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Chinese investment in leisure complex near…… Valencia

Reported by EW: oropesaThe Marina D’Or organisation, North of Castellon,  which owns significant empty properties in Oropesa del Mar near Valencia,  attended the CITM, the most important tourist fair in China this year.

Within a few weeks it is reported that Chinese billionaire Wang Jianlin who owns the Dalian Wanda investment company was in discussion with the Owners  of the resort who are looking to sell 75 per cent for a reported €1.2 billion.

The Wanda group through its Madrid office has been investing heavily in Spain over the past year or so including purchasing the Art Deco Edificio España building in Madrid from Santander which it intends to refurbish.

An investment of this type would certainly be in keeping with the company’s strategy and it is possible that it would look to develop the entire area into an upmarket holiday resort including possibly a casino.

In addition to property, the talented Wang Jianlin has also taken a 20 per cent stake in football club Atletico Madrid.

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Chinese – The real estate Buyers in S p a i n

The push by Chinese real estate buyers throughout the world is well established, but now it seems as if they are increasingly targeting Mediterranean nations as well…and mainly Spain.

“What are the primary reasons for this demand growth in Europe’s Mediterranean countries? An extended period of weak property prices in the region has combined with the growing wealth of Chinese buyers to create more opportunities for Chinese real estate purchase than in the past.

Chinese buyers are becoming more comfortable in international markets, and looking beyond the destinations that have traditionally been most popular.

“Attractive lifestyles, affordable luxury property pricing and competitive investor visa programs have added to the appeal. Property marketers have promoted the programs aggressively, implying that citizenship and a European Union passport will be relatively easy to obtain.”

Common factors that bring Chinese buyers to the Mediterranean countries include lifestyle issues in China, the desire to diversify investments and seek greater returns and the search for international educational opportunities for their children.

Spain’s Chinese Residential Purchasing Intent Index has the second fastest growth. This is even more significant given that Spain also attracts the greatest number of Chinese buyers in absolute terms, of all the countries discussed here.

The Purchasing Intent Index is up 88% quarter-on-quarter and 292% over a year earlier.

Over the past year, Barcelona has been by far the most popular destination for Chinese property seekers, …but…..followed by regional capital Valencia, national capital Madrid and the southern beach resort of Marbella. However, in the second quarter of 2015, for the first time, Valencia displaced Barcelona as the most popular destination for Chinese likely buyers.china

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Too late………?

According to the Spanish Property Registrars, property prices are

now rising at their fastest rate since the 2008 downturn

and have recorded a 5.2 per cent rise year-on-year, H1

2014 to H1 2015. As you would expect, there are

significant variations depending on where you look (which

explains why, when we quote such a figure, we get two

responses – ‘prices are rising much more that that here’

and ‘prices are still falling here’).

‘Houses are in demand in Madrid, the Balearics, the

Canaries, Catalonia and the Valencian Community and

this is reflected in prices. Sellers and buyers are adjusting

expectations accordingly. Prices are not expected to surge

but recovery is well underway with a sustained foreign

demand.’ No doubt, many Buyers will, like theirvalencia-premium-turia-gardens[1]

America Property Alerts counterparts, wait another 12 to

18 months until prices are all up and will then come

charging in demanding 50 per cent off deals. As ever, too

late – the savviest buyers are there now.

 

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VALENCIA – Best bargain cities

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Valencia, Spain was hit hard 7 years ago, the property crisis . Now, again, it is a vibrant, accessible, historically interesting and culturally rich city with a beautiful coastline that, inexplicably, has been overlooked as a serious contender for retirement in the region. The cost of living in Valencia is one of its biggest attractions. You can see a doctor for as little as 35 euros, rent an apartment at the beach starting at 350 euros and enjoy a beer in a coastal bar for one euro. A man can have his hair cut (a good gauge for the cost of living in a place) in a city-center salon for 5-8 euros.

Now is the best time in a long time to be paying attention to Valencia, but its real assets are timeless. Thanks to its long and complicated history, Valencia is a melting pot that has evolved to have its own distinct culture that is evident in its language, place names and architecture. Valencians are fierce individualists, though not separatist like their Catalan neighbors to the north.

The weather in this part of Spain is ideal for living an active, healthy and outdoors lifestyle, and this part of the western Mediterranean offers some of the finest beaches in southern Europe, including in the city of Valencia and to the north and south. Valencia’s beaches are well preserved, well maintained and surprisingly unspoiled. The main city beaches include El Cabanal, Las Arenas and Malvarossa, all with Blue Flag status, as well as El Saler to the south inside the Albufera Natural Park. In addition, the mountains are within easy reach.

To get a good sense of Valencian culture, take in a flamenco show. In addition, this city offers many venues for live theater, ballet and music, from the Berklee-affiliated Palau de la Musica (Palace of Music), where you can hear world class jazz and visit hip clubs and bars.

Many museums and other cultural and historic attractions in Valencia are free or offer entrance at a negligible cost (one to two euros). An all-day, all-museum pass costs six euros. This is a city that is proud of its culture, history and heritage, and wants to make it as accessible as possible to residents and visitors.

Valencia is well known for its annual celebrations, including and especially the Fallas celebration every March. The name translates literally as “the fires,” and this annual fiesta has been called the best fireworks party in the world. Over these four days every March, this city is lit up by both fireworks and bonfires burning monstrous-sized satirical effigies.

The bottomed-out property market additionally makes buying a house or an apartment in Valencia particularly interesting right now. At today’s values, you could buy a two-bedroom, two-bath furnished apartment in a historic and central neighborhood for as little as 150,000 euros.

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Valencia’s Port Area.

aaaa beachExtensively modernised for the 32nd America’s Cup of 2007 and then used again for the 33rd edition, the beach goes north from the port area and the Port itself is now the hub of a new plan for a technological park attracting new businesses into the area. Home to Formula One for a few years the area now has great potential, excellent communications with the metro lines coming in from the centre of the city and a brand spanking new superyacht marina. On the beachfront you get the best selection of Paella restaurants in the world and a huge and imposing five star hotel, Las Arenas, backing onto a squat and social housing ;-).

Property in this area known locally as the Canyamelar part of the Cabañal is excellently priced and with great potential for both rental and long term capital growth. Foreign buyers of property in Valencia seem to love the area for its gritty realism, its excellent restaurants and the vibe that is given off.

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Football and property success coincide in Spain

football stTwo years ago, we wrote an article on Spain contrasting its footballing strength – highlighted by Real Madrid smashing the world transfer fee record for Gareth Bale – with its economic fragility. Real ended last season as Europe’s champions for a record 10th time, while rival Barcelona trumped them this year, winning a treble of domestic and European honours. But this sporting success is no longer at odds with the economic news – in fact, our latest forecasts highlight Spain as one of the continent’s hotspots.

Even in 2013, there were signs that Spain was turning a corner after several dark years of austerity and contraction. The economy returned to growth by late 2013 led by improving competitiveness and export growth. The upturn was initially slow, but has since been reinforced by a revival in domestic spending, as unemployment stabilised and then began to decline. By early 2015, Spain had become one of the Eurozone’s most dynamic economies, a sharp turnaround from the doldrums of 2010-13.

The remarkable economic turnaround is led by strong exports and, more recently, a return in consumer confidence. Although economic recovery only began officially in late 2013, the 0.9 percent GDP growth recorded at the end of Q1 2015 now places Spain ahead of some of its fastest growing Eurozone neighbours year-on-year.

The property market is further buoyed by interest from corporates, who are attracted to Valencia and other towns like Barcelona, because of its position as a centre for excellence in sectors such as health, design, research, sport

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Valencia a “phase adjustment” – Positive trends on our costa…..

The market for a 2nd home on the Valencia coast started to show a positive trend mainly due to foreign demand. Valencia, as a whole, is beginning to wake up. We recorded an annual price rise in the 1st quarter of 2015 in the local port region of Pobla de Farnals (Valencia) of about 5 %. The British market grew, in general, about 40 % while the Russian market declined. Chinese bought over 200 properties in 2014. Promoter activity has begun to pick up in the region, aimed at buyers who demand good quality housing with preference for anything on the beachfront, specially Valencia área.farnals

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NIE – The Importance in Spain

NIE Number in Spain, The ImportanceNIE

This personal Spanish NIE number under Spanish Law must figure in all documents that are issued for foreigners who have economic, social and professional interest in Spain.

In case you do not have a number but wish to carry out any transaction of a fiscal nature or with fiscal effects should ask for the NIE number from the local Tax Office, unless they automatically assign a fiscal number and register them in the census of taxpayers. The NIE number has a great number of practical purposes especially with regard to the fulfillment of fiscal obligations and in the granting of official paperwork, like:

Transactions or contracts by virtue of which ownership or real rights over property are acquired, declared, constituted, transmitted, encumbered, modified or extinguished or other fiscal implications.

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Valencia: Why did so many foreigners buy in Spain during 2014

2014 was a good year for sales with numbers increasing 21.6%  year-on-year to 365,342 according to the Ministry of Public Works. The Ministry’s statistics showed that sales to foreigners made up a record 16.7% of all purchases for the year, equating to 61,062 property purchases by foreigners in 2014.

While this record share of the market can be explained in part by the fact that overall transactions are well down in comparison with the years during the boom, it is still an important statistic and one which proves that Spain’s enduring popularity with foreigners is as strong as ever.

The reasons for the high level of foreign purchases are in general terms, the same as ever, with the weather, lifestyle, proximity, healthcare and culture providing the main attractions. There are also factors which have come into play as a result of the crisis: great choice due to high levels of stock, hugely discounted prices and the decrease in the cost of living in Spain.

Buyers from abroad have been encouraged by the improving global economic conditions and, more specifically, those in Spain as well as the fact that prices appear to have bottomed out in the majority of the country’s prime tourist areas and that the amount of high quality stock in these locations is dwindling as investors snap it up.

The Spanish property developer TMR  has recently released a report on what it sees as being the principal reasons for which foreigners buy in Spain. The developer’s study looked at the specific reasons which motivate buyers from four important foreign markets to invest in Spanish property.

For more details get in touch with our office:  www.villasvalencia.com or villasvalencia@terra.complaya

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“Valencia” – Spanish property returns hit double figures

Spanish commercial property showed a 10.1% total return in 2014, a rise from 0.3% in 2013, and the first time the index has reached double figures since 2007, according to new data from MSCI.

The recovery in commercial property total returns was driven by a positive capital growth of 4.2% compared with -4.9% in 2013. This is the first time capital values have increased after six consecutive years of decline.

Industrial was the best performing sector with a total return of 14.4%. Retail was the worst-performing sector but still experienced a total return of 9.7% – a sharp rise from the -1.5% reported in 2013.

Elsa Galindo, senior associate at MSCI, said: “After many years of negative and sometimes cataclysmic return levels, favourable trends in macroeconomic fundamentals seem to have had a positive impact on confidence levels within the real estate sector.”valfoto

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Why you want to life in Valencia

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1. A MEDITERRANEAN RENAISSANCE

 

For years, Spain’s third largest metropolis lingered in the shadow of the country’s “Big Two” (Madrid and Barcelona). But thanks to some snazzy new cultural draws, and rejuvenated old quarters, Valencia has emerged as one of Europe’s most talked-about city breaks. A blissful Mediterranean climate – balmy summers and extremely mild winters – makes Valencia an alluring year-round destination.

2. FESTIVE SPIRIT

 

From elaborate Catholic processions to sangria-soaked street parties, Valencians love a good fiesta. The annual highlight is undoubtedly Las Fallas – an exuberant five-day festival that marks the arrival of spring. Hundreds of whimsical papier mache creations (called ninots and usually parodying mythical or famous figures) are paraded through the streets and squares, then set ablaze to a frenzy of fireworks. Each year, one ninot is “pardoned” by public vote and displayed at the city’s Fallero Museum (Plaza Monteolivete 4).

3. THE CITY OF ARTS AND SCIENCES

 

Co-masterminded by Valencian designer Santiago Calatrava, this space-age cluster of architectural stunners wows visitors – inside and out. Shaped like a giant whale skeleton, the Principe Felipe Science Museum is jammed with hands-on exhibits that will win over even the most science-phobic kids. The Oceanografic is Europe’s biggest aquarium, with species from the planet’s major seas and oceans, and the Palau de les Arts Reina Sofia hosts top-notch dance and opera. On steamy summer evenings, the Umbracle, a botanical garden-cum-terrace bar, is a place to see and be seen.

4. PARK LIFE

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5. MEDIEVAL MAGIC

 

“El Rio” skirts the northern edges of Valencia’s historic core – a mesmerising tangle of winding alleys and cafe-lined squares oozing old-world charm. Built over an ancient Roman temple and a Moorish mosque, Valencia’s cathedral is a mish-mash of Gothic, Renaissance and Baroque styles, and shelters what’s purported to be the Holy Grail (the chalice used by Christ at the Last Supper). Next door, there’s a basilica with a majestic ceiling mural, and the Miguelete Tower, a former minaret-turned-Christian belfry, which grants superb views of Valencia. Good panoramas can also be had from the Torres de Serranos and Torres de Quart, Valencia’s two remaining medieval city gates.

6. LA LONJA

 

Constructed between 1482 and 1548, during Valencia’s “Golden Age”,  La Lonja de la Seda (the Silk Exchange) is World Heritage-listed and described by UNESCO as “an exceptional example of a secular building in late Gothic style, which dramatically illustrates the power and wealth of one of the great Mediterranean mercantile cities”. Visitors can peruse the former trading hall, with its splendid spiral columns, and chill out in a courtyard sprinkled with orange trees.

7. CENTRAL MARKET

 

A stone’s throw from La Lonja – beside the monumental 13th century San Juan church – the ornate Central Market is a feast for the senses. Housed in one of Valencia’s loveliest modernist buildings, this riot of stained glass and decorative tiles resembles a giant deli, with almost 1000 vendors offering all sorts of tantalising goodies, from fresh fish and hocks of cured Spanish ham to herbs, fruit and veg grown on the Huerta (the green belt on the city’s outskirts). Listen carefully and as well as Castilian Spanish, you’ll hear Valencian (the local language, which is similar to Catalan).

8. PAELLA

 

Valencia proudly boasts it’s the birthplace of this iconic Spanish dish (pronounced “pah-eh-ya”, not “pie-ella”). While you can savour seafood paellas here, an authentic paella valenciana stays faithful to its peasant origins and comprises meaty ingredients such as chicken, rabbit and snails rather than shellfish. It’s traditionally cooked on an open wooden fire with locally grown rice and only eaten at lunch. Valencians swear their mothers – and grandmothers – do the best paella, but many restaurants offer tasty versions with their ‘menu del dias’ (fixed-price, three-course specials).

9. THE WATERFRONT

 

You can also eat paella – and delicious seafood – by the sea, a 20-minute metro and tram ride from central Valencia. A string of eateries, including La Pepica – an old haunt of Ernest Hemingway – nudge a palm tree-lined promenade that stretches seven kilometres  along Valencia’s attractive golden sandy shores. The city’s historic port and waterfront was upgraded before hosting the 2007 America’s Cup, and its spruced-up marina is a hub of flashy yachts and sailing opportunities (such as sunset catamaran rides). The earthy backstreets of El Cabanyal, an antique fishermen’s district, hide characterful taverns and colourful, crumbling houses.

10. FINE ARTS

 

Stocked with gems from Spanish masters Goya and Velazquez, plus eye-catching paintings from relatively unknown Valencian artists, the city’s fine arts museum is touted as Spain’s best after Madrid’s El Prado. It’s free to enter. Contemporary art aficionados may prefer the revolving exhibitions of the IVAM (Institute of Modern Art). Valencia has a rich ceramics heritage, and more than 5000 artfully decorated pieces are on show at the National Ceramics Museum, which is set inside a flamboyant Baroque palace.

11. STREET SMARTS

 

At times, Valencia resembles a huge open-air art gallery. Walls, buildings and even door shutters are laced with colourful murals and cartoonish graffiti. Some are bizarre and incomprehensible, others are bitingly satirical, Banksy-esque and begging to be photographed. Many reflect on Spain’s nagging economic troubles, which have left the country riddled with debts and a 50 per cent youth unemployment rate.

12. BARRIO DEL CARMEN

 

Street art is one of the quirkiest features of El Carmen, the grittiest, but increasingly gentrified, chunk of Valencia’s historic centre. Springing south from the pretty Carmen church and plaza, a warren of alleys bulge with clothes and curio stores, tapas bars, bohemian cafes, jazz lounges and cosmopolitan restaurants – plus scores of dishevelled buildings in need of TLC. By Carmen’s western limits, at Calle del Turia 62, Cafe del Duende is an intimate spot with sensual live flamenco shows. Ole!

13. AGUA DE VALENCIA

 

Valencia’s vibrant nightlife is partially fuelled by a potent local cocktail. Agua de Valencia fuses orange juice – squeezed from juicy Valencian oranges – with vodka, gin and cava (“Spanish champagne”). One of the smartest places to try it is Cafe de las Horas (Calle del Conde de Almodovar 1), an eclectic venue near the cathedral. Fancy something non-alcoholic? The ubiquitous horchata is a refreshing Valencian tipple made from tigernuts, water and sugar.

14. RUSSAFA

 

South of a bullring that Hemingway used to frequent, the funky inner-city suburb of Russafa has been dubbed “Valencia’s Soho”. You’ll find a jumble of Middle Eastern kebab shops, Chinese takeaways, down to earth market stalls, chi-chi fashion stores, interior design boutiques, pavement cafes and gourmet restaurants housed in graceful mansions. In the neighbouring Eixample district, leafy Calle Conde de Altea and chic Colon Market have heaps of stylish spots for lunch and dinner.

15. THE MESTALLA

 

Unveiled in 1923, this 55,000-capacity arena is the home of Valencia FC – one of Spain’s leading football clubs. The Mestalla’s steep terracing makes it one of Europe’s most atmospheric sporting venues, especially when Cristiano Ronaldo’s Real Madrid and Lionel Messi’s Barcelona are the visitors. Tickets for La Liga matches cost from €20 ($30), and behind-the-scenes stadium tours are also available.

16. BIOPARC

 

Some Valencians call it “the zoo”. But you won’t find any cages at Bioparc. An exotic cast of African wildlife – think elephants, lions, zebras, gorillas and lemurs – are the stars of this innovative family-friendly attraction on Turia park’s western edges. It’s divided into enclosures that aim to recreate the animals’ natural habitats (notably the Savannah, Equatorial Africa and Madagascar). The daily bird shows – starring marabous and pelicans – are spellbinding.

17. ALBUFERA

 

Birdlife buzzes at Albufera, a lake and nature reserve 10 kilometres  south of Valencia. Cinnamon teals, Northern Shovellers and Grey Herons flutter above this idyllic wetland, which is surrounded by rice fields, citrus groves and golf courses. You can enjoy boat rides on the lake, roam the sand dunes of the nearby El Saler beach or wine and dine at El Palmar, a lake-side village packed with paella specialists.

18. WINE TASTING

 

Valencian vino isn’t as world-famous as La Rioja’s, but the region’s viticultural history dates back over 1000 years, with winemakers producing fruity reds made from the Monastrell, Bobal and Tempranillo grapes, as well as roses and cavas. Wine-tasting tours from Valencia call in at the bodegas (cellars) dotted around the former Moorish fortress town of Requena, 70 kilometres west of the city.

19. LA TOMATINA

 

For most of the year, Bunol, nestled between Valencia and Requena, is an easy-going place with an 13th century castle and bucolic mountainous surrounds. On the last Wednesday of August, things get very messy here. Ostensibly a giant tomato-throwing fight, La Tomatina is one of Spain’s most raucous annual festivals. Over 20000 revellers paint the town – and each other – red with more than 100 tons of tomatoes.

20. FURTHER ADVENTURES

 

Valencia is a handy springboard, with Madrid 95 minutes inland via high-speed train and Barcelona three hours north – though it’ll take longer if you’re tempted by the secluded coves and popular resorts of the Costa del Azahar (Orange Blossom Coast). A highlight is Peniscola, where the 1961 movie El Cid, starring Charlton Heston and Sophia Loren, was filmed. From Valencia’s passenger port, overnight ferries shuffle to the bewitching Balearic isles of Ibiza, Mallorca and Minorca.

Steve McKenna

 

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What You should know about Spanish Tax

The number of non-resident foreign citizens buying property in spain has increased gradually since 2010 even though the number of sales is still low: they represented 1.28% of total sales in the third quarter of 2014 according to figures from the ministry of development. however, properties are also sold so, as for any transaction, fiscal obligations exist. what taxes need to be paid for the purchase or sale of a property?

When a person, whether spanish or foreign, makes the decision to buy a property in spain, not only do they need to pay for the property, they also need to include other mandatory expenses, like the cost of having the property valued and the applicable taxes

Taxes on the purchase of a property

There are two different taxes depending on whether the property is new or second hand

– New properties

The tax on this property is 10% iva (vat). therefore, on a property costing 250,000 euro, the tax would be 25,000 euro

– Pre-owned properties

The taxation on this type of property is the impuesto sobre transmisiones patrimoniales (itp)  (tax on property transfers) that varies by autonomous community, but it ranges between 5% and 10% of the price of the deed (between 12,500 and 25,000 euro for the previous example). however, the tax office can claim a higher amount if it thinks that the property is worth more than what was paid for it. the tax office in each autonomous community has tables with minimum prices that it uses to calculate the minimum itp a person would have to pay when buying a property

Therefore, an uninformed person buying a pre-owned property may find that event though they have paid 7% tax on the purchase price to the tax office, they may find themselves obliged to pay another amount of itp. this amount would be 7% of the difference between the value of the deed of the property and the minimum value of the property according to the tax office, plus the corresponding interest for the late payment
Fhbrokeror example, on an apartment purchased for 250,000 euro, the itp would be 17,500 euro. if the tax office tables say that this property is valued at minimum 300,000 euro and the corresponding itp should be at least 21,000 euro, it will demand a payment for the difference: 3,500 euro, plus interest

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About Us

Villas Valencia offers properties in Valencia at Spanish prices. What`s more, we don`t charge the buyer (as most other agencies do). We are an English locally run estate agent company dealing with properties in a picturesque area around the city of Valencia.

Testimonials

You are the only agent we dealt with your knowledge of the area and the buying process left us at ease that everything would be taken care of. - Mr & Mrs P, in Naquera

Your advice was clear and brilliant. You completely understood our requirements and objectives, facilitating our new purchase. Thank You! - Mr L, Now living in Lliria

You offered a great service from start to finish, clearly explaining all our options and helping speed everything through. You translated everything we needed quickly.

- Mr T, Second home in Montroy

Villas Valencia was fantastic and exceeded my expectations. I will and have recommended you to others. Thank you for all your referrals for building work. We love our new pool! - Sean, house in Rocafort

Thank you for all the help buying our property in Valencia. With so much to think about, you explained everything well and made it all very easy. Cant wait to move out there fully and enjoy a G & T on our balcony with you.

- Ben, house in Naquera

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