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Newsletter Issue : 7 There was considerable scepticism regards where STOP PRESS… STOP PRESS…STOP PRESS business would go in 2013. The property market was flat and there were great concerns about the economic climate. However, we are seeing James Phillip Whaley owner of the famous encouraging levels of interest in property for sale in Hurricane Hotel just outside Tarifa has written a the Costa de la Luz and some very promising book called Flying Tagines and Magic Lobsters. enquiries from people who feel that now is the time It´s a fictional work but part based on his personal to start a new life and a new business in Spain. That experiences of setting up a boutique hotel at said, it will be some time before we get to anything Essaouira in Morocco. James decided to invest in like normal trading, so patience is a virtue if you are Villa Maroc, which had previously been a brothel, trying to sell. on the advice of a family member who thought it would be a good investment. James has now sold We are also seeing promising levels of enquiries for Villa Maroc but The Hurricane Hotel remains one of both holiday rentals and long term rentals but the most popular hotels on the coast and James is pricing is competitive and there is a lot on offer so it accredited with putting the Costa de la Luz on the is vital that property owners are realistic about rental map as one of Spain´s most fashionable prices and flexible on long term contracts. destinations. His literary work is available from Amazon, where it carries a four star rating. In this edition, we are very lucky to have a great article on Pedro Veniss. The Brasillian born NO QUESTIONS ASKED RESIDENCY international show jumper is currently riding in the WHEN YOU BUY A HOUSE IN SPAIN Sunshine Tour held annually at Montenmdio just The Spanish government has offered residency to outside of Vejer de la Frontera. anyone buying a home worth more than 160,000 euros. Getting residency for a client normally Also in this month´s Newsletter is an article by involves a fair bit of pen pushing not to mention Steve Harris, one of our local electricians and TV having to “show” those applying, even babies, to the specialists. Steve is writing about the possible loss officer before there is any chance of them pushing of our Freeview TV later this year when the main print on their trusty machine and producing the channels change over to a new satellite. Steve has required A4 sheet. It would appear that the collapse been testing out some solutions. of the Spanish housing market in 2008 and a backlog of around 700,000 unsold houses has been James Baxter our money man has an update on the enough to pour some syrup of figs into the process. money markets, what´s going up, what´s going down and what´s just sitting there. Rather worryingly our Trade Ministry Secretary Jaime Garcia-Legaz explained that the new ruling is Finally, we have an article on the origins of Carnival aimed principally at encouraging more Chinese and in Cadiz which brings thousands of people to this Russian clients to buy in Spain. The reasoning area every year and if you have not experienced behind this is that the local market is stagnant, the Carnival then schedule it in the diary for next year. Spanish have no money to buy and the situation shows no signs of improving. Lesley McEwan Managing Director, Cadizcasa Cadizcasa © 2011 www.cadizcasa.com 1 Perhaps the Minister does not accept what most have reached saturation level on Chinese stores people believe - that the market is unlikely to with some only opened a few months, now closing improve until the government forces the Spanish due to lack of trade. As for the Russian market, they banks to release funds for mortgages. Having tend to favour the Costa del Sol, Costa Blanca and spoken to my local insider, I am told that while the Catalonia rather than the more sedate areas of Spain banks say they are lending, in reality all but a choice so they are unlikely to make a great impact on the few applicants are turned down and sent back to the excess housing market in areas such as the Costa de local offices marked NO. The standard interest rate la Luz. offered is around 6% and the deposits required before a mortgage can be considered are now Added to the doubts that this scheme will in fact between 15% and 35% relatively high for a country help the current property market, there are real which has become used to 100% lending. concerns about an increase in organised crime Some 350,000 houses have been repossessed by spreading to Spain. Following raids in Lloret del banks throughout Spain when the owners have lost Mar four alleged Russian Mafia members were their income and been unable to pay the mortgage. arrested. They are linked to one of the FBI´s most Sadly the death toll is rising, where owners have wanted fugitives, Semion Mogilevic, and are taken their own lives rather than see their cherished suspected of laundering around 56 million euros in home taken from them. This has prompted the the past two years. In the vast Cabo Calleja trading government to approve a decree to suspend evictions estate, to the south of Madrid, considered to be the for two years in “specific cases of extreme need”. largest Chinese wholesale area in Europe, 80 people were arrested including a Spanish porn star and a However, Spain´s offer beats that from other “bailed Madrid Councillor. This follows enquiries in to the out” countries such as Ireland and Portugal where money laundering of 200 million US dollars on an residency papers are offered to foreign buyers for annual basis for many years. the purchase of houses with a value greater than 400,000 euros and 500,000 euros respectively. It When you look at these facts and figures, perhaps has not so far been made clear whether the residency the sceptics have a point. Maybe we would be would refer only to Spain or to the European Union better to look at a slower recovery and invest in also. Spanish families who want to buy their own homes and our existing overseas markets like UK, France, Just how dire things have become was highlighted Germany, Sweden. by the figures from the Bank of Spain which showed the level of bad debt in the country´s banks had risen STOP PRESS… STOP PRESS…STOP PRESS to a record 10.7% of their loan total in September of last year. David Beckham was spotted running through the streets of Marbella, dressed in bright blue Adidas Is this new plan a good one? Well, you have to sports wear. The popular sportsman was in town to question how many Chinese or Russian citizens make a new advert for the famous sportswear would want a residency in Spain. With world wide company who he signed a lucrative sponsorship deal income and assets being looked at for all residents with back in 2003. He spent the day running through are they going to want to share this information with the streets of Marbella and chatted with the cast, the Spanish authorities and is it not more likely that crew and members of the public between filming. they would want a property for holidays or as an No newcomer to the cash rich world of sports investment rather than to up sticks and resettle here? sponsorship, David allegedly racked up 13.5 million On a local level we are finding that the Chinese pounds from deals in 2011. It has since been community is shrinking not expanding. We seem to announced that David is on his way to play for Saint Germain, Paris. Cadizcasa © 2011 www.cadizcasa.com 2 CARNIVAL IN SPAIN Where did this strange event begin – well, that is a good question. Always held immediately before Amongst the best Carnival´s in Spain is Cadiz. A Lent, some believe it dates back to the Roman competition is festival of Saturnalia held in honour of Saturn. held annually in Floats would be taken through the streets, the wine the week before flowed and normal behaviour was turned on its the Carnival to head. It is even documented that slave owners find the best served their slaves at the table during Carnival in a musical groups strange twist of social etiquette. Others believe it to entertain the dates back to the crowds. These 17th century when can be choirs of 3 – 40 people or groups of ten who the Spanish tried to sing in close harmony and are accompanied by drum mimic the Carnival box and guitar. The songs generally flow to the beat of Venice which of a tango or pasodoble was hailed as the and they vie for first place finest in the world. in the Music Festival at Certainly Cadiz was the Gran Teatro Falla in a seafaring port and the old town area of Cadiz many traditions were brought to the country through City. The event is taken its trade routes along with the silks and spices which very seriously and filled the ship´s holds. The great galleons returned televised across Spain. from the four corners of the earth laden not only The words to the songs with treasure but also the music of foreign lands. In generally ridicule the the music of Carnival you can hear African, Creole establishment, religion, and Columbian tunes mixed with the traditional public figures and flamenco music of Spain.

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