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Elizabeth Hurley will open her own beachwear boutique in Marbella, Costa del Sol.

admin — Sun, 20 May 2012 07:20:12 +0000

The English model and actress has chosen Marbella to be her first designer beachwear boutique. According to her London Press office the opening should take place on the 12th of June and it will be her permanent store!
Elizabeth lives in England with her nine year old son Damian and an assortment of animals. She earns her living by acting, modeling, designing beachwear and farming. She launched Elizabeth Hurley Beach in 2005 and draws her inspirations from wanderlust for exotic destinations, conceived during her childhood in England. “I’ve always been obsessed with summer clothes – probably because I grew up in a rainy country where I was brought up never to leave the house without a cardigan and umbrella. I used to dream of glamorous, sunny places like St. Tropez and St. Barth’s and in my dreams I was wearing clothes remarkably similar to the ones in my collections!” she says.

Have a look at her swim-wear on her site www.elizabethhurley.com

Port Al Thani – Marina Marbella

admin — Sun, 20 May 2012 07:05:00 +0000

Growing proportion of wealthy Brits set to vacate the UK, choosing Spain as the perfect choice says Lloyds TSB survey

admin — Sun, 20 May 2012 06:51:25 +0000

The latest Lloyds TSB International Wealth survey has estimated that the volume of wealthy Brits who move overseas is expected to increase over the next two years, with a growing number seeking a new life in Spain.

According to the survey, approximately 19% of people with savings and investments over £250,000 are considering moving overseas, an increase of 17% six months ago and 14% a year ago with new figures from the survey proposing that over half of these individuals could well move overseas by 2014 in search of a better lifestyle.

With many Brits looking set to vacate the UK, stating that they would only reconsider if Briton reduced taxes, cut regulatory red tape for businesses and upgraded public services including healthcare and education, Brits moving overseas over the next two years will certainly increase the demand for homes abroad, particularly in the forever popular location of Spain.
“There is a wealth of opportunity to be had in Spain – the quality of life the nation offers is second to none so it’s no wonder Spain is a top choice. Indeed, with the Costa del Sol Tourism Board having launched a new campaign to attract national and foreign tourists after joining forces with more than 100 local businesses from the tourism sector to create a campaign which promotes all that is great about this favoured Spanish region, we fully expect the Costa del Sol to feel the force of this proposed British arrival. And, the fact that these will be successful, wealthy individuals is a welcomed bonus for the Spanish economy.”

While Brits have proven to be one of Spain’s most loyal visitor and indeed property owners, foreign property buyers from stronger Eurozone are on the up with these nations continuing to purchase Spanish property while prices are low. To highlight this, Fastighetsbyrån, part of the Swedish banking group Swedbank, has identified that Swedish and Norwegian property buyers are pushing hard into the Spanish residential property market with purchases by Swedes up 46% and Norwegians up 61%.
“The Swedish economy has been performing better than the UK given the strength of the krona and low house prices and as a result Swedes are fast becoming Spain’s biggest fans. It is for this reason that we are spending more time on this lucrative market.
“Meanwhile, making it even easier for Swedish property buyers to visit Spain, Scandinavian airline SAS has added direct flights from Stockholm Arlanda to Malaga operating thrice weekly – a welcomed boost to the Spanish/Swedish relationship.”

Spain one of the world´s most popular places in which to buy a holiday home!

admin — Sun, 20 May 2012 06:47:52 +0000

Produced by Knight Frank and Citi Private Bank, the 2012 edition of The Wealth Report: A Global Perspective on Prime Property and Wealth has just been published. And since it covers topics such as wealth creation, spending habits, prime property markets around the world, plus attitudes towards investment and succession, it sure makes a fascinating – and revealing – read. Especially since the 68-page Report highlights the fact that among the wealthiest, Spain is one of the world’s most popular places in which to buy a holiday home or second residence…

More positive news from Taylor Wimpey in Spain

admin — Sun, 20 May 2012 06:43:31 +0000

Outlook for Spanish property positive as Taylor Wimpey España records 21pc increase in sales
Leading Spanish house-builder Taylor Wimpey España, a subsidiary of Taylor Wimpey UK, sees sales jump as buyers flock to quality.

Publicity

Tourist spending is up, as is the number of visitors deciding to take advantage of the market and buy a holiday-home on the Spanish coast.

Inbound tourists to Spain spent a total of €9.01 billion in Q1 2012, an increase of 7.4% over the same period in 2011 according to the Tourist Expenditure Survey conscripted by the Institute for Tourism Studies of the Ministry of Industry, Energy and Tourism.

While the survey identified that in March 2012 alone, inbound tourists to Spain spent €3.61 billion representing 11.9% more than in the same month of 2011, it also highlighted that the biggest contributors to tourist expenditure in that month were British tourists, who spent a total of €631 million euros in the month, a 10% increase over 2011.

“We are not surprised that tourist spend in Spain is on the up – in spite of the economic doom and gloom Spain will always be a top choice for tourists,” comments Marc Pritchard, Sales and Marketing Manager of Taylor Wimpey España. “Indeed, the pound is now at its strongest against the euro in nearly 2 years reaching an exchange rate of £1:€1.25 meaning that British families have more money to spend.”

More tourists with bigger budgets have been good news for sales at Taylor Wimpey, who have also benefited from a flight to quality. “We at Taylor Wimpey España have actually seen a 21% increase in the number of units sold between January and April this year over the same period in 2011 with Brits still remaining our biggest buyers,” explains Pritchard.

England Squad come to La Cala!

admin — Sun, 20 May 2012 06:40:15 +0000

As recently reported in both The Times and on the BBC website – by journalists who were able to see paperwork on an agenda handed to new England boss Roy Hodgson, during his appointment as manager by the FA last week – it’s now been revealed that the entire England Squad and their entourage will be spending their first week together with Hodgson at the helm at La Cala Resort.
England coach Ray Lewington & England manager Roy Hodgson
This will bring exceptional exposure for the Costa del Sol

Search for Spanish property hots up!

admin — Sun, 20 May 2012 06:34:16 +0000

Maybe it’s down to the lashing rain that most parts of the UK have been putting up with these past few weeks, or maybe it’s simply because with summer on the way, thoughts are turning to the long sunny days and balmy nights that we on the Costa del Sol are already lapping up! Whatever the reason, according to the latest report from Rightmove Overseas, record numbers of Britons searched for overseas property in April – when the company reported more than 2.9m searches – with Spain coming top of the list with a sizzling 23.36%, followed by France (17.05%), US (12.54%) and Australia (5.98%).

Not only that, but seven of the Top 10 Climbers are traditional Spanish destinations, with Marbella and Estepona both scoring highly for the Costa del Sol, while Estepona and Benalmádena are respectively in 4th and 10th place in Rightmove Overseas’ Top 10 Trending Searches.

“People aren’t just looking at property in Europe, they are buying there as well,” says Charles Purdy, Smart Currency Exchange MD. “With the €/£ exchange rate hitting €1.23/£ – a rate last seen 24 months ago – there’s been record buying of Euros over the last month, with France and Spain continuing to be at the top of the list for lifestyle buyers.”

Port Al Thani – Marina Marbella

admin — Thu, 01 Mar 2012 14:32:51 +0000

As many know, Marbella is one of the most attractive locations of the Spanish territory, due to an infrastructure and service that make it a dream destination for many people, choosing Marbella for its shops, restaurants and nightclubs. The enviable coastline of this popular Costa del Sol municipality not only encourages water sports but also the future arrival of cruise ships.

Thus, Marbella will soon boast a spectacular cruise harbour which will be envied by the whole Mediterranean and which is to be carried out by a consortium between the municipality and the Sheikh of Qatar, Abdullah Ben Nasser Al-Tahani, who is showing a great affection for Malaga and the Costa del Sol.

The port, called Al-Thani, is an investment project of the Sheikh and has a large circular dock with capacity for more than a thousand berths and accommodate large cruise ships. It also will have a shopping mall, luxury hotel, sea promenade and underground parking for 450 cars.

Construction works are expected to be completed in 2015. This dream of Marbella will come true by investments of Sheikh Al-Thani, amounting to 400 million Euros.

Port Al-Thani is a project of enormous magnitude, resembling the constructions of Dubai, and which will open Marbella to tourism from the UAE and around the world. This luxury project will compete with Puerto Banus, a place that entices and enchants for its exclusivity.

Spanish banks lending over 100% on repossessed properties!

admin — Tue, 28 Feb 2012 12:06:32 +0000

Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed. They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books. According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas. Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell. ‘Whilst Spanish mortgage lending is not expected to recover in 2012 due to high unemployment and limited bank funding, financial institutions have to optimise their balance sheets,’ said Cornwell. ‘To incentivise quality buyers they are prepared to offload these homes at rock bottom prices and with the highest mortgages. If a bank is prepared to lend all of the money, more than 100%, on a project that has fallen to 50% of its value five years previously then it must have the confidence that the market has reached the bottom and that the properties will regain value in the not too distant future,’ he explained. Examples include a luxury beachside development close to Marbella at 50% off the developer’s 2007 price plus a 110% mortgage option with two years interest only. A one bedroom penthouse in Soto Serena, designed by archtiect Melvin Villarroel, with landscaped gardens, pools, gym and sauna, is available for €184,000 compared with €368,000 in 2007. ‘We are now in a situation where the best units in these marked down resorts are selling fast, just like in the heady days of the property boom when the best off plan units were snapped up fast, albeit now they have the peace of mind of something complete and tangible,’ explained Cornwell. ‘Investors can buy using very little, or none, of their own capital with the risk being entirely taken by the bank. This simply does not happen in any other distressed market in the world,’ he added. He pointed out that Marbella is regarded as safe a location with excellent infrastructure, licensing issues have been resolved under the new urban plan (PGOU) approved in 2010 and tourists come in a steady stream attracted by more than 70 golf courses, year round sunshine, endless beaches and no frills flights. In 2009 Ryan Air established a base at Málaga Airport and the carrier now operates 39 routes whilst over recent years Delta Airlines has added a direct flight to JFK in the United States, Saudi Arabian Airlines fly direct to Jeddah and Riyadh and Aeroflot has introduced direct flights to Moscow. On top of that €109 million plan to expand Marbella’s fishing port has been given the green light. The long planned transformation of La Bajadilla into one of the most luxurious marinas on the Mediterranean can now take shape after the Junta de Andalucia, Marbella town hall and the Nasir Bin Abdullah & Sons Consortium signed a contract allowing construction to begin. The plan, which is expected to take four years to complete, includes a commercial area of 23,000 square meters, a five star hotel and three times the current number of moorings including access for cruise ships and mega yachts.

Chased by a Spanish mortgage

admin — Mon, 20 Feb 2012 21:31:38 +0000

Banks never rest and even take action against foreigners who hand over their keys and leave the country

Few clients escape legal action by the bank when it comes to mortgage default. Not even property owners who hand over their keys to the bank and return to their home countries, victims of the financial situation in Spain and with no family or social resources here to fall back on. But the banks have all the time in the world and the law does not prevent them from following up a legal judgement in another country.

In no more than three years the number of mortgage foreclosures in Spain (the final legal step to repossess a property in the case of default) has almost multiplied by four, reaching 93,622 cases in 2010, according to statistics from the CGPJ (General Council for the Judiciary). “The majority involve foreign citizens” maintain sources, both from the association for those affected by property seizure and auction, AFES, and from certain financial institutions that have dealt significantly with foreign property buyers during the boom years.

“When the time comes for the foreclosure on the mortgage to be finalised, they go back to their home countries”, explain AFES sources who warn families in this situation that this is “not a solution in the long term”.

This is because when a court has authorised the foreclosure, the bank or savings bank “has the action in personam which is recognised regardless of the country you are in”, state judicial sources. This means that legally speaking the banks can chase their former clients wherever they are in the world.

The legal concept of “recognition and enforcement of foreign court orders” allows a sentence delivered in Spain to be recognised in different countries such as Ecuador or Romania, where many of Spain’s foreign residents come from. It is necessary to wait until the legal system in these countries recognises the Spanish sentence “depending on Spain’s agreement with each country”, continue the judicial sources.

In the case of citizens from EU countries, this process is easier and faster, say the sources, thanks to the EU regulation 44/2001 which states that judgements given in EU countries are to be recognised without special proceedings.

Sources from a savings bank admit that it is costly enough to chase up a debt in Spain, and so “the idea can end up being abandoned when there are thousands of kilometres involved”. However AFES warns that “banks have all the time in the world to enforce a sentence”.

The main problem Spanish banks face is that their debtors could live in countries, such as the United States, that recognise the concept of ‘deed in lieu of foreclosure’, where the debt is considered cleared when the property is handed over. In these cases the Spanish law ought to be applied, although on US territory the American legal system does not have to recognise a judgement that goes against US law in this type of case.

Spain’s Civil Code establishes that personal responsibility for a loan “affects all their assets, both present and future”, explains the lawyer Francisco López Soria, an expert in consumer affairs.

The best option is to try to avoid the foreclosure being finalised with a court order. Several months can pass from the moment a family stops meeting their monthly repayments until a final court order is passed. This period gives mortgage holders a margin to negotiate a solution with their bank.

The association AFES attempts to act as a mediator between customer and bank. “They can wipe out part of the debt with the sale of the property, introduce grace periods, or other solutions”, says the organisation. In that way “the bank gets rid of a property before having to go through costly foreclosure proceedings”, explain AFES sources.

When the property is sold, it is likely that the price will be lower than the mortgage holder paid when they bought the house. Some banks admit that they allow clients to refinance the difference in order to avoid the case going to court.

Meanwhile citizens with mortgage difficulties are hoping for a modification to Spanish law to allow the concept of ‘deed in lieu of foreclosure’ to be applied. While some “flexibility has been announced, the majority of experts believe it is improbable that Spain will adopt the same system as the United States. “There could be slight modifications”, says López Soria, but a change to the current system is unlikely.