The World we live in ???

2007 to 2022
The world we live in!

I guess we have all been questioning ourselves about the World we live in and the effects of events over the last 15 years. After working in the international property market for over 20 years, I have had the pleasure in meeting with people from all walks of life looking for property for sale and enjoyed working hard to help our clients fulfill their wishes, either to retire to Spain, have a holiday home or move to Spain permanently and become a Spanish resident. For the past 14 years I have lived and worked in Javea Spain and consider myself very fortunate to experience life in the Idyllic area of the Costa Blanca North. Over the years I met people from many different backgrounds with a variety of circumstances that reflect on their choice of property, whether it be Villas, apartments, townhouses, plots or commercial property investments and regardless of the final choice, it is always an interesting journey which can cover many months and gives me an opportunity to really get to know people, virtually all keep in touch and are still very good friends. This enables me to enjoy many hours of conversation covering all aspects of buying property in Spain, life and current world situations, and I have come to the conclusion that deep down we all have very similar ideas on life and are each effected by World affairs, especially the current situation which seems to be sharpening everyone´s outlook on life. I guess we are all wondering what the future holds for us all over the next few years and I´m sure like me, many of you will discuss with friends and family the merits of the world and come to the decision that we are not only at the mercy of governments, but also over the last few years a greater threat to all mankind is the risk of viral infections such as corona virus, which rocked the whole world and I´m sure, got many of us thinking deeply about our own lives and futures. Lets remind ourselves briefly of the events over the last 15 years which has resulted in the World we live in today.

2007 The financial crash

There is one glaring factor which contributed towards the financial crash in 2007, the Deregulation of financial derivatives was a key underlying cause of the financial crisis. This basically allowed banks to invest into housing, and these products were so profitable that banks were encouraged to lend to high risk borrowers with credit approved for mortgage loans some for more than 100% of the property value, and here in Spain it was common to see banks offering 110% mortgages. When house prices began to fall literally over night, many found themselves massively in negative equity and those who had placed deposits on new build property were pulling out of the deal leaving developers with no chance of completing projects which left thousands of investors with either no property or lost deposits. This was undoubtedly a major cause of the financial crash and highlighted how little the average man can control his life when left to the mercy of banks seeking such ridiculously high profits.

2016 Brexit

Obviously there are two sides to the Brexit debate, some will say it was the best move for the UK and this may prove to be correct in the
years to come, but once again this major upheaval in the way Europe had been structured over the last 40 years had nothing but a disruptive effect on economies and the way UK citizens could move freely within Europe. Gone are the days when you could travel to any country, buy property, open bank accounts, set up in business, use the public medical facilities as you would in the UK, school your children in local state schools, obtaining residency and
driving licences, these were all things we took for granted, that have now been been made more difficult to obtain. More than that, this one single act has caused instability not just in the UK but throughout Europe.

2020 Corona Virus

Who could ever have imagined the impact of a flu virus found in China that put the World into immediate panic. I don`t think any of us thought we would see a time when the modern World stopped, it made people scared and frightened to go outside, airlines grounded, empty roads, no sports events and desolate city streets made for a spine chilling scene around the World which we could never have imagined , yet alone thought we would have to live through. I suppose in some ways a viral epidemic that spreads so quickly around the World is more frightening and devastating than any of the events from the 2007 financial crash, we paid dearly in human terms, and financially it is something that generations to come will have to pay for. Once again, an event that shook the World and smashed any kind of confidence and stability that was showing signs after Brexit, but more than that, I think we all had time to reflect on our own lives and where our future was going, or in some cases where we decided to make it go.

2022 Russian Ukranian War

Here we are in 2022, with the Russian invasion of Ukraine we find ourselves once again at the mercy of governments and leaders who control our World. Once again our beautiful planet is under siege as we sit helpless while leaders and military decide the future for the average man or woman, who strive to give the best for their children and families through hard work and determination, pay their taxes. abide by the law of the land and crave for a peaceful stable world in which all can survive no matter what nationality or religion. As many of you will probably think, I find it hard to understand why after all these war torn centuries that there is anyone in the world that still needs to gain more power, I´m sure there is enough for all on this idyllic planet that we call home but seem hell bent on destroying. We can only hope that the outcome is peaceful and that somewhere there is the determination for peace to stop this incredibly dangerous situation.

My Conclusion

So now I suppose you are asking what is the point in writing this article about the World we live in, well, I was talking with a group of friends from different walks of
life, some professionals, others had made their way in life through hard graft in the building or service sector, and one or two had just opted out of the system, choosing to spend life on the road taking work where they can find it and
leading a simple life. As we spoke it became apparent that deep down we are all the same and want a relatively easy healthy life with no worries, but also I
noticed that some of the professional people were incredibly envious of the freedom that our traveler friends had, and although money has its place, the
way you live your life is by far the more important. Almost all the events from 2007 has kept the average man pegged back, we keep on going to survive and I like many, have plans for the future in my mind. But what future? When we look back over the last 15 years every time we have one or two years stability and our plans look achievable, then another negative world event occurs and back we go to start. My conclusion is that I feel the World may be like this forever, so making plans for 3 or 4 years in the future is futile, I have seen many times people desperately craving a new start or way of life but understandably nervous and in many cases opting for the safe option of staying put but still having the dream thinking one day! In many cases that day never comes or it comes too late and either through illness or family circumstances the dream does not materialise.

When we look back at events over the last 15 years, even the best made plans are hard to achieve when we live in such an unstable World, so maybe
the day has come that if you really want something, and you are in a position to have it, be brave, enjoy your life and do it now!!

If you have already visited Javea you will be well aware of some of the main beaches in Javea, but there are some smaller less well known beaches that the
article below will reveal.

Arenal Beach
Probably the most well known and popular beach in Javea, with it´s sandy beach and gentle slope into the sea which provides shallow bathing, it is
perfect for families with children. The promenade is alive with restaurants and bars, catering for all tastes and comes alive in the evening with a vibrant
holiday atmosphere.

Cala Blanca
Not far from the Arenal beach we find Cala Blanca, made up of rock and pebble and formed from two small coves, the beach it´s name from the white cliffs
which are a stunning backdrop.

Sardine Bay
The name says it all! This was a favourite place for sardine fishermen and now is a popular beach which can only be accessed by steps leading down from the Mirador de la Cruz del Porticholl. Also a very popular mooring place for small boats and yachts in the summer.

Cala Granadella
Famous beach in Javea and has over the years provided the back drop for many block buster movies, it is 120mts wide of pebble beach with canoe hire
and launching ramp for small boats and is perfect for snorkelling and diving. There are a couple of bars and restaurants that are open in the holiday season.

Cala Ámbolo
Cala Ambolo is a wide pebble beach with clear water, it is the only designated nudist beach in the area and is accessed via a steep road and steps. In recent
years the breach has been closed due to landslides.

Portitxol Beach or La Barraca
Extremely popular pebble beach which overlooks Poticholl island, there aresmall fishing huts and two bar/restaurants which are open in the high season.

Second Muntanyar beach
Close to Cala Blanca, this quiet area of beach is perfect for enjoying a late
afternoon drink and enjoying the stunning sunsets. The beach is stone and
gravel and benefits from having Chiringuito La caleta on the doorstep.

El Primer Muntanyar
Located between the arenal beach and the port, this is a popular beach with two beach bars where you can enjoy a perfect day or evening looking out to
sea. Montgo Di Bongo and La Siesta are two of the most popular bars for the summer months. This a rocky beach and fantastic for snorkeling in the clear
waters.

Minister’s Bay
A small relatively unknown beach next to the Parador hotel. Historically know for the production of salted fish, you can still see the remains of an ancient
settlement dating back to the 1 st century BC.

La Grava Beach
La Grava is the Port beach, made up of gravel and with crystal clear water, it is easily accessible and has the benefit of an array of shops, bars and restaurants to enjoy a full day on the beach.

Cala Tangó or Playa Pope
Tucked away in the corner of the port marina bay, this is a small rocky beach which was made famous by the painter Joaquin Sorrola and his painting of
children playing on the rocks.

1. A foreign exchange service offers better value for money.
   You have to realise that exchange companies only deal with overseas
   transactions as opposed to banks who offer foreign exchange as a small part of
   their services. For this reason the volume of transactions are far higher with
   exchange companies so in turn this results in a better exchange rates which
   saves you money.
2. Foreign exchange services enable you to plan ahead
   If you have future foreign commitments to purchase such as completing on a
   property, you can lock in to an exchange rate to ensure you have the best
   deal.
3. Foreign exchange services are convenient.
   It is very simple to register with an exchange company, once you have
   completed a simple questionnaire, your account is open and you are able to
   make simple transfers.
4. Foreign exchange services offer specialist tools and products.
   There are many tools and products that your exchange rate company has to
   offer, these can vary from specialist banking to forward spotting exchange
   rates, also they can provide you with automated up to date information on
   latest exchange rates.

Having been selling villas, townhouses and apartments in Javea, Denia, Moraira and
the Jalon Valley for many years, at Signature Villas we realise the importance of
simple and competitive money transfers from the UK into Spain. Not only is it
important for the transaction to take place smoothly and in time for a purchase
deadline, but also achieving a secure and competitive exchange rate could save you
a considerable amount of money. We are pleased to team up with A Place in the
Sun Currency which is a joint venture with A place in the Sun Ltd, which is the
publisher and organiser of the hit channel 4 series and also A Place in The Sun live
exhibitions.

Our service is specifically designed for anyone making overseas payments to buy,
and maintain, an overseas property. We understand the importance of an efficient
and transparent currency service and have an experienced team in place to help
make your money go further and secure your very own place in the sun
From a deposit on a house through to settling the balance, for regular monthly
payments or one-off items, A Place in the Sun Currency ensures your funds reach
the right destination, at the right time, at a highly competitive rate.

Currency Index was set up in 2008 and since then has helped thousands of
customers transfer money overseas. It is an Authorised Payment Institution under
FCA regulations.
A Place in the Sun Currency Ltd is authorised by the FCA to provide payment
services under the Payment Services Regulations 2017 (firm reference number
504353), and is supervised by HMRC under the 4th anti-money laundering directive
(reference XMML00000167797). You can verify both of these independently on the
FCA and HMRC websites.
Our team and our banking are UK-based, and we operate Safeguarded bank
accounts as per FCA regulations. Unlike online-only services, we are also only ever
a phone call away, for any questions you may have.

In 2022 Javea Town Council will reduce the local IBI taxes by 17%, Mayor Jose Chulvi recently announced the reduction which will save the average homeowner in Javea around 450 euros per year.

The reduction will mean that Javea Council will collect around 3 million euros less IBI tax than in previous years. Other reductions will also be implemented which include a 505 reduction for large families and up to 25% reduction for a 3 year period for residential buildings with solar systems, this is to be capped at 200 euros per year.

Mayor Chulvi stated that these new reforms are a vital step to aid families who have been affected by financial difficulties during the pandemic. It now means that if you own a villa or apartment in Javea your yearly tax bill has been reduced significantly.

At the recent World Travel Fair in London, Carlos Mazon, president of the Costa Blanca Board of Trustees met with the Spanish Ambassador to discuss introducing measures that allow British citizens to stay in Spain longer than the current 90 day limit.

British tourism is a significant sector of the Spanish economy on the Costa Blanca and for this reason a six month reciprocal limit for Uk and Spanish citizens is being proposed for discussion between the UK and Spanish governments.

The Spanish Ambassador Jose Pascual Frame committed to convey to Uk Government ¨ urgent need for the tourist and economic interests of the
province¨ and will highlight the need to support 70,000 British homeowners in the Alicante region alone.

When you begin your property search in Spain, I am sure you will see many portals and websites advertising Spanish repossession properties at bargain prices. This could well be a good route for some, but it´s important to understand how the Spanish banks work, and the complexities of buying repossession property. After the world financial crash in 2007/2008 repossession properties were plenty, with many owners hitting a low in their financial status and finding it difficult to maintain mortgage repayments. The banks are obviously keen to try and recoup these losses and offer properties at what may initially seem to be bargain prices, but it is essential that you make certain checks to ensure that the property is a good investment.

Here we have some basic information to help you understand the buying process within the banking system.

Use an independent Lawyer

It is complete madness to embark on buying property in Spain without employing the services of an independent lawyer. Local property laws can vary between Spanish regions and although the banks will have legal representation it is always good practice to have a lawyer represent you who is not associated with the selling party. It is almost certain that electricity and water supplies have been turned off, and in some circumstances it can be problematic getting these reinstated, so your lawyer is vital to investigate this situation with the local utility suppliers.

Check the property

It is more than common that bank repossession properties will be in a state of disrepair, and in some cases some of the appliances, central heating systems and bathrooms may have been partially or totally removed by the previous owners. It is advisable to use a surveyor to obtain a general overview of the property and highlight any structural defects, also he will be able to give you estimated costs to rectify the faults.

How long will it take to buy repossessed property from the bank?

Generally it will take longer to buy through the banks, the final completion will not be able to take place before all paperwork is up to date and available. Banks are notoriously slow with almost all procedures and it could take anywhere from 6 months to 2 years depending on the complexity of the sale and the situation left by the previous owners.

Summary

The obvious attraction to buying repossession property is the purchase price, this in some cases can be very beneficial from a financial point, but the journey buying through the bank can be a challenging and time consuming process, and in some cases what initially seems like a fantastic purchase may not be as attractive as you thought with the selling price not that much better than a similar property purchased through a private vendor, in fact it is almost certain that the bank will not negotiate on price the same way as a private seller.