Where is the property market heading in 2023? Property
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February 2023
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BUILDING GOLD MINES See page 6
New builds soar in price with the biggest increase since 2007
OLIVE PRESS
NEW home prices by 7.1% last year in Spain rocketed - the biggest increase since 2007. By Alex Trelinski lands (up 9.1%) Price rises are predicted (8.5%), Navarra followed by Madrid prices to continue to rise during 2023 had the (7.2%), new builds were fetching an average (7.1%) and Valencia (7%). Andalucia last year (up highest percentage rise or slow down due but expect the rate to of €2,732 9.3%). equal to that registered to the economic ation. Sociedad de Tasacion situ- cember per m2 at the end of De- By capitals, Barcelona (€4,917 in 2019.” but still below per m2) nandez-Aceytuno, remained the most CEO, Juan Fer- He believes that prices of According to expensive place the official appraisal high of €2,905 in June the historical buy, followed explained: “The homes may fall due to second-hand to market company the Sociedad 2007. by inflation, but sustained price then San SebastianMadrid (€4,125) and 2022 behaviour towards the end de Tasacion The region showing the biggest growth will continue of for new housing. shows the impact (€4,048). property price hike new of interest is the Balearic Is- Malaga took the honours rises as the pro- new on real estate activity, but rate Meanwhile, real estate vincial capital with is estimating portal housing, even where new housing overall sales Fotocasa year, there’s growth at the end of the up to 12% this year after will fall by that is higher than surpassing 600,000 transactions in 2022.
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Vol. 17 Issue 412 www.theolivepress.es February 8th - February 21st 2023
LEFT IN LIMBO
‘Sharp’ and ‘shoddy’ practices land dozens of foreign villa buyers millions out of pocket as Costa developer collapses
EX CL US IV E
LAWYERS have been joined by mortgage brokers and agents to slam a giant construction firm that has left up to 100 foreign buyers ‘likely tens of millions’ of euros out of pocket. Urgent legal moves are taking place after all projects of the firm Otero ground to a halt on the Costa del Sol, the Olive Press can reveal. Countless firms and hundreds of workers have pulled off the sites af-
EXCLUSIVE By Jon Clarke & Walter Finch
ter Otero stopped fulfilling its payments on January 25. Dozens of clients have called in lawyers demanding to know what has happened to their investments for luxury villas costing between €500,000 and €2 million.
We need more evidence! Police refuse to dig for Amy despite new letter demanding action
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One legal firm, Martinez-Echevarria, confirmed it was representing ‘around 20 clients’ who had bought properties in Marbella, Estepona and Manilva. “The majority are foreign, English, Dutch and Belgians, etc, but what links them is they have all paid a lot of money, up to €2m each,” lawyer Fermin Siguenza told the Olive Press. He added his company was also representing a number of agents and contractors. “We don’t know how much we will be able to recover or even if the clients are protected. It’s early days, but we are trying our best.” Meanwhile, a Marbella-based mortgage broker Tancrede de Pola revealed he was helping four clients, who have lost out. “They are royally screwed, especially as the unpaid contractors are taking everything moveable off the sites, including windows, and even kitchens.” He continued: “I didn’t like the way Otero operated from the beginning and I tried to tell agents not to work with them due to their sharp practices.” The Olive Press has spoken to workers from at least three companies removing their materials from one site, called Oceanic, in Manilva. One employee of Fartech claimed that ‘well over a million euros’ is owed to firms at this site alone.
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GONG: Ruben Otero poses with an award in November, while (above) Oceanic in Manilva The Cadiz firm is owed ‘at least’ €150,000 for security equipment for the 24 homes, 20 of which have already been sold at between €1.3 and €1.8 million. “It’s a massive hit for us,” explained the Argentinian, who gave his name as Mario. “But there are loads more suppliers and firms who have lost more than Fartech. “Some are owed €500,000, others up to a million.” He added: “It’s a total joke that they flattened this area, put up a few concrete shells and then it all collapsed on January 25 when cheques stopped cashing. “We’ve heard rumours that the owners have fled to Venezuela, but nobody knows.” The Olive Press has learnt that the company had first failed to
pay its suppliers the previous month in December, just two months after the firm sponsored a giant glitzy charity bash for cancer research in Continues on page 7
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