Luxury Real Estate

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

With the idea of trying to give the Spanish economy a little helping hand to get back on its feet, after the world crisis brought the construction industry in Spain basically to a halt, the Spanish Government has this week decided to drop the VAT tax on new home sales by 50%, reducing the existing rate of 8% to a mere 4%, and prioritizing the sale of new homes over second hand properties.

The news has been received with open arms by the construction companies, which have seen their sales dwindle due to the surge in sales of second hand properties. Many foreign residents had to quickly sell up their holiday homes in Spain to find extra funds to cover the losses their businesses back home were incurring and many jobs were badly affected as a consequence of the crisis, so many of these second hand properties were sold below their original purchase prices, as people were desperate to put their hand on the cash. Obviously, new properties were being completely overlooked.

Prices have certainly levelled out now, with the difference in prices between new properties and second hand ones not as obvious, especially taking into account the extra cost often required to renovate older homes. This new measure puts the new developments back on track, even if it is only for a few months, as the VAT reduction will only be applicable through the end of this year. Compared to the 7% transfer tax you pay on a second hand property purchase, the 4% VAT is certainly much more attractive, especially when the property is brand new.

For companies like Luxury Homes by VAPF, whose mother company VAPF has over 48 years of experience in the real estate development sector and has been through a crisis or two before this most recent one, this tax incentive is certainly well deserved and should contribute towards re-launching the residential construction industry in Spain, which is one of the main pillars of the economy, along with the ever-present and booming tourism industry.

Courtesy of Lucas Fox

Lucas Fox International Properties today release a formal analysis of the Spanish luxury real estate for the first two quarters of 2011.

Projections and data feature the regions of Barcelona, Costa Brava and Ibiza.

Key insights from the reports include:

• The lack of property finance available and changes to mortgage taxation have led to an overall slowdown in Spanish property sales in the first half of 2011, the luxury property market has shown more resilience than other sectors of the market.

• International buyers are acquiring luxury properties in Barcelona, the Costa Brava and Ibiza without mortgage financing.

• There is a growth in property investment in Spain from Russian, Dutch, and Swiss buyers and investors.

• Tourism growth in Barcelona, Costa Brava and Ibiza in 2011 has had a positive effect on demand for short-term rental properties.

Based on the analysis, Lucas Fox Directors offer forecasts for the remainder of 2011:

Barcelona Property Market

Alex Vaughan, Director of Lucas Fox said:

“While the first half of the 2011 has seen further drops on key housing indicators in Barcelona, the luxury end of the market has held steady in sales prices and seen some increases in rental price for exclusive properties located in the centre of Barcelona. The lack of quality luxury apartments and houses should mean that prices in this segment of the market will remain stable.

We predict that for the immediate future buyers will be able to secure Barcelona properties at competitive prices. Given the current economic conditions and lack of finance available to local buyers, international clients should be willing to hold on to their properties for longer as it will be several years before the next growth cycle. ”

Costa Brava Property Market

Tom Maidment, Director of Lucas Fox Costa Brava said:

“The high demand, for high end luxury properties in the Costa Brava region make these properties more price resilient than those in other parts of Spain. Demand for luxury properties continues apace, mainly driven by international clients from the Eurozone and a high level of demand for sea front villas from buyers from Russia and ex Soviet states.”

Ibiza Property Market

Alex Vaughan, Director of Lucas Fox said:

“We expect a very positive second half of 2011 with a large amount of transactions in the €1m plus segment of the market… We believe that the luxury property market on Ibiza has great potential and that there will be a return to annual capital growth next year.”

About Lucas Fox

Founded in 2005, Lucas Fox specialises in offering quality luxury properties, a professional approach and a high level of service. The company has offices in Barcelona, the Costa Brava and Ibiza.

Data: Collated from leading Spanish real estate portals, national and governmental statistics, and luxury buyers. Data in the reports is specific to Barcelona, Costa Brava and Ibiza.

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

One of the most frequent questions asked by our customers when viewing our property portfolio at the Cumbre del Sol residential estate on the Costa Blanca in Spain is: “How far is it to the nearest private school?”

Well, this is a really easy question for us to answer as, situated within the residential estate is the The Lady Elizabeth International Junior School, belonging to the Laude Education Group. Colegios LAUDE, is a network of private and independent schools in Spain and England in which the learning experience goes beyond the walls of the classroom and the limits of the teaching programmes, with multilingual education at all school levels.

When young families relocate to other countries for whatever reason (normally, when it comes to choosing Spain, the reason for relocating is a better quality of life and the great weather), they look for an educational institution which will provide their children with a solid background so that they will be capable of choosing for themselves where they will like to live and work in the future. A multilingual education designed to allow students to perform skilfully in international and multicultural environments; a multidisciplinary education, integral and advanced, which will provide them with essential IT and multimedia skills, and which will encourage the creation of social skills through the sports and complementary activities promoted in each of Laude´s schools.

The School follows the British EYFS guidance and Primary National Curriculum, with the addition of Spanish for all pupils, and is accredited with homologation within the Spanish System. A wide range of extra-curricular activities including sports, arts and third languages (French, German and Russian) is also provided. There are Specialist teachers for Spanish, PE, ICT, Music, Drama and English for Speakers of Other Languages (ESOL). ESOL pupils have the opportunity to study for Cambridge English examinations. The School is also a Centre for LAMDA examinations in verse and prose. Take a look at the video featuring the schools installations on the following link: http://www.youtube.com/watch?v=Hf6GwxJZy7I.

Students and teachers alike at The Lady Elizabeth School can be extremely proud of the results of last year’s Cambridge International Examinations, with the following top places in the world ranking awarded to students at the school:

o Child Development: Top in the World.

o English Language: Top in Spain.

o Art and Design: Top in the World.

o Business Studies: Top in Spain.

o Literature in English: Top in Spain.

Luxury Homes by VAPF not only provides the customer with his/her ideal dream home, completely personalized to suit their individual requirements, but also the location and the services available, such as this prestigious international school, make the full package the ideal solution for worry-free relocation.

Courtesy of Rimontgó

The Real club de Golf de Pedreña is unusual in many ways. Firstly, founded in 1928 it is one of the older and more established golf clubs in Spain, but whereas most of the country’s courses are scattered along the Costa del Sol or Costa Blanca, these verdant corridors are situated in the beautiful region of Cantabria, on Spain’s Atlantic north coast.

Here, across the bay from the elegant city of Santander and near the exclusive village of Somo, keeping the courses green comes naturally, for while this region has itself got a noteworthy history as a stylish summer destination, the intense greenery of the landscape reminds one of Ireland. Often called the ‘other Spain’, it is an area of immense beauty, where the green of the land competes with the deep blue of the sea. Cantabria is marked by valleys and coves that afford the land a certain intimacy and romance that has made the likes of Santander a classic gem in the tradition of Biarritz, Nice or San Remo.

It is within this setting that the renowned golf club finds itself, overlooking the bay and the lights of Santander across it, yet surrounded by peace and nature. Originally formed out 274 smallholdings, the Real Golf de Pedreña rapidly became a favourite of the then-reigning royal family – a tradition that has been revived under the current king, Don Juan Carlos I. As the course evolved it also became the scene of many a national and international competition, including three Spanish Open championships and memorable encounters between some of the world’s best players.

Most prominent among these is the legendary Severiano Ballesteros, who can be considered a local and indeed a son of the club. The Real Golf de Pedreña will forever be linked to Spain’s greatest player, a further feather in the cap of a club that carries an ambience of undeniable refinement about it. A classic in every sense of the word, this is golf club with a course that has evolved and been improved over the years, but which retains the original spirit that gave it life. Today the original 18-hole course is complimented by a modern 9-hole addition – designed by none other than Seve Ballesteros.

An elegant clubhouse with restaurant, bar, terrace, swimming pools, youth club and padel tennis courts completes the list of facilities, but it is the effortless refinement of this club that continues to make it one of the most distinguished golf clubs in all of Spain.

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

One of the luxury modern villa designs by Luxury Homes by VAPF features in this month’s edition of the Hong Kong Tatler as one of the 7 most stunning seaside villas in the world.

The Spanish luxury real estate developer’s villa “Cala Moraig” was the only European property chosen to appear alongside other beachfront properties scattered around the world: Australia, Cambodia, Hawaii, Cayman Islands, Turks and Caicos Islands and the States.

The cliff top villa Cala Moraig stands out, not only for the magnificent views across the Mediterranean Sea, with 180 degree water views, but also for the unusual and modern design, which integrates well into the natural rocky landscape of the Costa Blanca coast, whilst maintaining traditional Mediterranean architectural traits.

The well thought out layout for easy modern day living and the glass frontage to make the most of the fabulous vistas are the 2 factors that really make this property highly desirable, or, in Tatler’s words, a “beauty”.

Click here to read the article.

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

As promised in our press release dated the 24th of May this year, we can now proudly announce that the Spanish television channel Canal 9 screened the footage filmed at a luxury villa in the Cumbre del Sol residential estate on their program Interiors, on Saturday the 4^th of June at 3:30pm, straight after the afternoon edition of the news.

This TV program specializes in design and architecture in the Region of Valencia on the Mediterranean coast of Spain. The program centres on luxury villas, castles or unusual homes which stand out from the neighbouring properties because they have that extra something that makes them special.

They chose to film the luxury villa built by the Spanish construction company and developer VAPF Group because of the beautiful neoclassical design, that takes you back to the elegant buildings erected during the Roman empire, with large arches and majestic columns, and also because of the fantastic sea views that all the villas at the Cumbre del Sol residential estate enjoy.

In fact, when the team finished recording at the villa, they proclaimed that it had been the best property they had visited to date, and with an average of three properties per program with 30 programs behind them, that certainly takes some beating!

Check out the video to see for yourselves what living on the North Costa Blanca in Spain is like and, with the option of building a home to suit your own particular tastes and requirements, with the sound advice and experience of the VAPF Group behind you, then making a move to this outstanding location is as easy as just saying: ‘Yes! We want a better quality of life!’

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

Although struck by the crisis, Spain is a solid economy, showing signs of recovery. Economic strengths and reforms lay the foundations of a sound and rebalanced growth for the Spanish economy. Take a look at just some of the reasons why purchasing a property in Spain is a safe bet:

Infrastructure:

- Spain has the biggest highway net in Europe and is the first European country and second in the world, behind China, in high speed railway line miles

- The Spanish Airports and Air Navigation Company AENA is the world's leading airport operator in terms of passenger numbers, handling nearly 200 million. It manages 47 airports and 2 heliports in Spain and participates directly and indirectly in the management of 28 more airports around the world. AENA is the fourth largest provider of air navigation services in Europe and plays a leading, active role in all European Union projects relating to the introduction of the Single European Sky.

Quality:

- First European country with the highest standard of living for expatriates

- 2nd most valued health system in Europe (HSBC Expat Explorer Survey)

- Spain now has 511 Blue Flags on its beaches, more than any other European country. The Blue Flag recognises the high quality of beaches and coastal waters. 104 of Valencia's beaches, 66 of Andalusia’s and 63 of the Balearic Islands' have received the awards.

Performance:

- 2nd tourist destination in the world by revenue and 3rd for passenger arrivals.

- Spain is one of the leading global economic powers: the 4th largest recipient of FDI among developed countries. Spain's appeal for foreign investors lies not only in its domestic market, boasting considerable purchasing power, but also in the possibility of operating in third-country markets using Spain as a base, courtesy of its privileged geostrategic position: it belongs to the European Union and is the gateway to North Africa and Latin America (due to its strong economic, historic and cultural ties in this latter case). Furthermore, Spain is a modern knowledge-based economy with services accounting for 71.09 percent of economic activity. The country has become a centre of innovation supported by a young, highly-qualified work force and competitive costs.

- The number of housing transactions (491.000) tends to recovery, partly due to fiscal incentives, partly because affordability indicators are once again at historically low levels. Foreign demand is starting to react to price signals, acquisition by expats in Spain has increased over 20% in 2010.

Courtesy of Michel Cruz of Rimontgó

Located right in the historic heart of Madrid, the Mercado de San Miguel (San Miguel Market) occupies a square immediate adjacent to the famous Plaza Mayor. Though covered markets like this can be found in other parts of Spain, the Mercado de San Miguel is in many ways unique.

Originally built at the beginning of the 20^th century, this beautiful steel construction exudes all the gentleness of style and proportion from the Art Nouveau era, complete with visible support structure and finely worked wrought iron detailing. But this is above all a haven for foodies, not just lovers of architecture.

With styling inspired by Les Halles de Paris, the market functioned like many others across the country, providing an indoor fresh produce market to the local community in the old centre of Madrid. For almost a century, this was where people came to buy fish, seafood, vegetables, fruit, meat and other delicacies.

The fact that the San Miguel market is also one of the most beautiful and architecturally valuable markets of its kind in Europe inspired stall keepers and the local authorities to raise the funds necessary for a thorough beautification project that has resulted in a particularly tasteful mix of classicism and modernity.

In general terms the industrial style structure with its Art Nouveau touches was stylishly restored to its former glory, but updated with modern facilities and finishing points that bring it fully up to date. Now a daytime market with a bit of a gastro feel it really comes to life in the evenings, when it turns into a fun venue for lovers of food, drink and socialising.

Since Spaniards are quite possibly world leaders in the joyful art of outdoor socialising, the Mercado becomes a lively hub where you have an amazing choice of Spanish, continental, Japanese, Asian and other delicacies accompanied by your favourite tipple. What’s more, with a diverse clientele from across the age groups the Mercado de San Miguel is also a welcome escape from crowds of rowdy youngsters.

Courtesy of Kirsty Bryson of Luxury Homes by VAPF

In 2011, Russia and Spain plan to boost their bilateral relations in the political, economic, cultural, humanitarian and educational ambits: it will be the Year of Russia in Spain and of Spain in Russia, also known as the Dual Year. Inaugurated on the 25^th of February in St. Petersburg by King Juan Carlos of Spain and the Russian President Dmitry Medvedev, this initiative was initially agreed on during the meeting between the mentioned Russian President and Spanish Prime Minister Jose Luis Rodriguez Zapatero back in September 2009.

The events program will mainly feature activities of a cultural nature, with the Novosibirsk ballet company touring in Spain and the Spanish National Dance Company visiting Russia; the Hermitage Museum in St. Petersburg featuring an exhibition of paintings from the famous Madrid's El Prado museum and the the Pushkin Museum of Fine Arts exhibiting works by famous Spanish painters Joan Miró and by one of the most controversial artists of the twentieth century, Salvador Dalí.

Spain will be the guest of honour at both the Moscow International Book Fair and the Moscow International Tourism Fair. Russia, in turn, will organize an exhibition in Spain about new technologies. The Russian and Spanish university deans will meet to discuss the development prospects of scientific cooperation between Russia and Spain. The traditional St. Petersburg Economic Forum will be held in June and again Spain will be present as guest of honour. A representative delegation headed by Spanish Prime Minister Jose Luis Rodriguez Zapatero is expected to attend this event.

All in all, a total of 350 cultural, sporting, scientific and economic events will be held in 2011 under the Year of Spain in Russia and Russia in Spain. According to the organizing committee co-chairman of the Russian side, the Deputy Prime Minister Alexander Zhukov, the planned events will contribute to bring together the Russian and Spanish people and will stimulate the development of bilateral relations in on political, economic and other levels.

Cold Russia has historically always warmed to the Spanish way of life and is attracted to all things Spanish: its music, the Spanish guitar, wine, good food, temperament, passion, footwear, furniture, bulls, women, artists, flamenco, El Prado, Madrid, Granada, etc.. There is very much a large demand for Spanish products in Russia. Spain expects the arrival of some 600 thousand Russian tourists this year, and increase of 100 thousand on the total number that visited the country last year.

Courtesy of Michel Cruz of Rimontgó

Severiano Ballesteros, or ‘Seve’ as he was known to a golfing world filled with friends and admirers, passed away on 7th May this year. Spain was in mourning, having lost one of its most respected sons, and the sport mourned the passing of a legend. On such occasions we always say that he or she has gone too soon, but Seve Ballesteros really was taken from us too soon. The victim of a brain tumour, he leaves two sons and a daughter after having battled the illness for several years, yet Ballesteros’ legacy is a rich one.

Seve is described by world number one Lee Westwood as the man who “…made European golf what it is today.” Breaking through at a time when the game was dominated by American players, he inspired not only a generation of Spanish golfers but also other European champs like Bernhard Langer, Nick Faldo and Padraig Harrington, ultimately helping to put Europe firmly back on the map. Ballesteros’ contribution to Spanish golf is even greater, his being an influence that has helped shape Spain into a golfing superpower on the European mainland.

The Austrian first broke into the limelight in 1976, when as a 19 year-old he took second place in the British Open. The next years would bring him countless tournament wins, including five major championships that earned him his place among the greats of the sport. Most remembered will be his now-famous salute after winning the 1984 British Open, then known as the Open Championship. A keen promoter of new talent, he supported golfing clinics across the country and encouraged Spanish youngsters to break through into the sport, whilst also making a name as a course designer both at home and abroad.

Seve Ballesteros was far more than the sum of his achievements, though. Some sportsmen are admired; others loved. Ballesteros was both held in high regard as a golfing legend and much loved by fans and colleagues alike. A true gentleman golfer he remained an iconic figure long after he stopped winning major tournaments, and will always be remembered in the annals of the game. “It’s a very sad occasion for Spain and for golf,” said Rimontgó CEO José Ribes Bas, a very keen golfer himself. “Let’s hope that what he has started in this country will continue to live and thrive for many more years to come. That will ultimately be the greatest tribute to him.”