the marbella property magazine - volume 5

The Marbella Property MagazinePUBLISHED BY PANORAMA, MARBELLA’S LONGEST ESTABLISHED REAL ESTATE AGENCY

VOLUME 5

The Marbella Property Market Report

Feature: Marbella of the 1970’s: Our First Years

Spanish Law: Legislative News

Inside: Marbella’s most exclusive selection of properties

Why Panorama?

F r cat t r tat rof ct r tatrof t

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O!ces at the Puente Romano Hotel and opposite the Marbella Club Hotel

T

W E L C O M E

3(+34) 952 863 750 | www.panorama.es

Letter from the PublisherDear Reader,

There is the scent of optimism and excitement in the air! The market is moving againand agents are more active in showing and selling properties than they have been inyears. The quality image of Marbella is today better than ever before, and we are livingin a period of excellence and transparency in the municipal government which surpasses any other time in the history of our city.

In this issue of the Marbella Property Magazine, our fifth and largest, in addition toour feature market report and an article about our first years in Marbella in the 1970’s,there are other informative articles for buyers and for sellers, by a top lawyer on taxissues, and about our family dedicated to Real Estate since 1904. And, of course, some examples of beautiful properties available through Panorama for purchase and rental.

Over many years we have worked to bring together a multi-lingual team comprised ofsincere, energetic, enthusiastic, well-educated professionals in our field who reallyenjoy not only their work, but also working together, and especially, the many wonderful people we are fortunate to meet through our business; team mates whoshare on the highest levels my family’s values of service and dedication to our profession. We owe our success today to these wonderful, caring people (see their photos on pages 34-41 & 121).

My father, Panorama’s Founder, Bill Clover, died in 2010, at age 95, having dedicated hislong life to the real estate profession, to his family and to his friends. This magazine is dedicated to his memory. To learn more about Bill, please read about him page 33.

We hope you enjoy this publication, produced in-house by our own team. My special thanksto Adriana Méndez for her hard work in leading this effort and to Katinka Clover, CarolinaAlaniz, Lorena Alaniz and Ariel Siemens for their excellent collaboration. We welcome any comments or suggestions you may have for its improvement.

Christopher CloverManaging Director, Panorama Properties

www.panorama.es | (+34) 952 863 750

Contents

4

Page 55Villas

Panorama marketsMarbella’s

most exclusive villas

Letter from the Publisher

Letter from the Mayoress


Special feature: Marbella of the 1970’s: Our First Years

A Family dedicated to Real Estate since 1904

In Memoriam: Bill Clover, Panorama’s Founder

The Property Buyer’s Guide

Legislative News

Exceptional Household Insurance

The Property Seller’s Guide

Villas

Apartments & Townhouses

Long-Term Rentals

The Panorama Team

Aerial Photo Map of Marbella

Page3

5

6

14

28

33

34

42

45

46

55

89

117

121

122

The Marbella Property MagazinePUBLISHED BY PANORAMA, MARBELLA’S LONGEST ESTABLISHED REAL ESTATE AGENCY

Page 14 Marbella of the 1970’s:

Our First YearsBy Chris Clover

Page 89 Apartments

Panorama marketsMarbella’s most

exclusive apartments

6 The Property Seller’s

GuideBy Alex Clover

Publisher: Panorama Properties, S.L.Production Manager: Adriana Couceyro MéndezEditors: Christopher Clover, Carolina Alaniz, KatinkaCloverArt Director & Design: Ariel Méndez Siemens.Marbelayres.com Professional Photography by: Lorena Alaniz, DanielPosner (aerial photo map), Juan Carlos Teuma,Joseph Tavas (pages 68, 69 & 91), Carlos CáceresLavergne (page 65), Wayne Chasan (pages 67 & 93),Pedro Jaén (pages 14 & 17), Claudio Curia, ArturoLosada & the Marbella Club Hotel & Count Rudi vonSchönburg archives (pages 15-17 & 25).Contributors: Williston H. Clover, Kirsten Clover,Mauro Cruz Conde, Alejandra Cruz Conde, SarinaGarber, Sian-Ellen Roskott, Danni Worth.Cover photo: by Joseph Tavas, for further information onthe property see Villas section (page 69)

EDITA / PUBLISHED BY:PANORAMA+PROPERTIES+SLTEL: +34 952 774 266 | FAX: +34 952 822 [email protected] de Publicación: 27 Mayo de 2013

Domicilio Social:Edif.+Centro ExpoBlvd. Alfonso de Hohenlohe, s/n29602 Marbella, Málaga, EspañaDEPÓSITO+LEGAL: MA-4432004

PANORAMA y el logotipo de Panorama son marcasregistradas.MARBELLA�PROPERTY�MAGAZINE es una marcaregistrada.

Impreso en España por Industrias GráficasSolprint S.L. Copyright @ 2013. PanoramaProperties S.L. Se reservan todos los derechos.Ninguna parte de la presente publicación, su formato o la información en ella contenida puedeser reproducida, vendida, traducida, transmitida o retenida en ningún tipo de sistema de almacenamiento o de recuperación de informaciónsin el consentimiento previo por escrito del editor. Seha hecho todo lo razonablemente posible para asegurarse de que la información contenida en lapresente publicación sea exacta. No se acepta, sinembargo, responsabilidad alguna por cualquier perjuicio sufrido, de la forma que fuere, por cualquiersociedad o persona que confíe en la informaciónaquí incluida. Tampoco se acepta responsabilidadalguna por cualquier error u omisión o cambio en lainformación contenida en la presente publicación.

The information contained in this magazine is provided in good faith and believed to be accurate at the time of publication. Nevertheless, it is subject to error or ommission, andthe properties advertised are also subject to prior sale or and withdrawal from the market.

5

Letter from the Mayoress

As Mayoress of Marbella, it is a pleasure for me to address the readers of the "Marbella Property Magazine",published by Panorama, Marbella’s longest established real estate agency.

I want to publicly congratulate the Clover family who has been dedicated to the real estate business since the year1904 in the United States and who, in 1970, decided to open a branch here in Marbella. It is thanks to entrepreneurs like Christopher Clover, along with many others who promote the image of the city and its countless qualities abroad, that Marbella is able to maintain its prestige as a high quality resort city.

Since our arrival to the local government in 2007 we have returned the confidence to citizens, investors, administrations and institutions through an honest, serious and effective municipal management, exercised with absolute transparency and which gives priority to public investment in the improvement of our infrastructure.

We have moved forward as a modern and agile administration, close to our residents, that has resulted in a radical change of 180 degrees with respect to previous administrations. In short, Marbella is entering a new golden era as a unique place in the Mediterranean basin that offers the highest quality of lifestyle and services.

Another one of the main challenges we set ourselves was the definitive approval of the General UrbanDevelopment Plan (PGOU) in 2010 as a tool to guarantee urbanistic legality and town planning. Through this plan a total of 1,000 homes and a hotel have already been legalized, and thousands more are in the processof legalization.

We keep encouraging a real and effective community participation on the part of residents and foreigners which continues to grow each year. One of Marbella’s strongest points is its progressive and increasing popularity among visitors from all over the world as a quality destination, a key factor in the local economy.

Finally, I would like take this opportunity to send my warmest regards to all the people who enjoy our city, whether residents or tourists, and also extend a sincere and cordial invitation to anyone thinking of coming tovisit Marbella. I can guarantee that they will not be disappointed.

With best wishes,

Ángeles MuñozMayoress of Marbella


An up-to-date report on the Real Estate Market in Marbella

Once again, we present this year’s edition of Christopher Clover’s award-winning series of Marbella property market reports: a complete analysis ofall aspects of the Marbella property scene.

6 www.panorama.es | (+34) 952 863 750

Feature Article


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As a real estate agency, we are constantly being asked about the variables of the local property market.Some of the most asked questionsinclude: Is the Real Estate Market recovering in the Marbella area? Areprices going to go down further in thenear future? Is it now the right time to buy?

The purpose of this report is to respond as objectively as possible tothese questions.

Sales volume increasing

The volume of residential sales in theMarbella area increased in 2012 a significant 21.11% over 2011 sales.

Table 1, which is based on theDepartment of Development websitestatistics (www.fomento.gob.es) on salesdeeds of villas and apartments signedby notaries, includes not only Marbella but also the neighbouringmunicipalities of Benahavis andEstepona, which feed from theMarbella market (the so-called Triangleof Gold). Table 1 is the clearest evidence yet that a recovery is underway and sales volume is headed towards pre-crisis levels. Priceshave dropped enormously over thepast five years and it is this decrease in prices, together with a substantialimprovement in stock markets and economic activity in many areas of the world, which is the prime motor feeding the increase indemand, hence the increase in volumeof sales.

Why is the Marbella area apparently beginning to recover and not the rest of Spain?

The real estate crisis throughout Spainhas been caused by a speculative building boom and overbuilding, resulting in a bubble which started toburst between 2007 and 2008. The problem was aggravated by the collapseof the inflated construction sector, the Government’s lavish spending in general, record unemployment rate nowreaching over 27%, and the banking crisis resulting in little mortgage credit available. The remaining surplus today of some800,000 new, unsold homes is evidentin every town throughout the country.The average is €100,000 or less, andthe market for these properties ismostly an extremely limited, Spanishlocal market.

The real estate market in the GreaterMarbella area is obviously a different scenario to the above. There is not only alocal (and relatively wealthier) market inMarbella, but also regional and nationalmarkets. However, by far the largest market is the international market. Why?• Marbella is a quality property marketattracting people from all over the worldfor more than 50 years, due to the bestyear-round climate in Europe, relativelylow density construction, three times thearea of green zones compared withother coastal cities, high quality services, and a full 12 month season,with its highs and lows… enough offseason residents in the city, some250,000 to 300,000 inhabitants, to keepmost of the restaurants, sporting andleisure facilities and nightlife (for thosewho choose it) active during the winter months. • There are people of more than 120 different nationalities who have taken their residency in the Marbella

Benahavís 650 633 438 559 422 311 592

Estepona 1,788 2,581 1,721 1,086 1,154 1,248 1,501

Marbella 4,432 3,568 2,110 2,199 2,389 2,259 2,531

TOTAL 6,870 6,782 4,269 3,844 3,965 3,818 4,624

Stunning mansion in Guadalmina Baja reduced from !2,950,000 to !2,500,000, Ref 7614

TOTAL NUMBER OF VILLAS AND APARTMENTS SALES PER MUNICIPALITY

TABLE 1

Source: Spanish Ministry of Public Workswww.fomento.gob.es 2006 2007 2008 2009 2010 2011 2012


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area, which is probably the most important indicator of the international composition of the municipality. • Marbella is constantly being pointedout in the national and internationalpress as a “trademark” for quality tourism and an exceptional quality resort city.

The presence of a strong internationalmarket for real estate in Marbella resultsin a “multi-source” market. When onemarket drops (like the Spanish markettoday, with their heavy economic crisis),another one takes its place (like that of Russia and other Eastern European countries). In Russia, theGNP increased 3.4% in 2012. No recession there!

The same rule is applicable to all qualityresidential areas everywhere in theworld. Those areas that attract the relatively well-off and, especially, thosewhich have an international market, survive a crisis far better than areaswhich are dependent almost exclusivelyon local, regional or national markets.

By stating the above, we do not mean tosay that the Marbella area market has notalso suffered from the crisis: price levelshave now come down anywhere from aminimum of 20% in the highest qualityproperties in the best areas to almost50% in the least desirable areas.

Taking this into account, there are thousands of people who still have a strong purchasing power, and have been waiting since pre-crisis years forprices to drop. Their children are growing up, time is passing by, and many of them have decided that now is the right time to buy their dreamhome in this special place. It is for thisreason that the real estate market in the Marbella area, rather than continuingits fall like the rest of the country, is levelling out and improving, as evidenced intable 1.

Simply stated, prices in any market don’t keep dropping when there is a significant increase in volume of sales. It is the old law of supply and demandat work.

Real estate sales followtourism levels

The sale of real estate in Marbella hasalways been intimately linked with thenumbers of tourists coming here. Themore tourists, and the longer their stay,the more real estate is sold.

Table 2, sourced from the InstitutoNacional de Estadística INE (NationalInstitute of Statistics www.ine.es) gives aclear idea of the evolution of tourism inthe Marbella area from 2007 to 2012.

These are the total room night figures,showing clearly the severely decliningnational market as a direct reflection ofthe economic crisis in Spain and, at thesame time, the strongly increasing foreign market, which is today almostthree times the national market. Accordingto these figures, foreign occupanciesmore than compensate for the drop inthe national market resulting in totalroom night figures which surpass the2008 high by 9.85%.

What other agents say

We have surveyed key agents who arefrequent collaborators and great competitors of ours. Of the 12 agentswe talked with: • About half of them remark that themarket has improved significantly since mid-2012 in all price categories. • The other half reported a more gradual, year by year, increase inenquiries and sales in all price categories,including the more expensive properties.• Two of the smaller sized agencies, indicate that for them the market activity is about the same as last year.• All of the agents surveyed agree

Marbella is constantlybeing pointed out

as a quality resort city

Marbella's coastline, photo by Daniel Posner


9(+34) 952 863 750 | www.panorama.es

that negotiating and closing a sale is far more difficult than in the past. See our comments below relating to this point.

Our own internal statistics

The strong present-day demand is highlighted also by our own internal

statistics of the total number of salesenquiries from all sources (internet,referrals, walk-in clients, telephone calls,signs, etc.).

During the winter of 2012-2013(December through March, which arenormally the quieter months in our business), we have experienced recordinterest and client activity for this periodof the year, with an increase in new sales enquiries of 36.4% (420 enquiries) compared with the same four monthsof 2011-2012 (308 enquiries). Someother leading agents report similarincrease in activity.

Banks starting to lend again

A further encouragement to buyers isthat some Spanish banks have started

to lend again, and mortgages are nowbeing granted to qualified resident andnon-resident purchasers.

The time to process mortgage applications has been substantiallyreduced and, from the time a completedmortgage appliction is submitted, amortgage can be approved within two to three weeks, sometimes less.

Who is buying?

The Russian and Eastern Europeanmarkets, as indicated previously, arebecoming more and more important astime goes by. There have been manysmall Russian owned agencies opened inMarbella in the last two to three yearswho collaborate frequently with thelarger agencies. Many of the larger

The real estate marketin the Marbella area,

rather than continuingits fall like the rest of

the country, is levellingout and improving

OVERNIGHT HOTEL STAYS IN MARBELLA

TABLE 2

National 823,525 834,978 768,161 820,073 766,975 641,730

Foreigners 1,528,841 1,639,672 1,391,129 1,447,864 1,642,881 1,801,147

TOTAL 2,352,366 2,474,650 2,159,290 2,267,937 2,409,856 2,442,877

2007 2008 2009 2010 2011 2012

Penthouse in Marina Puente Romano, Ref 7805

Source: Spanish National Institute of Statistics | www.ine.es


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agencies have added a Russian speakingsales person to their staff. The Russian magnates buying large andexpensive estates at the top end of themarket are less important in overall market impact than the client lookingfor a property from €300,000 up to, for example, €2,000,000.

The Scandinavian market has revitalized. There is great activity fromSwedish, Danish and Finnish clients.The Norwegian market, where theeconomy is oil-based, has not experienced any kind of recession, is becoming strong as well, due primarilyto the attractive, present day prices.

The Netherlands and Belgiumhave always been strong markets forbuying property in Marbella, and they continue to be even more so today, again because of the decreasedprice levels.

The French market is probably the most recent important European market to discover Marbella. Timeshave evolved from the days where the Frenchman wanted a holidayhome “à la campagne”. With Spain’sexcellent road network, the Frenchcan now drive to Marbella! Perhapsthe most important reason for theactivity of the French market is therecent change in government, andconsequent increase in taxes, withmany seeking to become Spanish residents to achieve a lower taxationlevel, and at the same time enjoyingour special Marbella climate and international community.

The United Kingdom and theGerman markets have not increasedsubstantially in recent months, but stillremain among the most important markets in the Marbella area.

What is selling?

At the beginning of the crisis inSeptember 2008, the market in generalremained static for several months. Then sales started again in 2009 with substantial price decreases. What continued to sell, in a substantially lesservolume, were properties priced, let us say under €800,000. However, there was little interest in properties muchover €1,000,000. But gradually, year after year, this threshold price has crept up. The larger and more expensive properties have started to sell in the last year, which is yet another important sign of a marketunder recovery.

In La Zagaleta, perhaps the most ex-clusive gated urbanization in Europe, therehave been at least 12 sales, at prices ranging up to €13,500,000, and an averagesales price of around €5,500,000 sinceOctober 2012. We are also aware of 15new construction starts and renovationsin the last year in this community .

Marbella’s other prime residential areas,including the Golden Mile, Los

Monteros, Guadalmina, El Madroñaland many others have also experiencedstrong sales activity in the more expensive price ranges. To give anotherexample, at least seven Golden Milebeachside homes, some of which havebeen on the market for some time, haverecently sold and are not being replacedby similar ones.

There are no reliable overall statistics of the number of homes onthe market for sale and the prices of the properties sold.However, according to our own calculations, there is little doubt that the vast majority of the properties for sale, perhaps in thearea of 80%, are those priced under€1,000,000.

There is a wide variety of villas, townhouses and apartments for sale belonging to serious sellers in the €250,000 to €1,000,000 price range in great residential areas and at highly competitive prices. The market is extremely active with sales taking place every single day. In fact there are more villas for sale today under €1,000,000 than everbefore, most of them substantiallyreduced in price and ready to negotiate further, many of them great alternatives to an apartment or townhouse.

Spanish banks have started to lend again, andmortgages are now being

granted to qualified purchasers

Beautiful apartment in Altos Reales on the Golden Mile, !545,000, Ref 7665

Asking prices severely adjusted

We have seen “asking prices” beingdropped year after year until: Bingo! Theasking price of a given property hasbeen reduced to a point that starts generating viewings, since it has becomeperceived by the market as “worthwhileseeing”. And when more and moreclients view a property for sale, a realmarketplace is created where owners willeventually receive offers that they canfreely take, reject or negotiate.

More and more sellers have now accepted that their properties are notreally worth what they thought theywere, and, consequently, are doing whatis necessary to adjust their prices toencourage viewings. Many owners arerealizing that it makes sense to invest a little to make their property “objectionfree” and attractive enough to the buyer to make an offer on a “ready tolive in” property.

But the outstanding characteristic of themarket is that no seller is achieving a sale today unless the property is perceived as “very well priced” and he or she is open tonegotiate and make a deal. An exampleis a property in Las Lomas del MarbellaClub, opposite the Hotel PuenteRomano on Marbella’s Golden Mile, atownhouse of 160m2 in a gated complexwith an original asking price three yearsago of €500,000, reduced gradually overtime, has sold recently for €275,000. Avilla in Nueva Andalucia, on the marketfor two years, initially asking €1,750,000and gradually reduced over this time to€1,175,000 sold recently for €1,000,000.There are literally hundreds of similarexamples.

There is the exception of some top end properties which are unique andtherefore not reproducible and theowner, being aware of this says “if abuyer wants the property, he has tocome close to my price”, and if the price

is not ridiculous, he will end up selling.For example, one of the most soughtafter and exclusive waterfront buildingson the Golden Mile recently saw one of its few beachfront apartments, (4 bedrooms, 350m2 plus terraces) sellfor €3,750,000. This is not much belowthe sales price the property would haveachieved six years ago.

There are other properties where theowner has already lowered the askingprice considerably, and has little or nofurther room for negotiation. A largetwo bedroom apartment in Monte

Paraíso, on the market for a year and ahalf at the reasonable price of €570,000lowered the asking price to €530,000and again earlier this year to €495,000and sold at the full asking price to a couple from Finland who, through their research, quickly recognized the greatvalue represented by this property, and did not want to lose it to anotherbuyer. The lesson: the real value of a property is not necessarily determined by the percentage discount achieved in a negotiation.

If through good market research, aprospective buyer recognizes a greatpotential buy of a property which fits hisor her requirements, in this improvingmarket one should not hesitate to movequickly to secure the property. Any goodagent will have or can obtain excellent examples of properties recently sold inthe different residential areas ofMarbella and in all price categories.

Properties sold are notalways being replaced

Agents as well as potential buyers arefinding that when a property is sold in agiven urbanization at an amazingly good price (for the buyer), it does not necessarily follow that other owners ofsimilar properties for sale in the samearea will match that price. What doesthat indicate about the market? It doesnot mean that the other propertyowners are not hearing what is being

paid in the real market. But it does indicate that there is a tight market(supply) for properties in quality areas,and a larger demand factor than in the preceding years. So those who resisttaking the last sale as a barometer fortheir own pricing are confident that theirproperty will sell for its a) location b)quality and c) general lack of supply ofsimilar properties on the market. This isyet another sign of the market touchingthe bottom and lifting off.


11(+34) 952 863 750 | www.panorama.es

The real value of a property is not

necessarily determined bythe percentage discountachieved in a negotiation

Villa in Nueva Andalucia reduced from !1,250,000 to !995,000, Ref 7477

Negotiation much more difficult

As indicated earlier, there is a consensusamong agents that a sales negotiationtoday is far more difficult than in thepast and, therefore, even more difficultfor those lesser experienced agents.Buyers often have second thoughts oncethey verbally make an offer, sellers oftenhesitate to accept an offer thinking thatthey might get a better price from another client in the next few days orweeks, if their property is getting goodmarket exposure. It takes real skill andexperience to bring a deal together,more than ever before.

The most successful agencies today arethose with strong experience in negoti-ation; who have their properties fully docu-mented and know almost all of the issuesrelated to the properties being negotiated,including any possible urbanistic issues; andwho will have established a good work-ing relationship and confidence not onlywith the buyer, but also with the seller.

In summary

We are living in an uncertain worldtoday. Within that uncertainty, however,

lies the fact that there are still many people, mainly in Europe but in othercountries as well, who want to live in theMarbella area, as it is a unique place notonly in Spain, but on the entireMediterranean Basin. Many of these

potential buyers have been waiting forthe right moment for prices to drop sufficiently to move on with their major lifestyle change, and buy a permanent or second home in this area.

Coming back to our original question: is it now the right time to buy?Certainly, there is hard evidence indicating a significant improvement inthe market. For those who have alreadydecided that they want to buy in theMarbella area and have, until now, beenreticent about the timing of their purchase, it would appear that we arereaching, after over five long years, a bottoming out of the market cycle, andthe beginning of an appropriate time forthem to start to refine and concludetheir property search. For those who areunsure whether to buy in this specialpart of the world, now would certainlybe an appropriate time to start with theirmarket investigation.

By Christopher Clover, Managing Director of Panorama, Marbella’s longest establishedreal estate agency.

Copyright© 2013 Panorama Properties S.L.All rights reserved.


12 www.panorama.es | (+34) 952 863 750

Provençal style villa in El Madroñal, originally priced at !1,450,000, reduced to !895,000, recently sold by Panorama, Ref 6330

Lomas del Marbella Club Pueblo, townhousespriced from !315,000 to !790,000

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Laying the foundations of Panorama

Marbella of the 1970’s: Our First Years

By Christopher Clover

As a preface to the story of Panorama’s first years in Marbella, I would likefirst to provide some insight into why Marbella became so attractive to us inthe first place, back in 1970 that we decided to open an office here.

Marbella in 1970, photo by Pedro Jaén

www.panorama.es | (+34) 952 863 750

Feature Article

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15(+34) 952 863 750 | www.panorama.es

The beginnings

It was 1946, The Spanish Civil War had ended some seven years before.Marbella was a village with less than10,000 inhabitants and a very interesting history. In the middle of thevillage there was (and remains) an oldMoorish Castle dating back to the 9th

Century together with Roman ruinsthroughout the municipality. La ConchaMountain towered in the background,creating a unique micro-climate, givingMarbella the best climate in any villagein Europe.

The larger tracts of land at the time wereowned by five families: Juan andEnrique Belón, Juan Lavigne and JuanLima, all from Marbella, Elvira Talleferand her husband Salvador Guerrerofrom Málaga (Elviria was named afterher) and Norberto Goizueta fromNavarra (the founder of Guadalmina).The land was mostly tended to by tenantfarmers. The industry of the time wasmostly in agriculture and in mining ironore and graphite.

With the above seed elements, Marbellaevolved to become today the principalhigh profile city of quality tourism on theentire Mediterranean Coast, in what isstill today, a quality environment.

But not without a lot of help along theway: Torremolinos, and many othertowns along the Spanish Coast, werebeautiful villages then also, and look atwhat happened to them!

Marbella’s original promoter was the versatile, multifaceted Spanish aristocrat Ricardo Soriano Sholtz vonHermensdorff, Marquis of Ivanreywho, in this year, invited his nephewAlfonso von Hohenlohe, and Alfonso’sfather Maximilian Egon vonHohenlohe-Langenburg, to see andexperience Marbella first hand. Not onlywas Alfonso the son of a well-knownGerman aristocrat, whose family dated

back to the 6th century, but also, hismother was the Spanish Marquesa deBelvis de las Navas, and his godfather was King Alfonso XIII of Spain. His lineage, together with the fact that his Uncle Ricardo Soriano was the original promoter and developer ofMarbella (who opened the first hotel in1945, El Rodeo, and who enticed hismany friends to visit the area), made itvery easy for Alfonso to follow and continue the path already paved by Uncle Ricardo.

Marbella was then about two hours’drive from Málaga, along a terrible twolane coastal road, and Alfonso and hisfather showed up in an old Rolls Roycewith a motor powered by a charcoal

burning conversion kit, due to the shortage of gasoline in those post waryears. Upon their arrival in Marbella,while waiting for Uncle Ricardo’s returnfrom a fishing trip, they had a picniclunch under the umbrella pine trees ofthe beautiful Finca Santa Margarita adjacent to the sea just west of the village. They fell so in love withMarbella, and with this finca especially,that they returned the following year andbought the property. Alfonso and his father built a beautiful,new home on their land, and encouraged their friends to come andvisit them. The original farmhouse ofthe Finca Santa Margarita was convertedinto a bar-restaurant-social club forthose who were living in the area, and inthis manner the “Marbella Club” wasborn. These were the first moments ofthe awakening of Marbella as a majortourist destination.

Through Alfonso, his father, his mother,and his Uncle Ricardo’s contacts, somany people started visiting the area(and the Marbella Club), that many wereunable to find accommodation. Such aninflux of people made it inevitable thatin 1953, Alfonso decided to build a smallhotel with 18 rooms adjacent to the converted farmhouse, surrounding acourtyard, much like the motels he had

Prince Alfonso & Ira von Fürstenberg, 1955

The Marbella Club hotel around 1955


16 www.panorama.es | (+34) 952 863 750

recently seen in the United States. Hedecided to call it the Marbella Club Hotel.The hotel opened its doors to the publicin 1954 and immediately became a magnet for quality tourism. Count Rudivon Schönburg, a relative of Alfonso,who had recently graduated from theSwiss Hotel Management University inLausanne, joined Alfonso in 1955 as the Hotel’s Director, and remains associated with the Marbella Club today(read his wonderful article “TheBeginnings of the Marbella Club” on ourblog, www.panorama.es)

The original farmhouse has survived up to the present day as the Hotel’s main bar and restaurant.

Attracting the “big names”

The wonderful microclimate ofMarbella, its strategic location, the relative ease to get here, and the warmthof its people made Marbella a magnetfor those looking for a new, special location for their holidays. Alfonso wascertainly not demure in inviting everyone belonging to the jet-set of thetime to the Costa del Sol’s first luxuryhotel and, in no time, Marbella was The“In” Place of Europe. By the ‘60’s, there

were many regular “famous” visitors toMarbella and the Marbella Club and a large number bought land to buildtheir homes, sometimes from Alfonso himself. Some of these “big names”included: José Banús, who came toMarbella in 1962 and acquired the land of what is today Puerto Banús, and Nueva Andalucía (many called his vision “crazy” at the time!), Jaime de Mora, Manolo Lapique, IgnacioCoca, the founder of Los Monterosand the Río Real Golf courses, andother big names such as the vonThyssens, Princess von Bismark, theFüstenberg family, Mel Ferrer andAudrey Hepburn, the Duke andDuchess of Windsor, Prince Rainier ofMonaco with Grace Kelly, AvaGardner, Cary Grant, Laurence Olivier,Guy de Rothschild, Terry von Pantz, Deborah Kerr, Jimmy Stewart,Teddy Kennedy, Jean Negulesco, andmany others.

Alfonso had successfully taken the seat of his Uncle Ricardo as the prime Promoter of Marbella.Marbella had become a “special place for special people”, which was the Panorama’s slogan in our early years.

Bridging the gap betweenFishing Village andInternational Hot-Spot

As a result of Alfonso’s promotion,together with that of his many friends who built new homes and developments in the area, the officialpopulation of the municipality surgedfrom 12,156 in 1960 to 29,253 in 1970,but when we arrived here in the early70’s, there was still a “village feeling”about Marbella, a small town full ofinteresting and friendly people. The key

Wedding of Princess Marie Louise & Count Rudivon Schönburg, 1971

With Count Rudi recently

The old Marbella Club hotel pool area, around 1955


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locations at the time – apart from the

Old Town – were the Marbella Club,

Puerto Banús, Nueva Andalucía, Los

Monteros and Guadalmina; the last

three with their respective golf clubs,

all of which were built with their

owners betting on the future of

residential tourism.

By the late 1960’s, Marbella had most of

the ingredients to eventually become a

major, quality holiday and residential

tourist destination with a 12-month

season, rather than simply a summer

holiday resort. However, for a town to

be open year-round, with enough

business for luxury shops, boutiques,

restaurants, nightspots, leisure and

amusement facilities, a minimum

nucleus population in the winter

“off-season” was required of around

150,000 inhabitants, between registered

residents and the “floating population”

of residential tourism. This figure was

not achieved until around 1996, when

the “off-season” took on a life of its

own, transforming Marbella into the

only resort city on the Mediterranean

Basin with a year-round season. Today

there are between 250,000 and 300,000

residents in the low season in Marbella.

Marbella in the 70’s experienced first hand

The popularity of Marbella had already

spread overseas. My father, Bill Clover,

a successful real estate Broker in

Charlottesville, Virginia since 1952 (like

his father, B.B. Clover, in Chicago since

1904), decided to add to his business by

purchasing an international real estate

agency in 1968 called Panorama

International Ltd., with headquarters in

Washington D.C a two hours’ drive

north of Charlottesville. A French

associate of his at the time, René Frank,

suggested that Marbella had become

the most important new Jet-Setdestination in Europe and that we

should seriously consider opening an

office there. And so we did, in early

1970, along with offices in Mallorca

and Mexico City shortly thereafter,

(the latter, headed by my brother Bill).

Panorama was the first international real

estate agency in Marbella, and the first

real estate agency to bring inspection

flights to the area.

Grace Kelly, Prince Rainier & Jose Banús atthe inauguration of Puerto Banús

James Stewart & Prince Alfonso

Marbella in the 60's, Postcard

By the ‘60’s, there

were many regular

“famous” visitors

to Marbella


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The Marbella office was briefly headed

by a retired English Captain, Phil Kelly,

followed shortly thereafter by G. Bland

Hoke, who had worked before in sales

in our Washington office who is today a

highly successful real estate broker in

Jackson Hole, Wyoming. Bland’s

principal job, with his sales team of 5,

was to receive the regular inspection

flights of clients sent by Panorama’s

Washington office and start laying our

groundwork for listing resale and

investment properties.

In February 1973, Bland returned

home and my first wife Kirsten and

I set off to Marbella for what was

only meant to be a year overseas to

re-organise the office, but resulted in our

staying permanently.

When we arrived, Marbella was still a

small town. To make an international call

in those days, one had to book a “slot”

through the Málaga operator, and

sometimes wait for hours to get a

connection. Our trusty second-hand

telex machine, with the technology dating

back to the 1930’s, was our only reliable

link to the outside world. Donkeys were

still present in the streets as a means of

transporting goods, along with a lot

of Seat 600s and the box-like Seat

124 sedan. The main, two lane highway

to the airport passed through the

centres of Fuengirola and Benalmádena

Costa, and was known then as the

“Highway of Death”. In general terms,

the infrastructure was deficient and

unreliable, with electricity cuts sometimes

several times a month, understandable

when you look at the population

multiplying by two and a half times in

the prior decade.

We lived under the dictatorship of the

Generalísimo Francisco Franco. On

Franco’s last trip to Marbella in

the spring of 1973, to inaugurate

the new Clínica Incosol, as the story

goes, he noticed the towers of the Hilton

Hotel and the studio-apartment hotel

next door (now known as the Hotel Don

Carlos), and also the Torre Real, in front

of Incosol, and was absolutely horrified,

and gave the order that never again

should such tall buildings scar the skyline

of Marbella, in the manner that had

already literally ruined Torremolinos and

Benalmádena Costa.

Franco’s perspective coincided with the

low-rise, low-density vision of quality

development and growth, already

imposed by Marbella’s “founders”,

starting with Ricardo Soriano himself,

who “prohibited” his friends from

building more than one floor homes,

and encouraged them to maintain the

traditional Andalusian style. This style

was already followed by Prince Alfonso,

José Banús, Norberto Goizueta (the

founder of Guadalmina) and others.

Franco’s opinion only helped strengthen

the local authorities in maintaining this

tradition, and not one tower building has

been built in Marbella since 1973. It is

only due to the strong, lasting influence

of these people that Marbella has

been able to remain a city with a high

level of luxury and quality development,

compared to the jungle of concrete

to the east of the Municipality and

most other resort cities along the

Mediterranean Coast.

There was only one Notary at the time

in Marbella, Don Luis Oliver Sacristan.

Even when he was younger he seemed

an old man to me, with a raucous voice,

but he greeted Spaniards and foreigners

alike in a warm and friendly manner.

When he retired in 1985 he came up to

me at a social gathering and said,

“Clover, you are the man I want to work

with in my retirement!” How honoured

I felt by those words from this

important member of the community!

Shortly thereafter, Don Jaime de Mora

said the same thing to me and, in fact,

we worked together on several deals.

Iberian Daily Sun, March 16, 1973

Panorama was the first

international real estate

agency in Marbella, and

the first real estate agency

to bring inspection

flights to the area

The delightfully friendly and good-natured character of the Andalusianpeople ensured that non-Spanish speakers could always make their wayaround Marbella, even if it meant usingsign language. Their straightforwardnessand goodness stems to a great degreefrom the importance they attached totraditional values of family, church, hardwork and generous hospitality. Whenyou look at the professionals in Marbellatoday, the lawyers, architects, bankers, hoteliers, or store owners who wereborn in the city, it is amazing to see howmany of them were brought up not onlywith these values, but also with excellentuniversity education given to them bytheir parents in the 60’s and 70’s, whoobviously had an eye on the future that was being built at the time, and how almost all of them learnt to speak English.

Lucky to be in the right place,at the right time!

At that time it was very easy to makenew acquaintances and friends. There

were no more than 6 or 7 estate agenciesin Marbella in those very early years, andthere was a lot of curiosity aboutPanorama. We met most of who were considered to be the “crème de lacrème” of Marbella at the time just bygoing to the Marbella Club once ortwice a week, making friends who intro-duced me to their friends. Not only didit bring us business, but the application

of some well-learned American realestate principles passed down by myfather and grandfather made it a loteasier to earn the confidence of newclients for a start-up business such asours. The Marbella Club was then, and has remained, my favourite bar and restaurant: warm and romantic,classy, great service and food, great people.

The salary I allocated to myself when Iarrived in Marbella was 25,000 Pesetasper month, which was the equivalent atthe time of about $420, and with whichwe were able to live very decently. Themost luxurious sports car made in Spainwas the Seat 124 Sport, in fact it was aFiat model assembled in Spain until1975, but with a Spanish engine and transmission, which cost around350,000 Pesetas or about $5,800 at theprevalent exchange rate, a fortune inthose days. I bought one second hand in1978 and still have it! Of the Spanishmade cars of the day, the best that onewould see on the road was the Dodge3700 GT (made by Chrysler España) – a

Isidro Sierra Muñoz, Luis Oliver Sacristán & Julio Fernández Nespal


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Chris & his first wife Kirsten, Katinka &Alex's mother, 1975

real sign that you had money if youdrove one! The purchase of importedcars from Germany, America orEngland was virtually prohibitive due toexorbitant import taxes which literallydoubled the cost of an already expensive luxury car. In fact, until themid-80’s there was a certain “social stigma” attached to making an extrava-gant exhibition of wealth, which wasassociated not only with driving a“Spanish” Dodge, but also any type of Mercedes or other imported luxury automobiles.

Spain was incredibly cheap in the 70’sand 80’s, and even well into the 90’s due, in part, to the peseta being de-valued six times between 1977 and 1993, enabling the economy to remain competitive with respect to its exports,and tourism to keep growing every year.However, with the Euro becoming legal

tender in Spain in January 1999 and thepeseta eliminated at the end of 2001,this economic tool is no longer available and is now having to be substituted by severe belt-tightening

by the municipal, regional and national governments along with labour reforms, which will eventuallyresult in a more competitive economy.

Property prices were also very cheap in the early 70’s, as was the cost of living, as mentioned before. Our agency was the first agency to bring in charter flights of clients fromthe United States, to sell villas for$12,000 to $20,000, and apartments inNueva Andalucía from $5,000 to$15,000! The “investment factor” gave amajor impetus to the number of properties sold in those days to clients ofall nationalities. Of course, the Magic of Marbella itself was the fundamental catalyst.

When our mother agency inWashington closed its doors in early1975, due to the strong recession at thattime, Panorama became an independentMarbella real estate agency.


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My Seat 124 Sport today

Jaime de Mora y Aragón & his wife Margit Ohlson

We met most of whowere considered the

“crème de la crème” ofMarbella at the time

The start of a multi-sourcemarket and Panorama’s success

The Saudi and Pan-Arabian market

The first important success in our business here took place after Panoramabecame the property administrator forDavid Shamoon in 1974 (and remainedso for 33 years). David had been basedin London since 1952 and had been verysuccessful in real estate and other businesses. In 1974, he was the owner ofa beautiful, almost palatial villa locatedjust opposite El Ancón on the GoldenMile, which was purchased a few yearslater by the late King Fahd (then CrownPrince Fahd). David is now the owner ofthe Marbella Club and Puente RomanoHotels, along with several other hotels inother countries. David treated me as aspecial friend and not only became ourmost important buyer client at the timethrough his purchase of several

significant properties, but he also introduced me to some key people whointroduced me to others. It is in largepart thanks to him that we sold a greatnumber of the properties to the SaudiRoyal Family and other MiddleEasterners in the mid-to-late 70’s, givingPanorama a real boost at a critical time inour history. We became administratorsfor Akram Ojjeh, the founder of theTAG group of companies; of PrinceSalman, the brother of then CrownPrince Fahd, and today, Crown Princehimself of Saudi Arabia, through hisright hand man in Spain, Eyad Kayali;and of Prince Fahd’s eldest son, PrinceFaisal Bin Fahd. Panorama, in its estatemanagement department, continuestoday as administrators of a major palace belonging to members of theSaudi Royal Family.

Other important business opportunitiesarose thanks to relationships madeduring those early years, including a

number of transactions made throughmy close friend Mohamed Bashir Kurdi.As the Saudi Consul in Málaga at thetime, Bashir commissioned me to negotiate the purchase of a parcel ofland in Málaga on which the new IslamicCultural Centre was to be built. When hewas appointed in the mid-‘90’s as thefuture Saudi Ambassador in Japan, heasked me to be his buyer’s agent and tosource a representative building for theSaudi Embassy in Tokyo. One and a halfyear later, we successfully closed the dealon an 11 story, brand new building inRoppongi, central Tokyo, incorporatinga duplex penthouse for the Ambassador.Today it remains the most beautifulSaudi Embassy building in the world.

The purchase of properties by CrownPrince Fahd and his family encouragedmany others from the Middle East toalso buy homes in Marbella in the late‘70’s and early ‘80’s. Many other Princes,along with important – even legendary –

US ad in 1971: Panorama sold over 150 homes in Nueva Andalucia in the early '70's


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businessmen and dignitaries from every

single country in the Middle East

bought properties in Marbella, adding to

our wonderful cosmopolitan and

cultural mix. Notable among these were

Sheikh Zayed bin Sultan Al Nahyan, the

Ruler of Abu Dhabi and President of

the UAE, whose family still owns a

magnificent estate adjacent to Rocío de

Nagüeles; various relatives of the

Marzook family from Kuwait; Adnan

Kashoggi and his many friends; the

electronics magnate Mouffac Al Midani;

Rafic Harriri, who went on to become

the Prime Minister of Lebanon; Akram

Ojjeh, Sheikh Kamal Adham and

countless others.

The very special comfort that many

Middle Easterners felt and feel in

Marbella and southern Spain in general

is more easily understood in light of the

history of Al-Andalus. Al-Andalus was

the Moorish name for the parts of Spain

and Portugal occupied by their people

for an incredible 781 years, from 711

until they were expelled by Ferdinand

and Isabel in 1492. Many rivers, villages

and other geographical areas bear

Arabic names. There are thousands of

words in the Spanish dictionary stem-

ming directly from the Arabic language.

There is Moorish blood in the veins of

most Andalusian people. The Rif

mountains of Morocco are visible most

days of the year, with the lights

of Tangiers visible many nights,

past the Rock of Gibraltar, giving one a

very special sense of our geography.

A British enclave

In the early 70’s, a small number of British

citizens, not more than two or three

thousand, had settled on the Costa del Sol

either as part-time or full-time residents,

many of them important personalities.

There was a specific reason for this, as

Great Britain had exchange controls in

the form of the infamous “dollar

premium”: tight restrictions on spending

money made it very difficult for people

to take foreign holidays and to buy

second homes overseas on a scale we now

take for granted, or to buy shares in

foreign companies. At one point, people

could not take more than £50 cash

abroad, even for an ordinary family

holiday overseas. You even needed to

have your passport stamped by the bank

when you collected the cash! The result

was of course an enormous bottled-up

demand for U.K. residents to purchase

homes abroad.

The Shamoons, Chris & his first wife Kirsten, & the Corners in 1977

We sold a great number

of properties to the

Saudi Royal Family and

other Middle Easterners

When the late Margaret Thatcher waselected Prime Minister in 1979 and rela-xed (and shortly thereafter eliminated)the exchange controls in that same year,the demand literally exploded in a surgeof buying second homes abroad, whichin fact has never really abated very muchsince then, other than the peaks andtroughs of the market in general overthe last thirty years. Marbella of coursewas a prime beneficiary of this pent-updemand, as were other parts of Spain,France, Italy, U.S. (specifically Florida),and other countries. Flights from UKsurged in number, and the Costa del Solbecame a permanent, preferred holidayand residential destination for U.K. tourism, with Marbella as its quality capital. Panorama marketed propertiesdirectly to UK purchasers, with advertising in The Times and The Financial Times, and many importantproperties were sold to an affluent UKclientele, especially throughout the1980’s and again in the mid-1990’s, partially due to a strong partnership atthe time with Chesterton’s, a leading

London estate agency. Today, the British are probably the largest singlenationality, after of course the Spanishthemselves, with a permanent or part-time residence in the Marbella area.

New friends, business associates and celebrities

Amongst the many influential people Ihad the opportunity to meet inPanorama’s early years in Marbella wasRafael Zea. Rafael was a pioneer property developer who, among manyother projects, built the Skol building inMarbella on the sea in the 60’s. Rafaelwas the Chairman of the developingcompany which owned Las Lomas delMarbella Club and came to Panorama in1974 recommended by mutual friends.

We got along well and he quickly agreedto give us an exclusive on the sale oftheir plots in Las Lomas which resultedin our selling, over the next years, mostof this wonderful urbanization locatedin the heart of Marbella’s Golden Mile.Rafael also gave me a wonderful deal onthe purchase of my first villa inMarbella. For more of the history ofthis urbanization, kindly read the article“Las Lomas del Marbella Club” on ourblog section of our website.

I also did business with Mel Ferrer who,as a money-making pastime, built andsold inexpensive, rustic villas. Mel was aterrific person, and I remember himbeing both extremely polite and verydown to earth.

I had the privilege to meet and becomegood friends with Ray Milland and hiswife Mal (in 1946 Ray won an Oscar forBest Actor in Billy Wilder's film The LostWeekend), and Stewart Granger, one ofHollywood’s greatest stars, who was alsoa seller of an important estate betweenMarbella and Estepona.

Ray Milland contacted us in 1975 froman ad in the International Herald Tribuneand came down to look at beachfronthomes. Since he had become a star a little before my time, I didn’t know whohe was, and when I collected him at theairport, he rode in the back of my box-like Seat, and his wife in the front,and I asked him what he did for a living!After a brief silence and a long sigh, hesaid with some exasperation in hisface… I was watching him through themirror… “I’m in the cinema industry”.Unfortunately it got worse when I askedhim what part of the industry! In theend we got along very well and we, aswell as our wives, became close friends.

The Millands ended up purchasing ajewel of a beachfront home in theUrbanization El Ancón, on Marbella´sGolden Mile which belonged to a Mr.Brown. Along the front line in El


24 www.panorama.es | (+34) 952 863 750

With old friend Ambassador M. Bashir Kurdi, recently

In the early 70’s, a smallnumber of British

citizens had settled onthe Costa del Sol

Ancón there were 4 other houses next

to Mr. Brown’s: two on the right and two

on the left. The first at the end, on the

right, belonged to John Green, the

original developer of the estate. The

second belonged to the well-known

industrialist, Gordon White. On the left

was Mr. Black and, at the other end,

Warren Gold. Incredible but true! We

called it “Rainbow Row”!

John Green, brother of the Art Gallery

owner Richard Green, is a highly

creative and successful property

developer, not only for his projects in

Marbella but also in London. He went

on after his project El Ancón to develop,

from 1981 to 1985, another beautiful,

gated community in the hills just

opposite El Ancón, which was called El

Ancón Sierra. I was involved in selling

him the land, selling most of the homes

there, and was a member of his

company's Board of Directors. John

and his wife Jacqui remain close friends,

and we both own homes in El Ancón

Sierra today.

Another personality among the many

people we were close to at the time and

who remained so well into the 90’s, until

her death, was the Baroness Teresa

(Terry) von Pantz, heiress to the Avon

perfume fortune. She inherited her

fortune through one of her previous

husbands, and she lovingly called her last

husband, Baron Hubert von Pantz,

“Hubert the Fifth” as she had out-lived

her prior four husbands. Hubert himself

had a well-publicised affair with the

French designer Coco Chanel in his

youth. They were both very generous

people and loved giving lavish parties for

their many friends and acquaintances:

Terry was known for over three decades

in Marbella as “the hostess with the mostess”.

Her favourite hobby was designing

and building houses, a real estate agent's

dream client. Wonderful, open, interesting

people, incredibly polite to absolutely

everyone and, for many years, they were

among our most important clients.


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Skol building during its construction in the early '60's, seen from behind

Mel Ferrer & Princess Carmen Hohenlohe

Jacqui & John Green with Jovita, Chris's second wife, recently

In the late ‘70’s we met Elizabeth andDavid Brockman, who, with their partner Connie Münemann and hisfamily, owned the most beautiful development site in Marbella, which isnow known as Marbella Sierra Blanca. Alittle known story is that a Kuwaiti clientof ours contracted to buy the entireland, subject to the approval of a partialplan by the municipal government.However, due to the delays caused to theplan approval by ecologists at the time,our client got cold feet and backed outof the deal a year and a half later. Thepurchase price for the entire site (ofcourse before infrastructure) was$3,000,000! The Brockmans later foundanother partner, the highly successful,high quality property developer (andgood friend) Pedro Rodríguez, (SierraBlanca Estates) who made his firstinvestment in Marbella in theBrockmans’ company and proceededwith the installing of infrastructure andsale of plots

Other wonderful people who openedtheir doors to us in our first years inMarbella, were the late Miguel GómezVerdun, the owner with his wifeAntonia, of the Gómez and MolinaJewelry boutiques. Miguel was at thetime also Director of the Hotel ElRodeo, Marbella’s first hotel, as I mentioned earlier, and founded in 1945by Ricardo Soriano; Archie and CathyMcNair – Archie was the Chairman ofQuant which he co-founded with MaryQuant in the 1950’s; the late Bill Genskeand his wife Silvia, the developers ofLomas del Marbella Club Pueblo;

Nielson Sanchez Stewart with his wifeAlicia, who was and remains an activelawyer and good friend, as well asAntonio de Fortuny. The late RafaelCruz-Conde became a close friend andour main lawyer in the late 1970’s, andhis job with Panorama (and friendshipwith me) is continued through Rafael’sbrilliant son Mauro today. Count HansLarisch and his wife, María, theMarquesa de Salamanca, also becamegood friends. Perhaps our oldest closefriend is Patrick Op de Beeck, the well-known insurance broker, whose officewas next to ours when we arrived.

Looking back, we were fortunate that,by the end of the ‘70’s, we had met mostof the influential people of the day,along with hundreds of other wonderful

people, many of whom remain goodfriends today.

How grateful we are for such a beautifulstart to our new life in Spain, with the kindness, support and friendship offered by so many during those years.

Copyright© 2013 Panorama Properties S.L.


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With old friend, pioneer developer since1960, Leo Shriqui, recently

With H.E. Skeikh Kamal Adham in 1998

Baroness Terry von Pantz & Baron Hubertvon Pantz in 1980 (courtesy of M. Reckling)

With old friend Patrick Op de Beeck, recently

28 www.panorama.es | (+34) 952 863 750

Family Article

What most people are unaware of is that Christopher Clover, Panorama'sowner and Managing Director, comesfrom a three-generation-old family of real estate agents and entrepreneurs.The fourth generation of professionals,Christopher's children, Alex andKatinka, have also joined Panorama.

Panorama's mother company wasfounded in 1966, in Washington D.C.and purchased by Bill Clover, Chris'sfather, in 1968. Bill was already an established estate agent inCharlottesville, Virginia, since 1952,which he founded with his fatherBurtt B. Clover upon Burtt's retirement. B.B. Clover founded hisfirst agency in Chicago in 1904.

Panorama was established in Marbellaby Bill Clover in 1970, and was the firstreal estate agency in the area to bringclients by charter inspection flights toview property on the Costa del Sol.Panorama's Washington office closedin 1975, when the Marbella officebecame an independent company underChristopher Clover's direction.

Below is a summary of some of thehighlights of the Clover family in thelast century, along with some photosand documents from our archives.

1904 - B.B. Clover opens his first realestate agency headquartered in Chicagoon Evanston Avenue followed by asecond branch in the town of Itascawith the intention of developing Itascainto a desirable place to build a homeand enjoy a comfortable suburban lifestyle.

1925 - One of the first golf coursedevelopers in the United States, B.B.Clover built a 9-hole golf course and aclubhouse on the land originally ownedby the first settler in the area of Itasca.The Itasca Country Club still standstoday as one of the most luxurious establishments of the Chicago suburbs.

Panorama, as many know, is Marbella’s longest established Real Estate Agency, foundedin 1970, with a reputation for providing a highly professional and quality service to its buyerand seller clients which stands alongside those of the best agencies in the world.

By Williston H. Clover

Burt Byron Clover, in 1904

B.B. Clover, Chris’ grandfather, was one of the first

golf course developers in the United States

A Family Dedicated to RealEstate since 1904

Family Article

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1926 - B.B. Clover's grand plan to develop Itasca as a glamorous Chicagosuburb in the 1920's included buildinga handsome half-timbered commercialbuilding, today a landmark in the town'sHistorical District.

1939 - Williston L. Clover moves toCharlottesville, Virginia and becomes aBlack Angus Cattle Farmer and TennisProfessor at the University of Virginia.

1952 - B.B. Clover and his son Williston(Bill) L. Clover open the Clover RealtyCompany in Charlottesville, Virginia.The company is still in business today,although under different ownership, in its original building in the town's historical Court Square.

1960's - Bill Clover develops severalgolf and residential developments inand around Charlottesville, Virginia.Montvue and West Leigh are, to thisdate, still among Charlottesville's mostluxurious real estate developments.

1966 - Panorama International Ltd. isformed in Washington DC and is thefirst company to offer international properties and developments to investors in the United States.

Bill Clover, Chris’father, was among the

most prominent brokers of farms andestates in this wealthy

area of the easterncoast of the USA

Chris & brother Bill in 1959

Bill Clover, Chris’ father, about 1933

Ceci, Beverly, Bill & Billy Clover, in 1944

Letter from B.B. Clover enclosing a guarantee for development of public land in 1924

On-site Sales Office around 1938

Family Article

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1968 - Bill Clover acquires PanoramaInternational Ltd.

1970 - Panorama International opensMarbella's first international real estateoffice in the Edificio Capitol at AvenidaRicardo Soriano, 1, and becomes thefirst real estate agency to bring clients bycharter inspection flights to purchaseproperty on the Costa del Sol.

1970 - Williston H. Clover (Bill CloverJunior), establishes a sister companyspecializing in Leisure Real Estate andFinancing. This company is todayknown as Panorama International Inc.and is located in San Antonio, Texas. Billis one of the world's leaders in LeisureReal Estate Consulting.

1971 - Christopher Clover joins his fatherand brother at Panorama International in1971 in Washington DC.

1973 - Christopher Clover takes overPanorama International's offices inMarbella.

1975 - Christopher Clover forms an independent company, decides to trans-form the long-term goals of the Marbellaoffice, and increases the marketing ofprestige properties in the area.

The three generations in 1961

B.B. with his son Bill around 1957Bill Clover & The Clover Realty Team, in fornt of the Charlottesville Office around 1960

Bill & Bev Clover, Chris’ parents, around 1965

PanoramaInternational was thefirst real estate agency

ever to organize property inspectionflights to the Costa

del Sol

1990's - Panorama capitalizes on itssuccess and reputation and opens offices in the most prestigious areas ofMarbella, at the Puente Romano Hoteland directly opposite the Marbella Club Hotel.

1995 - Panorama launches one of thefirst Internet property websites specificto the Marbella area.

2001 - Alex Clover joins Panorama tohelp fine-tune the company's image and implement a series of internalimprovements. Today he is Listings andSales Consultant.

2003 - Katinka Clover joins Panoramain the capacity of property consultantand public relations specialist. Today sheis Panorama's Listings Director and

Board Member. Williston H. Clover,Christopher's brother, becomes apermanent consultant to the company.

2004 - Panorama launches its magazine“The Marbella Property Magazine”. Inaddition to the award winning marketreport written by Christopher Clover, itcontains other interesting articles bothfor buyers and sellers, as well as an excellent selection of properties differentiating itself from most real estate magazines which are mere catalogues of properties.

2006 - Panorama presents a redesignedwebsite, and the addition of an information section about Marbella.Today the Panorama website is in 5 languages: English, Spanish, French,German and Russian.

Family Article

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First advertisement of Panorama’s Office in 1970

Chris & his first wife Kirsten, Alex & Katinka’smother in 1977 Panorama sold over 100 homes in Bahía Dorada in the early ‘70’s

2008 - 2009 - Panorama continues toexpand its “dream team” with theappointment of Sean Cannon, WalterFernández Römer and Vedran Canjugaas Sales Consultants, Sorin Mailat asRentals Consultant and Alfonso Muñozas Administration Assistant.

2010 - Panorama celebrates 40 years inMarbella. Bill Clover, Panorama’sFounder, passed away, see the articleabout Bill’s life on the following page.Alfonso Muñoz is promoted as SalesCoordinator and Carolina Alaniz joinsthe team as Receptionist.

2011 - Luis Gallardo joins the team asSales Consultant.

2012 - New members to the Panoramateam include: Mariano BeristainCusimano as Sales Consultant, LorenaAlaniz as Receptionist and MargaritaGarvayo as Administration Assistant.Carolina Alaniz becomes PA to theManaging Director and head ofSupport Team.

2013 - Dennis Van Asselt joins the teamas Sales Consultant and Sian-EllenRoskott as Rentals Consultant.

Family Article

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Chris with his brother, Bill Clover (Jr.) today Chris & his wife Jovita

Katinka & Alex today

With daughter Katinka today With son Alex today

33(+34) 952 863 750 | www.panorama.es

Bill CloverPanorama’s Founder1915-2010

In Memoriam

Panorama is dedicated to the memory of a great man.

Our father and best friend is gone. We bear intense grief that he is no longer with us, and gratitude for the many years we shared with him, for the extraordinary memories he left us, and thewonderful example he set for family, friends and employees, which will survive as the benchmarkfor generations to come.

Bill moved from Chicago to Charlottesville, Virginia with our beloved mother Beverly, in 1939. Hebought a farm and became the leading breeder of Aberdeen Angus in Virginia. He also was a tennis coach and athletic instructor as a second job, in the ‘40’s and ‘50’s at the University ofVirginia. In 1952, he established Clover Realty Company in Charlottesville, with his father, when hisfather retired and moved there from Chicago. He became a leading broker in farms and estates incentral Virginia, a property developer in his own right, an architect and designer, and at one pointeven established his own ice cream parlor.

In 1968 Dad bought an international real estate agency in Washington called PanoramaInternational, Ltd., which had been formed a couple of years earlier. In 1970 he opened an officein Marbella, Spain and the next year in Mallorca and Mexico City. Through Panorama, hundreds ofAmericans and others learned about international living for the first time.

Bill Clover was a remarkable man. He was always in control of himself, caring first for others. Hewas not a man of excessive words or advice, but led others by the example he set for them. He stoodout for his extraordinary humility, integrity, indomitable positive spirit, exceptional self-discipline,versatility, and the gentle kindness manifested to the many people who touched his long life. He hada deep passion for nature in all its forms, as well as a strong sense of fairness and justice, whichmade him a staunch champion of the underdog, a protector of those who could not fend easily forthemselves. He lived what he believed.

Although he knew Marbella well, he never lived here. I moved to Marbella in 1973 with my first wifeKirsten, to continue my work started in 1971 with Panorama in Washington. The mother office inWashington closed in 1975 and responsibilities shifted to Spain and to my brother Bill in Mexico.We stayed in Spain and are here today, thanks to the vision of my Dad.

Dad was totally lucid until his very last days, with the same voice as when I was young, the samehandwriting, the same wry sense of humor and the same keen interest in everything. We miss himand bless him for everything he gave us and the many others in his life.

Christopher Clover

The Property Buyer's Guide

A step-by-step guide for property buyers

The buyer's problem in finding the right property, negotiating its purchase and closing the sale is muchmore difficult than in one's own country. As in most resortareas, everybody seems to be in the business, from thetaxi driver to the hall porter in the Hotel. Property is everyone's favorite subject of conversation. And almost everyone has an opinion, many of which can easily confuse a potential buyer. Where to start?

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Buyer’s Guide

34

Buyer’s Guide

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Finding a property

Some people spend years looking for aproperty. Others are lucky enough tofind a property and have the confidenceto purchase on their first visit toMarbella. Yet others need to take theirtime and view properties during three orfour trips, until they feel really comfortablewith their eventual decision.

What type of property are you looking for, and in which area?

Many potential buyers think they arelooking for one type of property andend up choosing something totally different. Unless you are very clearabout what you want and are equallysure that it exists, look at various typesof properties in diffrent residential areaswith an open mind. This exercise willalso help you build up your knowledgeof market values in the area, a majoradvantage in negotiating and ensuringthat you are getting fair market value foryour money when you buy.

Choosing a reputable estate agent cansave you time and there are manyhighly qualified agencies on the Costadel Sol, alongside more opportunisticand less qualified ones. In the past,qualified agents have either been APIs(Agentes de la Propiedad Inmobiliaria) orGIPEs (Gestores Inmobiliarios), but recentlegislation allows anyone (!) to open a real estate agency. It is therefore extremely important to look for an established, experienced agency with an

Many potential buyersthink they are

looking for one type of property and end

up choosing somethingtotally different

Ulla-Riitta Lammervo, Senior Sales Consultant

Panorama’s Sales Team

Buyer’s Guide

36 www.panorama.es | (+34) 952 863 750

excellent track record and good recommendations from non-interestedparties. A recommendation from yourlawyer or a long-time resident shouldpoint you in the right direction.

Good agents will really listen to you andinterpret your requirements. They willshare their market knowledge and experience with you and, if they exhaustthe properties suitable for you fromtheir direct portfolio, they will work withproperties from the portfolios of collaborating agencies to find the rightproperties to offer you. Key qualities tolook for in a good agent are: experience,professionalism, product knowledge,sincerity, good communication, afriendly desire to help you in any waypossible in your property search and,above all, not pushy!

If you do not feel comfortable withyour agent you shouldn't hesitate tomove on. But when you find one who iseasy to work with and understands whatyou are looking for, stay with that agentuntil you find the right property, or until you are satisfied that you have been offered all the properties available through that agency and itscollaborating agencies. Sticking with anagency motivates the agent you are working with to pull out all the stopsand come up with the right property, aswell as saving you from having to tell the same story to every new sales agent you approach.

Alex Clover, Sales Consultant

Luis Gallardo, Sales Consultant

Key qualities to look for in a good agent are:

experience, professionalism,

product knowledge, sincerity, good

communication, afriendly desire to help

Buyer’s Guide

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A few points of advice

Compromise always pays dividends It will be almost impossible to findexactly what you want, even if youbuild it yourself and if you do find it,don't be sure your partner will agreewith your choice. Find a property thatyou are both happy with (even if thismeans compromise!)

Do you mind being a pioneer? If you want to buy in a new or not fullybuilt-up area, remember that empty landplots will be built on one day and thatyou may find yourself in the middle ofan ongoing construction site for manyyears to come.

Protect your investmentMake sure you have enough land aroundyou to protect your privacy and viewsfrom a prospective building project.

Ensure the protection affordedby the law is given to you

If you are buying property under construction, the developer is legally required to provide an insurance policyor bank guarantee to protect your payments in the event of incompletion.The developers must also provide proofof ownership, as well as planning permission and licenses, and since 2002, an insurance policy against building defects. A lawyer experiencedin property transactions will anticipatethese items.

Buy for your own use first and foremostUnless you are absolutely sure that yourchildren or grandchildren will visit you,it is generally a mistake to buy with theiruse as the main consideration. Time andagain, people end up selling their enormous homes when their family

Alfonso Muñoz, Sales Coordinator

Marjut Nordström, Sales Consultant

Buyer’s Guide

38 www.panorama.es | (+34) 952 863 750

doesn't visit as often as envisaged.Purchase primarily for your own use,taste and objectives.

Realistically analyze the potentialcosts of modernising an older villaor apartment that has romanticallytaken your fancyReforms and unexpected repairs can beexpensive surprises. That said, secondhand properties will often have a betterlocation and may be less expensive thannewer properties.

Look at comparablesThe best rule for determining the valueof a property is to take real sales pricesof comparable properties recently sold.To enable you to do this your agentmust have very good market knowledge.It will also help to have seen enough properties yourself to get a basicknowledge of the market.

Think ahead to the day you sellA property bought today is an important part of one's assets. It istherefore advisable to take into

account not just personal preferencesbut also general investment criteria,such as location, design factors, quality of finishes and facilities.

Negotiating the purchase

Your agent may not be as skillful in negotiating the price of your offeras he or she was in helping you find the property in the first place. Don't hesitate to seek out the Sales Director or ManagingDirector of the agency to help younegotiate your purchase. Experiencedestate agents are generally better at handling the commercial elements of asale (this is their job) than lawyers are, and will do their best to bring what are often opposing viewpoints(yours and the seller's) together in harmony, as any good negotiatorshould do. Your lawyer can always beconsulted during the negotiation toensure that the offer meets his or herlegal criteria, and become activelyinvolved in more complicated negotiations.

In making an offer it is importantto feel out the bottom price of aseller but at the same time qualifyyourself as a serious bidder. Too lowan offer will not engage the interest ofthe seller, and might prove counterproductive.

Try to get all your negotiating pointstogether at one time rather than negotiate piecemeal: this saves time andoften, unpleasant surprises.

Sean Cannon, Senior Sales Consultant

Beatrice Pittá, Sales Consultant

Take into account not just personal

preferences but alsogeneral investment

criteria, such as location, design factors,quality of finishes and

facilities

If your offer is too low, your strategycan boomerang and it may simplyinsult the seller, and you may not evenget a response. It's important to knowhow much property is really worth inthe market, and to you. Find out if theseller has rejected other offers and whatthey were. What is the minimum offerthat will engage his interest?

Make your offer in writing if possible (of course, subject to contract), and include not only the price,but also the deposit amount, when youare prepared to pay it, when you areprepared to complete, what youunderstand to be included in the price(for example furniture and fittingsif applicable), and an often neglectedpoint, that all machinery equipment and installations should be in good working order.

Show the colour of your money tothe seller. He will certainly take youroffer more seriously if you have ahealthy deposit ready for immediateaction in a bank account in Spain. Thisis normally in the area of 10% of thepurchase price. Many agents today alsooffer credit card facilities, wherein asmall deposit from €5,000 to €50,000can be taken to “seal a deal” with a seller,and the deposit remains in the agent'sclient account during the week to tendays it can take the lawyers to preparethe private contract and a transfer of the10% to arrive.

Municipal Added Value (Plus Valía)tax (the increase of the index value ofthe land since it was last purchased toits present sale). This tax corresponds,by its nature, to the vendor who isresponsible for its payment, unlessotherwise negotiated.

Measure the land you purchase. If you are looking to buy a plot of land and no topographical survey exists, it may be advisable tonegotiate a “Euro per square metre”

Buyer’s Guide

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Vedran Canjuga, Sales Consultant

Walter Fernandez Römer, Sales Consultant

Buyer’s Guide

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price subject to survey, to avoid anyunpleasant surprises.

Good psychology dictates that youshould leave room to improve aninitial offer. However, if you believeyour offer is realistic and perhaps have asecond choice in mind, it can be a wisestrategy to let the seller know that if hedoesn't accept your offer, you will beoffering on another property beforeconsidering any counter offer from him.

When an offer is accepted, always geta lawyer to check the land registry (thelast word on property ownership, whereany liens and encumbrances will showup). He will prepare a private contractthat will bind both parties to the deal,and eventually prepare the public deedsfor signature in front of a SpanishNotary, when the balance of the purchase price is paid and vacant possession of the unencumbered property is granted, thereby completingthe sale. There are excellent lawyers inMarbella, most speaking fluent Englishand other languages. The best way tofind one is by personal recommendation,or by asking your agent.

Of course, many of the above comments are more intended for thepurchase of resale properties, as newdevelopments have a fixed price list andpayment schedule, often with very littleroom for negotiation, at least with respect to price. Sometimes some extrasor modifications can be negotiatedwithin the purchase price, depending onthe policy of the developer.

In summary, finding and buying aproperty in Spain can be as simple, or ascomplicated a procedure as one wants tomake of it. The old rule of CaveatEmptor, (Let the Buyer Beware!) alwaysholds true. And a final tip: listen to yourintuition! It is often one's best guide!

By Christopher CloverCopyright © 2013. All rights reserved .

Mariano Beristain, Sales Consultant

Dennis Van Asselt, Sales Consultant

Buyer’s Guide

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MunicipalAdded Value

Tax(Plus Val ía)

The Plus Valía tax (described earlier) can be as little as a few hundredEuros or as much as many thousands of Euros on a property with a lotof land that hasn’t changed hands in many years. This tax corresponds,by its nature, to the vendor who is responsible for its payment, unlessotherwise negotiated.

Transfer Tax(I.T.P.)

Property Purchase Costs

The total official costs involved in purchasing a constructed residential property should be around 10-11% for resaleproperties or around 12% for new properties if VAT is paid on the purchase price, plus lawyer’s fees.

Payable by the buyer for the purchase of any Real Estate (villas,flats, land, commercial premises, garages), provided the vendor isnot a developer or normally trading in the business of resale properties.If the “minimum fiscal value” of the property, as per the RegionalGovernment, is greater than the price, then the minimum fiscal valuation applies: 8% is applicable up to the amount of400,000€ or 30,000€ in the case of garages except those belongingto the dwelling and with a maximum of two; 9% is applicable tothe amount between 400,000€ and 700,000€ or between 30,000€and 50,000€ for garages; 10% is applicable to the amountexceeding 700,000€ or 50,000€ for garages.

Scaled at8%, 9% &

10%

Vat and Stamp Duty

For any villa or apartment, or garage that is annexed to anapartment or villa, where the vendor is a developer, promoter orhabitual trader for brand-new properties.

10% + 1.5%

Vat and Stamp Duty

For the first sale or resale of parcels of land, and only for the firstsale of bran-new commercial premises where the vendor is adeveloper, promoter or habitual trader or a company.

21% + 1.5%

VAT and STAMP DUTY

orTRANSFERTAX (I.T.P.)

In resales of any villa, apartment or commercial premises, wherethe vendor is a company, developer, promoter or habitual trader andthe purchaser is a company that will apply or use the property for thedevelopment of its activity, they can chose between paying VAT (thatcan be deduced with the normal activity of the company) and 2% ofstamp duty or Transfer Tax.

10% (Villa / Apartment)21% (comm. premises)

+2%or

Scaled at8%, 9% & 10%

Notary andProperty

Registry FeesThe cost increases according to the number of pages or complexityof the title deed, and value of the property.

Approx.3,000€

for both

Summary

Lawyer’s Fees Lawyer’s fees are in the order of 1% of the selling price, more or less,depending on the lawyer and the price of the property.

1%Approx.

Legal NewsBy Mauro Cruz-Conde of CRUZ-CONDE & ASOCIADOS, Lawyers.

In today’s scenario, where Spain is struggling to overcome a veryserious recession, new tax reforms have been introduced to help boostthe economy and consolidate public finances.

Alejandra & Mauro Cruz-Conde of CRUZ-CONDE & ASOCIADOS, Lawyers

www.panorama.es | (+34) 952 863 750

Legislative News

42

Spanish Residence Permits for those buying real estate inSpain

The Spanish Government has announcedthat it is about to pass a law which will grant residence permits to non-EU citizens who buy real estate inSpain, or invest in Public Debt or small entrepreneurs opening new businesses meeting certain criteria. Thislaw should be approved and effectivevery soon.

The amendment to the ImmigrationAct to encourage foreign investmentproposes that non-EU citizens be granted Spanish residency after buyingproperty for €500,000 or over in Spain,without mortgage, even though therehave been comments that the minimumfigure might be €300,000, which wouldmake more sense to foster investment.

The current legislation in Spain allowsnon-work residence permits to be given to non-EU citizens who prove

long-term solvency, own or rent property in Spain and have privatehealth insurance. The amendment tothis law will eliminate the need to proveeconomic solvency as it will be replacedwith buying a property in excess of a stipulated price, and of course, otherconditions need to be met as well.

The Secretary of State announced that thistype of residence permit will not entitle itsholders to have access to the Spanishpublic health service or to work in Spain.

Legislative News

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Spanish Residence Permits forthose investing in Public Debt

This new law will also grant express residence permits to those who invest inequity securities of listed or unlistedSpanish companies, in bank depositsand in Spanish government bonds.These business projects must be "ofpublic interest", that is, the creation of jobs, making investments "withimportant socio-economic impacts inthe geographical area" in which the activitywill be developed, provide scientific ortechnological innovation and fostertrade activity and investment for Spain.

Spanish Residence Permits forSmall Entrepreneurs

The validity of the residence permitsgiven to entrepreneurs will not behomogeneous: it will vary periods between 90 days and five years and maybe extended for successive periods oftwo years in the case of “investor residence" permits.

The law would also open the door tothose who simply wish to develop entrepreneurial activities in Spain. Thisresidence permit will be valid for oneyear and will be granted to those ownersof businesses that promote innovationand have a positive economic impact on Spain.

The initial application for these residencepermits will be processed at embassiesand consulates with an indefinite validityprovided there is an ongoing investment, thereby eliminating the needof an annual renewal. In addition, theresidence permit will be extended tohis/her spouse and children but, probably not retroactively.

Although the full details of the proposed law are yet to be known, thereis a general consensus that it will be passed within the coming months, andthe basic parameters are now established

which are unlikely to change. The res-idence permit in exchange for propertypurchase will also help banks sell theirinflated portfolios of foreclosed realestate, which is now coming on the market at very attractive prices.

Wealth Tax

In 2008, the Spanish Government abolished the Wealth Tax due to the"unjust" nature of its imposition. Thelast fiscal year fee which was due was2007 and in 2008 it had, for all effects,been eliminated.

However, Wealth Tax was reinstated inSpain by Royal Decree 13/2011 of 17September 2011, in principle only forthe fiscal years 2011 and 2012. Now,Law 16/2012 of 27 December 2012maintains this law applicable for the fiscal year 2013, and as from January 1st2014, it will again be eliminated.

Those who are liable to pay Wealth Tax are individuals who are tax residents in Spain, as well as non-residents who have assets on Spanishterritory. Further changes have also been introduced affecting mostly those in the higher wealth brackets.

Spanish Wealth Tax is based on the total net assets held until December 31st of each year, and the tax rates range from 0.2% to 2.5%. Tax residentsare liable for Wealth Tax on their networldwide assets, while non-residentsare taxed only on their net assets locatedin Spanish territory. By “net assets” thegovernment means that if one owns ahome, for example, with a mortgage, themortgage remaining to pay is deductedfrom the value before calculating theapplicable tax.

The general conditions of the newWealth Tax are as follows (applicable to Andalucía): • Wealth Tax is applicable only for taxyears 2011, 2012 and 2013, and is to be

abolished again on January 1st, 2014(and, as a result, the correspondingWealth Tax returns will be filed in 2012,2013 and 2014).• The minimum taxable amount hasbeen raised to €700,000. Therefore, individuals whose total net wealth inassets is less than €700,000 are not liableto pay Wealth Tax.• Residents may deduct from the WealthTax the value of their main residence inSpain up to a maximum of €300,000.

As mentioned, these figures are forAndalucía, and will vary in otherAutonomous Communities, like Madrid,where there is presently no Wealth Taxapplicable.

Wealth Tax is levied on an individualbasis. When a property or other assetbelongs to two or more individuals, eachperson will pay tax according to the per-centage of the assets held in their name.

Income Tax

Residents (IRPF)Residents in Spain must file Income Taxand declare the income they receiveregardless of their source.

For tax purposes, an individual is considered a tax resident in Spain whenany of the following conditions are met:• If one resides in Spain over 183 daysper calendar year, regardless whether oneis officially a resident.• If the center of main interest (COMI),or the base of the economic/businessactivities is, directly or indirectly situatedin Spain.• If the spouse (not legally separated ordivorced) and their minor children aresupported by him/her and live permanently in Spain. In this case, however, the tax office admits proof tothe contrary.

Non-Residents (IRNR)Non-residents must also pay IncomeTax on income received from the

Legislative News

44 www.panorama.es | (+34) 952 863 750

ownership of Spanish property. Thereare two ways of taxation applicable,depending on the source of income:a) Income derived from property rentals: 24,75%b) Derived benefit on own use of property (presumed income): 1.1% ofthe cadastral value of the property (if the cadastral value has been revised after 01.01.1994, otherwise, the applicable rates will be: 2% of thecadastral value of the property) at therate of 24.75%

Many non-resident individuals believethey should not pay income tax in Spain(IRNR) for their Spanish property,unless they rent it. Obviously, this is nottrue and tax on a presumed income(derived benefit) from property ownership must be paid before theDecember 31st every year.

Note: we refer here exclusively toProperty Income Tax. Different taxationapplies depending on the source ofnon-resident income.

Capital Gains Tax

Capital Gains tax for non-residents onthe sale of property is set at 21% for2012 and 2013, payable on profits, i.e.,the difference between the purchaseprice plus costs and taxes paid whenpurchasing, and the sales price minuscosts of sale. The base purchase cost isuplifted slightly for every year ofownership according to a table which ispublished annually by the government.For the sale of property bought prior to December 31st, 1994, special taxationconditions apply.

As from January 1st, 2014, the CapitalGains Tax rate will be reestablished at 19%, as the increase was only a temporary measure instated due to therecession.

All non-resident sellers, regardless of thedate of the purchase of their property,

are subject to 3% tax retention of thetotal sales price, paid to the Tax Officeby the purchaser on account of theseller, and applied against the seller’scapital gains tax. In the case the retainedtax were to be higher than the gross taxpayable, the taxpayer will be entitled toreimbursement of the excess.

Capital Gains Tax derived from the saleof a property applicable to Spanish residents for the years 2012 and 2013 is set at 21% for the first 6,000€ profit,at 25%, for profit between 6,001€ up to 24,000€, and at 27% for profit over 24,001€.

Law 16/2012 of 27 December hasintroduced an amendment to capitalgains tax for residents who have sold aproperty that they have owned less thana year. In this case, the Capital Gains Taxwill be taxed based on the GeneralCapital Gains tax scale, and not in theSavings Capital Gain Tax Scale, and therefore taxes will be paid in a rate thatscales, depending on each AutonomousCommunity, from 4.75% to 55%.

With respect to the sale of propertybelonging to fiscal residents in Spain,where the property has been one’s permanent home until 2013, proceedsof this sale may be reinvested in anotherpermanent residence within two yearsprior and two years after the sale of this property. If the total amount is reinvested in a new home, capital gainstax will not be applicable. However, if

only a part of the proceeds from theprevious sale is reinvested, tax payablewill be proportionally reduced to theamount reinvested.

Elimination of the tax reliefon the acquisition of mainresidence

The tax relief applicable to the purchaseof the main residence has been abolished for fiscal residents in Spain,being effective from January 1st, 2013.

However, a temporary law has been passed where it is still possible to benefitfrom this tax relief when investing intheir main residence in future yearswhen: a) taxpayers have bought their main residence before December 31st, 2012.b) taxpayers have invested money tobuild, extend or renovate their main residences.c) taxpayers with physical impairmentshave, for this reason, undertaken worksin their main residence.

We will be happy to keep you updatedon any further developments on anymatter relating to Spanish Property purchase and ownership.

Copyright© 2013 Mauro Cruz - Conde.

Blvd. Príncipe Alfonso deHohenlohe s/n

Marbella Club Hotel, Of. 7-8. 29602 Marbella. Tel. +34 952 768 [email protected]

For more information on Legal formalities& Costs involved in purchasing property inSpain, please refer back to the chart on ourarticle “Buyer’s Guide” on page 41.

NOTE: as the information contained in this article may be modified after publication,Panorama always recommends consulting a qualified solicitor and/or financial advisor with respect to all issues related to law and taxes.

Tax residents are liablefor wealth tax on theirnet worldwide assets,

while non-residents aretaxed only on their net

assets located inSpanish territory

45(+34) 952 863 750 | www.panorama.es

Exceptional Household Insurance

By Danni Worth

Insurance

Homeowners commonly assume that “all insurance is thesame”, and advertising encourages price comparison with little attention being paid to coverage, and the cheapest priceusually wins.

Standard insurance is fine for standard homes, but if you havea little more to protect, then a standard policy is unlikely toprovide you with adequate cover. Unfortunately, this is usuallyonly revealed at the claims making stage, and it soon becomesapparent that saving a few Euros on the premium can meanlosing tens of thousands in the event of a claim.

Therefore if you are fortunate enough to own a high value home, you should really consider discussing your insurance requirements with a specialist high net worthInsurance Broker, who will not only be able to assist you inarranging cover to meet your unique requirements, but willalso be able to provide you with that personal service which ishard to find nowadays, and above all will fully understand yourexpectations, and aim at all times to exceed them.

A specialist high net worth broker will also be able to offeradvice on risk management, home security, personal safety, aswell as arranging to introduce expert fine art valuers to assistwith inventories and valuations.

And when a claim occurs, is when the real difference between a standard policy and a specialist high net worthpolicy can be experienced. The specialist private client broker’s commitment to service combined with the nicheInsurer’s philosophy to fulfil not only their contractual butvery often a perceived moral obligation to their client, meansthat the client really does feel that they are dealing with companies that actually do care about them.

A specialist private client household policy would normally include the following benefits;

•Contents cover that automatically includes accidental loss and damage to your possessions anywhere in the world

•Accidental damage

•Less onerous conditions and more generous limits

•No single item limit

•Worldwide All Risks jewellery cover available

•No average clause

•New for old

•Identity theft cover

And the most important thing: peace of mind that there willbe no nasty surprises at the time of a claim.

Specialist Private Clients Insurance BrokerTel. + 34 95 288 2273

[email protected]

Important Tax Reforms

The PropertySeller's Guide

By Alex Clover

Selling one's property is an art. The property market in Marbella has always beenquite competitive and many sellers without local experience should take expertguidance as to how to go about selling their property in a realistic manner.

www.panorama.es | (+34) 952 863 750

Seller’s Guide

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Seller’s Guide

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Knowing how to sell a property is, untoitself, an art. The property market in aresort area such as Marbella has alwaysbeen quite competitive, but in today’srather difficult market, even more so.This brief article is intended to sharesome essential points about selling properties, learned from our own experience as agents for more than 40years in Marbella.

Marbella is not a big city like London,Dublin or New York with a captive market within 50 miles of the centre,but a city of only 140,473 registered residents (about double that, off season,counting the part-time residents) and amarket spread out all over Europe andthe rest of the World. It is precisely forthis reason that in resort areas it generally takes a lot longer to sell properties than in big cities.

Most buyers are not looking for a primary residence, but a second or evena third home, i.e. a luxury item. This hasalways been the case in Marbella, but ittakes on significant importance in today’s more complicated property market, in a crisis climate. Where insome countries, many are forgoingluxury items, in others, economies are progressing.

In Marbella, properties can stay on the market from a few weeks to several years depending on the asking price, location, condition andgeneral desirability of the property, and of course an owner’s genuinewillingness to sell.

Establishing an asking price

The first and foremost important thingto establish is a “sales strategy” - a plan!The backbone of this sales strategy isfixing the asking price. In other words, ifyou ask too much for your property,people will not even bother to view itand the result is that you won't evenreach the market place. Ask too little for

your property, and you are potentiallygiving away part of your assets! Theright asking price is perhaps the mostessential ingredient in the art of sellingreal estate and is the result of thoroughmarket research. Don't settle for thefigure you would like to hear, find outthe true market value taking into consideration: what sales of comparableproperties have been accomplished, andat what price? What are other ownerswith similar properties asking? Is yourproperty unique, which will allow you toask a higher price as it cannot be easilyreproduced, or are there many similarproperties being offered?

The more unique a property, the morean owner can ask for it and the strongerthey can negotiate when trying to seal adeal. The less unique a property, themore the owners are going to have to

resign themselves to the fact that there isa large supply of similar properties, andthat they will have to price it extremelycompetitively in order to sell it.

Avoid quoting a “net” price

One thing to avoid, if you intend to useagents to market your property, is listingon a net basis, that is, “I want so muchnet to me and you agents add on yourcommission”. What will happen is thatyou will end up with a property marketed at several different prices leading to confusion and mistrust ofpotential buyers. Agent A will show yourproperty to Mr. Smith at €450,000. Mr.

Alex, Chris & Katinka Clover

The right asking price is perhaps the most

essential ingredient inthe art of selling realestate and is the resultof thorough market

research

One thing to avoid, if youintend to use agents tomarket your property, is

listing on a net basis

Seller’s Guide

48 www.panorama.es | (+34) 952 863 750

Smith then sees your property announ-ced by Agent B at €445,000, then, Mr.Smith returns to your property to have alook at it from the outside and happensto meet your neighbour, who tells himyour net asking price is €425,000! (Butmaybe you might accept €415,000!)Result: before the prospective buyer haseven thought of making an offer andwith an outstanding obligation to pay acommission to your agent who brought you the client in the first place,your asking price has been reduced considerably, your sales strategy shipwrecked, and the buyer totally confused.

If you list your property with youragents on a net basis, you are also tellingyour agents “your commission is your

business”, and obliging your agents tonegotiate against you and the buyer inorder to protect an eventual fee. Wisesellers will form a team with their agentsand protect them, as they expect to beprotected and advised by their agentsand fix one sole asking price for the property, inclusive of commission.

Also: beware of agents who encourageyou to list with them on a net basis. They will be looking after their owninterests but not necessarily yours.

Exclusivity or not?

Should you give an exclusive sales agreement to an agent? If you are anabsentee owner, or if you don't feel likeplaying a co-ordination role amongvarious agents of varying ability, granting a sole agency can make your lifea lot easier. You first have to meet anagent (if you don't already know one)with whom you can develop a goodrelationship of trust and confidence.Your lawyer or close friends may be ableto introduce you to someone of thatcalibre. The quality of an agent’s website can give you excellent informationrelative to the professional values of the agent.

The motivation factor that you give toan agency by granting them exclusivitymakes the agency more responsible toyou as a seller in a way that they are notwith their non-exclusive listings.Obviously you must ensure that bothyou and your agent agree to a specificsales strategy that makes sense, and thathe or she take a series of steps to market your property effectively, including advertising, producing a bro-chure and networking your propertywith other agents. It is especially

Katinka Clover, Listings Director & Board Member

Wise sellers will form ateam with their agentsand protect them, as

they expect to be protected and advisedby their agents and fixone sole asking price

for the property

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Seller’s Guide

50 www.panorama.es | (+34) 952 863 750

important that the agent reports to youregularly on any sales activity. In otherwords, you have the right to demand alot more service from an agency withwhich you have signed exclusivity.

A responsible agent will try to avoidtaking a sole agency unless he sincerelyfeels that the asking price is correct (or can be adjusted after a short time onthe market without many viewings) and that he or she is truly capable ofselling the property within the timeframe allocated.

A good agency, whether on an exclusivebasis or not, can be extremely helpful indealing with the promotion and sale ofyour property in an objective and analytical manner, helping you to reachthe right decisions at the end of the day.

Many sellers prefer to spend the timeand effort working with several agentsand others will find that they prefer totry to sell their properties themselves,directly and without getting agentsinvolved. Sellers should obviously choose the course of action with whichthey feel most comfortable.

Commission Rates

The standard agency fee in a resort areasuch as Marbella is 5% plus VAT andany top negotiator will really earn it atthe end of the day. In the lowest pricedproperties of under, for example,€300,000 or €400,000 some agents mightask a slightly higher commission, toensure the property is getting the same

exposure with their sales team and othercollaborating agents as their moreexpensive listings. Agents don't give keysout to clients, they always show properties personally and they willspend an enormous amount of timeand energy in their efforts to find theright buyer.

Frequent comments by sellers:“My property has been on the market formonths and I’m hardly getting any viewings”

The only time this might be consideredto be normal is if your property would

only be of interest to a small cross-section of buyers. All other factorsbeing equal, it is likely your property isover-priced in today’s market, or thatyour property is not getting enough ofthe right market exposure. Our advice:speak to your agent for their feedback,or seek the advice of another well-established agency with a good reputation. An accurately priced andmarketed property should be getting aregular stream of clients viewing it.Depending on the property, this shouldbe from several viewings a week to atleast two or more viewings a month.

Chris & Katinka

Many buyers are veryknowledgeable todayand will recognize arealistically-priced

property if they see it

Seller’s Guide

51(+34) 952 863 750 | www.panorama.es

An owner may say “but why should I lower my asking price if the other properties for sale in thesame complex are priced similarly to mine and they aren’t as good?”Good question. The fact is that if you are not getting viewings, they may not be getting viewings at their asking prices either. The other thing to consider is that if yourproperty has a lower asking price than inferior properties for sale in your complex, then clients viewing those properties will certainly also be looking at yours.

“All the clients that agents bring to my propertyare time-wasters”

Are they really? If you are getting lots ofviewings and no offers on your property,chances are your property is not as unique as you’d like to think it is. It likelyneeds to be reduced in price or perhapsconsider making universally-desirablerenovations to it in order to increase itsappeal. And always remember, selling aproperty in many ways is a numbers game.The more people who view it, the betterchance there is of one of them falling inlove with the property and buying it.

“I really need to sell my property now”

If you need to sell your property within,say 2 to 3 months, you need to be prepared to price it at a heavy discountwhen compared to similar properties onthe market. What kind of discount?Here is where you really do need to havea very knowledgeable agent working foryou who can suggest a low enough priceto attract the necessary viewings to getthe property sold, while at the same timenot pricing it too low.

“How much negotiation room should I buildinto my asking price?”

With the help of your agent we recommend getting a thorough understanding of the prices of similarproperties in the market. Then price theproperty accordingly taking into consideration not just asking prices, butprices at which properties have actuallysold. A knowledgeable agent in yourarea should have this information or canfind out for you. Then price the property accordingly and as aggressivelyas you feel comfortable doing.

Bear in mind that no buyer will want topay the full asking price on a property,they will still want a discount, and evenmore so in today’s crisis climate.However, many buyers are very knowledgeable today and will recognizea realistically-priced property if they seeit, and will take this into account whennegotiating. But the old rule of “askingyour final price” and not negotiatingis still, usually, tantamount to suicide fora seller.

Other tips for selling yourhome

Your property should be presentedin its best light

First impressions count. When agentstake clients to view your property, ensure that curtains and shutters are

Some brochures of our exlusive properties

Seller’s Guide

52 www.panorama.es | (+34) 952 863 750

open to let lots of light flood the

property.

Check your agent’s website to see how

your property is presented to clients,

both in terms of the photographs and

the description and the accuracy of the

information presented.

Make sure your agent takes excellent

photographs. While the photographs

should be representative, they should

also be as good as they possibly can.

It is the single easiest thing to do to

make your property stand out from

the crowd. If you don’t like your

agent’s photographs, ask him or her to

retake them, or better yet, you might get

a professional photographer to take

them for you, and insure uniform quality

photos to all your agents, if you are

not listing exclusively. Your agent

should be able to introduce you to one

although you will have to pay the

photographer’s fees.

If there are any small repairs or

repainting that would enhance the

overall appeal of the property, it's

well worth getting this work done now

to eliminate any small “objection

factors”. Although it goes without

saying, a clean house is a desirable

house, and many buyers are put off

if the property is grubby or untidy,

and use small factors to justify a

seller and to themselves a lower offer.

Make sure your home is spotless

and you will instantly create a favourable

impression.

Get your main agent to put up their "For Sale" sign

This always results in enquiries. Many

potential buyers drive around different

residential areas to get a feel for what

areas they like best, before going to an

agent. Who knows, they might even be

looking at yours from outside, saying

"that would be a nice property for us!”

but without the sign, they would never

know it is for sale. Not allowing a sign to

be placed is to block one of the many

proven paths for reaching the market

place. Our experience is that signs help

significantly in selling properties.

Facilitate viewings on as short a notice as possible

If you leave your keys with a neighbour

who plays golf three times a week, you

are losing a vital chance to show the

property at the client's convenience.

Bear in mind that the first properties

that agents tend to show are the ones

they have the keys to. Properties that

need appointments to be set up in

advance will generally be shown less.

Taxes

Make sure that you are fully aware of

your tax obligations when you put

your property on the market. Meet

with your lawyer and tax advisor, and

find out the options open to you to

ensure there are no surprises when

you eventually enter into negotiations

to sell.

The Marbella Property Magazine, published yearly by Christopher Clover

Our experience is

that “for sale”

signs help

significantly in selling

properties

Seller’s Guide

53(+34) 952 863 750 | www.panorama.es

Negotiating a sale

Let your agent form a team with you

with respect to handling the negotiation

in an eventual sale, checking points with

your lawyer and tax advisor when neces-

sary. This is your agent’s job and one of

the reasons you pay the agency’s fee, and

experienced agents are generally better

at negotiating the commercial points of

a deal than lawyers. Once this is accom-

plished, your lawyer should take the lead

role (in coordination with your agent

when necessary), draft the sales contract

and supervise the eventual completion

of the sale.

If you are frequently travelling, it can

often make sense to leave a Power of

Attorney enabling your lawyer to sign a

private contract on your written instruc-

tions. You can negotiate the details of

the sale with your agent by telephone

and e-mail and your lawyer with the

Power of Attorney can take the “first

step” towards the sale by signing a

private contract without delay.

Points to consider when a negotiationis taking place: is the buyer expecting a

counter-offer from you or has he or

she given you a one-and-only, take-it-or-

leave-it offer? Do they have other

properties in mind if they don't buy

yours? Is their offer a fair one? Are all

details included in the offer – price,

target contract date, deposit, completion

date, precise understanding of what is

included in the sale in the form of

fixtures, fittings and furniture, etc.? All

these items should be agreed upon at the

outset before lawyers are instructed.

To avoid unpleasant surprises,

under no circumstances should the

commercial points in a transaction be

negotiated "piecemeal".

Don't allow yourself to be pressured by

your agent or anyone else to accept an

offer! A good agent will simply point out

your options, give you a sincere opinion

based on his experience of showing the

property often, along with information

about real sale prices of similar

properties and support the conclusion

that you reach. But once you make

up your mind to proceed, and

considering the “emotional factor” of

many property buyers where they can

change their minds abruptly, make

sure you move quickly (but surely) to

close the deal.

In summary, selling a property can be as

easy or as complicated as any task

involving one's personal affairs.

Competent, honest, professional help

from agents, lawyers and tax advisors

can go a long way to help you manage

your sale objectively and easily.

By Alex CloverCopyright © 2013 Panorama Properties S.L. All rights reserved

Panorama’s Team: Sales, Administrative & Rentals Departments

Let your agent form a

team with you with

respect to handling the

negotiation in an

eventual sale

Panorama's website, thousands of visitors &hundreds of email enquiries every month

VillasPanorama has marketed quality Marbella properties longer than anyother estate agency. Here you will find a selection of some of the mostexclusive villas available in Marbella today. We take great pride in beingone of very few agencies that are able to consistently handle thecomplexities involved in marketing properties of this category.

Villas | Price range over ! 15 million

56 www.panorama.es | (+34) 952 863 750

Stunning estate with sea views | Marbella’s Golden Mile

6 bedrooms, 6 bathrooms | 10,124m" plot, 2,292m" enclosed, 386m" terraces

Brand-new, elegant mansion with guest house • Top specs throughout • Main house: beautiful receptionrooms, formal dining room, breakfast room, professional kitchen, 4 en-suite bedrooms, cinema room, billiardroom, study, gym, superb spa area, several terraces and staff area • Guest house: 2 spacious en-suitebedrooms with access to a covered terrace • Extensive park-like garden with several palm and cypress treesExquisite pool with pavilion • Independent staff accommodation with 2 bedrooms • Beautifully and expensivelyfurnished, ready to move into • Situated in one of the best residential areas • Close to all amenities •

Reference 7818

57


www.panorama.es | (+34) 952 863 750

Exceptional property | Nueva Andalucía


Brand-new contemporary style villa with incredible views of La Concha • Beautiful landscaped garden with heated pool• Spacious living room and separate dining room, both with superb views • Spectacular modern kitchen with Kok andMiele appliances • Master bedroom with “his and her” bathrooms and walk-in wardrobes • 12-seat cinema room •Wine cellar • Spa area with indoor heated pool and gym • Enormous roof terrace with chill out area • 6-car garage• Staff accommodation • Some special features include: guard’s house, lift, under-floor heating and TV security cameras • Offered fully furnished • Established residential area • Close to all golf courses and Puerto Banús •

Reference 7660


58 www.panorama.es | (+34) 952 863 750

Spectacular mansion next to the best beaches | Los Monteros, Marbella East

7 bedrooms, 7 bathrooms | 2,738m" plot, 1,118m" built including terraces

Spacious beachside property • Lovely tropical garden with pool, covered and uncovered terraces and loungeareas including an outside kitchen • Living room with fireplace and separate dining room • Siematic kitchenwith Miele and Gaggenau appliances • Master en-suite bedroom with walk-in wardrobe and private terrace •4 en-suite guest bedrooms, 2 guest apartments • Cinema and poker rooms • Fitness area • Furtherfeatures include security cameras, under-floor heating and 24-hour security in the urbanization • Bestresidential area in East Marbella • Just steps from the beach and within a 7-minute drive to Marbella •

Reference 7604

59

Villas | Price range over ! 5.5 million

www.panorama.es | (+34) 952 863 750

Outstanding property in exclusive gated community | Marbella’s Golden Mile


Stunning mansion with an air of "La Provençe" • Sea and mountain views • Manicured garden designed by a renowned landscape architect • Beautiful driveway • Bright living room and separate dining room • Siematickitchen with Gaggenau appliances and breakfast area • All bedrooms have access to a large terrace with sea views• Wine cellar, interior heated pool, steam room and sauna • Independent guest apartment and staff accommodation• Outdoor pool with pavilion and further guest apartment • Situated in the foothills of La Concha • Within a 5-minute drive to Puerto Banús and Marbella centre •

Reference 7343


60 www.panorama.es | (+34) 952 863 750

Andalusian style charm and elegance in wonderful surroundings | Marbella Hill Club


Stunning private villa in one of the most established areas • Magnificent extensive garden with breathtakingmountain views • Beautiful entrance courtyard • Delightful pool area with gazebo • 2 living rooms and largeseparate dining room, all with access to exterior terraces • Beautiful antique wooden fitted library •Enormous master en-suite bedroom with private terrace • 4 en-suite guest bedrooms, all with access to thegarden • 4-car garage • Gated complex with night time security • Within a 5-minute drive to Puerto Banúsand Marbella centre • A perfect family home, great for entertaining •

Reference 7737

61


www.panorama.es | (+34) 952 863 750

Contemporary masterpiece with panoramic sea and mountain views | Benahavís


Recently built property in a gated complex • Surrounded by nature in the hills above San Pedro • Landscaped gardenwith heated pool and wood decking • Built to highest standards • Perfect for entertaining • Enormous living/diningroom with access to an extensive covered terrace • Gaggenau kitchen with breakfast area and access to a terrace •Fantastic lounge overlooking the living room • Independent 1-bed apartment • Cinema room • Wine cellar with diningarea • Gym and sauna • Staff accommodation • 6-car garage • Special features include: home automation system,alarm system with land security and video surveillance • Within a 10-minute drive to Puerto Banús •

Reference 7794


62 www.panorama.es | (+34) 952 863 750

Contemporary style villa in most exclusive Country Club | Benahavís

4 bedrooms, 4 bathrooms | 3,375m" plot, 740m" enclosed, 369m" terraces

Brand-new property surrounded by nature • Within La Zagaleta, offering the highest levels of security, privacyand facilities, including a private golf course • Mountain views • The garden has been left in its natural stateand has a heated pool with waterfall and BBQ area • Impressive entrance driveway • Fantastic modernkitchen with top range appliances • 4 en-suite bedrooms • Cinema room and wine cellar • Fantastic roofterrace with outstanding views • Other features include: geothermal energy system for under-floor heating, computer controlled lighting, advanced home Domotic system and audio/visual systems •

Reference 7642

63


www.panorama.es | (+34) 952 863 750

Modern Elegance in La Cerquilla | Nueva Andalucía


Brand-new south-facing residence with excellent sea views • Tropical garden with heated pool • Magnificent livingroom with different seating areas and separate dining room • Kitchen with Whirlpool appliances • Cinema room, gym,Turkish bath, massage room • Special features include: under-floor heating, home automation system, Sonos Multi-Room music system • Independent staff accommodation • Situated in one of the most prestigious areas ofNueva Andalucía • Close to golf courses and amenities •

Reference 7854


64 www.panorama.es | (+34) 952 863 750

Unique beachside villa in Puente Romano | Marbella’s Golden Mile

4 bedrooms, 5 bathrooms | 400m" plot, 376m" enclosed, 123m" terraces

Spacious property with sea views in most sough-after area • Lovely garden and terrace with plunge pool •Bright living/dining room with fireplace • Kitchen with breakfast area • Master en-suite bedroom on top levelwith “his and her” walk-in wardrobes and private terrace • Triple garage • Easy access to all floors by lift •Next to the 5-star Puente Romano hotel with all of its facilities at hand • Steps from the beach and promenade •

Reference 7332

65


www.panorama.es | (+34) 952 863 750

Modern splendour in excellent location | Marbella’s Golden Mile


Bright and airy south-facing mansion with incredible sea views • Mature tropical garden with several palm treesSpacious living room with fireplace and separate dining room • Top quality kitchen with breakfast area and fireplace •Master en-suite bedroom with walk-in wardrobe, private terrace and access to the garden • 6 en-suite guest bedrooms, 4 of them with access to the garden • Chill-out area with bar next to the pool • Under-floor heating •Independent staff accommodation • Walking distance to the beach and amenities • Great property for entertaining •

Reference 7813


66 www.panorama.es | (+34) 952 863 750

Elegant country style residence in the hills above San Pedro | El Madroñal


South-facing property in the middle of the peaceful nature • Magnificent sea, mountain and garden views •Beautifully maintained garden with several olive trees • Pebble stone private drive way • Spacious living roomand winter lounge, both with fireplace • Dining room with double-height ceiling • English country stylekitchen with informal dining room • Large covered porch with several seating areas • Guest house with 2en-suite bedrooms, one with access to the garden • 2 independent guest apartments • Other features include: extra water storage, electricity generator, under-floor heating by oil and security cameras • Gatedcommunity, only a 5-minute drive from San Pedro •

Reference 7478

67


www.panorama.es | (+34) 952 863 750

Luxurious villa in prime location | Sierra Blanca, Marbella’s Golden Mile


Spectacular villa on a double plot with panoramic sea views • Beautifully decorated and finished • Mature garden withheated pool and Jacuzzi • Enormous living room with TV area and access to extensive covered terrace • Separatedining room with access to the terrace • Modern kitchen • 5 en-suite bedrooms • Fully equipped gym and sauna •5-car garage • Staff accommodation • Offered fully furnished, ready to move into • One of the most prestigious areaswith 24-hour security •

Reference 7501


68 www.panorama.es | (+34) 952 863 750

Attractive modern property in the Golf Valley | La Cerquilla, Nueva Andalucía


Completely renovated villa with superb sea views • Landscaped garden with heated pool, gazebo and privatetennis court with floodlights • Spacious lounge with fireplace and access to a covered terrace • Dining room,TV room, study • Open-plan Siematic kitchen with Silestone island and Gaggenau appliances • Masterbedroom with “his and her” bathrooms, walk-in wardrobe and terrace • 4 en-suite guest bedrooms •Independent staff apartment • Features include: travertine marble floors, under-floor heating in kitchen andbathrooms, central heating in main areas, double glazing and perimetral alarm system • One of the mostsought-after areas within a 3-minute drive to Puerto Banús •

Reference 7396

69


www.panorama.es | (+34) 952 863 750

Magnificent mansion surrounded by nature | El Madroñal, Benahavís


Southeast-facing Relais-Chateaux style property with uninterrupted sea and mountain views • High standards throughout • Main villa with beautiful entrance porch with fountains, spacious living and dining area with bar, climatized wine, open-plan kitchen with TV lounge and 3 fireplaces, 4 en-suite bedrooms plus staff accommodation •2 independent guest apartments with en-suite bedrooms • 1-bed guest studio • Several terraces with BBQ areas •Extensive garden with heated swimming pool • Gated community with 24-hour security and total privacy • Above SanPedro and a 10-minute drive to Puerto Banús •

Reference 7000


70 www.panorama.es | (+34) 952 863 750

First class finishings in ideal location | Las Brisas, Nueva Andalucía

5 bedrooms, 6 bathrooms | 1,783m" plot, 580m" built

Wonderful family home for year round living • Magnificent open views to Las Brisas golf and the mountains •Landscaped garden with pool and water cascade • Totally refurbished to high standards • Enormous livingroom with fireplace and separate dining area • Open-plan kitchen with Miele appliances • Cinema room, winecellar, sauna • Guest apartment • Close to all golf courses and within a short drive to Puerto Banús •

Reference 6176

71


www.panorama.es | (+34) 952 863 750

Rustic style villa in Marbella Club Golf Resort | Benahavís


Stunning south-facing property offering spectacular mountain and sea views • Mature garden with cork and pine treesand heated pool • Complete privacy • Open-plan living/dining area and further lounge, both with fireplace • Spaciouskitchen with top quality appliances • Master en-suite bedroom and 3 guest bedrooms • Independent guest apartmentwith en-suite bedroom • Very cozy covered and uncovered terraces with nice views • Some features include:under-floor heating and rustic style floors • Exceptional gated estate offering golf course, clubhouse, equestriancentre and 24-hour security • Within a 15-minute drive to Puerto Banús •

Reference 7657


72 www.panorama.es | (+34) 952 863 750

Impressive family home in Sierra Blanca | Marbella’s Golden Mile


Comfortable and spacious south-facing villa with sea views • Manicured garden with heated pool • Built totop specs • Bright living room with fireplace, spacious dining room • TV room • Modern kitchen with breakfast area • Extensive terraces with garden and sea views • Master bedroom with “his and her” en-suitebathrooms and dressing areas • 4 en-suite guest bedrooms • Enormous basement including 4-car garage,games room, 2 rooms (possibility to convert into self-contained apartment) and 2 shower rooms • Other features include: under-floor heating on main and upper levels and high quality marble floors • One of themost desired residential areas on the Golden Mile •

Reference 7743

73


www.panorama.es | (+34) 952 863 750

Andalusian colonial style mansion | Guadalmina Baja


Stunning beachside villa in a tranquil residential area • Beautiful garden with pool • Built around a beautiful patio withfountain and antique iron columns • Luminous living room and dining room, both with fireplace • Beautiful kitchen 2studies • 4 en-suite bedrooms • Basement with 7-car garage, multipurpose area, storage area and staff accommodation • Plenty of space for entertaining and dining “al fresco” • Other features include: central heating,handmade and hand painted tiles, terracotta floors, travertine marble in bathrooms, perimetral alarm system withcameras and water well • A truly unique property with Andalusian flair •

Reference 7614


74 www.panorama.es | (+34) 952 863 750

Beachside villa, walking distance to Marbella centre | Marbella’s Golden Mile

6 bedrooms, 4 bathrooms | 600m" plot, 311m" enclosed, 148m" terraces

Contemporary style villa in desired area • Lovely garden with pool • Living/dining room on split level with fireplace • Large terrace and porch • Spacious kitchen • 3 en-suite bedrooms and the other 3 sharing a bathroom • Central heating • Gated and tranquil urbanization • Steps from the beach and promenade • Unique opportunity •

Reference 7753

75


www.panorama.es | (+34) 952 863 750

Lovely villa close to golf courses | La Cerquilla, Nueva Andalucía


Delightful family home in Golf Valley with sea views • Mature garden with pool • Living/dining room on a split levelwith fireplace and access to spacious covered terrace • Modern kitchen • Master en-suite bedroom with fireplace,dressing area and terrace with great views • 3 en-suite guest bedrooms • Basement with games room, storage area,gym and double garage • Offered fully furnished • Set in a tranquil residential area • Within a 3-minute drive to Puerto Banús •

Reference 7628

Villas | Price range under ! 1 million

76 www.panorama.es | (+34) 952 863 750

Delightful family home in established area | Ronda road, Benahavís


Spacious property in the hills above San Pedro • Extensive mature garden with large pool and terrace areas •Beautiful driveway leading to nice entrance courtyard • Charming living room with fireplace, separate diningroom, study • Spacious kitchen with breakfast area • Master en-suite bedroom and a guest bedroom on themain level • 2 independent guest apartments, one with 2 bedrooms/1 bathroom and the other with 2 en-suitebedrooms • Offered fully furnished • Double garage • Plenty of parking space for guests • Central heating• Ready to move into •

Reference 7461

77


www.panorama.es | (+34) 952 863 750

Colonial style villa with “park-like” garden | Los Naranjos, Nueva Andalucía


Bright west-facing family home • Lovely mature garden with palm trees • Living/dining room with fireplace and access to a lovely porch • Cozy kitchen with breakfast area • Sea, golf and mountain views from roofterrace • Large basement with games room, laundry area and bathroom • Carport for 3 cars • Established residential area with night time security • Close to Los Naranjos Golf Course and at the back of Magna Marbella GolfCourse • Within a 2-minute drive to Puerto Banús and amenities •

Reference 7477


78 www.panorama.es | (+34) 952 863 750

Ideal property for golfers | Los Arqueros, Benahavís


Well-built modern villa • Sea and mountain views • Beautiful mature garden • Infinity pool surrounded bywood decking • Bright, spacious living/dining room on split level with fireplace and access to the garden andpool area • Airy modern kitchen with access to a porch for dining “al fresco” • Master en-suite bedroom withaccess to the garden • Independent staff apartment • Walking distance to the Club House of Los Arqueros,an urbanization offering its own golf course and security • Within a 10-minute drive to Puerto Banús •

Reference 7399

79

Villas | Price range under ! 3.5 million

(+34) 952 863 750 | www.panorama.es

Marbella Golden Mile Altos Reales

5 bedrooms, 4 bathrooms3,000m" plot, 685m" enclosed, 279m" terraces

• Outstanding villa on a large plot• Magnificent sea & mountain views• Can be extended by approx. 150m2

• Exclusive gated community with 24-hour security

• Only a 3-minute drive to Marbella centre

Reference 7333

Marbella Golden MileLas Lomas del Marbella Club

4 bedrooms, 3 bathrooms4,842m" plot, 594m" built

• Elegant villa on a large, elevated plot• Stunning sea & mountain views• Extensive garden & private tennis court• Possibility to extend• One of the most sought-after urbanizations

on the Golden Mile

Reference 7560

Nueva AndalucíaAloha


• Immaculate family home• Overlooking the beautifully kept garden• Recently built to high specs• Walking distance to all amenities &

Puerto Banús• Close to many golf courses

Reference 6235

San Pedro de Alcántara Guadalmina Baja

7 bedrooms, 7 bathrooms1,930m! plot, 380m! enclosed, 247m! terraces

• Bright & spacious beachside residence• Mature landscaped garden with heated pool• Plus 2 studios & a guest apartment• Tranquil & established urbanization• Within a 5-minute drive to Puerto Banús

Reference 7720

Marbella Golden MileLa Carolina

4 bedrooms, 4 bathrooms1,801m! plot, 403m! enclosed, 121m! terraces

• Lovely Mediterranean style villa• Fantastic sea & mountain views• Built to high specs• Possibility to a add a 5th bedroom• One of the most consolidated areas • Walking distance to the beach & amenities

Reference 6518

Marbella Golden MileEl Oasis

3 bedrooms, 3 bathrooms260m! plot, 196m! built

• Beachfront semi-detached house• Stunning panoramic views• Independent 1-bed duplex apartment • Mediterranean style complex with beautiful

gardens & pool• Walking distance to the Puente Romano Hotel

Reference 7856

80 www.panorama.es | (+34) 952 863 750

Villas | Price range under " 2.5 million

81(+34) 952 863 750 | www.panorama.es


Marbella Golden MileMarbella Hill Club


• Charming rustic style villa on a large plot• Sea & mountain views• Magnificent garden• One of the most established urbanizations

with night time security

Reference 7120

Marbella Golden MileAltos Reales

5 bedrooms, 4 bathrooms908m" plot, 326m" enclosed, 44m" terraces

• Exceptional rustic style villa • Lovely sea & mountain views• One of the most exclusive gated

urbanizations with 24-hour security • Only a 5-minute drive to Marbella centre,

the beach and all amenities

Reference 6548

Marbella Golden MileArroyo de Las Piedras


• Contemporary style property under construction

• Sea & mountain views• High specs throughout• Sought-after community with 24-hour security• Due to be completed end of 2013

Reference 7678

82 www.panorama.es | (+34) 952 863 750


BenahavísCapanes del Golf


• Luxurious Mediterranean style mansion• Panoramic sea & golf views• Landscaped garden with salt water pool• Prestigious complex with 24-hour security• Next to Atalaya golf & within a 7-minute

drive to Puerto Banús

Reference 7808

Nueva AndalucíaLas Brisas


• Very private, rustic style family home• Wonderful golf & mountain views• Built to high standards• Distributed mostly over 1 level• Mature garden & heated pool• Within a 2-minute drive to Puerto Banús

Reference 6338



• Brand-new modern villa• Excellent views of La Concha Mountain• High specs throughout• Garden with palm trees & large pool• Only a 2-minute drive to Puerto Banús & 5

top-class golf courses

Reference 7507

83(+34) 952 863 750 | www.panorama.es




• Rustic style villa with a modern touch• Golf, mountain & some sea views• Fully renovated to a very high standard• Close to all golf courses• Very tranquil residential area on a cul-

de-sac street in the heart of Nueva Andalucía

Reference 7341

Marbella Golden MileLomas de Río Verde


• Unique Bali style property• Built on 1 level & recently renovated• Beautiful tropical garden, heated pool, lake

& gazebo with lounge area• Offering complete privacy• Within a 2-minute drive to Puerto Banús

Reference 7482



• Lovely south-facing property• Renovated & in impeccable condition• Gated community with 24-hour security• Next to Las Brisas golf course & close to

all amenities• Within a 2-minute drive to Puerto Banús

Reference 7488

84 www.panorama.es | (+34) 952 863 750




• Bright & spacious family home• Excellent sea & mountain views• Mature garden• Exclusive community with night time security• Within a 5-minute drive to Puerto Banús &

Marbella Centre

Reference 7067

Marbella Golden MileRocío de Nagüeles


• Charming & very private residence• Lovely sea & mountain views• Fully renovated 10 years ago• Nice garden with pool & pond with waterfall• Tranquil & consolidated residential area

Reference 7850

BenahavísNueva Atalaya

4 bedrooms, 3 bathrooms1,040 m" plot, 249m" enclosed, 40m" terraces

• Brand-new contemporary style home• Panoramic sea & mountains views• High specs throughout• Built on 1 level plus a small basement• First line golf complex with 24-hour securityOther similar villas available

Reference 7192

85(+34) 952 863 750 | www.panorama.es




• Lovely villa in immaculate condition• Sea & mountain views• Easy to maintain• Exclusive community with night time security• Consolidated residential area

Reference 6672

Marbella Golden Mile Balcones de Sierra Blanca

4 bedrooms, 3 bathrooms725m" plot, 219m" built

• Bright south-facing family home• Mature garden & pool• Sought-after consolidated area on the

hillside of the Golden Mile• Within a 5-minute drive to the beach, Puerto• Banús & Marbella centre

Reference 7537

Marbella Golden MileLa Virginia


• Rustic style villa with lots of charm• Beautifully maintained• Central heating throughout• Andalusian-pueblo style complex with its

own chapel & 2 restaurants• Walking distance to Marbella centre

Reference 7634

86 www.panorama.es | (+34) 952 863 750

Villas | Price range under ! 900,000

Marbella Golden MileCascada de Camoján


• Elegant, well-maintained family home• Mature landscaped garden with pool• One of the most desirable locations• Close to Marbella centre & a 10-minute drive

to Puerto Banús

Reference 5871

Marbella Golden MileCascada de Camoján


• Immaculate semi-detached villa• Spectacular mountain views• Finished to high standards • Lovely roof terrace ideal for sunbathing• Small gated complex in an established area

with 24-hour security

Reference 6536

Marbella Golden MileIstán Road


• Elegant country finca set in beautiful grounds• Sea & garden views• Main house, guest cottage & staff’s quarters• Tennis court, pool house, fruit trees, kennels• Situated on the Istán road• Within a 5-minute drive to Marbella centre

Reference 6568

87(+34) 952 863 750 | www.panorama.es


BenahavisFuente del Espanto


• Country style villa surrounded by nature• Views of La Concha Mountain• Very private, situated in a cul-de-sac road• Guest house & heated salt water pool• Quiet residential area• Within a 5-minute drive to San Pedro town

Reference 6931

Marbella Golden MileMarbella Centre


• Beachside bungalow• Central heating throughout• Possibility to extend the house by 100m2

• One of the most sought-after areas• Steps from the beach, the Sea Promenade &

all amenities

Reference 7545

New Golden MileEl Pilar


• Spacious & private rustic style family home• Modern fixtures• Extensive terraces, one with sea views• Mature garden with fruit trees & heated pool• Walking distance to amenities & less than a

10-minute drive to Puerto Banús

Reference 7695

88 www.panorama.es | (+34) 952 863 750


Nueva AndalucíaGolf Valley


• Immaculate home next to Aloha golf course• Fully renovated• Open-plan lay-out finished to high quality• Sunny terraces, heated Jacuzzi & BBQ• Gated community with 24-hour security,

pools, gym, tennis court & concierge service

Reference 7723

Marbella Golden MileSierra Blanca Country Club


• Colonial style villa surrounded by nature• Outstanding views of the sea, the Istán lake,

Gibraltar & North Africa• Beautiful garden with olive & fruit trees• Gated community with 24-hour security• Within a 10-minute drive to Marbella

Reference 6344

San Pedro de Alcántara Valle del Sol


• Bright family home, partially renovated• Views to the garden & some sea views• Set on a flat, very private & sunny plot• Possibility to buy an adjoining plot• Very tranquil residential area• Close to all golf courses & all amenities

Reference 7080

Apartments & TownhousesThere are some truly unique developments in Marbella whose apartments or townhouses really capture the essence of the Marbellalifestyle that so many have come to love. Here you will find a selection of some of the best apartments and townhouses on themarket today in the most established residential areas.

Apartments & Townhouses | Price range over ! 3.5 million

90 www.panorama.es | (+34) 952 863 750

Exceptional apartment in most sought-after complex | Marbella’s Golden Mile

3 bedrooms, 3 bathrooms | 317m" enclosed, 192m2 terraces

Spectacular beachfront duplex garden apartment • Panoramic views of the Mediterranean coast • Spaciousand bright living/dining room of approx. 82m2 • Luxurious master en-suite bedroom, enjoying superb sea views• Large covered terrace with excellent views • Private plunge pool and garden • High quality specificationsthroughout • Situated in a most sought-after, beachfront complex offering beautiful communal gardens withpool, gym, 24-hour security and direct access to the beach • Within a 10-minute walk to Puerto Banús •

Reference 6218

91


(+34) 952 863 750 | www.panorama.es

Unique apartment within an exclusive beachfront complex | Las Dunas, New Golden Mile

3 bedrooms, 3 bathrooms | 361m" enclosed, 220m" terraces

Completely renovated and extended 1st floor apartment, previously 2 different units • Currently comprising 3 spaciousen-suite bedrooms but could be easily converted back into a 4-bed property • Southwest-facing with stunning views• Superb living room with 2 seating areas and formal dining room with temperature controlled wine cellar, both withaccess to a large glassed-in terrace • Open-plan, state of the art kitchen with breakfast area and fully equipped bar • Exclusive complex offering 24-hour security, concierge service and manicured gardens with heated outdoor pool • There is also a possibility to buy a 1-bed guest apartment and a studio right next to the pool area •

Reference 7452

Apartments & Townhouses | Price range over ! 3 million

92 www.panorama.es | (+34) 952 863 750

Unbeatable beachfront penthouse in best area | Marbella’s Golden Mile


• Beachfront duplex penthouse with open sea views from both levels • South-facing with bright living room •Several terraces, one with plunge pool • Situated in Marina Puente Romano, offering beautiful gardens, pooland 24-hour security • Next to the 5-star Puente Romano Hotel, one of the best residential areas • Possibilityto use the hotel’s gym and tennis club • Only a few steps from the beach and promenade •

Reference 6246

93


(+34) 952 863 750 | www.panorama.es

Outstanding penthouse in Playas del Duque | Puerto Banús

3 bedrooms, 3 bathrooms | 297m" built including terraces, 22m" solarium

Duplex penthouse in beachfront complex • Incredible views over the communal gardens and towards sea • Airyliving/dining room with fireplace and access to a large terrace • Immaculately kept • Enormous roof terrace withsuperb views • Situated in a desired complex with incredible communal gardens and pool, concierge and direct accessto the beach • Walking distance to all amenities • Next to the world famous Puerto Banús with all of the luxuriousshops at hand •

Reference 7555


94 www.panorama.es | (+34) 952 863 750

Contemporary property in most prestigious residential area | Marbella’s Golden Mile


Luxurious townhouse with Zen garden and private pool • Sea and mountain views • Built to high specs throug-hout • Spacious living/dining room with fireplace leading on to the main terrace • Modern kitchen with accessto a terrace • Large master en-suite bedroom with a private terrace • 2 en-suite guest bedrooms, one withbalcony and sitting area • Private lift, solarium, wine cellar, storage and a 3-car garage • Brand-new complexsurrounded by nature • Communal gardens with pools, 3 spas with heated indoor pool, sauna, Turkish bathand gym and 24-hour security • Furniture available separately from Pedro Peña Interior Design •

Reference 5248


96 www.panorama.es | (+34) 952 863 750

Exclusive penthouse with panoramic sea views | Puerto Banús


Beachfront duplex penthouse in ideal setting • Panoramic sea and garden views from both levels • Brightand spacious rooms • Extensive terraces, one with jacuzzi and BBQ area ideal for entertaining “al fresco” •Unique beachfront complex with lush gardens, pool, gym and 24-hour security • Direct access to the beach •Within a 10-minute walk to Puerto Banús •

Reference 5917

97


(+34) 952 863 750 | www.panorama.es

Luxurious apartment next to the best beaches | Marbella East

3 bedrooms, 3 bathrooms | 232m" built, including terraces

Southwest-facing ground floor beachside apartment • Stunning sea and garden views • Luxurious specificationsthroughout • Spacious living/dining room with fireplace • Covered terrace, enjoying afternoon sun • Superbmaster bedroom with dressing area and access to the terrace • Gated beachfront complex with tropical gardens, pool, 24-hour security and direct access to the beach • Next to the most sought-after beaches • Within a 7-minute drive to Marbella centre •

Reference 7294


98 www.panorama.es | (+34) 952 863 750

Exquisite apartment in Terrazas de Puente Romano | Marbella’s Golden Mile

3 bedrooms, 3 bathrooms | 301m" built including terrace

South-facing 2nd floor apartment • Enjoying views over communal gardens • Top quality finishes throughout• Generous living space: very large L-shaped living room with dining area • Small community with delightfulgardens, pools and 24-hour security • Best residential area • Just a stroll from the beach and 5-star Puente Romano Hotel •

Reference 5582

99


(+34) 952 863 750 | www.panorama.es

Lovely beachside penthouse next to a 5-star hotel | Marbella’s Golden Mile


Duplex apartment in prestigious area • Views over the fabulous communal gardens and towards the sea • Airyliving/dining room • Spacious terraces, all with great views • Situated in the prestigious Marina Puente Romano, oneof the best residential areas • Fabulous communal gardens and pool • All hotels facilities at hand • Steps from thebeach and promenade • Ideal setting for holiday home •

Reference 6197


100 www.panorama.es | (+34) 952 863 750

Luxury property next to Puerto Banús | Malibu


Spacious, south-facing 2nd floor beachfront apartment • Impressive sea and garden views • High specifications throughout • Well distributed with spacious rooms • Large terrace offering great views • Toplocation and most desired complex, with communal gardens, 2 pools (one which is heated), 24-hour security,gym and SPA area • Direct acces to the beach • Walking distance to Puerto Banús • Close to most highlyselected shops, restaurants and bars •

Reference 7558

101


(+34) 952 863 750 | www.panorama.es

Remarkable penthouse with fabulous views | San Pedro de Alcántara


Beachfront corner property overlooking the communal gardens towards the sea • Spacious living/dining room withaccess to a large terrace • Master en-suite bedroom with a large terrace with pergola and plunge pool and a furtherterrace • 2 guest bedrooms sharing a bathroom, both with access to another terrace • Brand-new Mediterraneanstyle complex with over 10,000 m2 of lush tropical gardens with pool and direct access to the beach and Promenade •Quiet and private location, yet close to all amenities, in the picturesque town of San Pedro de Alcántara • Within a 5-minute drive to Puerto Banús •

Reference 7838


102 www.panorama.es | (+34) 952 863 750

Contemporary style apartment in a great area | Marbella’s Golden Mile


Brand-new 1st floor apartment with enormous solarium • Sea and mountain views • Bioclimatic, eco-friendly architecture • High specs throughout • Modern design with open spaces • Small contemporarystyle complex with 24-hour security • Within a short drive to Puerto Banús and Marbella Centre •Mediterranean style communal gardens and pool • Situated in one of the most desired residential area• Other units available •

Reference 7235

103


(+34) 952 863 750 | www.panorama.es

Top quality townhouse in privileged area | Sierra Blanca, Marbella’s Golden Mile

3 bedrooms, 3 bathrooms | 405m" enclosed, 68m" garden, 203m" terraces

Enormous brand-new townhouse • Sea, garden and mountain views • Quality materials and finishings throughout• Ample living/dining room with access to a covered terrace and private garden • Terraces and porches on all levels• Enormous roof terrace with plunge pool • Large basement with gym and cinema room • Possibility to add 2further bedrooms • Lift, home automation system, central air conditioning and heating systems with independentelectronic thermostats, acoustic isolation systems • Complex of only 15 properties offering magnificent communalareas and security • One of the most sought-after residential areas • Close to Puerto Banús and Marbella centre •

Reference 6341


104 www.panorama.es | (+34) 952 863 750

Immaculate penthouse next to Marbella centre | Alhambra del Mar


Bright beachside duplex penthouse • Lovely views over the communal gardens and partial sea views • Largeliving/dining room • Spacious master en-suite bedroom with walk-in wardrobe • 2 guest en-suite bedroomswith private terraces • Rear terrace with some sea and mountain views • Southwest-facing solarium withprivate plunge pool • Offered fully furnished • Gated parking area just for this unit's block • UniqueMediterranean style beachfront complex with beautiful communal gardens, pool, direct access to the beach,night time security • Steps from the promenade and beach • Walking distance to Marbella centre and all amenities •

Reference 7277

105


(+34) 952 863 750 | www.panorama.es

Lovely renovated apartment in Marina Puente Romano | Marbella’s Golden Mile


Attractive apartment in a beachfront complex • Views over the beautiful communal gardens and towards the sea •Exquisitely finished and decorated • Delightful living room with access to a spacious partially covered terrace • Open-plan modern kitchen with top quality appliances • Offered fully furnished • Magnificent communal gardens with ponds,pool, 24-hour security and direct access to the beach • Next to the famous 5-star Puente Romano Hotel, with all itsfacilities at hand • Steps from the beach and promenade •

Reference 7810

Apartments & Townhouses | Price range over ! 900,000

106 www.panorama.es | (+34) 952 863 750

Modern apartment in exclusive beachfront complex | New Golden Mile


Contemporary corner apartment • Large terrace with incredible sea views • Brand-new beachfrontdevelopment with direct access to the beach • Amazing communal gardens with fountains, large pool, gym,SPA area with Jacuzzi, Turkish bath and sauna • High-tech security system and 24-hour security service •Just a few minutes from the marina of Estepona and walking distance to all amenities • Other units available •

Reference 7522

107

Apartments & Townhouses | Price range ! 950,000 - 850,000

(+34) 952 863 750 | www.panorama.es

Spacious contemporary apartment in La Trinidad |Marbella’s Golden Mile


Largest 2-bedroom apartment in the best block of this 5-star complex • Sea and mountain views • High specs throughout • Immaculate condition • Extensive living/dining room with study • Lovely south-west facing terrace •Beautiful communal gardens with a pond, 2 outdoor pools, 1 indoor heated pool and children's pool, gym, 2 saunas and24-hour security •

Reference 7756

Marbella Golden Mile Cascada de Camoján

3 bedrooms, 3 bathrooms

• 251m! enclosed, 320m! terraces• Enormous duplex penthouse with sea views • Extensive terraces for outdoor living• Built to top specs • Contemporary complex with 24-hour

security, gardens & pools• Only a 3-minute drive to Marbella centre

Reference 7064

Marbella Golden Mile Puente Romano

4 bedrooms, 4 bathrooms301m! enclosed, 48m! terraces

• Completely renovated beachside property • 2 duplex penthouses joined together• Lovely views over communal gardens• Next to the 5-star hotel, with all hotel

facilities at handOther apartments available

Reference 7404

Puerto Banús La Alzambra

3 bedrooms, 3 bathrooms172m! enclosed, 109m! terraces

• Immaculate duplex penthouse• Open views • Enormous terraces, one with Jacuzzi• High quality finishes throughout• Magnificent complex with gardens & pool • Walking distance to Puerto Banús & the beach

Reference 7680

108 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under " 1.8 million

109(+34) 952 863 750 | www.panorama.es

Apartments & Townhouses | Price range under ! 1 million

San Pedro de Alcántara Guadalmina Baja

3 bedrooms, 4 bathrooms259m" enclosed, 57m" terraces, 262m" garden

• Superb beachfront garden apartment • Sea views & private garden • Steps from the beach• Sought-after complex in a quiet area with

24-hour security & pool

Reference 7844

Marbella Golden MileMarbella centre

2 bedrooms, 2 bathrooms107m" enclosed, 20m" terraces

• Beachfront elevated ground floor apartment • Excellent sea views • Built to high specifications• Luxurious complex with 24-hour security,

communal indoor & outdoor pools, gym and sauna

Reference 6019

Marbella Golden MilePlaya Esmeralda


• Unique beachfront 1st floor apartment • Lovely sea & garden views• Exclusive community with beautiful gardens,

several pools, gym & direct access to the Sea Promenade

• Only a few minutes from Puerto Banús & the Puente Romano Hotel

Reference 7530

110 www.panorama.es | (+34) 952 863 750

Apartments & Townhouses | Price range under ! 900,000

Marbella Golden MileMansion Club

2 bedrooms, 2 bathrooms154m" built including terrace

• Luxurious penthouse with sea views • Within a 5-star complex close to Marbella

centre • Beautifully maintained tropical gardens with

pools, gym with indoor heated pool, restaurant & 24-hour security

Other apartments available

Reference 7385

Puerto BanúsLos Granados


• Beautiful, realistically priced apartment • Fabulous views over the communal gardens

& pool towards the sea• Most exclusive beachfront complexes • Kitchen and bathrooms stylishly refurbished• Steps from the beach & walking distance to

all amenities

Reference 6695

Las Lomas del Marbella ClubMonte Paraíso


• Bright south-facing 1st floor apartment• Beautiful views over the communal gardens• 5-star gated complex with tropical gardens,

several pools, one of which is heated, indoor pool, gym & 24-hour security


Reference 7629

111(+34) 952 863 750 | www.panorama.es


Las Lomas del Marbella ClubMonte Paraíso


� Magnificent, top quality duplex penthouse Panoramic sea and mountain views One of the best complexes on the Golden Mile 24-hour security service, beautifully maintained gardens, 5 pools including an interior heated pool, gym and bar

Reference 7840

Marbella Golden MileLomas de Sierra Blanca


Spacious west-facing, 1st floor apartment Sea and garden views Beautiful communal gardens with pool Gated complex in exclusive area with 24-hour security

Just minutes away from Puerto Banús

Reference 6664

Marbella Golden MilePuente Romano


Beachside 1st floor apartment Fully renovated to high specifications Gated complex opposite Puente Romano Hotel

Views over the beautiful communal gardens & pool


Reference 7366

112 www.panorama.es | (+34) 952 863 750


Marbella Golden MileLomas de Puente Romano

6 bedrooms, 7 bathrooms593m" built including terraces, 232m" plot

• 2 townhouses joined together to obtain an enormous property

• Cinema room, games room, heated pool• Parking space for 8 cars• Gated complex opposite Puente Romano

Hotel • Walking distance to the beach

Reference 7045

Marbella Golden MileMarbella centre

3 bedrooms, 3 bathrooms168m" built including terrace

• Brand-new 4th floor apartment • Sea and garden views• Spacious living areas, luxurious finishings• Gated complex with gardens, pool, gym &

security• Walking distance to the beach & amenitiesOther units available

Reference 7792

Marbella EastReserva de Los Monteros


• Beachfront ground floor apartment • Excellent sea views & private garden• Mediterranean style gated complex with

security• Next to the best beaches of Marbella• Within a 10-minute drive to Marbella centre

Reference 7781

113(+34) 952 863 750 | www.panorama.es


Puerto BanúsVentura del Mar


• Lovely south-facing beachside apartment • Sea & garden views• With direct access to the communal gardens • 5-star beachfront complex with direct access

to the beach• Within a short walk to Puerto Banús

Reference 7833

Marbella Golden MileAlhambra del Mar


• Splendid ground floor apartment • Large terrace & garden of 45m2 for private

use with direct access to the communal pool • Most prestigious beachside complexes• Only a few steps from the beach & Marbella

centre

Reference 6361

MarbellaNagüeles

4 bedrooms, 3 bathrooms311m" enclosed, 86m" terraces, 35m" garden

• Enormous corner townhouse • Partial sea views & private garden• High standards throughout• Gated complex with beautiful gardens & pool• Ideal family home• Tranquil residential area above the

Golden Mile

Reference 7795

114 www.panorama.es | (+34) 952 863 750


Puerto BanúsEl Embrujo Playa


• Spacious south-facing beachside penthouse • Lovely views to surrounding areas & the sea• Gated complex with beautifully maintained

gardens, pools & 24-hour security • Short walk from the beach and close to

amenities

Reference 6910

Marbella Golden MileAltos Reales


• Lovely ground floor corner apartment • Sea and garden views • High specs throughout• Direct access to the communal grounds• Sought-after, exclusive complex of villas with

24-hour security

Reference 7665

Marbella Golden MileMonte Paraíso Country Club

2 bedrooms, 2 bathrooms 168m" enclosed, 68m" terraces

• Lovely apartment with sea & garden views• High specs throughout• 5-star gated complex with 24-hour security• Within a 2-minute drive to Marbella centreOther apartments available

Reference 6363

115(+34) 952 863 750 | www.panorama.es


Marbella Golden MileLas Cañas


• Beachside 2nd floor apartment • Sought-after complex with gardens, pools,

24-hour security & direct access to the beach• Good rental potential• Walking distance to all amenities

Reference 6387

Marbella Golden MileSeñorío de Marbella


• Bright 2nd floor apartment • Sea and garden views• Gated complex with 24-hour security,

Andalusian style gardens, 4 pools, one of them heated & 2 paddle courts

• Within a 5-minute walk to the beach & a 5- minute drive to Marbella centre & Puerto Banús

Reference 6079



• Very bright, south-facing apartment• Magnificent sea & mountain views• Large terrace with Jacuzzi• Luxurious gated complex with beautiful

gardens, several pools & security serviceOther properties available

Reference 5826

116 www.panorama.es | (+34) 952 863 750


Marbella Golden MilePuerto Banús


• Brand-new beachside apartment • Gated complex designed to the highest

standards• Tropical communal gardens of 7,000m2,

with heated pool, sauna & indoor heated pool• Walking distance to all amenitiesOther properties available

Reference 7246



• 2 townhouses joined together resulting a unique property

• Lovely south-facing patio• Andalusian-pueblo style complex with beautiful

communal grounds, pool & club house• Walking distance to the beach & a 5-minute

drive to Marbella centre & Puerto Banús

Reference 7113



• Very bright, 1st floor apartment • Magnificent sea & mountain views• Enormous terrace • Luxurious gated complex with beautifully

maintained gardens, several pools & security service

Other properties available

Reference 6608

Rentals DepartmentHere you will find a small selection of properties that Panorama hasavailable for rent. Our team has a vast amount of experience in therentals market in the Marbella area. Whether it is a practical,centrally located apartment or a family villa for long-term rent, wecan offer you the right property to suite your needs.

Rentals DepartmentBy Sarina Garber

A fully comprehensive service, delivered in a professional,caring and personalised manner.

Panorama Rentals Team: Sarina Garber, Sorin Mailat, Beatriz Garvayo & Sian-Ellen Roskott

www.panorama.es | Rentals Direct: (+34) 952 901 015

Panorama Rentals

118

Welcome to Panorama Rentals, whereyou will find the best selection of properties available for long term let between Elviria and Guadalmina, plus anumber of lovely properties for summer lets.

There are fantastic properties to rent inthe current long term market, and manyowners and developers are offering an option-to-buy, potentially savingthousands of Euros off the final purchase price.

Renting a property offers the chance to experience living in Spain and getting to know the area and the type of property one would ideally like to buy. We offer a fully personalised service using our own extensive selection of handpicked quality rental properties. From apartments to townhouses and villas, we negotiate thebest conditions and see our clientsthrough the contract procedure as wellas settling in and assisting throughoutthe tenancy.

Our team of four highly experiencedRental Consultants speak English,Spanish, German, French, Dutch,Italian and Romanian. Come and seeus for an informal chat, call us on:

(+34) 952 90 10 15(opposite Hotel Marbella Club) or write us at: [email protected]

You can see most of our properties onthe Panorama website at:www.panorama.es/rentals

Panorama Rentals

119Rentals Direct: (+34) 952 901 015 | www.panorama.es

El Madroñal Benahavís

5 en-suite bedrooms

• Less than a 10-minute drive to Puerto Banús• Heated outdoor infinity pool • Panoramic views• Facilities include; bar/nightclub, sauna,

Jacuzzi, gym & a professional home cinema• 24-hour gated security• Short term let (POA)

Reference 0877

Marbella Golden Mile Puerto Banús


• Beachfront mansion with staff• Walking distance to Puerto Banús• Stunning sea views• Indoor & outdoor pools & sauna• Discothèque• Short or long term rental (POA)

Reference 0785

Marbella Golden Mile Marina Puente Romano


• Beachfront apartment with sea views• Walking distance to Marbella &

Puerto Banús• Beautiful communal tropical gardens &

swimming pool• 24-hour security• Short or long term let (POA)

Reference 0786

Panorama Rentals

120 www.panorama.es | Rentals Direct: (+34) 952 901 015

Marbella Golden Mile Marbella centre


• Beachfront apartment• Walking distance to all amenities• Indoor & outdoor communal pools, gym

& sauna• 24-hour security• Available for long and short term let (POA)

. Reference 0474

Marbella Golden Mile Arco Iris

3 en-suite bedrooms

• Walking distance to the beach• Private garage & storage space• Communal gardens & swimming pool• Long term let (POA)

Reference 0241

Marbella Golden Mile Sierra Blanca

2/3 bedrooms, 2 bathrooms

• Brand new & unfurnished apartment• Panoramic views over the coast, Gibraltar

& Africa• Community gardens & swimming pool• Long term let (POA)

Reference 0049

Panorama Team

121(+34) 952 863 750 | www.panorama.es

Chris CloverManaging Director & Board Chairman

Katinka CloverListings Director & Member of

the Board of Directors

Alex CloverProperty Consultant & Advisor

to the Board of Directors

Carolina AlanizPA to the Managing Director

Support Team Director

Gonzalo RuizAccounts Director & Member

of the Board of Directors

Ulla LammervoSenior Property Consultant

Sean CannonSenior Property Consultant

Alfonso Mun�ozSales Coordinator

Marjut Nordstro�mProperty Consultant

Luis GallardoProperty Consultant

Walter FernándezProperty Consultant

Beatrice Pitta�Property Consultant

Vedran CanjugaProperty Consultant

Mariano B. CusimanoProperty Consultant

Dennis Van AsseltProperty Consultant

Sarina GarberRentals Consultant

Sorin MailatRentals Department Manager

Beatriz GarvayoRentals Consultant

Sian-Ellen RoskottRentals Consultant

Margarita GarvayoReceptionist

Adriana C. MéndezMarketing Coordinator

Lorena AlanizReceptionist

Jovita Vicuña de CloverPublic Relations

Kirsten CloverArtistic Advisor

Loli VazquezAssistant to Accounts Director

Market Leaders in Quality Properties since 1970...Four Generations of Real Estate Professionals

since 1904Edificio Centro Expo Blvd. Alfonso Hohenlohe, s/n, 29602 Marbella

Offices at the Puente Romano Hotel & opposite the Marbella Club Hotel

Tel.: (+34) 952 863 750 www.panorama.esPanoramaMarbella @panoramarbella

the marbella property magazine - volume 5

Documents

quality image of marbella

real estate profession

bill clover

katinka clover

yearsa family

multilingual team

wonderful people

dedicated hislong life