Torcal Estates Fincas and Country property - Málaga, Spain

Fincas and Country property - Málaga Property

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News - March 2010

Malaga airport new terminal opens this month

The long awaited opening of Terminal 3 at Málaga airport is now confirmed for the 15th March and there is much excitement surrounding the opening ceremony.

Kind Juan Carlos is presiding over the opening and it is expected to create headlines across the whole of Spain.

The new terminal is unlikely to be seen by many of the ex-pat community as they pass through Málaga airport as it is anticipated that the current Terminal (2) will remain in use with the majority of low cost airlines and will be the main entry point for British flights.

Whilst the economic outlook remains bleak it is unlikely that the new terminal will lead to large numbers of new destinations but the opening will create a huge number of jobs for the many retail outlets, restaurants and bars as well as the staff for the terminal check in desks.

This extension of Málaga airport offers a degree of comfort to all residents and holiday home owners across Andalucia as it guarantees the connectivity of southern Spain with the rest of Europe for many years to come.

Sterling against the Euro (and the Dollar too!)

Wow, what a rollercoaster the Foreign Exchange traders must be on at the moment.

One minute everyone is predicting the end of the Euro with Sterling and the Dollar taking a hike upwards and then the next minute Sterling is sliding on fears of a hung parliament and the concerns over the levels of UK public debt!

Many market commentators are giving their predictions for the future and what should we make of these “informed” predictions? Probably not a lot – the fact is that nobody really knows what is likely to happen to the value of any currency given the current economic disarray.

Yes, there’s a chance that the Euro will continue to struggle given the concerns over Greece, Portugal and Spain (not to mention Italy and Ireland) but will the Euro fail completely as a cross border currency? No, because Germany and France cannot afford to let the currency disappear and they have too much influence over the rest of Europe to be ignored.

Whilst the Dollar is doing particularly well against both currencies at the moment, there are all sorts of problems with the state of the property market in the US which are still yet to surface. Some reports suggest that the property market is emerging from the slump (which in many ways caused the financial tsunami that’s gone global) however as with every property market there are headlines which can be misleading.

One week the UK sees a report from the Halifax to say that house prices and rising and the next week there’s a report from the Nationwide to say that prices are falling again!

All I would suggest at the moment is that all reports (even this well considered article) be taken with a pinch of salt because we really don’t know what’s around the corner.

Fluctuations in currencies are no different to fluctuations in property prices – they don’t actually affect you unless you quantify them at a given time (actually transferring money or selling/buying a property) because it’s only at that time that your value is fixed.

Wind farms are welcome but not in the south of El Torcal

On a lighter note, it is good to see that a local wind farm (south of El Torcal in the direction of Alora) is to be blocked by the mayors of Antequera and Villanueva de la Concepción.

Whilst we are not against sustainable and “green” energy, the location of wind farms (and solar farms) must be carefully considered. Sustainable energy supplies are vital to everyone and they will be increasingly important as the years pass but to spoil naturally beautiful landscapes forever is questionable.

Further meetings are planned with the mayors of Almogia, Alora and Valle de Abdalajis to gain their support in rejecting these proposals to spoil the landscape.

Title Insurance and the Safe Purchase guarantee

With the increased awareness  and concerns from buyers over the legality of Spanish property there is a relatively new product available to reduce the concerns of buyers and help smooth the sale of property in the country.

Caser Seguros SL, a large Madrid based insurance company, now offer Title Insurance on all properties bought through Torcal Estates.

The title insurance effectively covers a property for a period of 20 years up to a maximum claim value of €360,000. The insurance covers a variety of possible claims including demolition orders, registration problems, boundary disputes and any claim from relatives of the vendor.

The great news is that this Title Insurance will not cost the buyer or the seller a penny! Torcal Estates will pay the cost of the 20 year cover at the point where the escritura is signed into the names of the new buyers so that they are immediately covered from the day of completion.

Why do Torcal Estates offer this free to seller and buyer? Well the answer is simple – we don’t charge the seller anything for this service because it really is to the benefit of the buyer and we feel that agent’s fees are reasonable and that this amount should come out of our costs. In addition, we feel that buyers will want this cover without doubt and they need all the encouragement we can give them at the moment! Learn more about title insurance and the huge range of benefits it offers by keeping an eye on the Torcal Estates website in the coming weeks. 

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