 Thanks so much for taking me up on my offer to give us some feedback on our inaugural newsletter last month, my inbox soon filled up. Many of you wanted to join the debate on 'What Spanish Property Crash?' and I even had an offer on the 'Editor's Property Pick'. Clearly 395,000 euros for a two bedroom garden apartment in Los Flamingos was too tempting an offer. Maybe this month's second line beach apartment in Puerto Banús will have the same effect... Stay in touch and see you next month. adam@duchyspain.com Adam Gale, Managing Director, Duchy Estates |
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Click the headlines to read more... Invitation to Kasâmia's Pueblo Acantilado in Alicante Come and see why we say this is the investment vehicle of the 21st century. New 10-Year 'PGOU' Masterplan for Marbella It's time to set the planning record straight. Property at The Village – in a League of Its Own Why we think this resort is in a league of its own. Editor's Property Pick Marina chic, a dream apartment within walking distance of Puerto Banús. More New Staff Members for Duchy Estates A growing business needs a growing team of professionals. |
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 Invitation to Kasâmia's Pueblo Acantilado in Alicante 
In the last newsletter we introduced Kasâmia suite hotels as the investment vehicle of the 21st century. We highlighted the high
rental returns from 7.0% up to more than 13.0% per annum without the usual headaches of maintenance or attracting tenants (this forecast is
non-contractual). We advised that Kasâmia suite hotels are also fully approved for SIPPs with all the associated tax benefits and that
when it's time for you to recharge your batteries, Kasâmia hotels offer in-room satellite TV, radio and internet access via plasma screens, five star à la carte
concierge services, Spa, swimming pool, restaurant and stylish interior design.
Owners of Kasâmia suites can enjoy their investment for six to eight weeks each year,
 generally without charge, unless
they have opted for SIPPs where restrictions apply.
In this newsletter we would like to focus on the flagship of the Kasâmia portfolio, Pueblo Acantilado in Alicante, and give you the opportunity to be amongst the first to see it via a familiarisation visit on Friday 12 to Saturday 13 October 2007. Ideal for family holidays or romantic getaways, the soon to be extensively refurbished and upgraded Pueblo Acantilado Spa Resort comprises one bedroom, two bedroom, family and executive suites arranged in a typical Spanish village with dramatic Mediterranean views. After almost 30 million eurosworth of investment by property company Profusa,  a subsidiary of the billion euro annual turnover Fuertes Group wholly earned by the Fuertes family
and highly respected within Spain; Kasâmia's state-of-the-art on-site facilities at Pueblo Acantilado will include a 600m2 Kasâmia Unique
Spa centre with gymnasium, two swimming pools, children's play area, trendy lounge with plasma TV, Roman amphitheatre ripe for openair
concerts, conference suites and two restaurants. Meanwhile a five star 24-hour concierge service will be on hand to cater to every request
from babysitting to yacht charter. The welcoming local region, choice of two international airports (Alicante and Murcia) and perfect climate are already on the
doorstep. Profusa is retaining a substantial financial stake in the local management company alongside Kasâmia.
Duchy Estates and Kasâmia invites you to take a look around Pueblo Acantilado on 12 to 13 October and all we request is that you fund your own return air fares (low cost carriers include RyanAir from Stansted, EasyJet from Gatwick and Monarch from Luton). All other accommodation expenses will be met by Duchy Estates and Kasâmia. Should you make a purchase as a result of the familiarisation visit, air fares will be reimbursed as a gesture of goodwill. Freehold prices at Pueblo Acantilado start from approx. 170,000 euros (115,000 pounds) for a one bedroom suite. 70% LTV mortgages are available and the current 30 million euro refurbishment programme is expected to be complete in April 2008. Annual return on investment conservatively estimated from 7.0% and up to 13.0% plus - excluding capital appreciation. Click here for full details of the visit Duchy Invest. To reserve your accommodation contact Duchy Estates on 00 34 952 906 944 or email info@duchyinvest.com or visit www.duchyinvest.com for flight schedules and further information. |
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 New 10-Year ‘PGOU' Masterplan for Marbella to Set Planning Record Straight  The Plan General de Ordenación Urbanística (PGOU) is a ten year plan produced by every Spanish municipality to designate land zones into categories of usage from green belt through to urban. This masterplan must then be approved by the regional government, in Marbella's case, the Junta de Andalucia. Mayor Jesús Gil's 1996 PGOU was never approved which means that Marbella has been in planning disarray ever since. Only when the new 2006 PGOU is approved will Marbella's residents will know exactly where they stand. As for the thousands of buildings constructed during the GIL party era, they have a fate to be decided, should they stay or should they go? The new 2006 PGOU is currently on display for public consultation until the end of September 2007 before a final version is submitted to the Junta for approval around November 2007, and it makes for some interesting reading. Firstly the Plan predicts that Marbella's current population of 132,905 will grow to 169,719 over the next eight years, an increase of 27.7% and to accommodate this, the PGOU allows for 27,643 new homes of which over one third, 10,178 to be precise, will be affordable. Provision for the equivalent of 3,800 new hotel rooms, four star minimum, plus sports centres, conference facilities, educational establishments, business parks and 60m2 of open space per head also feature in the masterplan. The PGOU is not only concerned with open space and built-up space but also with transport. This 2006 version allows for six railway stations linking Marbella, Puerto Banús and San Pedro de Alcántara to the high-speed AVE Málaga mainline, 150km of cycle tracks, extra parking facilities, new connections between the toll road AP7 and the coastal road A7 plus confirmation of the 50-million-euro San Pedro underpass which is already work in progress. Boats are not forgotten, Marbella's Puerto de Marina de la Bajadilla will be extended to a mammoth 2,500 berths plus a pier for cruise ships, Puerto Banús will also enjoy expansion and a study will be undertaken to assess the viability of a sporting port in San Pedro de Alcántara. But what of the Gil era non-legal property? Adam Gale, Managing Director of Costa del Sol agent Duchy Estates comments, "New Marbella Mayoress Angeles Muñoz has a tough task on her hands to both distance herself morally from her predecessors and be seen to have zero tolerance towards corruption and sleaze at the same time as keeping favour with Marbella residents who may be unwittingly living in illegally built property. Our first fear for thousands of homes to face demolition has now been eased. All but very few of the 18,000 questionable properties will be incorporated into the 2006 PGOU and the guilty developers, including La Cañada Shopping Centre and Hotel Guadalpin, ordered to compensate the municipality by surrendering part of their land for parks and sporting facilities. This leaves just two hotels and 752 homes, half of which are occupied, which cannot be given reprieve as they are in strategic positions such as designated sites for railway stations or environmentally protected beachfront. This 752 seems to include the now infamous Banana Beach which sadly looks like it will face the bulldozer, although the Junta de Andalucia will be the final judge. This PGOU has not come quick enough for estate agencies such as ours. The end of confusion is in sight and Marbella can move on into a new era with dignity and with principles." The total cost of Marbella's 2006 PGOU is predicted to amount to 2.250 million euros, split public-private 35-65, creating 60,000 jobs of which 37,500 will be direct and 22,500 indirect. |
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Property at The Village – in a League of Its Own  An April 2007 survey by Virgin Money concluded that football fans think about the beautiful game on average
80 times each day, a rate that goes up if their side is battling for honours or against relegation. Coca Cola's 1996 advertising campaign urged
people to Eat, Sleep and Drink Football, and now, thanks to The Village at Valle Romano on Spain's coveted Costa del Sol, you can Live it too.
The Village at Valle Romano, a 150 hectare golf, health and leisure resort set just to the west of Estepona, offers a unique concept in holiday-home ownership. This is the only overseas development endorsed by 12 leading football  clubs and leading names in sport, but it doesn't stop at simply endorsement, they're
actually getting involved. The dozen clubs, namely Arsenal, Newcastle United, West Ham, Rangers, Sunderland, Bolton Wanderers, Leeds United, Aston Villa, West Bromwich
Albion, Birmingham City, Celtic and Tottenham Hotspur, have put their names to the project bringing enormous reassurance to investors and the future appreciation of their
asset. These clubs will also use The Village for warm weather training, alongside other European teams, so you could spot your heroes practicing their set pieces in your backyard. Other
luminaries you may spot include Spanish tennis heartthrob Rafael Nadal, Brazilian footballing genius Roberto Carlos and SKY presenter Clare Tomlinson,
as all have secured property within The Village.
 Continuing the football flavour, SKY's Soccer Saturday anchorman, Jeff Stelling, is also fronting The Village publicity whilst Spurs' goalie,
Paul Robinson, has chosen the resort as the site for his flagship Paul Robinson Football Academy with summer soccer camps offering coaching for children by ex-pros,
world class coaches and the man himself. The Village is undoubtedly a sporting mecca. The centerpiece is a 1,000m2 state-of-the-art sports centre
with football pitches, padel tennis and tennis courts plus beauty centre and social club. Three swimming pools (including both indoor and water therapy
examples), a hi-tech gymnasium, restaurant, café, clubhouse, commercial centre, theatre and luxurious five star hotel with Spa and conference facilities
complete the picture.
The 36-hole golf course that weaves through Valle Romano was designed by Cabell B Robinson, a man who needs no introduction, and not only is there a spectacular course, but also superb associated golfing facilities. The designers have installed a golf school with three-hole practice course and coaching given by bilingual professionals. Golfing legend Seve Ballesteros has put his name to Valle Romano resort as a whole and undoubtedly the gently undulating par 72 PGA standard course with wide fairways will have swayed his decision. With a myriad of facilities and entertainment on site, some may only pass the 24-hour security guarded entrance gates at the end of their stay, but it's a comfort to know that sandy beaches are within a 15 minute walk, home to the Valle Romano Beach Club for sampling seafood and supping wine with the sand between your toes. Completion at The Village is penciled in for 2009 and prices start from as little as 240,000 euros for a two bedroom two bathroom apartment to include underground parking and a handy storage space. Favourable payment terms require a 3,000 euro reservation fee, 25% after 30 days and then 75% upon completion with mortgages available. All property will be delivered fully fitted and furnished ready for sunshine holidays. For latest availability at The Village contact Duchy Estates now on 00 34 952 906 944 or email spain@duchyspain.com |
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Is An Off-Plan Property Purchase still a Sensible Option in Southern Spain?  Off-plan purchase in Spain was oft viewed as the optimum way to lap up
18 months or so of capital appreciation without so much as applying for a mortgage. In the heady days of the early 2000s when
capital appreciation was 15 or 20% per annum, investors were parting with a few grand reservation fee, maybe the odd stage payment, and
then collecting their spoils a year and a half later re-selling their yet-to-be-completed property at vast profit to a hungry
purchaser. We all know those days are gone. It's a buyers' market now – so is there still any point in buying off-plan?
Off-plan, a self-explanatory phrase, carries its advantages and disadvantages in its  name. As you are buying from the
plans you have to wait anything from 18 months to two years for the
property to be finished, a good thing if you are unrushed and have finance to
raise, a bad thing if you want a holiday home and you want it now. But, as sure as the best things come to those
who wait, an off-plan purchase carries a wealth of advantages, not least price.
The developer likes early-bird purchasers as their deposits not only provide a bit of cash to get the heavy plant digging but also reassure the bank manager that his financial stake is safe. In return for your ‘support', patience and willingness to take a ‘risk' in buying something you cannot physically see,  the developer will discount maybe 10% or so from the market value. This of
course means at completion stage you have a minimum 10% profit already built in, yours for the taking upon resale.
Price aside, off-plan purchase gives you the chance to ‘cherry pick' the best unit. Precedent confirms that penthouses, corners and those with the best views sell faster and resale better, as a pioneer you can take your pick. Additionally, an off-plan property should display the latest in building techniques and materials from sound-insulation to durable flooring. Spain has been accused of being behind northern Europe in terms of build-quality in the past, but it's fast catching up and possibly overtaking, so a new build is a pretty impressive product. And, that ten-year construction guarantee, compulsory under Spanish law for structural defects, is yours for the full decade, which can't be said for a resale. Lastly, many developers allow you to get involved in the closing stages of build and stamp your personality on the product. Whether that may be choosing tiles, paint colour or appliances, it is a luxury only afforded by off-plan purchasers. Of course it would be unfair to gloss over disadvantages, as off-plan purchase certainly attracts a few. ‘Completion date' should never be taken as gospel, do not plan your first holiday or rental until the keys are in your hand. Factors from the developer over-promising to the project manager under-delivering and then the Town Hall dragging their Spanish heels in granting license of occupation, and therefore the ‘nod' for utilities to be connected, can all play a part. Check to see if your contract has penalties in place for late delivery, these always help to incentivise the developer by hitting any lateness where it hurts, in his profit margin. Knowing what you're getting is another disadvantage. The glossy brochure and artists' impressions never quite look the same as the real thing (hence the use of the word ‘impressions') and certain features or qualities may have to be modified along the way. This is the nature of the beast and seasoned off-plan purchasers will be well-used to modifications, whereas newcomers may find them hard to accept. Do your homework, look at examples of the developer's previous work and make sure you, and your lawyer, are clear on which features or qualities were promised contractually, including square metre build sizes, so you have some recourse in the unusual circumstance of the developer cutting corners, or worse, floorspace. Finally, the small point of ‘snagging'. This is where you, and a professional, in this case Duchy Estates Aftersales Team, should check every window and door to see if they close, every tap and plug to see if they open and every toilet seat and door frame to see if they're chipped. Accidents happen, glue is left on doorframes, grouting is missed on tiling, but with the right pressure in the right language (i.e. Spanish) the developer will happily fix the snags to perfection. So is off-plan still worth it? On price and qualities alone, a resounding ‘yes'. Provided you're not seeing off-plan as a route to short-term investment success, it is still the most lucrative manner of getting what you want, at the right price and with the right guarantees, provided you have a good imagination of the finished product, and of course, you're prepared to wait... |
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More New Staff Members for Duchy Estates 
Duchy Estates continues to add more names to the payroll with Iain and Coral freshly through the front door.
Glasgow-born Iain Crozier has had a far from conventional route into real estate agency. Starting out as an engineer, Iain then drove freight trains for two years before rising to the rank of freight control supervisor. He then went from trains to trucks, as a traffic manager for a haulage company, and subsequently from trucks to cars as a car salesman for almost a decade. Leaving four wheels behind Iain took to the skies and relocated to Spain in 2005 and has worked in real estate ever since. Now a Property Consultant for Duchy Estates Iain brings considerable knowledge and a dry sense of humour to the team. Iain can be contacted directly by email iain@duchyspain.com or via phone 00 34 952 906 944. Cádiz girl Coral Gonzales is an enormous asset to Duchy Estates. Not only is she a native Spaniard able to communicate fluently with our many Spanish customers, but she also lived in the UK for 15 years so has faultless English as well. Working as a Customer Service Representative, Coral brings four years of experience in both national and international real estate and relishes the chance to match clients to their perfect home and create long-lasting smiles. Coral can be contacted directly by email coral@duchyspain.com or via phone 00 34 952 906 944. |
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Winter will soon start to cloak the UK and bring the inevitable rain, dark evenings and crisp temperatures. Remember, it doesn't have to be like this, take a look at our affordable Research Trips and secure your slice of Spanish sunshine... Adam Gale, Managing Director. Contact Duchy Estates by phone 00 34 952 906 944 or email spain@duchyspain.com or visit our website www.duchyestates.co.uk for further information. |
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