What does the coronavirus outbreak mean for those buying properties in Spain?

What does the coronavirus outbreak mean for those buying properties in Spain?

by Louise Spain
  • Fuster & Associates provides detailed guidance for Brits buying in Spain
  • Construction restarts under strict guidelines, but delays inevitable for new build homes
  • Virtual visits, deposit contract extensions and other tools allowing buyers to push ahead

It sometimes feels like there are very few areas of ‘normal’ life that the coronavirus outbreak hasn’t affected. Travel restrictions and business closures have impacted almost every industry in some way, including the Spanish second homes market.

The construction market, along with all other non-essential areas of activity, was at a standstill for weeks during Spain’s coronavirus lockdown. The market reactivated on 13 April, with restrictions, procedures and an action guide in place in order to prevent against the further spread of COVID-19. It’s certainly not business as usual, but it is a move back towards some semblance of normality for the sector.

So where does all of this leave buyers?

“The coronavirus pandemic has surprised many of those who were previously happily on track to fulfilling their dream of buying a second home in Spain. In some cases, it has stopped the process entirely, while in others it has made moving forward with the purchase far more difficult, leaving many future owners worrying about their options.”

David Fuster, Founding Partner, Fuster & Associates

Expert Spanish property lawyers Fuster & Associates have found that some future buyers have begun to question their decision to buy in Spain. Meanwhile, others are determined to go all the way and succeed with their Spanish property ownership dream. From Fuster & Associates’ perspective, the company continues to work for its clients as normal, working closely with developers, notaries and real estate agents so that clients’ purchases and sales are not frustrated.

“It’s still perfectly possible to purchase the home of your dreams here in Spain. Buyers just need to take additional precautions to ensure the quality, safety and efficiency of the purchase process.”

David Fuster, Founding Partner, Fuster & Associates

Having a good lawyer is key to a safe purchase process, while those looking to take a belt and braces approach have the option to buy properties that have been quality approved with the Fuster Standard. This important quality mark assures the buyer that all legal requirements for sale have been met, so that they can go ahead and purchase with peace of mind.

For those buying new build homes in Spain, Fuster & Associates warns of some inevitable delays to the process. On 29 March, the Spanish government decreed the closure of all non-essential activities for two weeks in an attempt to try and curb the rapid spread of the novel coronavirus. That closure included construction companies. As such, despite the industry gearing up again on 13 April, disruption to the completion timetables of homes under construction will be unavoidable.

Buyers considering signing a contract and making payments at this stage need to hire a lawyer to increase the security of the process and protect their investment, according to the Fuster & Associates team. A bank guarantee can help them to do this, provided the developer has a construction licence. If a deposit was paid prior to the licence being in place, a decent property lawyer will be able to obtain other safeguards.

“For us, establishing a controlled process so that our clients don’t take risks is our top priority. This is the mindset that gave birth to the Fuster Standard in the first place. We are now facing uncertain times, so the reassurance that the Fuster Standard affords the buyer is more important than ever.”

David Fuster, Founding Partner, Fuster & Associates

Before signing the deed, an inspection visit is customary. However, with domestic travel severely restricted and international travel all but impossible, such visits cannot go ahead. Some vendors are taking the inspection visit online, with virtual tours, while others are making an annex in writing to the deed, so that the process can move ahead with the promise of resolution of any issues taking place after this exceptional situation has passed.

For resale properties where the purchase is already in progress, both the buyer and the seller must fulfil the obligations in the contracts that they have signed. If they don’t formalize the sale, the buyer could lose their deposit. If the seller backs out, they will have to pay double the deposit amount to the would-be buyer.

“The problem with this is that the buyer may find that the seller is abroad and unable to get home to hand over the keys. Likewise, the seller may need to take furniture out of the property before the sale completes but find themselves unable to do so.”

David Fuster, Founding Partner, Fuster & Associates

In such cases, Fuster & Associates advises the parties to agree an extension to the deposit contract. This can be done through a private agreement between both parties, without the need for a trip to the notary’s office.

The company also points out that real estate agents have plenty of tools at their disposal when it comes to enabling would-be buyers to find out about properties online. Buyers who invest their time in research during the lockdown can therefore be well prepared for when the travel restrictions ease and they can visit their preferred property and make a firm decision to purchase.

For more information please contact Fuster & Associates on +34 965 271 505 or visit www.fuster-associates.com

Soak up the Spanish culture from the comfort of your sofa

Soak up the Spanish culture from the comfort of your sofa

by Louise Spain ,
  • Taylor Wimpey España indulges buyers’ dreams of summer in Spain
  • Home builder promotes online viewings and patience
  • Homes sold to 40 different nationalities over past 60 years

Usually at this time of year, plenty of people would be looking forward to their Spanish summer holiday, with its long days of sunshine, beaches and fabulous food and wine. However, these are not usual times.

Leading Spanish home builder Taylor Wimpey España would normally be showing eager potential buyers around its spacious golf and beachfront properties, showcasing their generous terraces and solariums, which are ideal for enjoying Spain’s 300 annual days of sunshine.

Instead, the Taylor Wimpey España team are holed up indoors, just as their potential buyers are. However, the company is not losing heart.

  “We’ve been building in Spain for the past 60 years and have weathered some choppy economic and political waters during that time. Our message then, as now, is to keep calm and carry on. We will be here waiting when the world returns to normal and second home buyers can once more take their holiday property ownership dreams back into their own hands!”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

In the meantime, the Taylor Wimpey España team are inviting all those dreaming of Spain to kick back and dream of the Spanish culture. Of the scents and flavours of the fresh, local gastronomy of the UNESCO-recognised Mediterranean diet. Of the feeling of warm sand between your toes or the sea washing over them. Of warm people welcoming you to charming villages. Of sun, wine and the freedom of the great outdoors.

Whether you’re a beach bunny or seriously into sports, Taylor Wimpey España has the perfect holiday home available. Their key-ready properties will enable buyers to act fast once normality returns.

When it comes to golf properties, few compare with the light-filled, three-bedroom, three-bathroom townhouses of Green Golf in Estepona (Malaga). Available from €299,000 plus VAT, the spacious, key-ready homes provide panoramic views over the golf course and down to the sea. The homes are perfect for keen golfers and beach lovers alike, while the large, southwest-facing terraces provide plenty of room to enjoy the outdoor lifestyle.

For sumptuous sea views, meanwhile, La Recoleta III in Punta Prima on the Costa Blanca certainly ticks the box. The key-ready homes are priced from €200,000 plus VAT, with access to the beach and sea just a few metres away. The Mediterranean-style buildings, wide avenues leading down to the sea and immaculate garden areas encourage year-round relaxation.

Both La Recoleta III and Green Golf also feature communal pools, as do all Taylor Wimpey España developments.

“We may be confined to quarters now (and for very good reason) but that situation won’t last forever. Now is the time to stay safe. When the time comes, we’ll be here ready to help people start enjoying Spanish second homes once more.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

Taylor Wimpey España has been building homes in Spain for over 60 years. During that time, the company has amassed more than 7,000 satisfied clients, selling high quality second homes to buyers of 40 different nationalities.

For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972.

Second home viewings go digital, as Taylor Wimpey España supports clients’ online exploration

Second home viewings go digital, as Taylor Wimpey España supports clients’ online exploration

by Louise Spain
  • 72% of people using time at home to continue property research (ListGlobally)
  • 7,000 happy clients providing firm foundation for future success (Taylor Wimpey España)
  • Digital catalogues, area playlists, YouTube videos, drone footage and 360° tours all available online

Leading Spanish home builder Taylor Wimpey España has been building in Spain for more than 60 years. The company began operating in 1958, just three years after Spain joined the United Nations. Since then, the country transformed from the Francoist dictatorship to the modern democracy that we know today, while Taylor Wimpey España continued to build its reputation for developing high quality second homes in Spanish coastal hotspots.

With more than 7,000 happy clients, 98% of whom would buy with the company again, Taylor Wimpey España can be confident in its ability to come back stronger once the coronavirus pandemic has ended.

In the meantime, the company is tapping into the trend of increased online interest in property. ListGlobally reports (based on a survey conducted from 14-27 March 2020) that 57% of people are concerned about their buying project due to coronavirus, but that 72% plan to use their time at home to continue their property research.

“The internet offers an incredible array of resources when it comes to discovering places and properties virtually. Prospective buyers can read reviews of locations, chat on forums to those living there already and use Google Street View to ‘wander’ around the streets – all from the safety of their homes. With many people finding themselves with more time on their hands, there’s plenty of scope for finding the perfect second home for when the current crisis ends. It’s time to stay at home and do your homework!”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

When it comes to digital property viewings, Taylor Wimpey España has plenty to offer. The company is available to help potential buyers both online and by telephone. It offers digital catalogues and has a well-stocked YouTube channel with videos of all properties, including interiors, exteriors and the local environment, in addition to area-specific playlists. The latest videos, such as for Green Golf in Estepona, Malaga, include superb drone footage that showcases the area and the development beautifully.

Green Golf is home to southwest-facing, frontline golf properties that are available for as little as €299,000 plus VAT. The three-bedroom, three-bathroom townhouses, like all Taylor Wimpey España homes, deliver terraces with delightful views, lush communal gardens and a pool for residents’ exclusive use.

While the company can’t show people around the impressive show home right now, Taylor Wimpey España staff are supporting those looking to take virtual tours of their properties. 360° tours allow people to explore properties such as those at Compass, Cala D’Or, Mallorca.

Compass offers two-bedroom apartments surrounded by spacious gardens with native flora and fauna, as well as two large communal pools. The ground floor homes have large terraces with private porches and garden, while others enjoy ample terraces with impressive views, some extending all the way to the harbour. Prices start from €256,000 plus VAT.

“What better time is there to indulge in the escapism of thinking about owning a second home than right now? Taylor Wimpey España will still be here when this is over, so we’re supporting prospective buyers to make contact now and pursue their dreams, rather than just imagining them. We will be here when clients are ready.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972.

Only My Share seeks to reassure private renters

Only My Share seeks to reassure private renters

by Louise United Kingdom ,
  • 25% of tenants fear falling into rent arrears (Landlord Information Network)
  • Clarity lacking on eventual outcomes for renters struggling due to pandemic
  • Only My Share offering reassurance to renters in shared households 

It’s a troubling time for renters. While the UK’s major banks are working with the government to provide property owners who need it with a three-month mortgage break if required, plans for private renters (who account for one in five UK households) have unfolded far less rapidly and clearly. 

What the government has done is announce that “no renter in either social or private accommodation will be forced out of their home during this difficult time.” 

“While ensuring no evictions is a positive step, it does nothing to address the issue of tenants who find themselves unable to pay their rent and are thus building up rent arrears. Many people who are self-isolating or looking after children who would otherwise be in school or early years childcare settings, may suddenly find themselves unable to work and unable to earn. If they’re building up rent arrears, what will happen as soon as the eviction ban lifts? The government’s plan to leave landlords and tenants to ‘work together to establish an affordable repayment plan’ doesn’t sound very reassuring.”

Terry Mason, Group Operations Director, Only My Share 

Cases of tenants who are seriously behind on their rent were already rising, before the added complication of the global pandemic. The Landlord Information Network reports that over 25% of tenants fear they will fall into rent arrears. 

For those living in shared houses, the issue of rent arrears has been a thorny one for some time. ‘Joint and several’ tenancy agreements mean that all tenants are equally liable for each other’s obligations under the contract. This means that a tenant can be taken to court for their housemate’s rent arrears (once the courts begin processing such cases again).

Those who are concerned about being in such a situation are not without options. Rent arrears protection service Only My Share exists to deal with precisely these circumstances. Housemates and their guarantors can both enjoy protection of  up to £10,000 of fellow housemates’ arrears from just £99 per year; subject to their standard terms and conditions

“Many sharers don’t realise that they could be liable for thousands of pounds of rent arrears based on payments that were never theirs to make in the first place. With the current pandemic highlighting the precarious conditions that many renters face, services like Only My Share can provide a very welcome degree of reassurance.”

Terry Mason, Group Operations Director, Only My Share 

Only My Share is part of the Housing Hand group. Housing Hand provides a UK rent guarantor service, while Only My Share protects the guarantor… and the tenant. 

For more information please contact Only My Share today on +44 (0) 204 579 5891 or visit https://www.onlymyshare.com/ 

Taylor Wimpey España delivers message of hope and solidarity

Taylor Wimpey España delivers message of hope and solidarity

by Louise Spain ,
  • Spanish homebuilder provides advice on fighting boredom at home
  • Website show homes deliver inspiration for those looking ahead to normality returning
  • Locked down Taylor Wimpey España team advising focus on staying safe

Leading Spanish home builder Taylor Wimpey España is sharing a message of positivity and hope for the Spanish property market. Despite staff being in lock-down right now, the company is looking to the future and focusing on the day when the sun will shine brightly on the Spanish coast once more.

“The Taylor Wimpey España team, along with all those in Spain right now, is living through unprecedented times. We offer our thoughts and our solidarity to all those trapped at home right now – along with some ideas that will hopefully provide inspiration for making time at home a bit more bearable.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

Ideas for defeating boredom at home including reading, cooking new recipes, colouring, giving yourself a home spa-day/makeover, taking online courses, learning a new language, binge-watching TV series, model-making and a whole host of other artistic and creative activities.

Of course, many of those stuck at home will be working remotely for the first time. Defining your workspace, making it neat and orderly and setting a new schedule can all be a huge help when it comes to adjusting to this enforced transition.

It’s also important to maintain contact with as broad a support network as possible, both professionally and personally. From FaceTime to Zoom, there’s plenty of technology in place to keep everyone connected, no matter where they may be.

Being at home also presents the perfect chance to have a serious spring clean. Whether it’s Marie Kondo-ing your property until it’s looking shipshape or rearranging your living room (or dining room, or bedroom, or every room!), enjoying your home as much as possible is essential.

“There has never been a better time to try your hand at feng shui or simply rearrange your home to try a fresh look. If you’re in need of inspiration, then we hope that our show homes, which can be viewed online, will serve as a source of ideas.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

For those seeking home furnishing inspiration, as well as planning family holidays for once normality returns, Taylor Wimpey España’s website offers the ideal escape. The show home at Botanic, a unique development that combines sustainability, ecology and bioclimatic architecture, evokes memories of nature, from woodland colours to a sense of the sea. Available from €413,000 plus VAT, the key-ready homes feature generously sized, south-facing terraces with wide patio doors, large windows and spacious rooms. They are surrounded by gardened areas that respect the variety of species and indigenous trees in the area, while vertical gardens and green corridors link each of the development’s phases.

At La Recoleta III, where key-ready homes within walking distance of the beach are available from €200,000, the show home has a very fresh, natural feel that delivers a sense of serenity. The two- and three-bedroom apartments provide bright, spacious rooms with some stunning views over the Mediterranean Sea, as well as a pool and landscaped gardens for all owners to enjoy.

“The sun will shine on the Spanish second home market once more. Until it does, let’s all remain as active as possible, look out for our communities and stay safe.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK, you will need to call 00 34 971 706 972.

Fuster & Associates and AIPP join forces to set Spanish new build property benchmarks

Fuster & Associates and AIPP join forces to set Spanish new build property benchmarks

by Louise Spain
  • Safer new property buying process for consumers at heart of new partnership
  • Quality, assurance and reliability all top priorities for buyers and sales agents

Expert Spanish property lawyers Fuster & Associates and the respected Association of International Property Professionals (AIPP) have joined forces in a new partnership setting industry benchmarks to improve the new-build house buying process in Spain.

David Fuster and his team created the Fuster Standard in order to meet the critical need for rigorous legal support for Spanish property agencies. The Standard guarantees all the necessary legal paperwork has been completed in advance of a property being offered for sale, providing reassurance both for the agent selling it, and the consumer buying it.

“Our goal is to reduce potential risks both to agents selling Spanish properties and to those buying them. We are looking ahead to a safer buying environment in 2020 through our partnership with AIPP, creating a roadmap for agents and their clients to avoid the pitfalls of the past and work towards a brighter future.”

David Fuster, Founding Partner, Fuster & Associates

AIPP is the trade body for professionals around the world dealing with buyers of foreign property. It is a non-governmental, not-for-profit organisation helping both the industry and the public.

“AIPP’s mission is to improve industry standards and help buyers make sensible choices. With the kind of purchase problems which can relate to new properties, it makes sense to look at the supply-side. Our agreement with Fuster & Associates establishes a new benchmark of due diligence at the point of sale, avoiding problems for sales agents and their clients long before the conveyancing stage. This perfectly complements our new AIPP agent training initiative, covering both compliance and business skills”

Peter Robinson, CEO, AIPP

Agents who sign up to the Fuster Standard can access an intelligent map that displays all new certified housing developments on the Costa Blanca and Costa Calida, with a planned roll-out across Spain.

The new agreement was signed by Fuster & Associates Founding Partner David Fuster and AIPP CEO Peter Robinson at the Fuster & Associates 20th anniversary event on the Costa Blanca 1st March 2020.

Fuster & Associates support clients in a wide range of property-related matters. This includes helping over 200 families to reclaim deposits lost to developers who went bust in the early 2010s.

For more information please contact Fuster & Associates on +34 965 271 505 or visit www.fuster-associates.com

Fuster & Associates and AIPP join forces to set Spanish new build property benchmarks

Fuster & Associates and AIPP join forces to set Spanish new build property benchmarks

by Louise Spain
  • New partnership agreement signed at 20th anniversary celebration on 1 March
  • Fuster Standard quality approval process at heart of working arrangement
  • Focus on helping agents promote only verified developments, benefiting clients
  • Verified developers to achieve better and wider sales distribution

Expert Spanish property lawyers Fuster & Associates and the respected Association of International Property Professionals (AIPP) have joined forces to create a new partnership that will set industry benchmarks for quality, assurance and reliability within the Spanish new build property market.

The agreement was signed by Fuster & Associates Founding Partner David Fuster and AIPP CEO Peter Robinson at the Fuster & Associates 20th anniversary event on 1 March 2020.

“AIPP’s mission is to improve industry standards and help buyers make sensible choices. With the kind of purchase problems that can relate to new properties, it makes sense to look at the supply-side. Our agreement with Fuster & Associates establishes a new benchmark of due diligence at the point of sale, avoiding problems for sales agents and their clients long before the conveyancing stage. This perfectly complements our new AIPP agent training initiative, covering both compliance and business skills”

Peter Robinson, CEO, AIPP

David Fuster and his team created the Fuster Standard in order to meet the critical need for rigorous legal support for Spanish property agencies. The market-leading qualified approval process sets industry benchmarks for quality, assurance and reliability within the Spanish property market, which is what first piqued the interest of AIPP. The Standard guarantees that all the necessary legal paperwork has been completed in advance of a property being offered for sale, thus providing reassurance both for the agent selling it and for the buyer.

It is the Fuster Standard that is at the heart of the AIPP partnership. Fuster & Associates will be in charge of the certification of developers through The Fuster Standard seal of approval. Certified Spanish developers will be offered discounted membership of AIPP with three clear benefits:

  1. Accessing AIPP member agents
  2. Option for unique, direct-to-market listings and editorial
  3. AIPP accreditation

Agents who sign up to the Fuster Standard can access an intelligent map that displays all certified new housing developments on the Costa Blanca and Costa Calida, with a planned roll-out across Spain. Professional support is also included, with the Fuster & Associates team in place to advise on tax and legal matters.

“Our goal is to reduce potential risks both to agents selling Spanish properties and to those buying them. We are looking ahead to a safer buying environment in 2020 through our partnership with AIPP, creating a roadmap for agents and their clients to avoid the pitfalls of the past and work towards a brighter future.”

David Fuster, Founding Partner, Fuster & Associates

Having worked in the Spanish property sector for over 20 years, Fuster & Associates support clients in a wide range of property-related matters. This includes helping over 200 families to reclaim deposits lost to developers who went bust in the early 2010s.

For more information please contact Fuster & Associates on +34 965 271 505 or visit www.fuster-associates.com

Putting the PR into PRoperty: AB Property Marketing celebrates 15 years of success

Putting the PR into PRoperty: AB Property Marketing celebrates 15 years of success

by Louise United Kingdom
  • Agency has represented property clients around the world for past 15 years
  • From Albania to Zambia, from new builds to BTR, PBSA, B2L, second homes & interiors
  • Agency based on a passion for property, innovative PR techniques & attentive client service

March 2020 sees leading property PR agency AB Property Marketing celebrating 15 years of successfully representing clients around the world. From a two-woman Surrey start-up, the company has grown and flexed since forming in 2005, finding new and innovative ways to promote a wide range of different property clients and their projects.

Now based in London, Founder and Managing Director, Charlotte Ashton, comments,

“It’s incredible to think that the start-up I co-founded all those years ago has grown to represent household names within the property industry. I’m so proud of the work that the team has undertaken in gaining in-depth knowledge of our clients, their markets and products. We’ve purposefully kept a focus on property alone and strived to deliver an attentive service that you can only get with boutique PR agencies, meaning that our clients always get fully committed, bespoke services.”

Over the past 15 years, AB Property Marketing has worked with leading names in the property sector, including Taylor Wimpey, Quintain, JLL, Tipi, be:here, Millgate, Alexander James Interior Design and Currency Index. The company has delivered PR expertise for UK new homes, international second homes, purpose-built student accommodation (PBSA), hotels and resorts, investment properties (from buy-to-let to care homes), the build to rent sector and much, much more.

“We’ve worked with AB Property Marketing for over a decade now and are still impressed by the team’s enthusiasm, knowledge and personal service. I’m delighted that they are celebrating 15 years of success – but certainly not surprised!”

Marc Pritchard, Head of Sales and Marketing, Taylor Wimpey España

One of the keys to AB Property Marketing’s success has been the company’s willingness to adapt. Popular property investment products and locations change over time, as does everything from the types of second homes available to property-related tax regimes. By utilising their passion for property and staying two steps ahead, AB Property Marketing has been able to support clients to navigate the shifting landscape, just as it has done itself.

“In the past 15 years, we’ve gone through everything from a major global recession to the painfully drawn-out Brexit process. Factors such as these can have a dramatic impact on the property market, both domestically and overseas. That’s why adaptability and horizon-scanning are so essential when it comes to working in the property industry over the longer term.”

Charlotte Ashton, Founder and Managing Director, AB Property Marketing

AB Property Marketing has become the partner of choice for developers looking to bring new property products to market, as well as established brands with their own long history of success. The agency is also a long-term friend to those who write about property, providing up-to-the-minute commentary on political developments, local insights into sun-kissed holiday destinations and everything in between.

“Charlotte’s longevity is proof of her talent for good PR in a very transitory business. Never just reactive, she is great to deal with and great at balancing the often-conflicting demands of property client and journalist (!). Experience does count.”

Liz Rowlinson, freelance property writer for The Times, The Daily Telegraph, Financial Times & Editor of A Place in the Sun magazine

For all your property public relations needs, contact AB Property Marketing on +44 845 054 7524 or visit www.abpropertymarketing.co.uk.  

Spanish lawyers Fuster & Associates issue warning over reclaiming lost deposits, as October deadline looms

Spanish lawyers Fuster & Associates issue warning over reclaiming lost deposits, as October deadline looms

by Louise Spain
  • Deadline for reclaiming lost off-plan property deposits is 7 October 2020
  • Fuster & Associatees has helped over 200 people claim lost deposits
  • New Fuster Standard quality assurance mark encourages safer buying

Expert Spanish property lawyers Fuster & Associates have issued a warning to all those who lost deposits to property companies that went bust in Spain and have yet to try and claim the money back. The company has warned that those who don’t take action in the next six months will miss their chance to reclaim any of their lost funds. That’s because the deadline for requesting the return of funds given to a property developer is 7 October 2020.

Fuster & Associates has already helped more than 200 people recover the deposits they put down on Spanish properties in the early 2010s and subsequently lost due to developers going bust. To date, the firm has a 100% success rate for such cases.

On 7 October 2015, the Spanish Supreme Court took action in favour of those buyers, in a ruling that assigned a share of the responsibility to Spain’s banks and that gave the would-be buyers five years to take action. The court asserted that those banks that had failed to ensure that guarantees were in place to return payments in the event of a breach were liable to pay out in certain circumstances.

“Buyers with non-delivered homes who signed contracts between 7 October 2005 and 7 October 2015 have until 7 October 2020 to make a claim. Those who signed contracts later must also take the new regulatory regime that came into force on 1 January 2016 into account.”

David Fuster, Founding Partner, Fuster & Associates

That regime requires real estate developers to guarantee the amounts paid by buyers from the moment the building licence is obtained, rather than from the signing of the private purchase contract, as was previously the case. The change means that the buyer must ensure that the developer has been granted a building permit before they hand over any funds. If they don’t, there will be no guarantee or surety insurance that they will be able to reclaim any of their funds should the developer go bust.

Buyers looking to avoid such issues now have a solution in the Fuster Standard. This market-leading ‘Qualified Approval Process’ sets industry benchmarks for quality, assurance and reliability within the Spanish property market. It proves to buyers that all the necessary legal paperwork is in place in relation to the approved property. Buyers can therefore purchase with confidence, safe in the knowledge that all the correct steps have been taken.

“The lost deposits scandal had a far-reaching impact when it came to buyer confidence in the Spanish property market. Families lost their entire life savings and the extensive coverage of the situation caused many would-be buyers to lose faith in the new-build market. By introducing the Fuster Standard, we’re enabling families to buy safely, with minimal risk.”

David Fuster, Founding Partner, Fuster & Associates

For more information please contact Fuster & Associates on +34 965 271 505 or visit www.fuster-associates.com

Booming tourism and British buyer interest set scene for Iconic Taylor Wimpey España launch

Booming tourism and British buyer interest set scene for Iconic Taylor Wimpey España launch

by Louise Spain ,
  • Iconic will be one of most ambitious Taylor Wimpey España developments to date
  • Gran Alacant to be home to 170 new 2- and 3-bed apartments
  • Visitor numbers to Spain up 1.1% in 2019
  • Sales to British buyers up 233% YTD at Taylor Wimpey España

There’s no question that Spain’s tourism sector had a good year last year. The National Statistics Institute (INE) reports a 1.1% increase in visitor numbers in 2019 (compared with 2018), with 83.7 million foreign tourists spending €92.278 million (a 2.8% increase on 2018).

With increased visitor numbers comes increased interest in second homes and figures from leading Spanish home builder Taylor Wimpey España show that Britons are leading the charge. UK interest in the company’s website was up by 32% year to date in February, while second home sales to British buyers were up by a staggering 233%.

The trend is mirrored by figures from Kyero, where international buyer figures rose 23% in 2019 when compared to 2018, with British website visitor numbers up 32% year on year as at Q4 2019.

It is against this booming backdrop that Taylor Wimpey España has launched its latest development: Iconic.

 “Iconic is one of our largest and most ambitious developments to date. We’re delighted to have found a fantastic location, overlooking the beautiful El Carabassi beach in Gran Alacant, just 20 minutes from Alicante centre. Iconic will not only deliver contemporary homes, but superb on-site amenities, providing second home buyers with everything they could wish for in this popular tourist area.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

Available from €225,500 plus VAT, the 170 two- and three-bedroom/two-bathroom apartments have been carefully designed to offer a variety of outlooks, including views of the sea, the beach and Iconic’s pool and lush private gardens. The homes come with private underground parking, storage rooms, garden areas and parking for bicycles. There’s also a children’s play area and an outdoor gym circuit.

Gran Alacant has plenty to offer visitors. From dinners with flamenco shows to snorkel safaris and tandem paragliding, this is a location for those looking to get the most out of their time in Spain. For those looking for a more serene experience, Gran Alacant borders the Clot de Galvany nature reserve and is close to the respected CIMAR Marine Research Centre. There’s a fruit and veg market with 140 stalls every Thursday and a fish market in Santa Pola every weekday afternoon.

Santa Pola is a lively town that includes Gran Alacant on its outskirts. Over the years, it has proven popular with expats, to the extent that 17% of Santa Pola’s 2019 population was foreign-born. Of that group, the highest number of foreigners hail from the UK, accounting for 19% of the town’s foreign-born population.

“Gran Alacant is a very versatile location. It’s a welcoming place for families as well as for solo travellers and couples. Whether you want to spend your time adventuring on land, sea and air or simply relaxing with a book among the sand dunes, there’s something for everyone here – including some excellent cafés and restaurants serving seasonal, local cuisine.”

Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España

For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972.