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1. General Information
If you have bought an apartment or villa, which take part of a building complex, keep in mind that these will be subject to the Spanish Law of Horizontal Division (Ley de Propiedad Horizontal). This law is applicable whether you are resident or not.
According to this law, every apartment or villa-owner has the co-property of the common elements of the building complex (stairs, lifts, façades, swimming pool, cleaning services, drains, supply of water, electric wires etc…), together with the rest of owners of the block.
All property owners of the block form the Community of Property Owners (Comunidad de Propietarios). They are responsible for their individual parts and common areas of the block. They shall maintain the common elements of the building. All of them participate in the expenses of the community on a pro-rata basis. Only those who buy an individual property standing on its own, will not have to join a community of property owners.
Every apartment of the block has a share (cuota de participación) in the common property, usually proportionate to the size of the owner’s property. Therefore the owner of a large flat will have a larger share in the common property, this share determines the community charges and voting rights of the homeowner.
The urbanizations are ruled by a different law (as they share elements with the outside world such as street lighting, refuse collection, roads…), however, the Spanish Law of Horizontal Division may also be applied to them provided that they meet some specific requirements.
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The hotel chain Roc-Hotels has reached an agreement with the owners of the Don Miguel Hotel in Marbella, which has been closed since October 2004, to reopen the establishment in May 2011.
Roc Hotels will be renting the establishment from the current owners and refurbish the installations. The lease agreement will have a maximum duration of 15 years and also include a clause giving the new tenants a preferential buy option.
The Don Miguel hotel will keep its 4-star rating and will be managed by Roc-Hotels as an all-inclusive hotel.
Spanishnews.es
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Hardly do we bump into bank repossessions or distressed property worthwhile mentioning. Mostly we see that the best bargain is one created by negotioting strongly. But this time we have encountered a villa in El Rosario that has been reposessed by the bank and will be sold to somebody coming with a sensible offer.
The property has 6 bedrooms and is located on a large double plot of approx. 2000 square metres. The properties does need renovation/modernizing but the aiming price will be around 600 to 650.000 euros. With similar properties on the market for at least 300.000 euros more we can absolutely say that this is a genuine bargain.
For more details on this house please follow this link: Bank repossession in El Rosario
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The owners of the Hotel La Quinta Golf Resort & Spa have signed a pre-agreement for the management of the hotel with the Sol Melia group. The Hotel La Quinta was managed by Starwood under the Westin brand up until now.
Sol Melia will take over the management and run the hotel under its brand “Melia” starting from the month of January. This will give it time to establish the brand until March, when the reopening for the season begins.
The new deal, will mean that Sol Melia will have three hotels in Marbella, including the Gran Melia Don Pepe and the Melia Marbella Dinamar. The Hotel La Quinta has 172 rooms.
Spanishnews.es
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Hardly do we bump into bank reposessions or distressed property worthwhile mentioning. Mostly we see that the best bargain is one created by negotioting strongly. But this time we have encountered a villa in El Rosario that has been reposessed by the bank and will be sold to somebody coming with a sensible offer.
The property has 6 bedrooms and is located on a large double plot of approx. 2000 square metres. The properties does need renovation/modernizing but the aiming price will be around 600 to 650.000 euros. With similar properties on the market for at least 300.000 euros we can absolutely say that this is a genuine bargain.
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The hotel chain Roc-Hotels has reached an agreement with the owners of the Don Miguel Hotel in Marbella, which has been closed since October 2004, to reopen the establishment in May 2011.
Roc Hotels will be renting the establishment from the current owners and refurbish the installations. The lease agreement will have a maximum duration of 15 years and also include a clause giving the new tenants a preferential buy option.
The Don Miguel hotel will keep its 4-star rating and will be managed by Roc-Hotels as an all-inclusive hotel.
Spanishnews.es
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Marbella — For decades, Marbella has been an international hub for both business and pleasure. Marbella’s unique demographics and smart-casual atmosphere have made it a center for the entrepreneurial spirit that is well established and growing in Spain.
Because of its international reputation and appeal, Marbella attracts millions of tourists and hundreds of thousands of English-speakers of different nationalities who decide to make Marbella their permanent home, including many celebrities. They come here for night life, excitement, and leisure, but many also come seeking opportunities for business and learning. In the past 50 years, Marbella has seen countless hotels, golf courses, developments, international schools, as well as other businesses set up, and now the launch of an English-speaking University.
Marbella University is the first and only English-speaking University in the South of Spain. With a state-of-the art educational program based on the most advanced knowledge and didactics, it will offer 3-year Bachelor degrees as well as a 1-year diploma program. The diploma program provides students with general understanding of people, human life, business, and society through a “stimulating, mind-opening curriculum,” says the University spokesperson. The diploma program also allows students to start Marbella University’s Bachelor programs, in the case that they don’t already have an IB, A-level, or equivalent diploma. In addition, Marbella University’s Bachelor programs include areas of study such as Business Administration, Communication & Public Relations, Tourism, Journalism, and Psychology. The curriculum meets the highest educational standards, and fits the needs and desires of Spain’s up-and-coming professionals. All Marbella University Bachelor programs are in line with the Treaty of Bologna’s educational requirements and curriculum standards.
In Marbella, people enjoy a unique quality of life, safety, and international appeal. The Costa del Sol is virtually free of pollution, has extremely low rates of crime, and is in close proximity to rich cultural cities like Granada, Seville and Cadiz. All these factors and more make Marbella the perfect place to study for those who want a true international experience that is as fulfilling as it is enlightening.
For more in
formation about the launch of Marbella University, or its programs and admission requirements, visit MarbellaUniversity.com.
Spanishnews.es
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The upper house in Spain has authorized the government of Spain to protect the mortgage holders from unfair financial practices. The Bank of Spain will now investigate the questionable mortgage practices.
The full Spanish Senate unanimous voted to approve a measure by the Popular Party, which calls on the government to take action against what is called unfair mortgage practices. Some credit institution will now feel more pressure from the Bank of Spain to regulate the mortgage market the the lending institutions, reports Finanzas.
In a statement, the spokesman of CiU in the Upper House and promoter of the agreement, Jordi Vilajoana, has concluded that the initiative gives the Bank of Spain, which is already the regulator of the financial system, “more power to protect customers with mortgages.”
The Bank of Spain had also earlier prepared a report where it acknowledged that there are clauses in the mortgage contracts that limit the rights of the loan holders. There is lack of reciprocity and some clauses are disproportionate.
The motion requires fulfillment of the Revised General Act for protection of consumers and user that in 2007 had established these exclusions and unfair contracts.
Courtesy of Huliq.com
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The pound came under intense pressure last week falling to 1.10 against the euro and slipping against the USD. The pound has not been helped by wobbly risk sentiment, but the main damage seems to have been inflicted by an article in the Telegraph. The paper reported that Lloyds Banking Group has been forced to abandon it’s plan to withdraw from the Government’s toxic debt insurance scheme after failing to raise enough capital to meet the FSA’s strict requirements.
As we experienced previously jitters in the UK banking sector hurt the pound and given the bad sentiment already surrounding the pound it is no surprise to see it fall on this news. Among the other factors weighing on the pound; likelihood of early move by Bank Of England to cut deposit rate paid on bank reserves; likelihood of additional Quantitative Easing coming soon; and of course dire public finances. The recent rally in the FTSE will have provided the pound with some support- the concern is that if equities sell-off the pound could drop further. We need to see some consolidation over the next few trading sessions to support the pound; the better than expected public sector net borrowing data gave the pound a reprieve but we will need to see more good news to support the limp pound.
On top of the bad news surrounding the pound we have also simultaneously witnessed consistent euro strength against the USD pushing up over 1.47. This has helped to keep the euro strong across the markets and also against the pound. In an article over the weekend the Telegraph are pointing towards GBP/EUR hitting parity in the first quarter of 2010; whilst this cannot be ruled out we must consider that economic sentiment is very fickle at the moment and the tide can change very quickly.
The pound must hold onto the 1.10 level and gain some consolidation- if held this should form a good support area to push back towards 1.15. This week we have the minutes from the Bank of England which will be closely scrutinized on the future strategy of Quantitative Easing. If the central bank avoid discussing the necessity for further QE then we could see a bounce in sterling- this would be unexpected but not out of the question.
Kind Regards,
Keith Spitalnick
Business Development Manager
Currencies Direct Limited
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Calle Orquídea – Local 5
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Marbella
Malaga
Spain
Tel: +34 902 310 444
Fax: +34 902 310 440
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Email: keith.s@currenciesdirect.com
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