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October 2008

1: SPANISH MORTGAGES – IT IS NOT ALL DOOM & GLOOM
   

Hot Property’s preferred bank is still prepared to offer excellent mortgages of up to 70% to valuation, or 80% to purchase price to non residents 80% & 90% to residents.

 

A very attractive option of up to 5 years’ ‘interest only’ is also available, with terms of up to a maximum of 40 years or up to age 75  (which ever comes first).

 

Mortgage approvals will be given in 2 to 3 days and valuations within one week.

 

In this current market, where property prices are at there lowest level for some time and excellent bargains can be had, there is no reason to miss the boat through lack of a mortgage.

 

Email us on info@hotpropertyspain.netor telephone    0034 965745816  to arrange  a mortgage approval.

 

2: EQUITY RELEASE SCHEMES

 
A great way of releasing either a one-off lump sum and/or a monthly income against your property,

 

 
Hot Property’s preferred bank will consider an equity release for any resident of 60 years of age and over. In addition, for those over 65 years there are no taxes to pay.

 

No payments will be made for the life of the recipient. The policy can be cancelled with a fee of 0.5% in the first five years and 0.25% from five years onwards.

 

Email us on info@hotpropertyspain.netor telephone    0034 965745816  for further details.

 

3: TOP REASONS TO MOVE TO SPAIN  

A list of the many benefits of living in Spain for both you and your family (in no particular order!).

 

The Spanish have a good sense of family values and respect for the older generation.

 

No soggy burgers! – You can plan a BBQ well ahead of time without worrying about the weather.

 

Happy smiley faces.

 

Many Fiesta days - any excuse for a party!

 

World Health Organization states the Costa Blanca is officially one of the healthiest places to live.

 

Free spring water – just go and collect it.

 

Tap water is cheaper than the UK.  We also manage without hosepipe bans.

 

No need for a TV Licence for any UK channels.

 

Topless sunbathing!

 

New Grand Prix circuit in Valencia.

 

No traffic jams.

 

Better air quality.

 

All year-round golf

 

More & more airlines fly here from more & more UK airports.

 

Flights are still cheaper now than a few years’ ago.

 

No passport control problems.

 

The pension goes further.

 

Lower crime rate. No hugging hoodies here!

 

Fresh local produce in the markets – not full of chemicals.

 

Healthy Mediterranean diet.

 

Property prices are dropping.

 

Palm trees, white surf, beautiful blue water.

 

Everybody knows at least one person who has already taken the plunge.

 

Remember, mortgages have previously reached 16% so the current rate is still low.

 

Many long sunny days a year.

 

Lack of frosty winter mornings.

 

Lower fuel prices.

 

Lower car tax.

 

Lower car prices.

 

Minimal speed cameras.

 

Large alcohol measures & lower prices.

 

Good family values and respect.

 

Café pavement culture.

 

Many UK goods available.

 

English-speaking Radio stations.

 

Not necessary to speak Spanish.

 

Excellent health care.

 

Private medical insurance is relatively cheap.

 

Town centres ARE NOT no-go areas at night - many Spanish live in the town centre.

 

Siesta time - with shops staying open later.

 

Life is more generally relaxed.

 

A private pool is in the reach of ‘Mr. Average’, not just the wealthy.

 

Excellent sports facilities & water sports.

 

English-speaking schools with UK curriculum and examinations available.

 

Dramatic natural scenery.

 
4: WHO WAS GABRIEL MIRÓ?
 
 
Many towns in this region have a street called Gabriel Miró, so who or what is Gabriel Miró and what is the fascination that led to his name being used?  

 

To give him his full name, Gabriel Miró Ferrer was born in Alicante on the 28th July 1879. It is known that, from the age of seven, he attended a Jesuit boarding school in Orihuela and graduated aged 17 in 1896. In the same year, he studied law in Valencia, graduating in 1900, aged just 21. The next year he married Clemencia Maignon, the daughter of the French consul in Alicante. They had two daughters, Olympia and Clemencia.

 

Where or when he became interested in writing is not clear, but his first published novel was Del Vivir (1904), in which he introduced the character of Sigüenza (supposedly a reflection of himself) and also began to develop the sensuous and impressionistic descriptions for which he will be remembered.

 

In literary circles, his most remembered writing is Libro de Sigüenza, (Book of Sigüenza) a continuing series of impressionistic vignettes beginning in 1907. The main character, Sigüenza, is a Franciscan monk; he is meditative, withdrawn, and, rather ironically for the Spanish, a lover of helpless animals. He is very interested in stimulating the senses, with colours, sights and sounds, but lacks moral and intellectual capacity for action.

 

In 1908, his first important novels were published - La Novela de Mi Amigo and Nómada (The novel of my Nomadic friend and I). Most critics believe that his literary maturity begins with Las Cerezas del Cementerio (Cemetery Cherries) (1910), whose plot revolves around the tragic love of the super-sensitive young man Félix Valdivia for an older woman named Beatriz, and presents the themes of eroticism, sickness and death.

 

In 1914, he moved to Barcelona to work in various journalistic ventures and in 1915 he published El Abuelo del Rey (The King's Grandfather), a novel that tells the story of three generations of a tiny Levantine town, for the sake of presenting, and not without a little irony, the struggle between tradition and progress, the pressures of one’s environment and, above all, a meditation about time.

He also returned to his early life, with the development of a religious encyclopedia. His studies, during this undertaking, led him to write Figuras de la Pasión del Señor (Characters from Our Lord Passion) (1916-17) formed by a series of scenes about the last days of Jesus. Also in 1917, Miró began his autobiographical-style works with Libro de Sigüenza (Sigüenza's book), in which Sigüenza is not only the alter-ego of the author, but the author's own lyrical self, which gives unity to the scenes which comprise the book. El Humo Dormido (The Sleeping Smoke) (1919), About Time, and Años y Leguas (Years and Leagues) (1928), which again uses the character of Sigüenza as a protagonist are of a similar nature.

 

In 1921 he published Nuestro Padre San Daniel, (Our Father Saint Daniel) followed in 1926 by El Obispo Leproso (The Leprous Bishop). These two novels are generally considered his finest, although what the novels lack in structure they make up for in sensitive presentation of the boy's emotional formation.

 

Although Miró was not an overt critic of the Roman Catholic Church, his criticism of its religious teaching is subtle but nevertheless effective. Miró continued to write and publish until almost the time of his death in Madrid on May 27, 1930.

 

 

5:TO BUY OR NOT TO BUY? (A personal view)

 
In the current financial climate, the options for long-term safe investment seem to be diminishing by the day. Many investors are concerned about short-term property values, but in the long-term, history shows that property prices always recover to a level far exceeding the value prior to the short-term loss. The message, therefore, is that if you have money to invest, bricks and mortar are always a good idea. Not convinced? Then let’s consider the options.

 

Putting money in the bank. Low interest rates, giving a poor return. Banks getting more and more in debt and using your money to shore up their own shaky finances and hoping that they can ride out the credit crises.

 

The stock market. As the credit crises bites, all companies are hit with job losses, debit write-offs, which obviously affects share values. As a smaller investor, you will be relying on the capabilities of the share trader, who is employed by the banks.  This started the whole problem in the first place.

 

Commodities. Again, as a smaller investor, you will be relying on the capabilities of the share trader, who is employed by the banks.  Yet the banks, to save themselves, are laying off staff in the thousands worldwide.

 

Property. Now is the time to buy, as in some instances prices are dropping as banks foreclose and properties have to be sold due to mortgage problems, or other personal circumstances, so one person’s loss is another person’s bargain. How far prices will fall is unclear, but the more they fall, the more opportunities will arise and thus the demand for these cheaper properties will increase.

 

Off-Plan. Off-plan purchases have always been a way of getting a property at a cut price. Developers are how very keen to sell where developments under construction have not yet been sold.  There are some excellent bargains to be found both for investors and those wanting a home in the sun. In some cases, purchases can be made with an existing transferable mortgage in place and, at a time where mortgages are harder to come by, this can be a major advantage.

 

No doubt we will return to the subject of "to buy or not to buy?” at a later date, so look out for future Newsletters.

 

 
6:PROPERTY PRICES
 
 
Despite the clear indication that property prices have fallen, the average price of a property in the Alicante province is 258,000€, which according to the Spanish Ministry of housing, is an increase on last year. So how is this possible?

The answer is most likely that, as prices are dropping, the amount of black money being used for purchases is far less, allowing the declared value to be higher. This also means that the average of 258,000€ is an under estimate, but by how much is not clear.

 

Another boost to the market, is that the Spanish Government is abolishing the Impuestos Patrimonio (Wealth tax) and, whilst residents often fell outside the criteria of the Tax, non-residents could not avoid payment. This change will leave non-resident property owners a few hundred euros a year better off.