Fuengirola – Cash Boost

Fuengirola’s cash reserves have been boosted by over 12 million euros after the latest council meeting approved changes to some zones to allow building. The administration says the monies will be spent on new green zones and roads. The land deals mean that construction will now be permitted in La Loma and the upper area of Los Boliches, with land in each being ceded by the developers for municipal projects.

La Línea – Council Gives Land For Hospital

After much delay, the La Línea Town Council has ceded to the regional government a further 4,146 square metres of land to reach the 45,000 square metres needed to build the town’s new hospital. On December 19 the Town Hall had passed a measure that gave the regional authority 41,000 square metres, short of the amount the Junta de Andalucía said it needed.

Manilva – Debts of 14 Million Euros

Manilva Town Hall and its three municipal companies have Social Security debts totalling more than 14 million euros, it was revealed last week. The Sociedad de Comunicación Social de Manilva owes 227,393 euros, the Sociedad de Limpieza Manilveña owes 1.7 million euros, and the Manilva Servicios Municipales Company owes more than 3.2 million euros, while the Town Hall in general had a debt of almost nine million euros on the 1st December last year. A.S.M. spokesman Emilio López Berenguer has requested up to date information about the Town Hall's current debt situation with Social Security, as he fears that the problem could have worsened in recent months.

Alhaurín el Grande – New Business Park

A huge new business park is to be built in Alhaurín el Grande, which the mayor, Juan Martín, says will be the first of its type in the area. The estate will cover an area of more than 700,000 square metres, most of which will be obtained by extending the existing La Rosa industrial estate

Nerja – New Town Plans On View

Nerja’s local development plan (PGOU) is now available for inspection by the public. Mayor José Alberto Armijo says that anyone can view the documents to discover, for example, future plans for land in Nerja and Maro near where they are considering buying or selling property, and can make comments and suggestions. The PGOU is available for viewing during April in the art gallery on the ground floor of the Town Hall.

Torremolinos – Ultra-Luxury Hotel

Torremolinos Mayor Pedro Fernández Montes was effusively enthusiastic this week when he unveiled plans for the new ultra-luxury hotel Cruiser Tres Carabelas. The mayor, who has long lamented his town’s lack of a five-star hotel despite being one of the Costa’s pioneering tourism towns, stated: “I sincerely believe we are standing before the most important event in the Torremolinos tourism industry in the last 30 years, we can say without exaggeration that [this project will represent] a before and after in the local tourism industry.”

The planned hotel is, in fact, an attention-grabbing project. To be built at the site of the old Meliá Torremolinos in Avenida Carlota Alessandri, the five-star Cruiser will feature a 22-storey oval tower topped by a helicopter landing pad for VIP arrivals. The building’s two lower wings will extend out from the tower in a ‘v’ shape, suggesting a form inspired by the bow of a cruise ship. The Madrid-based company building the hotel, Arcosur, says the project will cost a total of 120 million euros, on top of the 24 million euros it paid for the purchase of the old Meliá building.
The hotel will have 470 rooms, 150 of them suites, with a total capacity of more than 1,300 guests. It will house luxury shops, restaurants and cafeterias, as well as pools a gymnasium and a large spa. Construction is expected to take two and a half years. The hotel’s targeted opening date is spring 2009.

Marbella – Investigation Continues

The Council of Ministers met in Madrid last week in an extraordinary session and agreed on the immediate dissolution of Marbella’s administration. The meeting was called after regional government made a formal request for the central government to act. Such a move is without precedence in Spain. It is allowed under the local government law only if it can be shown that a municipality has acted in a manner ‘that seriously damages the public interest’.

Twelve people are still in custody including the mayor, Marisol Yagüe, her deputy Isabel García Marcos, with whom she is sharing a cell at the provincial prison in Alhaurín de la Torre, and Juan Antonio Roca, the man who holds no official place on the council but whose power was so great that, according to the judge handling the case, "no important transaction could be carried out at Marbella Town Hall without payment being made to Roca or some of the councillors". Marisol Yagüe's lawyer also blamed Juan Antonio Roca for his client's situation last week, saying that she was a puppet in his hands.

The lawyer also announced on Thursday that after several days of deliberations the mayor had decided not to resign, because to do so would give the impression that she was guilty; nonetheless, this decision holds little relevance to the case, as by then the government had already swung into action to dissolve Marbella council and to appoint an administrative committee to manage the town's affairs until the next municipal elections are held in May 2007.

Spain - Jump in Interest Rates

For the sixth straight month in a row, the Euribor interest index rose in March, breaking the three per cent mark and closing out the month at 3.105 per cent, the highest it has been since October 2002. For many homeowners in Spain, the Euribor’s continued rise will mean larger monthly mortgage payments.
The National Institute for Statistics (INE) calculates that an average mortgage loan of 124,538 euros will see a 48-euro hike in monthly payments, or around 580 euros a year. The worst hit will be those who took out their loan in the last three years.

The mortgages affected are variable-rate loans with interest rates based on the Euribor, which in Spain represents the vast majority of mortgage loans. The end-of-March Euribor rate – up 0.77 per cent from a year ago – will affect mortgage holders whose annual revision of their interest rate occurs in the 30 days following Banco de España´s certification of the rate, likely in mid-April. The rising Euribor – which analysts say is not likely to level off soon and could reach around four per cent by year end – has some observers nervous about possible effects on Spanish consumers, who are largely indebted with loans that are almost exclusively variable-rate. The Banco de España estimates national mortgage-loan debt at 474 billion euros. Just last week the European Commission issued a warning to Spain about its high house prices, excessive use of variable-rate loans and level of family mortgage debt.

Spain’s central government has announced plans for new legislation that will provide financial incentives to make mixed-rate (part fixed and part variable) and non-Euribor-dependent loans a more attractive option. The goal, according to Economy Minister Pedro Solbes, is to provide consumers “greater protection” against interest-rate increases.

Residencial Benamiel – New Development

Residencial Benamiel development is located in Benalmadena, and consists of two lovely detached houses in plots of 450 m2, which include 3 bedrooms with built-in wardrobes, garage, fully equipped kitchen, 3 bathrooms, air-conditioning with heat pump, solarium and swimming-pool.

Price per villa is 540.000€.

Nueva Ribera Beach Club (Townhouses) - New Phase

(Townhouses) A new phase of Nueva Ribera Beach club consisting of 24 lovely townhouses has been recently launched. This development is located in Mar Menor – Los Alcazares. Murcia. These luxury townhouses consist of two bedrooms, lounge with dining area, terracing from the lounge and master bedroom, fully fitted kitchen with high quality appliances, air conditioning and individual garden.

The complex features a first class restaurant, out-door cafes, bar, terrace grill with stunning views of the Mar Menor, swimming pools, solarium, state of the art health & fitness club and a beauty centre offering massages. All these exclusive facilities are private and for residents access only.

The private beach club in the complex is a place of leisure & relaxation, with its luxury, style & panoramic views make this beachfront resort one of the most desirable locations on the Mar Menor. With a location second to none in the region of Murcia, this development is a superb investment opportunity offering luxury holiday homes with 5 star facilities.

Prices start from €378,638.