGET turrets and drawbridges, the average dream Spanish home is a four-bedroom affair, with a garage and set in a modest 120m2. While a massive 64% of Spaniards in a European survey demanded a garage, just half prioritised a terrace and 47% required green spaces nearby. Brits meanwhile are happier to live in shoeboxes, with their ideal home measuring 80m2, while the average Portuguese opted for a larger 211m2. Europeans, in general, favour five bedrooms, the RE/MAX survey revealed.
rent streak. “It is an unbelievable feat,” Govier told the Olive Press. “A one-inthree viewings-to-sales conversion ratio is deemed good business, so to tie up nine on the spin is truly unheard of. “Not even in the heady days of the Costa boom did anyone come near to that. “I think a pick up in the property market, a return of foreign buyers to Spain along with the improved online viewing system we have introduced have all contributed to his success.” He added: “But let’s not take anything away from him. Paul is one of the good guys, a real old-fashioned salesman.
“ H e d o e s things the proper way, gets to know the buyers and doesn’t use any tricks to sign them up. “He deserves his success and I’m sure with all the commissions coming in he will have a pretty good Christmas.”
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NEWS IN BRIEF Quarter pounder SPANISH house prices rose by 6.6% in the third quarter of 2015, with over 92,000 transactions taking place, representing the highest result of the last 10 quarters.
Renters buoyed TENANTS in Spain continue to get a good deal, with rental costs on the slide. A 1% year-on-year decline in October represents 31 straight months of decline in the rental sector.
Payment plan THE average Spanish mortgage costs €760 a month, with 75% of loan repayment terms set over 30 years, according to bank Goldman Sachs.
Holiday homes SPANIARDS have €9.2 billionworth of properties overseas, half of which are in the UK, France, Germany and Portugal.
Retail therapy REAL estate investment firm AEW Europe has launched a European retail fund aimed at investing up to €800 million in top tier cities, including Madrid.
Property
2022 the Olive Press November 11th - 25th 2015
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2 GREAT OPPORTunITIES TO EnjOY THE bEAuTY OF nATuRE !!!
Rio Genal Sierra de Ronda, Finca 40 hct. with 800 m Riverfront. 8hct. flat land, river border. Ideal for horses, Hotel, Summercamp (School) etc. Treehouses, many old trees (corc, olives, oak etc.), Yoga, Artcourses, Exec.training etc.! Plans available, management, workcrew with long exsperiens in country Properties available! Fair prices and estimates! 45 min. coast, two villages 15 minutes.
Price: 800.000 â‚Ź
36 hct. Finca River frontage old Farmhouse, trees - citrus, oak, pine!! 1 min. main road, 15 min Coast.
Price: 800.000 â‚Ź Contact: margaritaftaylor@hotmail.com
Property
BIG SPLASH www.theolivepress.es
November 26th - December 9th
Pioneering company to invest €121 million in Europe’s first ‘megapool’ and resort By Iona Napier
THE company behind the world’s largest outdoor swimming pool is diving into its first European project. The real estate giant Crystal Lagoons - behind a pool in Chile some 11 football pitches in size - is bringing its expertise to Casares. The €121 million luxury resort will have the biggest pool in Europe, with 450 homes scattered around it. The hectare and a half Alcazaba Hills Lagoon will create a huge area for swimmers and for other watersports. Estimated to take eight months to build, the site is close to a development, once chalked in for a Spanish Disneyland. Some 350 new properties are to be built alongside an existing 100 properties, which have sat unsold since 2009. Spelling great optimism for the abandoned development, the scheme will target wealthy European tourists, principally British, German and Dutch.
COOL POOLS: Alcazaba Hills Lagoon (above) and (left) world’s biggest swimming pool in Chile
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Hole in head
THE idea behind it was one of decadent luxury: a 22-floor, five-star hotel to revolutionise the Torremolinos tourist scene. But six years after the €120 million Hotel Cruiser project fell through, the building’s massive footprint remains a reminder of its failure. Only now has the town hall finally started work to fill in the ‘five star hole’ which sparked complaints. It was not only unsightly but became dirty and was frequented by rats. Work is predicted to last six months after which the land will be sold.
A troubled path...
“With Crystal lagoons’ revolutionary technology, we can bring the idyllic beach lifestyle anywhere in the world which could reactivate unsold and empty projects which were considered devoid of hope,” said regional director Sebastian Pillado. The Estepona, Marbella and Mijas property landscape has seen a magnificent year with €376 million of investment scheduled in so far alone. Casares town hall failed to comment on this matter when approached by the Olive Press.
SAN Pedro’s iconic footbridge has walked its way into controversy. The stunning overpass has been denounced by political party Costa del Sol Si Puede over
claims of embezzlement and funding irregularities. The Podemos breakaway group claims the former PP-run Marbella town hall put the same €309,000 payment through the books twice as a way of embezzling public funds. The denuncia claims that demolition payments for a playground were put through twice among other irregularities. The party is now demanding the new Marbella mayor discloses all payments in connection to the San Pedro project. SEEING DOUBLE: Part of bridge payment was allegedly paid twice
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Property
Taking their sweet time TIME CAPSULE: The ancient sugar refinery lies in ruins
IT’S sad to see a present go on the scrap heap. But that is effectively what has happened to the handsome Trapiche del Prado property and adjoining sugar refinery, gifted to Marbella to become a public senior citizens’ home. The stunning 19th century industrial building in San Pedro de Alcantara that was donat-
Old Marbella sugar refinery gift to be saved ed by Marbella resident Mateo Alvarez in 1992 has stood empty and in ruins ever since. And although council plans to bring the building work to fruition were repeatedly scrapped, all is not lost. Marbella Town Hall culture
Skyline changer
BRITISH property developer Taylor Wimpey has announced an exciting €4.2 million complex in Marbella. The 24-home project in the Marques del Duero part of San Pedro de Alcantara is one of many new projects set to transform the Marbella landscape. Town planning councillor Isabel Perez claims recent investment in new Marbella property totals an impressive €46.7 million.
councillor Gema Midon claims she wants to stop the deterioration process. “Rebuilding el Trapiche requires a huge amount of money and lots of time,” said Midon. “But we are looking at a long-term project and our first priority is to slow down the decay and reinforce the structure,” she added. After analysing the state of the haunting property, it was stated that although plans are not yet fixed, a first phase of improvements will take place in 2016. El Trapiche may become a ‘cultural space’, museum or possibly an exhibition hall.
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Property
N 2001, a Glaswegian surveyor packed his bags and followed the love of his life to Spain. Some 14 years later Campbell Ferguson runs a top network of chartered surveyors, is tackling ecological infringements and is the first port of call for UK courts settling property disputes in Spain. (And in case you were wondering, his sweetheart Louise is now his wife.) Now, with 47 years of chartered surveying experience under his belt, he is ready to take on an additional venture... as an Olive Press columnist! Campbell got his first taste and love of Spain in 1989 when he became MD of a development company in Madrid.
www.theolivepress.es
November 26th - December 9th
Man of property Chartered surveyor, environmentalist and new Olive Press columnist Campbell Ferguson reveals how he came to run one of the only chartered surveyor companies on the Costa del Sol
who owns the house, but it can be a daunting experience. Where a ‘walk-by’ valuation was instructed, I’ve parked round the corner and taken photos of all the houses in the area as I’d been told that the man had been ‘put away for a very long time’. But as well as having a sharp business mind, Campbell, with his university Land Economics training, also has his eye on ecological matters, including a campaign to veto a compost factory in a residential area of Estepona. With four lawyers on the case, denuncias submitted and hundreds of local residents signing a change. org petition, Campbell is confident plans for the site will be stopped. “It’s a good idea, but in completely the wrong place,” he says.
Aberration
Understand
After a three-year stint in the capital, he headed back to Scotland, thinking his Spanish dream was over. However, a decade later he was back on the plane and has never looked back. After working as an estate agent on the Costa del Sol for two years, Campbell set up chartered surveyor firm Survey Spain in 2003. “The two years as an agent were invaluable,” he says. “It helped me know the land and people plus understand the market and law in Andalucia”. He adds: “As independent chartered surveyors providing confidential, pre-acquisition building surveys, we are 100% focussed on assisting the buyer without conflict of interest and are regulated by the internationally recognised RICS.” With 11 Royal Institute of Char-
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TOP OF HIS FIELD: Campbell’s company Survey Spain is among Spain’s best surveyors
tered Surveyors-qualified surveyors working in mainland Spain and its islands, Gibraltar and the Algarve in Portugal, Survey Spain has established itself as one of Iberia’s top networks.
Campbell, a RICS Registered Valuer and trained Expert Witness, explains that the company is regularly called upon to help out in UK court matters. “Usually we are called in to deter-
mine the value of overseas property in divorce, inheritance and tax cases,” he explains. “However, we are also called in during criminal cases, when a criminal’s assets are seized. We are never told
“What Estepona Town Hall and the Junta are planning is an aberration. “The town hall gets €30,000 for granting the concession but ruins the environment for all the urbanisations as close as 220 metre around it with smells and polluted water. They also haven’t thought of the lost development value of the residential and hotel zoned land around it in both Estepona and Benahavis. “Located there it will lose both town halls millions of euros in the long run.” Campbell’s first column of, ‘All Property Matters’, will appear in the next issue of the Olive Press. For more information visit www.surveyspain.com or call 952 923 520
Property
W
ITH the traditional pantile roof tiles to timeless cobbled courtyards, at least one local architect has dedicated his life to protecting the Andalucian vernacular. From classic white-washed houses to old style cortijos, Donald Gray has long worked to preserve local architectural disciplines. One of the region’s longest-serving expats Gray has, fittingly, now been recognised for his remarkable catalogue of sensitive designs. Everything that the typical Costa del Sol monstrosities are not, his buildings have recently earned him an award, the Rafael Manzano Martos prize, that is given for honouring traditional Andalucian architectural styles. And it is no surprise. For Australian Gray, 80, counts among his fans both actress Brigitte Bardot and world-respected writer Gerald Brenan, for whom he once designed a home. His devotion to Andalucian architecture was sparked when he embarked on a love affair with Spain 57 years ago. “I arrived in Spain about a year before Castro rode into La Havana,” he reveals. It was 1958 and he initially settled in Valladolid, where he got a job as an English teacher. But he soon got the travel bug to adventure further afield. “I was young and spent a lot of time travelling around,” he tells the Olive Press. “I was teaching English wherever I went, including in Madrid and later in Torremolinos and Malaga. “I did that for a year or two then went back to England. After that I went to Copenhagen to teach English then settled in Almunecar.” Intriguingly, the one-time English teacher didn’t learn his craft for designing buildings at college, at all. Instead, he learned directly by studying traditional styles and drawing lessons from the craftsmen who kept these styles alive. “I put as many years into studying as I would have at university. The type of architecture I’m interested in they don’t teach at university,” Gray continues. “Modern art is gimmickry, and gimmickry doesn’t make good art.” His first forays in design came when he settled in Almunecar. “There was something about the style of the old buildings there that I fell in love with… it was a beautiful town to walk around and the
Defender
Donald Gray has devoted his life to traditional Andalucia architecture, with Brigitte Bardot and Gerald Brenan big fans. Joe Duggan met the man
architecture really got to me.” Gray’s CV now includes buildings all around the region. As well as the town hall of Pitres, in Granada, he designed the urbanisations of Pueblo Lopez, in Fuengirola and the celebrated La Virginia urbanisation, in Marbella. All of his designs are gleaming white jewels and unmistakably Andalucian. Gray’s loyalty to local heritage, and his enduring interest in the beauty of domestic dwellings, are certainly a counterpoint to famous modern architect Frank Gehry’s otherworldly inventions, including the Guggenheim, in Bilbao. His 12-bedroom La Tartana hotel, in La Herradura, won admiring glances from a famous guest. “Brigitte Bardot stayed there. She said it was the most agreeable hotel she had stayed in,” says Gray. Gray’s early years in Spain also drew him into contact with Brenan, the British writer and Hispanophile, whose books including South from Granada, transmit the very essence of Andalucia. “I met him very early on when he was living in Churriana,” says Gray. “It turned out he wanted to leave his house in Churriana where he lived from before the Civil War. He wanted to forget about it all so I ended up designing
PRESTIGIOUS: Gray (left), Brenan (ce a house for him in nearby Alhaurin El Grande. “I first met him not long after I moved to the Alpujarras region, where he lived for a long time.
“I cannot sing the praises of the professional team at Homefinders more… thanks to Dave and co I now have one of the best restaurants on the coast, not to mention a great place to live.” Elliott Wright, Olivia’s, La Cala de Mijas
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r of Andalucia www.theolivepress.es
November 26th - December 9th
entre) and Bardot (right) while (above) examples of Gray’s designs I used to see a lot of him. He was extremely interesting, an elegant conversationalist.” Gray still lives in Las Alpujarras, in a tiny vil-
lage called Atalbeitar embedded in the Andalucian hills where he says he feels more Spanish than Australian or British.
In a long career that has taken him around the whole region, he in particular loved Marbella and Torremolinos.“I love Andalucian architecture because it is so pleasing,” he says. “It’s lovely to walk down a street designed in the old Andalucian style. Marbella used to be like that. Torremolinos used to be one of the most beautiful places in the world.” But his heart was broken when he saw the beloved unspoilt coastline of Andalucia slowly get eaten up by development. As the collar of concrete expanded ever wider, his style of architecture got increasingly lost. “You can see on the Costa del Sol there are massive amounts of architecture and most of it is very depressing,” he says. “It used to be extremely beautiful - one of the most beautiful places in the world. Now it’s one of the ugliest. It doesn’t say much for modern architecture.” However, he did not give up hope…. and landed a job as artistic director of a restoration school in Lebrija between 1986 and 1989. The school taught young people to restore local monuments and churches and produced some of Andalucia’s finest artisan craftsmen. “I thought that would be a way of teaching people what was being lost with the old Spanish crafts, things that had been completely destroyed. Ceramics, ironworks, carpentry,” says Gray. Remarkably Gray is still working today, in particular on a house in Las Alpujarras. “I will continue to design and renovate houses as long as I can. People no longer want to build urbanisations so I am doing what I know best and protecting what little is left.”
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Property
www.theolivepress.es
November 26th - December 9th
A diamond in the rough
Hacienda Casares is a fabulous new development, offering wide open space, incredible views and unbeatable finance opportunities just minutes from fairytale Casares A DIAMOND in the rough languishes in the rolling hills around Casares. Hacienda Casares is set in a dream location, next to a golf course, high on a hill and surrounded by fabulous walks. The beautiful apartments have just become available with unbelievable rates of finance (up to 95%). Properties start at €93,300 and all have private underground parking, communal gardens and a pool and lifts. The only way of viewing the apartments is through Hamilton Homes, as the company represents the owner, a bank – which explains their incredible prices, even for three-bed properties which are rare. With views over Dona Julia Golf Course, out to the Med and the African coastline, the impressive natural backdrop is priceless. The 18-hole, golf course is well-kept, well-designed (by wellknown Malaga architect Antonio Garcia Garrido) and well-reviewed. The apartments are repossessions and the bank is pouring funds into repairing and fixing the outside area. It is a rags to riches story whereby the development was badly hit by the financial crisis and the developer went bust with very few apartments sold. But the improvements are already taking place and with some flats literally on the golf course, the location is second to none. With heaps of potential, the continual improvements are transforming it into one the coast’s best value destination. It is following in the footsteps of Duquesa Village urbanisation, where Hamilton Homes started selling on behalf of the banks five years ago, which is now very sought after. From being a ghost town back then with 150 units available, they are now all sold and this is predicted for Hacienda Casares in the coming years. It is 3.6km from the coast, 15 minutes from whitewashed Casares, 10 minutes from La Duquesa and Sabinillas and just 15 minutes from charming Estepona. At just 50 minutes from Malaga airport and half an hour from
ROOMS WITH A VIEW: Available from just €93,300 in Casares
On the up! IT has been an amazing year at this end of the coast. While 2015 has seen Spain creep out of the economic crisis, Brits are very much back and enjoying the excellent exchange rates, not to mention unparalleled deals up for grabs. We have seen a massive 60% increase in the number of purchases in the Manilva area on last year, with a much higher conversion rate in leads to sales. Enquiries remain stable, but we have noticed clients are more confident and readier to invest. Further afield, investment funds from across the pond in America have seen the potential and are also buying in Spain without hesitation. With excellent properties being released onto the market and some once-in-a-lifetime fi-
It’s been a record year for Hamilton Homes, with big successes in Duquesa Village and an exciting project in Casares. Here, Shani and Andrew Hamilton make their property predictions for 2016 while looking at how Spain crept out of the crisis nance options being offered by banks, it is the perfect moment to make that move. The market is picking up and quality is on the up, but valuefor-money properties are changing hands extremely quickly… so keep your eye on the ball! Some developments have even increased their prices.
Give Andrew and Shani a call to go through all the best local options. Call 952 890 444 or email hc@hamiltonhomes.com
Three golden rules for buying 1. Patience is a virtue Many of the best buys on the market are from the banks. But thanks to new money laundering laws and a paperwork heavy, bureaucratic system, patience is certainly needed. There are delays, even for cash buyers, as they have to prove where their money comes from. Take comfort in the new crackdown on legality, as in the long-run it makes your purchase safer.
2. You can never be too prepared So you’ve decided to buy in Spain. It’s exciting! But to get ahead, do as much of the groundwork that you can, even before you find your ideal property. For example, touch base with a lawyer, get an NIE number, open a Spanish bank account, set up a Power of Attorney if necessary and collate paperwork for a mortgage. All these things can take time and you don’t want to miss losing your dream home while you are waiting for an NIE number (NB: this is one of the many areas where we can guide you.)
3. Knowledge is key Know what you can afford. Find out your budget, work out how much you can afford to spend on community fees and be savvy to cheap properties which have high monthly costs. It is essential to identify the type of property you want, the most important features and your priorities – a stunning view or a corner shop, for example?
2016 pointers...
OPPORTUNITIES abound and 2016 will see even more confidence and even more sales. The key tell-tale signs are the numerous investors setting up companies to trade, hoping to buy and sell within five years. And new properties just keep coming, with the best value releases available to those who have their paperwork and finances in order. And it’s not just bargains, with luxury properties more in demand than ever. Most promisingly, Spain is back in pole position as one of the top quality of life destinations, not just as an investment opportunity.
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Property
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Property
November 26th - December 9th
Developing Andalucia
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
Litigation
Inheritances
Road traffic accidents
Spanish wills that comply with EU regulation 650
Personal injury & medical negligence
English wills
Company law
Family & divorce
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.
THE Costa del Sol has seen an explosion of growth over recent decades and, in order to be savvy with the market, it’s essential to speak to people who know their stuff. The small but very well-established Scandinavian team at Andalucia Development in Marbella has a wealth of experience in the Spanish and international real estate markets.
Ulf Hessedahl and his Andalucia Development ‘one stop shop’ have been involved in property for more than 30 years Since the company was set up by Kjell Hessedahl, Ulf’s father, back in 1981, it has been perfectly poised to be part of the immense growth of Marbella and the surrounding areas.
Prim and proper
LOCAL expertise and a fresh, approachable attitude are what make Primrose Real Estate one of the Costa del Sol’s go-to estate agents. Lynn Van Wilderode, founder and brains behind Primrose Real Estate, has lived and worked on the Costa del Sol for 13 years. The Duquesa-based company specialises in everything from bijou apartments to luxurious villas, and Lynn’s working background in law and real estate has helped her establish a reputable business. “The market has seen a long overdue recovery after the dark times, with the weak euro benefiting many, especially the British and Scandinavians who are the majority buying in this part of Spain,” says Lynn. “I’m very customer-service orientated. After-care is very important. You have to listen to your clients’ needs.” Belgian Lynn’s fluency in Flemish, Spanish and English mean expats and locals alike feel confident with the service they receive. Buyers can browse through Primrose Real Estate’s range of properties extending from Estepona to Sotogrande. And with the company expanding in the New Year, 2016 is looking sunny on the Costa del Sol. To get in touch, email info@primrose-realestate.com or call +34 661 193 789
The multilingual team is a ‘onestop-shop’ for your needs and can take care of all the details and bureaucratic hoops that are involved when buying or selling a house. Nurturing solid relationships with clients, lawyers, building and property management companies and many more over the years, their connections make the whole process of buying or selling a house as smooth as possible. Their goal: to make their customers feel as comfortable as possible throughout what can be a stressful process. They also secure all of the practical after-sale aspects so you don’t have to worry about a thing. With an approachable, welcoming workforce for whom nothing is too much trouble, the team at Andalucia Development would love to see you. Drop in if you find yourself in the area! You can find them in Centro Plaza, Local 63, Nueva Andalucia, Marbella. Call them on 952 816 250 or email info@ andadev.com
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Property
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Inland bargains
November 26th - December 9th
With properties being snapped up across the Andalucia countryside, now is the time to buy. Here are three hot properties still available at bargain prices
Jaen/ Alcaudete €18.000
Beds: 2 Baths: 1 Views: Countr Built: 113 m² yside Plot: 108 m² Location: Outs kirts
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HIS large townhouse is near the centre of town and benefits from off road parking in front of the garage. When you enter the property it has traditional Andalucian tiles which lead through to the lounge. The property has loads of potential and will make a stunning property once its upgraded. Loads of natural daylight to this property. This property will sell very quickly so make a booking to view now.
Beds: 3 Baths: 1 untryside Views: Co m² Built: 157 m² Plot: 3444Rural Location:
Sevilla/Moron de la Frontera WAS €99.000 NOW €70.000
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N attractive country villa just outside the large town of Morón de la Frontera, Seville. Entrance to the property is via double gates and a pretty tree lined driveway. The villa has a generously proportioned open plan fully fitted kitchen, an integral lounge/ diner with feature wood burning log burner. 3 double bedrooms and a good sized family bathroom with cabin shower.
The property also benefits from double glazing throughout. There is also an outside toilet/ shower room and storerooms. At the front of the property there´s a large covered terrace, perfect for alfresco dining which overlooks the mature gardens, which have an abundance of fruit trees, olive trees and grape vines. There is ample room for a swimming pool.
Jaen/ Castillo de Locubin €29.000
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EW floors, raised floor walls and a new roof are just a few recent developments on this property. Add to this the electrics and water have been upgraded. It is a real blank canvas to reform this property. It is situated on the outskirts of Alcaudete close to the historical castle. On entering the property there is a large lounge with staircase to the right. Ahead is access to the garden which is divided to a storage area and a nice size garden with fruit trees. On the first floor there is a good sized landing which could be converted into a bathroom. The master bedroom is to the front and another bedroom to the right.
Beds: 4 Baths: 1 Views: Countr Built: 159 m² yside Plot: 93 m² Location: Outs kirts
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the Olive Press November 11th - 25th www.theolivepress.es November 26th - December 9th2015
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Hitting the floor, at last
European Commission calls for homeowners to be repaid controversial mortgage clause costs in full
MILLIONS of Spanish homeowners could receive payouts after the European Commission told banks to repay customers’ hit by so-called floor clauses in their mortgage
Getting the clause out!
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ORTGAGE holders are celebrating in their droves… and about time too. With around 10% of Spanish mortgage holders affected by a hidden interest fee known as clausulas suelos, it is welcome relief to see the European Commision ordering banks to reimburse customers in full. Estimated to be responsible for a whopping 90% of Spanish housing evictions, the minimum-rate interest clause has been costing mortgage holders an average of €3,000 a year for far too long. But that - at last - looks to be coming to an end and good riddance too. Not only have the clauses now been taken out of most - if not all - mortgages, but those who have forked out thousands of euros of their hard earned cash should
The end of hidden minimum interest fees gives thousands of Spanish mortgage holders cause to applause
now see a big payback. The logistics of the payback are yet to be ironed out, nor have the banks come out and responded to the order… therefore it could be a while yet before reimbursements start coming through. To give a little background, the clausulas suelos saga reared its head in the mid 2000s, with thousands of customers complaining that they were being tricked into paying thousands of euros on top of their mortgage repayments. It soon emerged that, unbeknown to many mortgage buyers, banks had hidden the clausulas suelos minimum interest fee in the small print. By May 2013, the Supreme Court ruled that the fee had not been outlined correctly in mortgage con-
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
Road to Riches, by Richard Alexander
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S we all know, financial markets remain very volatile and, with so much political and economic upheaval, that’s not going to change any time soon. Should we be worried? In fact, a certain amount of volatility is a good thing because it creates opportunities for fund managers to exploit. After all, a totally flat market would not create the right environment to make and take profits, which funds need to do if they are going to provide reasonable returns. The concern is that investment values will fall during negative periods and, of course, this is true. But if you are investing for the longer term, then the timing of the ups and downs of markets is not crucial - except, perhaps, at outset when you make your initial investment. From then onwards, it makes no difference whether you get good performance immediately, or later, and whether you see negative returns before positive returns. For example, for a €1,000 investment over six years which enjoys three years of positive performance and three years of negative growth, it does not matter what order the ‘good’ and ‘bad’ years fall in, the result will be the same. Try it for yourself and see! The above example saw growth years of +10%, +17% and +5%, with loss years of -5%, -2% & -8%. The end result is a fund value of €1,157.45. This is fine if you are simply aiming to accumulate capital. It is a very different story if you are taking income from the fund. Using the same example but adding an annual income withdrawal of €50, if all of the good years come at the beginning, the value after six
deals. These minimum-rate interest clauses charged mortgage holders higher rates, even when Spain’s benchmark Euribor hit historic lows of 1.3%.
Riding the market It’s a roller allquestion coaster oftiming... years would be €872. If the negative years come first though, the end result would be a fund value of €780. As you can see, timing really does matter! So how can you use this information to your advantage when planning your finances? The answer has to be in the overall strategy which you should discuss with your financial adviser. Your finances should be structured to vary the sources that pay you income, in order to avoid taking funds from market-linked investments when values are down. This is only possible if you have spread your investments and have other money you can draw on which is not market sensitive, such as funds on deposit. This will only work for you if you understand the level of income you can sensibly achieve from your capital over the longer term, have a strategy in place and the determination to employ it when decisions need to be made. This should be at the heart of your financial planning if you are relying on your capital to provide income. Timing really can make a very big difference.
Richard Alexander Financial Planning Limited is an appointed representative of L J Financial Planning Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Contact him at Richard@ra-fp.com
Around 10% of mortgage holders are affected by the ‘clausulas suelos’. Adicae, the association of Spanish bank users, estimates the clauses have cost the average client €3,000 a year and have been partly responsible for 90% of Spanish evictions over the last few years. The EC opinion is not binding, but the ruling is requesting payment be made for the by mortgage broker full duration of the loan. Tancrede de Pola
MORTGAGE THINK TANK
tracts. Banks were ordered to remove clausulas suelos from all contracts where they were not outlined clearly and to repay any fees paid from that date on. In October this year, Caixabank finally removed all its minimum-rate clauses, effectively losing the bank a staggering €220 million each year. But the European Commision has now ruled that those sanctions do not go far enough. They have ordered banks to dip into their coffers once more and reimburse mortgage borrowers in full from the date they started repaying. All in all, it will cost the banks a fair amount but will go some way to restoring confidence in the mortgage system. Now, roll on getting rid of the insurance clauses... But that’s for another column.
Refusing
Incredibly, many banks are still refusing to remove the clauses despite Spain’s own High Court ruling in May 2013 that the clauses should be repaid from that date. Lenders BBVA, Abanca and Cajamar have removed them, while Caixabank also eliminated most of its clauses at a cost of about €220 million a year to the bank. Banks, including Sabadell and Unicaja, have still to remove the unfair clauses.