ISSUE #5 SPAIN SPAIN VIEW INSIDE 2016 ISSUE #1 VIEW INSIDE IT AL Y 2016 Overview Spain Market Overview Since Spain turned a corner in Barcelona casts its net far wider above but also provide Marbella with 2014, raising its head from the than Madrid’s. While Catalan wealth a set of sustainable regulations for depths of recession to outpace props up this powerhouse behind the future expansion of the city and most Eurozone economies Spain’s economic recovery, the city renovation of its housing stock. But last year, select pockets of also attracts an extraordinary variety it does not affect – nor is it deterring its mainland and islands have of nationalities, most of whom want – most buyers and is throwing up taken on a momentum of their a reasonably-priced, central bolthole some opportunities among older own. in areas such as the Eixample, properties in well-located and well- Gothic Quarter or beachside established areas. Spain is far from out of the woods Barceloneta for their own occasional Ibiza is a phenomenon all on its own, altogether, political deadlock use and rental income. persists following two general more closely resembling St Tropez, elections in quick succession and Barcelona is also embracing the Miami and Mykonos than the rest unemployment remains high. But luxury lifestyle with a new calibre of Spain in terms of the lifestyle the regions that Knight Frank of hotel, including the Mandarin it offers and the young, wealthy specialises in – Madrid and Oriental, the arrival of brands demographic it attracts. such as Soho House and the Barcelona, Marbella and the Balearic As a barometer of Ibiza’s transformation of its Port Vell islands of Mallorca and Ibiza – are prestige, look no further than the harbour into a super-yacht marina. seeing clear signs of recovery, each unprecedented number of private fuelled by different forces. In Marbella, Northern European jets and super-yachts that sweep in Madrid has seen property prices and Russian buyers dominate each summer – and beyond, as rise since 2011 – and although 70% demand. The market turned Ibiza’s high season becomes of buyers are Spanish, the bulk of in 2012 and prices are rising. ever longer. Northern Europeans are fuelling overseas demand comes from Latin The neighbouring and larger island sales of 10m+ properties in prime America, whose troubled economies € of Mallorca caters to all holiday areas such as the Golden Mile’s are driving investors to what they see budgets, but its properties are beachfront and La Zagaleta. as a safe Eurozone destination. particularly sought-after by wealthy Their preferred prime locations are There is also healthy demand buyers in search of a city, waterfront central neighbourhoods such as between the two extremes for or inland property. Palma offers Salamanca, Chamberí and Jerónimos modern, ideally newly-built villas all the charm and attractions of and they are increasingly viewing or apartments on small gated a cutting edge, cultural capital, Madrid as a place to relocate their communities. Off-plan investment is while other buyers find their haven families and educate their children. also proving popular again – a way among the upmarket marina or golf Madrid has eminent lifestyle appeal for buyers to get the high-quality, communities or in idyllic mountain – and it doesn’t even take that long high-tech new home they want towns such as Deià and Sóller. to get to the beach anymore, with and to finance it through stage a 90-minute high speed train link to payments. Their appeal may be distinct and Valencia and a connection to Malaga diverse, but these are all markets on The annulment of Marbella’s 2010 in just over 2.5 hours. the move. They each have a sense urban plan, which meant that the of energy, optimism and a hugely Low resale stock levels and the city now abides by the 1986 Urban attractive lifestyle offering – and scarcity of new-build (there are just Plan has brought about some overseas buyers are back and want 250 new units currently on sale in uncertainty as to the future of the to be part of it. the city) has kept Madrid’s property 16,500 properties (about 15% of values relatively stable in recent Marbella’s housing stock) which do Mark Harvey years. When a property comes on not comply with the 1986 Urban Head of the sale in a prime address, there is Plan. Local and regional authorities Spanish Department strong competition among buyers, have expressed their ongoing 99% of whom won’t need commitment to drawing up a new a mortgage. Urban Plan. This will deal with the For Sale - Sierra Blanca, Marbella 02 Knight Frank Inside View Knight Frank Inside View 03 Lifestyle Fuelling creativity through food Dani García talks about his passion for traditional Andalucian food and the launch of his most personal project to date By Zoe Dare Hall Dani García Restaurant When the Michelin-starred chef his two restaurants at the five-star becoming an apprentice of the Soon, diners in Madrid will have Each dish represents a chapter “ García’s ambition is to Dani García launched CALIMA Puente Romano hotel: the two Basque chef Martin Berasategui – the opportunity to enjoy Garcia’s and a reflection of the book restaurant at Marbella’s Gran Melia Michelin-starred Dani García and who has eight Michelin stars, more taste of Andalucia as the chef where tastes, local produce show that traditional Don Pepe hotel just over a decade the Andalucian brasserie and tapas than any other Spanish chef. recently announced that he will and creativity are the basis of Andalucian food has ago, he found an unusual partner restaurant BiBo. “Haute cuisine open a branch of BiBo on the the story.” The experience inspired García to work with. He chose Raimundo with a casual touch” is how García city’s prestigious Paseo de la a place in world-class ready to forge ahead with his own Chefs have notoriously little Garcia del Moral, a professor in describes it. Castellana this year. He has also brand of cuisine as head chef chance - or ability - to relax, used cuisine, elevating pathological anatomy at Granada hinted that there may be another One of his favourite places in at Tragabuches in the dramatic to working long, anti-social hours the region’s natural University, and the meeting of minds new restaurant in the offing too – Marbella is the beach and it’s where Andalucian cliff top town of Ronda. in a high-pressure environment, resulted in García devising a culinary possibly in New York, a market produce – whether it’s he starts each day, with an early “It’s a place that’s very special to but when not in the kitchens way to use liquid nitrogen frozen he has been looking to crack for morning run along the promenade. me. It’s where I started my whole at Puente Romano, García tuna from Barbate or at -196C. some time. Heading east, his route takes him career and where I received my spends time on the beach with vegetables from his his daughters or playing padel CALIMA saw him become the to central Marbella on the yellow, first Michelin star at the age of 25,” The bigger his brand becomes, the own garden – to a first Andalucian chef to earn two sandy path that sees a constant he says. He also considers it a more he is able to “think local”, he (a tennis/squash hybrid). Asked Michelin stars. And for a while, stream of joggers, cyclists and personal triumph to have introduced says. “Our culture and biodiversity to recommend restaurants that new level. ” the average visitor to the Costa Garcia was one of just three chefs roller skaters enjoying the beauty the likes of cherry gazpacho and makes us one of the richest Spanish del Sol might not discover, he in Europe – along with Heston of this stretch between the sea and ajoblanco (chilled almond and garlic regions, gastronomically-speaking. suggests the fish restaurant Los Blumenthal and Ferran Adrià – mountains and lined by some of soup) to the menu of an upmarket The same goes for Spain at a global Marinos José in Fuengirola, La to use nitrogen in cooking. It Marbella’s most opulent mansions. restaurant at a time when haute level. Ferran Adrià and thousands cuisine was synonymous with of people who passed through El Cosmopolita – a modern tapas inspired him to create such dishes His run also takes him past the French cooking and foie gras. Bulli are now all over the world and restaurant in Málaga, and the as frozen raff popcorn with raw beachfront Puente Romano, where spreading the understanding of Arab-inspired Noor Restaurant Motril baby shrimp and devise a he can be found most of the time. García’s ambition is to show that what Spanish cuisine is all about.” in Córdoba, run by his friend way to freeze olive oil at -15C. Not “I tend to be in the kitchens of my traditional Andalucian food has Paco Morales. for nothing is the 40-year-old chef restaurants. I alternate cooking with a place in world-class cuisine, Fantasy and magic play a big role He would add one more place considered to be leading the way in the creative process in a quiet area elevating the region’s natural in García’s culinary exploration. He to that list – his own restaurant, Andalucian cuisine. of my restaurant,” says Garcia. produce – whether it’s tuna from talks often about encapsulating the BiBo. “As a diner, it’s where I love Barbate or vegetables from his own spirit of fairy tales and children’s Today, García spends most of his Andalucia plays a vital role in his to go.