Property magazine Issue 7

21www.theolivepress.es the Olive Press November 11th - 25th 2015

IT brings a whole new meaning to the concept of living life on the edge.Perched above the Med, Casa del Acantilado (The Cliff House) is the latest project from weird and wacky Madrid architects GilBartolome.

StunningSomething of a challenge, it was created by Pablo Gil and Jaime Bartolome on a 42-degree slope on the Granada coastline.Commissioned by a young couple from Ma-drid, every window of the home, near Salobrena, boasts stunning views of the sea.The state-of-the-art de-sign split over two floors features a ‘dragon-scale’ curved roof, floor-to-ceiling windows and an infinity pool. Its position dug into the hillside helps the inside stay cool in the summer months and warmer in winter.“The project combined

EVEREST veteran Stephen Venables has swapped his West Country home for a pad in hilly Gaucin.The intrepid mountaineer, who found fame leading ex-peditions through the Hi-malayas, has chosen soaring Andalucian mountains over Somerset countryside.“It’s a strange irony that though I’ve spent most of my life calling myself a moun-taineer, this is the first time I’ve actually lived in the mountains,” revealed Ven-ables, 61.Venables and wife Rosie, from Bath, bought a pair of small, adjacent town hous-es and have knocked them through to create one larger village home.“We are reliant on the local expat community because we are only just learning how to speak Spanish,” he said.Venables found fame forg-ing a new route up Everest’s Kangshung Face and was the first Briton to reach the sum-mit without extra oxygen. He has also explored Antarctica.

Live like a rockstarPAGE 23

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Happy first Birthday

Best of the botched jobs

What’s Hugh doing in Mallorca?

LIVING ON THE EDGE

Iconic Spanish architects complete stylish cliffside pad on the Andalucia coast

Up in the world!

GOING UNDER-GROUND: Innovative hillside pad

Phot

o by

: Jes

us G

rana

da

olive press

ropertywww.theolivepress.es March 30th - April 12th 2016

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IN THE HILLS: Venables (above) and Gaucin

joyful living, innovative construction techniques, the return of craftsman-

ship and the cave as an environmental strategy,” said Bartolome.

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Easter is a great time for change and all things new, and whether you’re looking to buy or sell, we’re here to help.

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23Property www.theolivepress.es March 30th - April 12th 2016 23

IF you’ve ever dreamed of sitting in Rick Parfitt’s chair, the time is right now.The Status Quo rocker’s Spanish mansion is up

It’s going for a song Rick Parfitt’s Alhaurin pad

is up for grabs and it caters for Whatever you Want

EXCLUSIVE By Iona Napier

THE population of Benaha-vis is set to increase by up to a third if its new town plan (PGOU) is approved by the Junta.Up to 1,063 houses will be added to an additional 3,800 homes, which already have permission from the existing 1983 town plan.The majority of properties are to be built in the surround-ing urbanisations, including Montemayor and La Quinta, while an extra 200 homes are to be added to the village.The population is expected to swell from its current unoffi-cial size of 20,000 residents to around 30,000 residents.“There will be less density, but more volume and the main objective is to keep the quality. This is not about quantity,” said local agent Scott Marshall, of Propertie-spain.com. “It is an exciting and ambi-tious new plan, but at this stage it is just a plan,” added the Benahavis property spe-cialist.

Expansion plans

for sale - and for less than half the original asking price.

The six-bedroom pile set in a leafy two-and-a-half hectare plot in Alhaurin El Grande has been priced to sell fast, slashed from €2 million two years ago to €995,000 now. Which proves you’re Never Too Late for What-ever You Want.Rick, 67, his third wife Lyndsay Parfitt and their sev-e n - y e a r - o l d twins use the property as a weekend retreat when they are not at their luxu-

ry Marbella villa.The impressive Alhaurin estate with stunning

views boasts a home cinema room, huge

swimming pool, tennis court, sepa-rate guest house and

‘space for stables’.The house is on the

market with the Parfitts’ very own estate agency, Status Homes, which the couple launched late last year in San Pedro.Last June, the

Olive Press ex-posed a dodgy kitchenware scam

ROCKER’S PAD: In Alhaurin and (inset) Parfitt

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Looking for a simpler life?

RUSSIAN purchases in Spain are on the decline.The Spanish Property Registry reveals buyers fell by 42% between 2014 and 2015.Just 1,767 properties were sold to Russians in 2015, down from 3,106 in 2014.According to agency Engel & Völkers ‘there is no lack of interest, but Russian buyers have become sellers’.They are being replaced by Americans, Swiss and buy-ers from the Middle East.However, Brits remain the biggest buyers from abroad and represent a staggering 21% of all property sales.

THEy’rE Off-skI

WINSTON Churchill’s Second World War HQ is to be given a makeover by a leading Spanish construction company. The keys to the Old War Office in White-hall, a stone’s throw from the Houses of Parliament and Downing Street, have been handed over to Spain-based firm OHL alongside the Hinduja Group.

Would Churchill turn in his grave?The seven-storey, 1,100-room building where Churchill often spent the night will be converted into a five-star hotel.OHL has purchased the lease - for an undisclosed fee - from the British Min-istry of Defence on a 250-year arrange-ment, in partnership with the Hinduja Group.

in Nueva Andalucia which left the Parfitts €2,930 out of pocket.

MAKEOVER: For Churchill’s old room and (left) the ex-PM

24 www.theolivepress.esthe Olive Press November 14th - 25th 2016 Property March 30th - April 12th 201624

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ConveyancingInheritancesSpanish wills that comply with EU regulation 650English willsFamily & divorce CUE cake, candles and Champagne: the Ol-

ive Press’ Property magazine is celebrat-ing its first birthday.Since launching in March last year, we

have built up to a regular 24-page bi-monthly pull-out, supported by the cream of the coast’s best agents, architects and developers.Over six bumper issues, we have broken count-less exclusive stories and given readers the in-side track on the property market, its growth and its many complex issues.From the sale of Robert Kilroy Silk’s €12m Casa-res pad, to former Prime Minister Jose Maria Aznar’s ‘illegal’ wall in Marbella, and from Salma Hayek’s campaign to protect La Almoraima es-tate, to the best green properties in Spain, we have covered the lot.Meanwhile our Kick Out the Kickbacks campaign saw one of Marbella’s biggest law firms taken to court and continues to expose the practice of lawyers giving estate agents ‘backhanders’.

And our Olive Press Property Observatory, launched in January, now brings together a think tank of property experts two or three times a year.The sun is coming out, the tourists are back and the property market is going from strength to strength. It should be a bumper year ahead for everyone in the property industry!Thanks to all the key movers and shakers, includ-ing Taylor Wimpey, Winkworth, PropertieSpain Property Overseas Group and Andalucia Devel-opment, who have supported us from the begin-ning.We are gearing up for an exciting year – we hope there will be plenty more of you joining in our suc-cess story!

year to remember

Olive Press’ Property magazine celebrates its first birthday

19www.theolivepress.es the olive press - March 19th - April 1st 2015

POTTED POINTERS

olive pressthe

roperty

Dream

come true

Steaming ahead

Property expert Mark Stucklin on how the market is suddenly gathering speed with help from the British market

The secret Spanish homes of a dozen leading celebrities

Marbella’s leading agent Chris Clover on how he started out on the Costa del Sol in 1970

PAGE 2

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Buying or selling property in Spain?Let us help youreach your destination.Put us to the test. See if HiFX could save youtime and money.

www.theolivepress.es March 19th - April 1st 2015

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45 years as an agent

Fit for a star

HOMESELLERS REPORT Paradise by the pool...

POTTED POINTERS

olive pressthe

ropertyExpat buying boom

RE/MAX Top CEO Miguel Bilbao on the huge growth of foreign buyers even flocking to Malaga City

Why a host of famous chefs, celeb-rities and supermarket tycoons are buying in Gaucin

Mr Boom of Bena-havis Scott Marshall reveals his mas-ter property plan with 20-something websites

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www.theolivepress.es the Olive Press May 13th - May 27th 2015

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Boom boom boy

Hidden hotspot

HOMESELLERS REPORT

EDITION No. 2

WONDERWALLS: This mini oasis in

Benahavis with a distinct Moroccan vibe, panoramic views of Africa and four

bedrooms is priced at €2.2 million with

Winkworth

24 - Page

Special

19www.theolivepress.es the Olive Press June 11th - June 24th 2015 19

POTTED POINTERS

olive pressthe

ropertywww.theolivepress.es July 23rd - August 5th 2015

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Room with a viewBREATH-TAKING: Views over Spain, Gibraltar and Africa from this extraor-dinary villa perched high in exclusive La Zagaleta

EXCLUSIVE: British politician Robert Kilroy Silk puts his costly Costa estate up for sale

How you can buy a mil-lionaire’s home with a down payment of €800,000 and a mortgage with the owners

PAGE III

PAGE XIX

Lucky numbers

Kilroy woz ‘ere

So stunning. Pages X - XI PRICELESS VIEW: This beautiful hillside property, with a stunning and stylish pool, is on sale through www.lazagaleta.com

19www.theolivepress.es the Olive Press October 1st - October 14th

olive pressthe

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Safe at last!

Controversial Almoraima sale comes off the market after campaign by Olive Press and visit from Hollywood actress Salma Hayek

SOLD OUTSPANISH housebuilder Tay-lor Wimpey Espana has dou-bled its annual sales this year.The subsidiary of the British company has already sold out five developments, with Brit-ish sales up 37%.Meanwhile, German buyers have leapt by an astonishing 160%, fuelled mainly by sales in Mallorca.Marc Pritchard, sales and marketing director, said: “It’s been a really good summer this year. “It’s been at least five years since I’ve experienced such an intense level of enthusi-asm for Spanish property.”New Costa del Sol develop-ments popular with British golfers this year include La Floresta Sur near Marbella and Miraval in Mijas.

Malaga company floatsA LUXURY property com-pany has become the first in Malaga to float on the stock exchange.Obsido, a Spanish-Norwe-gian company, debuted on the Mercado Alternativo Bursátil (MAB) this month at a price of €19.40 per share.The company currently man-ages two hotel resorts in Es-tepona and Marbella. FULL STORY PAGE 21

NATURAL BEAUTY: Alcornocales Natural Park, while (left) Hayek and (below) Almoraima estate

Who bagged top prize at the World Travel Awards?

PAGE 35

EXCLUSIVE: Peter Hain buys stunning Estepona villa

PAGE 21

What have former PM Aznar and footballer Bent-ley got in common?

PAGE 24


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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 contin-ue 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 Servihabi-tat CEO Julian Cabanillas.This rise is almost three times this year’s increase, which is currently pre-dicted to sit at between 2.3% and 2.6% overall.The real estate giant, part owned by La Caixa bank, also predicted that pur-chases next year could grow by 25%.This positivity is shared by property ex-pert 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 real-ly see the good times picking up again.”

Let the good times roll...

A new chapter to breathe life into this iconic Marbella ruin

EXCLUSIVE: Meet the estate agent on an un-heard-of selling streak

Page 19

What has Brigitte Bardot got to do with Spanish property?

Page 22

Page 24

SOLDSOLD

SOLDSOLD

SOLD

Issue No. 6 November 26th - December 9th

Property sales are back on track with multi-million euro purchases, renewed confidence and fresh hope for the future

LA ZAGALETA BEAUTY: Sold by Panorama

PUERTO BANUS PRIZE: Sold by Panorama

GOLDEN MILE PAD: Sold by Terra Meridiana

ESTEPONA ESCAPE: Sold by Terra Meridiana

ON THE UP: Stunning Spanish properties, such as luxury villa (above) sold by Panorama, are being snapped up in the post-crisis boom


olive pressthe

ropertywww.theolivepress.es January 20th - February 6th 2016

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HiFX Europe Limited Sucursal en España is a branch of HiFX Europe Limited. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services.HiFX Europe Limited Sucursal en España is a branch of HiFX Europe Limited. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services.HiFX Europe Limited Sucursal en España is a branch of HiFX Europe Limited. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services. Don’t let the banks cash in! www.hifx.co.uk



Enjoy bank beatingexchange rates.

Mark Stucklin on the year Spain left the crisis behind

PAGE 18

Eco triumph for Valdevaqueros beach in Tarifa

PAGE 19

Olive Press Prop-erty Observatory launches

PAGE 20

A run down of Spain’s top eco-friendly pads

PAGE 24

IT is set to become one of the most ex-clusive golf development projects in Europe.The purchase of emblematic Valderra-

ma golf course by Marbella development company Zagaleta is the fusing of two prestigious Spanish giants.A new mega-project, taking in 200 hect-ares of rolling virgin hillside near the fa-mous golf course, is the perfect sign that the Spanish property market is truly flour-ishing again.Zagaleta, just outside Marbella, is Spain’s most luxurious residential development, counting Hugh Grant and the mayor of Moscow among its residents, while So-togrande-based Valderrama hosted the 1997 Ryder Cup as well as the now de-funct Volvo Masters.Developers Zagaleta Limited, based in London, have purchased the Valderrama group, including the golf course, as well as the new land in neighbouring Castellar municipality.In an exciting deal, said to be worth €40 million, Zagaleta has become the new landlord of Valderrama Golf Club, until at least 2050.Alongside the deal, Zagaleta is to invest a further €200 million creating a new complex - dubbed Valderamma 2 - with a second championship course, hotel and around 100 high-end properties.

Spain’s property comeback continues as €240m mega-fusion sees Zagaleta buy the Valderrama group, writes Iona Napier

Local agent Ben Bateman, of Holmes Sotogrande described the deal as ‘a very interesting fusion of two famous brands.’The agent, who has known about the sale for some time and even shown potential clients around the course, added: “The quality of Zagaleta is integral here, and given the new ownership of Sotogrande

itself, it’s very exciting news for the whole area.”Fellow agent Adam Neale of Terra Me-ridiana added: “It is surely win win for the coast.“You are going to get a whole new net-work of high-end clients looking there.”Security is set to be a major factor in the

development, while quality of construc-tion will also be paramount.At Zagaleta, in Benahavis, near Marbella, homes currently start from around €3 million.An incredibly secretive place, once owned by arms dealer Adnan Khashoggi, its own-ers are said to have included Rod Stewart

and even President Putin of Russia.The project will unfold over the next de-cade, and La Zagaleta group has ex-pressed its willingness to collaborate with the Real Club Valderrama, to preserve the privacy and exclusivity that the brand has built up over many years to become a Eu-ropean landmark.

It is surely win win for the coast.

A very interest-ing fusion of two famous brands.

‘‘

“ “

“

Mega-fusionPERFECT MATCH: Zagaleta (top) meets Valderrama (below)

Ben Bateman, Holmes Sotogrande

Adam Neale, Terra Meridiana



Buying or selling property in Spain?Enjoy bank beatingexchange rates.Put us to the test. See if HiFX could save youtime and money.

SIX OF THE BEST: OP Property magazines over the last 12 months

25www.theolivepress.es the Olive Press November 11th - 25th 2015Property www.theolivepress.es March 30th - April 12th 2016 25 March 30th - April 12th 2016

26 www.theolivepress.esthe Olive Press November 14th - 25th 2016Property www.theolivepress.es March 30th - April 12th 201626

Positive, but not naiveThe year started well for sales and at least one top economist is cautiously optimistic, writes property pundit Mark Stucklin

ONE of Spain’s top economists, professor Jordi Gual of the Caixa Bank group, is optimistic about the year ahead despite the frag-

ile global economy.Speaking at a dinner for real estate pro-fessionals organised by Amat Immobili-aris he talked about the oil price crash, slowdown in China, and low interest rates – and the implications for Spain as it emerges from recession after a painful internal devaluation and restructuring, and now faces a continuing political cri-sis in Madrid.After reading so many gloomy head-lines of late, it was reassuring to listen to a more balanced view from some-one with access to all the data. Prof Gual made it clear he is cautiously optimistic for Spain, describing his position as ‘posi-tive but not naive’, in-cluding on the domes-tic political front.Without denying the human cost, he ex-plained how Spain has become much more competitive, al-though the job is not yet over. As a totally open econo-my, foreign investment has been flooding in to take advantage of Spain’s opportunities, including real estate. Of course, he stressed, if foreign investors take fright, they can leave as quickly as they arrived.He also explained how

Spanish firms are just as productive as those in other EU countries like Germany when comparing mid-sized and big companies. Spain’s productivity problem stems from its large number of small companies compared

to economies like Germany and the UK. Why so many small companies? Be-cause the administrative environment in Spain discourages companies from growing above a certain size.

GOOD START TO THE YEAROfficial statistics for January show the Spanish property market kicked off the year with a blast, as sales surged and house prices increased.There were 27,568 homes sold in Janu-ary, according to the General Council of Notaries, an increase of 27% on last year (see chart above).However, the chart also shows that Janu-ary 2015 was 11% down on 2014, so this January’s big increase might have more to do with weak sales last year than strong sales this year. The hotspots are Barcelona, Madrid and the most popular towns on the Mediterranean coast like Marbella, as well as the Balea-rics and Canary Islands.

HOUSE PRICESMeanwhile, average house prices (in terms of €/sqm) rose 2% in January on a year before, having climbed from an an-nualised decline of 6% in January 2015 (and - 8% a year ago in March 2015).

There were 11,884 new mortgages signed in January, an increase of 30% over the same time last year.Although house prices have crawled back into positive territory (based on the price of property sold), they lack the momentum to rise fast anytime soon. And house prices are still 31% below their 2007 peak.In the context of the SPI House Price Index Tracker (see chart, left), which in-cludes the seven most watched house price indices in Spain, the latest data from the notaries reinforces the picture of Spanish house prices stabilising in mildly-positive territory, after years of big declines.

CONCLUSIONSales up 27%, mortgage lending up 30%, house prices up 2%: It looks like January was a great start to the year for the Spanish property market.

Mark Stucklin runs www.span-ishpropertyinsight.com

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Turning your dreams into your home

Los Hidalgos Villa – Ref 195Price: 295,000€

This private villa has been renovated and has an open fire and air con.The house is surrounded by a private plot of 600m2 which consists of gardens, a large swimming pool, a front patio and a covered garage for 1 car.

3 Bedroom Villa - Los Hidalgos

Bedrooms: 3Bathrooms: 2

M2 Built: 160 m2Plot: 600 m2

3 Bedroom Duplex

La Almadraba Apt – Ref 242Price: 245,000€

Spacious duplex apartment on the top floor in one of the south facing blocks within La Almadraba Complex. Minutes on foot from supermarkets, the beach, shops and the lovely Marina of Duquesa.


M2 Built: 134 m2Parking: Private

3 Bedroom Penthouse, Coto Real

Coto Real – Ref 248Price: 375,000€

Corner penthouse including 3 large bedrooms, marble finish-bathrooms, spacious kitchen plus pantry, a very bright and spacious lounge/dining area plus a large veranda. Its South-west facing so enjoys the sun all day long.


M2 Built: 130 m2Parking: Private

3 Bedroom Villa, Duquesa

Jardines de la Duq. – Ref 236Price: 595,000€

Immaculate private villa overlooking the 15th hole at Duquesa Golf course. A South West orientation enables you to enjoy the sun all day. Located at the end of a quiet street, only 1km from the Marina of Duquesa.

Bedrooms: 3Bathrooms: 2.5

M2 Built: 240 m2Plot: 800 m2

SOUTH FACING TERRACE!SEA VIEWS!FRONT LINE GOLF!AMAZING PROPERTY!

ON THE UP: House prices keep going up again


VILLA FRONTLINE LOS NARANJOS GOLF4 Beds • 4 Baths • 680 Built m2 • 208 Terrace m2 • REF 176-01258P

A beautiful and very well built house front line to Los Naranjos Golf in a small gated and private urbanisation. The house has been decorated in a modern style and is being offered fully furnished. The Villa features under floor heating, state of the art AC system, central vacuum cleaner, heated pool and also a special basement level with natural light and consists of a cinema room, guest suite, laundry room, utility area and a large garage.

VILLA LA QUINTA4 Beds • 5 Bath • 550 Built m2 • 143 Terrace m2 • REF 176-01246P

Brand new stunning contemporary villa offering breath-taking views towards the sea and tranquil surroundings. The property has been built to perfection with high qualities throughout. As you enter the house you have a good size living/dining area that leads out to the covered terrace and pool area. The garage holds 2-3 cars as well as having space for a store room.

2,59

5,00

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28 www.theolivepress.esthe Olive Press November 14th - 25th 2016


In cyberspace… buyer beware!

There is little protection for anyone buying and selling through big property portals… and it is unfair on legal, registered agents, believes Graham Govier of Inland Andalucia

IT seems extraordinary that in 2016 there are still a large number of individuals op-erating as estate agencies who are to-

tally unregistered in Spain. What do I mean by ‘unregistered’?Well, aside from failing to provide proper invoices to their clients for services, they don’t have public liability insurance, which means that anything verbally stated or promised as part of a purchase or sale will have no recourse on them, except in a civil court.On top of this, they don’t have registered addresses and are often not properly checking whether the properties they sell are completely legal and allowed to be traded.

In short, they are not adhering to any as-pect of the European Trade Description Act… and all the strict regulations that us legal agents have to abide by are generally ignored.This doesn’t happen in the UK, Germany or Denmark… so why does it happen in Spain?A lot of the blame has to sit with the large number of property portals that exist out in cyberspace. Websites such as Kyero, Think Spain, A and Place in the Sun, etc, which do not check the accreditation of anyone offering properties for sale. And why would they? That would drasti-cally restrict their revenue, of course.It is even apparently too much for many of them to simply have a disclaimer tucked away in the small print as part of their ‘terms of use’ section.This is all completely unacceptable in

2016. Where is the protection for the pub-lic? I believe it is going to take new European legislation to resolve this. Meanwhile it has to be BUYER BEWARE.We always advise our clients to use their credit card when reserving a property. This method provides the additional pro-tection of the credit card company.If ‘Sorry…we don’t take credit cards’ is the reaction of your agent, ask yourself why?That is the true indication if you are really dealing with a registered agency that has bank accreditation.Property prices are still low and there are some great bargains out there… but do not risk your savings without investigating who you are dealing with.If it all goes wrong you will live to regret it!

Contact Graham Govier at Inland Anda-lucia on [email protected]

Property www.theolivepress.es March 30th - April 12th 2016 29

IT may be in need of a little TLC but this cortijo between Alcala la Real and Castillo de Locubin could become a dream finca overlooking stunning Andalucian countryside. On the market for just €49,000 you would be hard pushed to find a cortijo project in such a stunning location going as cheap. With a large well, 4,500m2 of land and planning permission already in place to rebuild, it would make a dream spot for a cycling retreat or a hikers getaway.Contact Inland Andalucia for more information.

A dream view


What would the romans say

...about Spain’s long list of botched makeovers and reck-less restorations?Rob Horgan and Iona Napier tour the country’s monumental disasters

WHEN archaeologists uncov-ered incredible Roman ruins in Ecija, the town hall turned it

into a car park. When UNESCO threat-ened to take away Sevilla’s World Heritage status, the city ploughed

ahead with plans for a 40-storey sky-scraper anyway. And now, in Cadiz, Spain’s latest res-

toration disaster is unfolding.Historians and locals are outraged over ‘repairs’ to El Castillo de Matre-

Car crash digARCHEOLOGISTS could barely hide their excite-ment. Historians revelled in the unearthing of a new hidden gem. And then … the bulldozers moved in, flattening nearly 2,000 years of history. Beneath the main square of Ecija, in Sevilla, a trea-sure trove of Roman his-tory languishes beneath a new car park. Where a Roman bath house, gymnasium and temple had once stood, Seat Ibizas, Leons and To-ledos are now parked up. While archaeolo-gists around the world slammed the work, the town hall claimed that had it not dug up the main square to build the car park in 1998, the re-mains would never have been found.

WHEN the final stone is set in place, Gaudi’s famous Sagrada Familia will be the world’s tall-est church, soaring 170 metres above Barcelona. It will also be one of the strang-est looking and possibly the most controversial places of worship ever built. Confounding architects, critics and historians alike, the church was described by George Or-well as ‘one of the most hid-eous buildings in the world’ and he admitted he hoped it would be destroyed during the Spanish Civil War.Although Gaudi began the work, the building’s numerous subsequent architects have each added their own stamp. Some critics say they have strayed too far from the original vision of the great Spanish ar-chitect. Started in 1882 the project is scheduled - although unlikely - to be finished in 2026.

Towering insult FOR 13 centuries a bell tower overlooked the ancient city of Sevilla. It was the tallest building in Andalucia’s capital and the standout jewel on the city’s skyline. Then in 2010, a 178-metre tower was erected by Spanish bank Cajasol and the quaint La Giralda bell tower was thrust into its shadows. It was regarded as such an eyesore and an insult to the city’s architecture, UNESCO threatened to remove Sevilla from its list of World Heritage Sites. In the end, the city retained its status but remains on the ‘threatened list’ and has been warned off ruining its historic skyline.

UNHOLy HOTCHPOTCH

ra, after the 9th century castle was ‘extended’ by builders.In place of ancient stone work, concrete blocks were slotted in to ‘pre-serve’ the monument. A National Monument since 1949, a local histo-rian described the work as a ‘heritage massacre’.

Mocked

Such a cowboy cockup it is, that it has received international media cov-erage lambasting the poor workmanship and the images went viral on social media, as people mocked the less-than-lovingly restored Moorish castle. But the botched job on the Castillo is sadly noth-ing new. In place of historic land-marks, giant eyesores have been popping up across the country since the turn of the century. Here are some of the worst (or best, depend-ing on your taste).

ONE of Spain’s biggest restora-tion disasters has polemically become a tourist draw.When an elderly woman tried to repair a religious fresco in a Zaragoza church in 2012, scan-dal and derision reverberated through the country and its me-dia outlets.But now Cecilia Gimenez, 82, has the last laugh, as a visitor centre has opened to document her botched drawing of Christ.

Her efforts to preserve Behold the Man (Ecce Homo) were cru-elly but somewhat accurately re-named Behold the Monkey (Ecce Mono).The patched-up 100-year-old sketch has drawn some 100,000 visitors to Borja and even in-spired an opera, Behold the Man.Borja Mayor Francisco Arilla hopes more good can come, with an average of 30,000 visitors per year predicted.

Monkey business

RED-FACED: Gimenez


The Olive Press – 342 x 256mm 30th March Property Magazine

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32 www.theolivepress.esthe Olive Press November 14th - 25th 2016Property www.theolivepress.es March 30th - April 12th 201632 Property www.theolivepress.es March 30th - April 12th 201632 Property www.theolivepress.es March 30th - April 12th 201632

S O T O G R A N D E

S O T O G R A N D E

33www.theolivepress.es the Olive Press November 11th - 25th 2015 33Property www.theolivepress.es March 30th - April 12th 2016Property www.theolivepress.es March 30th - April 12th 2016

S O T O G R A N D E

S O T O G R A N D E


IT was never a question of IF Richard Woodland would escape the London rat race,

it was WHEN.The Property Overseas Group owner, who was raised in sub-urban south London, pursued his dream to move to Spain almost 15 years ago.The half-Spanish IT man-ager traded his job in the big smoke to work for Country-wide, the UK's largest estate agency at the time, which was establish-ing a Marbella base."My mother is from Madrid so I had always holidayed in Spain, mostly on the coast, and I was interested in prop-erty so the job at Countrywide was the perfect timing and the perfect fit," the 50-year-old father-of-three told the Olive Press.

In the knowFrom the big smoke to the rolling hills, Property Overseas Group owner Rich-ard Woodland is an inland wizard

"I lived in Marbella for a few years but I was attracted to the inland lifestyle so I bought some land and built my own finca in Coin."The softly-spoken agent con-tinued: "The finca I was build-ing was initially intended as a weekend retreat but it wasn't long before I had moved in permanently and then started building a new project in Mon-

da."By this point Richard had left Country-wide and set up his own agency, Prop-erty Overseas Group, which now operates from its inland office in Coin, opposite La

Trocha commercial centre.Due to the length of time he has lived in the area, he has built up the best contacts for local architects, lawyers, gar-deners and builders and can

provide the complete service to clients.As importantly, he is com-pletely bilingual – perfect for negotiating bureaucratic red tape and changeable Spanish laws."I realised I can be really help-ful to buyers," he explains, adding that most of his clients are looking for property with beautiful views and a private plot of land.He believes in the current climate this can be achieved easily inland for around €250,000."You can certainly get much more for your money inland," insists Richard, who lives with his partner and son in Coin.

He has two daughters in the UK.Such a big fan of the region, he now has several properties of his own that he rents out - including one in Estepona, which can be rented cheaply while house hunting and you can be refunded the rental if you buy.While he knows the property market on the coast, he is a particular specialist in the Guadalhorce valley, includ-ing the towns of Coin, Monda, Guaro, Tolox and Alhaurin el Grande.Call Richard on 952 814 780 email [email protected] or visit www.prop-ertyoverseasgroup.com

HOMESELLERS REPORT

KNOWLEDGABLE: Richard Woodland

My Spanish is perfect for negotiating

bureaucratic red tape

35www.theolivepress.es the Olive Press November 11th - 25th 2015Property www.theolivepress.es March 30th - April 12th 2016 35

36 www.theolivepress.esthe Olive Press November 14th - 25th 2016 Property March 30th - April 12th 201636

NEW LOCATION FOR LA PERLA PROPERTY MANAGEMENT

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:

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 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.

Jane Clay – La Perla Property [email protected] [email protected] 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

Cleaning packages A, B & C Insurance BrokersWelcome Package Weekly Check

Annual Air-conditioning ContractsGardening & Plants Personal Secretary Maintenance Service

NEW on the Costa Del SolPrices from EUR 90 + IVA

Get those all important viewings with good pictures

www.marbellarealestatephotos.com

Marbella Real Estate Photos

WHATEVER the re-sults of the vote on June 23, our re-

search shows us that Spain will always appeal to British buyers. Even if Brexit comes to pass, Brits will still want their place in the sun or the coun-tryside, a better way of life and a warmer climate. We do not expect there to be any change in the ability of Brits to purchase abroad – after all, the most popular locations in Spain do rely on the significant stream of income from British buyers and expats to boost their economy.From a currency perspec-tive, here at Smart Curren-cy Exchange we have seen how sterling strengthened against the euro throughout 2015 following worries over Greece and the weakness of the Eurozone economy.Forecasts were for continued euro weakness, but the mar-kets were caught by surprise when the European Central

Brexit, house prices and why not to worry

Bank’s actions following the December 2015 meeting didn’t meet expectations, and the euro strengthened.Sterling’s weakness has since been exacerbated by talk of the potential of Brexit; and setting a date for the referendum has focused everyone ’s minds on what this could mean. The pound will more than likely continue to struggle in the face of un-certain markets, speculation about the outcomes of the referendum and in response to other economic data. Be aware that sterling could still fall further in the run up to the referendum and after

the vote. It is important to remem-ber, however, that although the sterling-euro exchange rate soared in the summer of 2015, the rates available now are still considerably bet-

ter than those available up until as recently as 2014, in the wake of the fi-nancial crisis.Of course this volatility may well affect what properties you can afford for your money in

sterling, taking any property beyond your budget. This is where we recom-mend utilising our services and property buyer solu-tions, such as the opportuni-ty to secure the price of your property in pounds at the

There is no guarantee the rate will shoot

up following the referendum

current rate to protect you from any future fluctuations before you make your final payment.After all, if you choose to leave the property price in the hands of the exchange rates and wait for rates to improve, you may be waiting for some time.If the outcome of the refer-endum IS a Brexit, the ster-ling-euro rate could poten-tially fall further. And even if we decide to remain in the EU, there is likely to be some uncertainty in exchange rates until everything settles down, so there is no guar-antee the rate will shoot up immediately following the referendum.Email [email protected] or visit the Mijas La Cala office behind SuperSol.

Britons will always want a place in the sun but also keep an eye on exchange rates, writes Smart Currency Exchange ex-pert Mark Rickard

www.smartcurrencyexchange.comLa Cala del Sol, Local No. 17,Cala de Mijas, 29649, Malaga

tel: +34 951 401 921

www.theolivepress.es

37www.theolivepress.es the Olive Press November 11th - 25th 2015Property www.theolivepress.es March 30th - April 12th 2016 37


Looking for peace of mind?

www.blacktowerfm.com

• Expert wealth management • Effective tax planning• Tailored investments• International Pension Transfers • Private Banking• Discretionary Fund Management

Contact the Marbella or Gibraltar OContact the Marbella or Gibraltar Office:T +34 952 816 443 | +350 200 42353E [email protected] 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.

How many New Year Resolutions have you broken so far?- By Quentin Sellar / International Financial Adviser

Blacktower Financial Management Ltd is authorised and regulated in the UK by the Financial Conduct Authority and is registered with both the DGS and CNMV. Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) Licence No: 00805B and registered with the DGS in Spain.

We are almost at the end of the first quarter of 2016 and as the last weekend will include Easter most of us will break the “I won’t eat chocolate in 2016” resolution by Easter Sunday - if we have lasted that long!

That was a slightly flippant opening, but there is a common resolution that my colleagues and I hear most days: “I said at the start of the year that we MUST get my finances sorted out and do something about…” That ‘something’ could be a frozen pension in the UK or having too much cash in a current account that is earning them absolutely nothing and even in these days of low inflation, eroding their spending ability. It could be having investments that were started when you were living in the UK and made fantastic sense as a UK resident, but give you absolutely no benefit at all now that you are living in Spain. Think ISA’s or Premium Bonds.

It could even be an inheritance that you know you should do something with, but with all this uncertainty caused by Brexit, interest rates rising in the USA or concern over the volatility of the financial markets the money is still sitting in a deposit account gaining no interest whatsoever.

Or it could be that you know you should have done something about your Residency, completing your Modelo 720 submission.

Let’s take this step by step and look at the main areas where we find people are not planning properly or are delinquent, and therefore leaving themselves open to a severe fine or potentially penalising their beneficiaries.

I’ve focussed on a few of the most important issues and the key ones are:

• Spanish or UK resident• Declaration of Offshore Assets (Modelo 720)• Spanish Inheritance Tax

Before I start on those, on 29 October 2014, 51 jurisdictions signed the first ever multilateral competent authority agreement to automatically exchange information. Known as the “Automatic Exchange of Information or Common Reporting Standards”.

These countries have agreed to collect data on income earned in their territory by non-resident individuals and automatically transmit this data to the authorities where the individual resides, so that it can be taxed in the individual’s country of residence. This process started with the EU Savings Directive in 2005, where details of savings accounts held in other countries were automatically sent to the tax offices. In January 2016 this level of information was extended to all income from any source.

Fiscal Residency - this is a matter of fact and not a matter of choice.

Spain will class you as being a Fiscal Resident, and therefore due to pay your taxes in Spain if:

• You spend more than 183 days a year in Spain• Your dependent spouse and children live here• Your centre of economic interest is in Spain

The taxes that are due to be paid in Spain:

• Income tax on worldwide income• Savings and Dividend taxes• Capital Gains Tax

And as a fiscal resident you are also now need to declare all assets held outside of Spain.

Declaration of Overseas Assets - Modelo 720

Since 2014, you have been obligated to declare assets held in other countries if you have more than €50,000 in either:

• Property• Bank Accounts• Investments

The deadline for this submission is 31st March and if you have not already done so, please complete it now. The fines for a late submission are a lot less severe than no submission at all and being caught. From January 2016 the asset will be declared to the Spanish authorities anyway. Once you have made the declaration, you do not need to submit again unless your holdings in any of the three asset classes has increased by more than €20,000, or made any disposals.

However, do not be caught out by the exchange rate trap. On 31st December 2013, the £:€ rate was 1:1.20 but on 31st December 2014 it

was 1:1.28 and on 31st December 2015 it had climbed to 1:1.36. So even if the value of the asset in GBP had not increased, the euro value had increased quite significantly.

Inheritance Tax

You need to be aware that the system in Spain is completely different to that of the UK. I’m not going to go into all the differences or explain how it is calculated in this article because it is very complicated, but the most significant differences are:

• There are no free transfers between spouses• The beneficiary must pay the tax before they can inherit the asset• There are different rates applied depending on your relationship to the deceased, i.e. Unmarried couples pay twice as much as those who are married or who have registered as “Pareja de Hecho” Step children will pay twice as much as natural children

There are allowances, again depending on your relationship to the deceased but these are nowhere near the level of the UK, so most people will have a tax liability to pay.

Can we help?

Of course we can. When we meet a client for the first time we have a relaxed conversation to establish their current situation, discuss their future plans and finally what they want to happen to their estate when that time comes. We then develop a solution that will meet those needs in the most tax effective way possible.

I’ve only touched on the most common problems people encounter so if you want more information contact me on + 34 952 816 443 or email [email protected]

39www.theolivepress.es the Olive Press November 11th - 25th 2015Property March 30th - April 12th 201639

www.castlesestateagency.comCalle Isaac Peral 4, Sabinillas 29692 · Manilva, Malaga · España · Office: (0034) 951 714 626 / 952 891 221

Fabulous ground floor duplex apartment located on a front line beach urbanisation at Casares, with good access to main coast road and villages of Sabinillas, Estepona and the nearby golf and marina complex at La Duquesa. Beautiful landscaped gardens and swimming pool areas with direct access to beach.

Type: Duplex Apartment / Area: Casares CostaBedrooms: 3 / Bathrooms: 3 / Area Built: 120m² / Terrace: 60m²

3 Bedroom Apartment 2 Bedroom Apartment

3 Bedroom Apartment

235,000€Ref. 1555

Beautifully presented 3 bedroom townhouse located on a small, tranquil urbanisation overlooking La Duquesa Golf and enjoying panoramic views of the course and to the sea. The picturesque port of La Duquesa and traditional fishing village of Sabinillas is a short walk away. The townhouse is in excellent condition having been recently been renovated to a high standard. The house has a small garden to the front and a private parking space. A fine property in a lovely location, in fantastic condition and tastefully furnished. Ideal for holidays or as a permanent residence and viewing is recommended

Type: Townhouse / Area: Duquesa / Bedrooms:3Bathrooms:3 / Area Built:107m² / Terrace: 98m²

3 Bedroom Townhouse

225,000€Ref. 1536

Fantastic opportunity, for 2 bedroom apartment situated in the luxury complex of Duquesa Village. Landscaped gardens, multiple community swimming pools, 24hr security, good road access to the blue flag beaches nearby, and the picturesque marina of Puerto de la Duquesa. Bright and spacious lounge and dining area with access onto the main sunny terrace. A fabulous apartment at an unbeatable price. Excellent permanent or holiday home with rental potential. Viewing highly recommended.

Magnificent frontline beach top floor duplex apartment located on the prestigious complex of La Perla de la Bahia, Casares. A luxurious urbanization in a Moorish design with substantial tropical gardens, fountains and pools. Built to a high quality the property affords lovely views of the beach and sea. The complex is completely private, with good security, video door entry and alarm system. Direct access to a blue flag beach via gardens which also include a fabulous choice of swimming pools - one of which is heated.

A superb top floor apartment with a huge roof terrace enjoying panoramic sea views, ideally situated close to the marina and golf of La Duquesa. Good access to the beach and nearby shops and restaurants the property is bright and spacious, beautifully presented and includes an underground parking space and storeroom. The apartment is located on a secure gated complex with lovely swimming pool and garden areas and a padel tennis court.

Type:Apartment / Area:Duquesa / Bedrooms:2 / Bathrooms:2Area Built:88m² / Terrace: 30m²

Type: Duplex Apartment / Area: Casares Costa / Bedrooms:3Bathrooms:3 / Area Built:170m² / Terrace: 35m²

Type: Penthouse Apartment / Area: Duquesa / Bedrooms:2Bathrooms:2 / Area Built:75m² / Terrace: 61m²

2 Bedroom Apartment

120,000€Ref. 1532

A stunning 4-bedroom luxury villa located in an elevated position on the Casares Costa between Estepona and Sabinillas. A short drive to local shops, restaurants, supermarkets and 2 minute walking distance to the blue flag beaches. Close proximity to the prestigious Finca Cortesin Golf course and Dona Julia. This villa was designed in a classic Andalucian style by the renowned local architect Aubrey David and has spectacular elevated sea views.

Type: Villa / Area: Casares Costa / Bedrooms: 4 Bathrooms: 4 / Area Built: 245m² / Plot Size: 2058m²

4 Bedroom Villa

695,000€Ref. 1506

390,000€Ref. 1386

170,000€Ref. 1352

39

Cocomo

ULF and the team at Anda-lucia Development are up to their eyes in business

at this time of year. With the Costa del Sol seeing an explosion of growth over recent decades and the recovery of the crisis well underway, it’s es-sential to speak to people who know their stuff to keep savvy.The small but very well estab-lished Scandina-vian team at An-dalucia Develop-ment in Marbella has a wealth of experience in the Spanish and international real estate markets.Since the company was set up by Kjell Hessedahl, Ulf’s father,

Taking care of businessAndalucia Development is keeping busy in the golf valley and in Nueva Andalucia

MORE French riviera-style seafront board-walks are to be laid in a push to connect the entire Costa del Sol.French developer Les Rivages is investing €500,000 on a new section on the outskirts

of Estepona where it is spending €12 million building 18 luxury properties.The boardwalk is part of the Senda Litoral project to link 180km of coast stretching from Nerja to Manilva.

Walk the planks

back in 1981, it has been per-fectly poised to be part of the immense growth of Marbella and the surrounding areas.The multilingual team is a ‘one -stop- shop’ for your needs

and can take care of all the details and bureaucratic hoops that are involved when buying or sell-ing a house.N u r t u r i n g solid relation-ships with cli-ents, lawyers, building and

property management compa-nies 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 cus-tomers 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, welcom-ing workforce for whom nothing is too much trouble, the team at Andalucia Development would love to see you. You can find them in Centro Pla-za, Local 63, Nueva Andalucia, Marbella. Call them on 952 816 250 or email [email protected]

VERY BUSY: Ulf

The multilingual team is a ‘one

-stop- shop’ for all your

needs


RECIO & MADRONA

Gestoría

tel: 952 892 097 – [email protected]. Manilva 1 – Edificio Avenida, 1F – Sabinillas – 29692 Manilva

Administrative Advisors with 20 years experience in both Spain and the UK

Tax advisors and accounting services

Business start-up

Vehicle transfers, Spanish car registration and driving license renewals

Assisting at the notary

EXPAT SERVICESApplication for NIE and residency

Translation services and help with phone calls to Spanish companies

Bank accounts & mortgages

Property www.theolivepress.es March 30th - April 12th 201640

Direct from owners! Two great business opportunities, 40 Hct. farm on the “Rio Genal”Very old mill ruin, plus buildings to renovate. 800 meters River Front, three water prevorations on flat river land! Great for ECO-vegetables growing, plus woodlands higher location. Cork, olives, horses, sheeps, etc.Tourist Hotel, Schools, Training centers, walking, riding.Two Villages 15 min, coast 45 min. Plans available for Centers. Townhall apr.

Ideal for Hotel / Restaurant / Camping Van’s, etc.38 Hct., 5 min main road, 15 min autovia Sotogrande - Estepona beach!Lots of water, plus river, electricity. Old farmhouse to renovate. Plans available with Townhall apr. Experienced working team, honest pricing, available.Must be viewed!

Finca Tintorera

Farm Rio Genal

750.000 €

800.000 €

Call 952 11 74 51 · Mob 616 73 66 00 · 8 am to 10 am and evenings 7 to 9 o’clock

THE priciest pad in Spain is owned by a British lord.Tory donor Lord James Lup-ton purchased lavish clifftop estate La Fortaleza, in Mal-lorca, for an estimated €40 million in 2011 from another Brit, John Ogden.However, it is a snip com-pared to the estate’s €125 million price tag at the peak of the boom in 2008, when Ogden put it on the marketNow multimillionaire Lup-ton, a former executive at Barings bank, has allowed the BBC to film the new se-

The Lord’s lairBBC films drama at Spain’s most expensive property, which belongs to aristocratic Brit

PRICEY PAD: La Fortaleza while (above) Hugh Laurie and (below) Lord Lupton

ries of The Night Manager, there for an undisclosed sum last month.The drama sees Hugh Lau-rie and Tom Hiddleston strut around the seven-villa, two-pool estate perched high above Pollenca bay in a thriller about arms dealer Richard Roper.A one-week stay at the

sumptuous estate was auc-tioned for a cool €265,000 at a Conservative party fun-draiser last year.La Fortaleza was built as a fort in 1628 to defend the peninsula from the Saracens.While it cannot be rented publically, it may soon be open to the public several days a month.

ourDirect from the owners! Two great business opportunities at a 40 hectare farm on the Rio Genal (River Genal)It consists of a very old mill, plus outbuildings to renovate. 800 metres of river frontage, and three wells on flat river land! It is great for growing organic vegetables, woodland, olives, horses, sheep and even cork.It would be a perfect project for a hotel, training centre/school or stables.There are two villages just 15 minutes away, and a 45-minute drive from the coast.And, the town hall has already approved a training centre.

Ideal for a hotel or restaurant development.Farm Rio Genal includes an old farmhouse that can be renovated with plans available from the town hall. At 38 hectares and just five minutes from the main road, you can be in Sotogrande via the motorway in just 15 minutes - thenEstepona beach and Malaga are not much further!There is lots of water plus a river and electricity. Come and have a look around!

8 - 10 a m a n d 7 - 9 p m

41www.theolivepress.es the Olive Press November 11th - 25th 2015 25Property www.theolivepress.es March 30th - April 12th 2016 41

Cocomo

What the papers say...“The Cocomo building provides a stylish ambience and a sleek, modern approach for today’s discerning clientele to enjoy a light snack, a signature cocktail or a full evening meal. Cocomo delivers for its diverse mix of local residents and global visitors alike.”

A unique opportunity to acquire this established freehold restaurant & bar, situated in the renowned beachside community of Benamara.

Next to The Senator Banus Spa Hotel Marbella

This is an excellent opportunity to acquire the freehold site of this well established venue in readiness for an immediate return on investment.Due to a change in personal circumstances of its owner, an established hotelier, for whom the site was developed as a lifestyle retirement business, it is now reluctantly being offered for sale with vacant possession.Located in the picturesque community of Benamara dos Hermanos, beachside, only minutes from fashionable Puerto Banus and adjacent to the distinguished five star Senator Banus Spa Hotel, it has gained an enviable

reputation from its discerning clientele.Operating profitably from its first opening, it provides its occupier privileged profits and an excellent eclectic customer mix, with continued growth potential either as owner operator or with significant investment potential, providing a yield of circa 7.5%.The site extends to over 500 sq metres and is constructed over 3 floors. All works during its extensive half million euro reform were fully authorised and approved by the local authority and overseen by Baldrich – Tobal Arquitectos.

Accommodation & Luxury Apartment There is an external access from the street to a self-contained staff unit which has its own bathroom, A/C and provides for overnight accommodation.First Floor – The Apartment – Reformed in 2016, two double bedrooms, master bathroom, guest cloak room, lounge/dining room with new kitchen and utility area. The apartment is accessed by its own independent external staircase.

Plot: 500 metresTerrace: 240 metresBuild total: 330 metresBar: 150 metresBasement: 100 metresApartment: 96 metres

The establishment is marketed freehold and priced to sell, interested parties should make contact with the owner directly by email [email protected]

Property March 30th - April 12th 201642

Contact Campbell and the team on +34 952 923 520 or email [email protected]

experience in11 years+

RICS BUILDING SURVEYORS & VALUERS

Connect with us!

For peace of mind follow these property buying rules

+34 952 923 [email protected]

Buy with Knowledge& Confidence

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ALL PROPERTY MATTERSBY CAMPBELL FERGUSON

IF you bought to let a Span-ish property to offset bills and mortgage fees and you don’t have an extra spare centimo to spend on it, think again. Andalucía has just con-firmed its residential prop-erty rental licensing scheme, bringing it into line with the majority of other tourist ar-eas throughout Spain. And safe to say, whether you get a license or whether you don’t, it will cost you. As far back as 2011, Barce-lona started controlling the rentals of private residential property. This has gradually spread to all the Costas, with the active backing of the hotel industry which saw private apartment and villa lets as an increasing threat to their occupancy rates. According to a recent study by HostelTur, private let-tings in 2015 accounted for approximately 25% of total short-term rentals in Spain, or more than 7.4 million tour-ists - an increase of 17% on 2014.From a health and safety an-gle, the regulation of some-times shockingly bad accom-modation is a good thing. Provision of fire, smoke and carbon monoxide detectors is good. But some of the new require-

Terra Meridiana. 77 Calle Caridad, 29680 Estepona. Tel: +34 951 318480. Office Mob: +34 678 452109

Email: [email protected]. http://www.terrameridiana.com

16years

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W ITH the Bank of Spain's proposed modification to Circular4/2004, Spanish registered banks may now be required, at least once a

year, to assess the accuracy of all property valuations and reappraise if there is a signifi-cant depreciation. This is long overdue and will give many banks a clearer – and possibly scarier – picture of their current investment standings.The mortgage process in Spain requires a valuation from a Spanish tasador, who is in-structed by the bank.However, because tasador valuations are regulated by the Bank of Spain this opens the door for eco-nomic ‘tinkering’, resulting in the valuations not being the true market value.Presently, the Survey Spain Network of RICS Chartered Surveyors undertake periodic valuations for various Europe-an banks who require updated Market Valuations of their cur-rent mortgaged stock. This is a trend we are seeing more frequently as banks turn to RICS valu-ers to get true market valuations after being disappointed with the ‘accuracy’ of tasador reports when the property is eventually sold.Tasadores are bound to value properties for mortgage purposes based only on the infor-mation contained within the escritura as a result of the authorities wanting to combat tax avoidance. However, this often provides a false impression as extensions or pool addi-tions are often only formally registered with-in the escritura when the property changes hands. Also, the banks often require the valuation to be after deduction of taxes and essential expenses, which can be as much as 10% of

the value.For example, say a bank has taken ten p r o p e r t i e s within a development and five of these have been extended. If the extensions were not registered (assum-ing all licences and permissions have been granted) the valuations from the tasador will all be the same, even though half of the properties are worth considerably more.In comparison, as RICS Registered Valuers are internationally regulated without a na-

tional interest, their guide-lines mean valuations are based on ‘what is seen’ on site and measured accord-ingly.Another client recently want-ed to purchase a detached villa with pool and their bank arranged a tasador valua-tion. In this case, the property was valued for the bank below the asking price, although we

had valued above asking price. When the two valuations were compared it was found that the pool, being 10 years old with all licences and permissions, had not been regis-tered within the escritura. Therefore it was not included in the tasador valuation even though the bank’s valuer had physically inspected it. People are unaware that their property may have been valued on a different basis and that recent legislation has effectively meant that RICS valuations cannot be used by banks wanting to register the mortgage of a property in Spain. Tasador valuations are not necessarily wrong, they may just be based on a different set of rules not related to true market value.

Relative valuesWhy do bank valuations differ from the buying price?

The property was valued

for the bank below the

asking price

The Property Insiderby Adam Neale

THERE are two possible outcomes once you have developed a new property: keep it as your permanent residence, holiday home, or to rent

out or sell it. Either way, you will be liable for a variety of levies, although these vary significantly, de-pending on the property and municipality.In addition to fees for professionals like architects and builders, you’ll have to hand over some significant sums to your local town hall for licences; to the Land and Property Registries and to notaries for registration fees; and, should you sell, pay ‘plusvalía municipal’ (local tax on the increase in the value of the land), also to your local council, and capital gains tax to the Spanish Tax Agency (‘Agencia Tributar-ia’, better known as ‘Hacienda’).To ensure we crossed all the ‘i’s and dotted all the ‘t’s, we asked Adolfo Martos Gross, a partner at the Costa del Sol firm, GAM Abogados, for more information. Let’s take a new-build villa in Marbella as an example, where, using round numbers, the plot costs €500,000 and construction €1,000,000.Before laying the first brick, you need to ap-ply for a building permit at your local town hall. Assuming the project meets relevant regulations, in Marbella the licence fee is

4% of projected build costs - in this case €20,000-28,000. These are based on amounts approved by the Architects Association of Malaga and are generally 30-50% lower than the real construction cost. But every town hall sets its own tax rates, so the percentage can vary.Once the property is completed, you have to apply for a ‘licence of initial occupation’, again at the town hall before you can con-nect to utilities and legally move in. In Marbella, this is levied at 0.308% of the build costs, Adolfo says, and normally based on the same projections provided for the building permit. As a result, set aside another €1,500-2,000, also variable.Thereafter, you need to visit a notary to draw up the deeds of the new property - you’ll be required to pay 1.5% of the real build cost in stamp duty. That, Adolfo notes, adds up to €15,000, plus another €2,000 for the Land Registry and notary’s fees.Up to this point, the costs are the same whether you decide to keep the property or sell it - around €37,500-47,000.If you opt to sell a new villa you will be liable to pay ‘plusvalía municipal’. If the period of ownership is under five

years, the rate in Marbella is 2.5% and the catastral value is usually less than half market value.So, for our €1.5 m villa it would come to €15,750.If you profit from the sale, you will also be li-able for capital gains tax, levied at different rates depending on your status (resident or non-resident, individual or company). Given Hacienda’s zealousness, Adolfo sug-gests you consult a specialist about declar-ing gains.Typically, all other costs – such as Land and Property Registries, and the notary – are paid by the buyer.But if the property is mortgaged, the seller is liable for the costs of cancelling an existing mortgage, if the buyer does not take it over.BUT, mortgage cancellations are tax ex-empt and recommends developers negoti-ate with banks to pay no cancellation fee or, in the worst case, no more than 0.5%. If there was a €300,000 mortgage pend-ing, cancellation costs shouldn’t exceed €500 for the Land Registry and €800 for the notary’s fee.Finally, as the developer of a new-build property in Spain, you also have to take out a 10-year structural damage insurance policy, which should cost in the region of €4,000 for our million-euro villa.

The price you pay In the final part of this series on Costa del Sol property

development, I review the fees and taxes a vendor has to pay before starting work, during the build, and at the time of sale

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Property magazine Issue 7