The Russians are coming

The Russians look to the Costa del Sol as a major Andalusian destination to spend their Christmas holidays. It is foreseen that 9.000 Russian tourists will arrive between the last two weeks of the year and early 2013 according to the company Translationhouse which are dedicated to language services specializing in tourism, catering and entertainment, with a strong specialization in the Russian market.

In fact, before the rise of tourism from the east, this company introduced in Malaga and the Costa del Sol an online Russian directory guide that presents Malaga businesses to potential Russian clients. Experts have said that the recent boom in tourism in Spain is one of the reasons why the middle class buyers are becoming increasingly more prominent in the real estate market. The number of Russian visitors who come to Spain almost doubled in 2012, with a record millionth tourist arrival in Malaga on October 31.

CaixaBank sells property portfolio

CaixaBank has sold a property portfolio to Mexican tycoon Carlos Slim for 428.2 million euros. Officially the richest man in the world in the last three years according to the Forbes List, Slim has close business ties with the Spanish entity and a subsidiary of one of his companies, the estate agency Inmobiliaria Carso, has bought 439 of the CaixaBank’s branch offices.

The bank has signed a contract giving it the option to buy the offices back if it is able and willing to do so in the future, and has earned 200 million euros in gross capital gains as a result. CaixaBank owns a fifth of the shares in another of Slim’s companies, the financial entity Inbursa Group, and Slim is also a minority shareholder in CaixaBank. The Spanish bank is aiming to expand its presence abroad to offset its losses in the national market, particularly in Mexico who was responsible for 40 per cent of CaixaBank’s accumulated profits in the first three quarters of 2012.

Marbella Infrastructure

Within three months the city of Marbella will have in their hands a blueprint map for the pedestrianization of part of Avenida Ricardo Soriano. This is the time frame that has been given to the company Studio 7 Andalucía, who were finally selected from the five firms that were interested in the project to define a new city model. With extensive experience in mobility plans, the contractor based in Malaga will have to develop a viable plan that offers solutions to communication problems that might result by pedestrianizing 600 meters of the city centre, the area separating Félix Rodríguez de la Fuente from the slope of the calle Calvario. According to the technical requirements developed by municipal Planning Authority, the project should provide solutions in the areas of traffic, public transportation, parking, loading and unloading goods and general mobility.

Marbella Promenade

Marbella’s mayor announced that next week will conclude infrastructure works, located in the area of Puerto Banús. Marbella City Council continues taking new steps to achieve their goal of uniting the entire coastline of the town. Specifically, it is about creating a single promenade running from the beach of La Bajadilla to the core population of San Pedro Alcántara. Within this plan, the City Council is carrying out a work to build a new footbridge to achieve that end.

Ordnance Planning Andalucia

The Junta de Andalucía is to stop 52 coastal municipalities from starting new real estate projects. Andalucía is to widen the protection of the first 500m from the coastline. The document will be ready in two years, although some reports will come into effect in six months. The Andalucía Councillor for Agriculture, Fisheries and the Environment Mr. Luis Planas has presented a press release in which he says ‘The document is in a certain way an answer to the Junta and their massive failure and that of the local Town Halls to adopt the plans of the POTA which was released in 2006. Now, seven years on, only 11% of the 771 municipalities and ten along the coast have adapted to POTA.

2012 Property Sales Positive

The association of developers and builders of Spain (APCE) estimates that the number of homes sold in Spain at the end of 2012 will stand at 325.000, which will be 7% lower than those recorded a year ago. The ‘APCE’ President, José Manuel Galindo, believes that this ‘’positive trend” in property sales is due to tax relief and changes in VAT on housing.

Property transfers rise to 12.8%

The annual rate of property transfers recorded in Property Registry Offices stands at 12,8% for October, as compared to 0.9% for September. The number of property transfers recorded in Property Registry Offices from theMarbella Title of Public Deeds previously registered was 130.109 in October, that is 6.5% more than for the same month in 2011 and 6.8% higher than in September 2012. In the case of property transfers recorded in Land Registry, the number of transfers was 57,182 representing an annual increase of 11.2%, and an increase of 2.2%, as compared with the previous month. In total 83.9% of the property transfers recorded in the Land Registry Offices in October corresponded to urban properties and 16.1% to rustic properties.

Bank Repossession – 5 star golf resort

Los FlamingosPremier Property International are pleased to present this Bank Repossession. Situated in the heart of Los Flamingos Golf Resort, between Marbella & Estepona with panoramic sea & golf views. Fusion of Mediterranean architecture with key contemporary tones. A total of 96 apartments consisting of 2 bedrooms units and 3 bedroom penthouses, all with a west orientation.  Garage, storeroom and parking for a golf buggy. Two swimming pools and two padel tennis courts.

Spanish Mortgages hit a low

Spanish housing mortgages reach all-time lows, after falling 32.2% in September. The average interest on home mortgages stood at 4.12%, the lowest since June 2011. The number of mortgages on homes totaled 21,195 in September this year, down 32.2% from the same month of 2011, according to figures released recently by the National Statistics Institute (INE). September’s Inter-annual results show mortgaged homes have reached 29 months of consecutive falls.

National Statistics InstituteThe September year on year decline was more pronounced than that of August, when the mortgaged homes were down 28.5%. In addition, the total number of home mortgages is the second lowest in any month in the comparable historical series, which began in 2003. The ‘floor’ of mortgaged homes occurred last August, when 21,106 mortgages were set, 89 less than in September.

Luxury Apartments on the Marbella Golden Mile

This select community is located on the Marbella Golden Mile. Set on 6,500 m2 of tropical gardens this gated residential development comprises 81 apartments, of 2 and 3 bedrooms, divided into two blocks on five levels with 9 entrances. All properties include two parking spaces and a storage room.

Golden MileLuxurious apartments built to the highest specifications with air conditioning (hot and cold), double glazing, pre-installation of a centralized music system, high quality marble floors throughout, electric blinds, and solid oak wood interior doors and wardrobes. All the bathrooms are fitted with under-floor heating. The apartment comes with a Domotics intelligent home system, a central home vacuum system and electric awnings on the terraces. The kitchens are fully equipped with designer furniture and Miele appliances. Premier Property International is pleased to provide prices upon request.