King Juan Carlos and Queen Sofia officially opened the new Terminal 3 at Malaga Airport on Monday 15th March. The new terminal doubles the capacity of the airport from being able to handle 4,500 passengers to 9,000 passengers per hour. The new terminal has 180 check-in desks, 48 boarding gates, 11,000 m2 of shops, 3,700 parking spaces, and is capable of handling 14,000 suitcases per hour.The opening took place in the presence of 500 local and national dignitaries, including the President of the Junta de Andalucia , Juan Antonio Griñan. The first flight to use the new facilities left Malaga at 06.50 on Tuesday morning, bound for Barcelona . Unfortunately, most visitors from the UK won´t get to use the new terminal, as most of the low-cost carriers will continue to operate from Terminal 2. Related Posts The Ideal House in Spain… Malaga Cruises Booming Travelling by Train in Spain

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King of Spain Opens New Terminal at Malaga Airport

I was involved in a bizarre situation last week. A client of mine, let´s call her Mrs. Smith, responded to a property advertisement on the internet for a 3 bed property for sale in Marbella , priced at €195,000. Another Costa del Sol property agent had advised me that he was dealing directly (and exclusively) with a local bank that had repossessed the property and that he had been asked by the bank to find a buyer within an agreed timescale of 3 weeks, of which there were 7 days remaining when my client took a look at the property.Of course, my client feel in love with this distressed property in Marbella , and a deal was agreed at the asking price. We faxed through all the necessary paperwork to the bank and advised them that we had taken a reservation deposit……..and heard precisely nothing back from them. We followed up with several phone calls over the next 48 hours, but nobody within the bank with any power to sign off the paperwork was ever available to talk to us or ever returned our calls. After the weekend we then made further efforts to make contact with the bank, and all the while Mrs. Smith was becoming increasingly frustrated and concerned that she may be in danger of losing her bargain property in Spain . But how could she lose it? The agent was operating under an exclusive agreement with the bank, so nobody else could surely arrange viewings or reservations to beat our client to the sale. But the silence continued past the expiry of the period of exclusivity, and we then received a call from one of the administrators within the bank to ensure us that the property had actually been sold. There was no explanation, no apology, no nothing. My client was distraught and very, very angry. We have since discovered exactly what happened. It seems that the details of the distressed property in Marbella were circulated to the staff of the bank as part of a regular newsletter, and at fairly late notice, a bank employee decided that he wanted to take a look at the property for himself. So during the same weekend when my client was panicking about losing the property that she had reserved in good faith, the guy from the bank was inspecting the property and securing the deal. And the reason for the delay? The buyer from the bank had to arrange his flights to Spain and was struggling to get the time off to make the trip. You see, this wasn´t a bank in Spain messing everyone around. No, no – this was a highly reputable British banking institution with an offshore division here on the Iberian peninsula. It seems that bad manners can be found everywhere. Related Posts Repossessions in Spain – worth the fuss?? Repossessions in the Spanish property market Telefonica – What´s the Problem?

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Spanish Property Buyers Lose Out to Bank Staff!

During the Spanish property boom that took place during the earlier years of this decade, buyers became so caught up in the purchasing frenzy that the type of stock that they actually acquired really didn´t make too much of a difference to them. The most important thing in the (then) rising Spanish property market was to get a foot on the ladder, and with the glut of new-build 2 bedroom Spanish apartments that were built, most speculative investors ended up with this type of stock. If you analyse the proportion of 3 bed units that were actually built within any given development of apartments in places such as the Costa del Sol or the Costa Blanca , you will son realise that in most cases, only a small proportion of the development was allocated to 3 bed stock – normally the corner units and maybe some of the penthouses. So if we estimate that 3 bed apartments make up approximately 20% of the total number of apartments and penthouses within most developments in Spain , it is safe to assume that this ratio still applies in today´s rather more depressed and distressed Spanish property market. When we couple this with the fact that most buyers in today´s market are making the purchase with a longer-term vision and with the intention of using the properties themselves for family and friends, then a 3 bed property suddenly holds extra appeal. This is something that we have noticed in the last 6 months here at Your Key to Spain. Most enquiries via our website are from prospective purchasers looking for a 3 bed property in Spain . This presents the market with something of a problem. The glut of available stock is made up of 2 bed properties, while the majority of demand is focused on the harder-to-find, less frequently available 3 bed properties. Therefore while there are savage price wars developing between vendors of 2 bed Spanish properties in some developments, the well-located 3 bed units within the well-regarded projects are holding their own, and are actually sometimes in high demand. This doesn´t prevent eager buyers from expecting big discounts across all sectors of the Spanish property market, but prospective purchasers need to be realistic and take into account that smaller, micro-markets exist within the market as a whole, and these micro-markets are governed and manipulated in line with the same rules of supply and demand. Related Posts Everyone is after a Bargain Don´t Forget Spanish Property Purchase Costs! Don´t Buy Cheap – Buy Value!

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3 Bed Spanish Properties – Not as Cheap as You Think

I believe that the best way to go about searching for Spanish properties in the current market is as follows: 1.    research the areas so that you have a specific location in mind, eg Marbella 2.    browse the internet and speak to agents with properties advertised in your chosen area. 3.    ask the agents how they work – do they have their own stock of properties and do they have access to any more? 4.    ask them if they collaborate with other agents, and ask them if they work purely as ´property finders´ . With the sheer volume of properties in Spain for sale, many prospective buyers are turning to Property Finders for guidance. Here is why: Good property finders will have access to several thousand properties via their network of agents and the various multi-listing databases at their disposal. They will also have an intimate knowledge of your chosen location, and will be able to suggest plenty of options to help you. Property finders work by talking to you at length to ascertain your buying criteria, and they will then approach other agents via their network to get hold of the most suitable stock – imagine Phil and Kirsty on Location Location Location! This means that instead of only having a few hundred of the agent´s own properties to choose from, buyers can literally access the entire portfolio of available property in their chosen location. The other huge benefit is that buyers only need one point of contact to co-ordinate viewings, so rather than having to liasie with several different agents, you can work ´with´ the property finder very closely to fine-tune the search and secure the best property. Also, property finders have no allegiance to the vendors, so they are sure to try and secure the best possible deals for the buyer. Also, they are not tied by the handcuffs of representing both parties and so can give you their honest opinion of the Spanish properties that you are inspecting. And if you think this property finding service attracts an up-front cost, you are wrong. Property finders simply take a cut of the commission that the listing agent earns from the vendor. Related Posts Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 1 The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2 Mortgages in Spain

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Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 2

A variety of well-regarded Spanish property portals and websites are reporting unprecedented levels of enquiries for properties for sale in Spain . Although these are still hard times for most people in Europe, it seems that the dream of owning a property in Spain is still as strong as ever. This desire has also been fuelled by a raft of discounted and distressed Spanish properties becoming available, offering prospective buyers some of the cheapest prices and best value Spanish properties since the bygone days before the last Spanish property boom. As we have reported here several times, there is an increasing interest and demand for Spanish properties . This is probably due to a combination of several factors: -    the beginning of a new year tends to give people fresh impetus to achieve their goals -    many prospective buyers seem to have been keen to rid themselves of the spectre of 2009 and all its recessionary doom and gloom. The new year has given many people a little boost in the confidence stakes. -    The recession seems to now be behind us. Although we are still living in tough financial times, the future looks a little brighter, and so those plans and dreams that were on hold for the last 18 months are now back on the agenda for a lot of people. -    Sterling is rising against the euro, giving British buyers greater confidence to invest in the Spanish property market. -    The mortgage market seems to be easing slightly. -    Historically low property prices in Spain have convinced many that now is the time to invest, rather than waiting for the inevitable return to normality and subsequent price rises in the better areas. Related Posts Surge of Spanish Property Enquiries Follows Recent Economic News Record Day for Spanish Property Enquiries Are the Brits really leaving Spain?

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Huge Surge in Spanish Property Enquiries

The recent rise in the value of sterling against the euro has led to as much as a 40% increase in the number of Brits buying the European single currency. With the sterling euro exchange rate hovering at around 1.15 in recent days, many Brits who regarded this figure as a psychological trigger to exchange currencies have taken advantage of the 12% increase in sterling´s value within the last 12 months. One expert at Moneycorp , one of the leading foreign exchange specialists, whilst also reporting brisk activity, reckons that a large proportion of Brits are holding out for sterling to hit a level of 1.20 before committing to the single currency. It is thought that a change of government in the UK, added to an end to the current recession , could see that figure reached before the end of 2010, prompting thousands of potential British buyers to enter the Spanish property market. Related Posts Sterling on the Rise - Great News for British Buyers in Spain Sterling Exchange Rate Forces Spanish Property Buyers to Wait The Sterling Euro Exchange Rate – Does Anyone Really Understand?

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Sterling Rise Sees Brits Buying in Spain

The recent torrential rain that we have seen here on the Costa del Sol at least provided some small shred of comfort for local residents. The region´s reservoirs have doubled in capacity in the last few weeks, with December´s rainfall alone guaranteeing water for the next 2 years here in Andalucia – yes, it rained THAT much! The volume of rainfall wasn´t uniform across the region however. For instance 362 litres of rain per square metre fell in Cadiz, guaranteeing the water supply there for the next 4 years, whilst Almeria only received 148 litres per square metre. The level of the well-known La Concepcion reservoir in Marbella rose from 40% capacity to 97.5% in just a 2 week period, to the extent that the reservoir´s sluice gates had to be opened in order to release the excess water into the sea, amounting to the Costa del Sol´s normal supply for a 6 week period. No shortage of water here for a while then! Related Posts The Rain in Spain New British Consul Appointed for Andalucia Spanish Culture - overheard conversation

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Andalucia´s Reservoirs are Full

Sorry if this news hits you as you sit at your desks with the rain lashing against the window, or as you sit at home with the curtains tightly closed and the central heating turned up full blast, but here in Southern Spain we are still waiting for winter to arrive. Apart from a few indifferent days in November, we have seen clear blue skies most days, with daytime temperatures averaging around 18 degrees – extremely pleasant for this time of year, and a real contrast with last winter, when it seemed the whole of Europe took a real battering from the weather. Here we are in December on the Costa del Sol , and although the nights can get a little chilly (you need to wear a jacket or a sweater), most people are walking around in shirt-sleeves, still enjoying the beaches and other outdoor pursuits. This weather on the Costa del Sol has got to be the perfect climate……and it´s only 2 ½ hours from the UK. What are you waiting for??!! Related Posts Spanish Properties Cannot Cope in the Cold Falling in Love with Spain…again! Winter Arrives on the Costa del Sol

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Still Waiting for Winter on the Costa del Sol

Many potential UK-based buyers of Spanish property are holding off in making a purchase, firm in the belief that they are best waiting until sterling has recovered at least some of its lost ground against the euro. Of course, this makes sense. Why buy something now, when you can get it for 20% less in 6 or 12 months time? But one interesting statistic may make those UK based buyers sit up and take notice. As one of the leading Spanish property portals, we have noticed increasing volumes of enquiries during the last 6 months – strange when you think of the financial mess everyone is supposed to be in. I guess this means that the purchase of a Spanish property is still on the agenda for plenty of people, particularly as the prices have come down and started to look so attractive. Although around 70% of our enquiries eminate from UK based clients, 70% of the actual sales volume can be attributed to non-UK buyers. And in the vast majority of cases, these buyers are from the eurozone. Yes, that´s right, although we are spending most of our time on the phone, sending information to, and touring British clients, our time is actually spent more productively (according to the sales figures!) with the Belgians, the Dutch, the Spanish and the Irish. These are the buyers that are snapping up the bargains whilst all of us Brits sit and wait for the pound to rally. And trust me, these eurozone buyers know exactly what they are doing. With many British vendors here in Spain able to heavily discount their property prices due to the tumbling pound, the Europeans are targeting these vendors for the best deals. It´s a win-win situation. The buyers are purchasing with a strong currency, while the vendors repatriate the sales proceeds back to the UK, and get a whole load more pounds for their euros! Everybody´s happy. I have 2 concerns for the Brits who are looking to invest in Spanish property : firstly, that we will see fewer and fewer genuine, well located Spanish property bargains as the truly distressed stock gets snapped up and the economic recovery commences….and secondly, that once sterling does start to rise in value against the euro, the British vendors here in Spain will be far more inclined to hold firm on their prices, even to the point of raising the prices to compensate for the stronger sterling euro exchange rate . It´s all a bit of a conundrum. At the moment, you really want to be a Belgian buying a distressed property from a Brit here in Spain. But who is to say that this situation won´t do an about-turn in the next 12 months? Watch this space. Related Posts Sterling is Rising! Sterling on the Rise - Great News for British Buyers in Spain Exchange Rate - should it prevent me from buying in Spain?

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Sterling Exchange Rate Forces Spanish Property Buyers to Wait

Here are some facts. 1. We are in the midst of a recession. 2. It is not the best time to be looking to achieve the best price for anything if you are selling. 3. There are some great deals to be had. Now, let´s translate these facts to the Spanish property market. If you are a prospective buyer and you have found a property in Spain that takes your fancy, then you will clearly want to secure the best deal. Now let´s pause a second……this is not an entirely different scenario to shopping for other commodities. For instance, if you fancy a new Mercedes, you would probably go and take a look at one or two dealerships and then haggle for the best price. Likewise, if you wanted some work doing at home, you would get a few quotes together and then try to secure the best price for the job.So, you´ve seen that perfect car for sale at €30,000 – would you go into the showroom and offer €15,000 for it? You´ve got your quotes for the jobs at home – would you realistically expect to get the job done for a 50% discount? The answer to these questions is likely to be ´no´. Ok, so you may well ask the question, but my guess is that is the answer is ´no´, you´d end up settling on a price that both parties deem fair. You certainly wouldn´t walk into Tesco and haggle over the bill at the checkout. So why do some Spanish property buyers think that they can make ridiculously low offers on properties that are already very clearly priced to sell? True, there are some desperate vendors and developers out there, but they may not necessarily be selling what you want to buy, and ALL of them are working to some sort of margin. In fact, in my experience most of them would rather wait and sell their properties at a fair price than simply give them away to the first low offer that comes along. Furthermore, a lot of sellers have mortgages to repay, and they simply cannot go lower on the price. I can understand buyers wanting to haggle, and I can understand that people want to secure the best deal. But there are some offers that are simply ridiculous…..and some that are also insulting. Related Posts The Spanish Mortgage Market Don´t Buy Cheap – Buy Value! The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2

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Haggling Over the Price of a Spanish Property