Ideal Home 2023

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Special Edition
New Developments
& Construction
2023
The best of the Costa del Sol
Special Edition New Developments & Construction 2023
P.30 MARKET REPORT 2023
P.64 AREA DESIGN
P.70 VOGT ADVOKATFIRMA P.76 GENERALI HOME

A dream A oasis oasis
Spacious Spacious townhouses townhouses featuring featuring a a
contemporary contemporary and functional and functional design design
that perfectly that perfectly blends blends with its with natural its natural
surroundings. surroundings.

EVERGREEN EVERGREEN HOMES HOMES • MIJAS • MIJAS COSTA
COSTA
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MARKET REPORT 2023
LOCAL MARKETS
Q1 2023 REPORT
1 · EXECUTIVE SUMMARY
General situation
The average value of completed property (new and resale) rose by 6.3% in the year to Q1 2023 and by 0.9% compared to Q4 2022. These
figures reveal a slowdown in growth, backed up by the trend towards price stabilization seen in the early months of the year.
PRICES AND YEAR-ON-YEAR CHANGE
2,500
25%
2,000
20%
15%
1,500
10%
1,000
500
1,750
1,700
1,650
1,600
1,550
1,500
1,450
1,400
1,350
1,300
-
2000_Q1
2000_Q4
2019_Q1
2019_Q2
2019_Q3
2019_Q4
2001_Q3
2002_Q2
2003_Q1
2003_Q4
2004_Q3
2005_Q2
2006_Q1
2006_Q4
2007_Q3
2008_Q2
2009_Q1
2009_Q4
2010_Q3
2020_Q1
2020_Q2
2011_Q2
2012_Q1
2012_Q4
2013_Q3
2014_Q2
2015_Q1
2015_Q4
2016_Q3
2017_Q2
2018_Q1
2018_Q4
2019_Q3
2020_Q2
2021_Q1
2021_Q4
2022_Q3
5%
0%
-5%
-10%
-15%
Year-on-year change €/m 2
PRICES AND QUARTERLY CHANGE
3%
2%
2%
1%
1%
0%
-1%
-1%
2020_Q3
2020_Q4
2021_Q1
2021_Q2
2021_Q3
2021_Q4
2022_Q1
2022_Q2
2022_Q3
2022_Q4
2023_Q1
The first available data for 2023 shows a continuation in the sales trend. The year-on-year decreases registered over the last few months
reflect a return to sales volumes more in line with historic averages, lower than the sharp increase in activity seen in the second half of
2021 and first half of 2022. Levels are still, however, robust.
IDEA
31

MARKET REPORT 2023
LOCAL MARKETS
Q1 2023 REPORT
RESIDENTIAL PROPERTY MARKET
Change in main variables
Nº sales, mortgages, new-building licences
300,000
250,000
200,000
150,000
100,000
50,000
2,500
2,000
1,500
1,000
500
EUR/m2
-
-
2001_Q1
2001_Q4
2002_Q3
2003_Q2
2004_Q1
2004_Q4
2005_Q3
2006_Q2
2007_Q1
2007_Q4
2008_Q3
2009_Q2
2010_Q1
2010_Q4
2011_Q3
2012_Q2
2013_Q1
2013_Q4
2014_Q3
2015_Q2
2016_Q1
2016_Q4
2017_Q3
2018_Q2
2019_Q1
2019_Q4
2020_Q3
2021_Q2
2022_Q1
2022_T4
Nº sales (Notaries) Nº housing mortgages (Notaries) Nº new building licences (MITMA) Average price (Tinsa IMIE)
The tightening of conditions for mortgage approvals and loan criteria lowers the volume of financing available for property purchase and
contributes to a slowdown in transactions. Over the last few months, the number of purchases financed through a loan has gone down
by 49%, as is shown in the ratio of new mortgage to purchases. Nevertheless, the fact that property continues to channel savings is also
noticeable within a context of economic uncertainty.
As regards the credit risk within the Spanish property sector, there are currently no signs of worrying rates. Household and company debt
in Spain remains balanced compared to GDP, loans with mortgage guarantees are not held up by assets overvalued at bubble rates, and
bank loans to the construction sector remain at very strict levels, constricting supply. At the same time, general employment levels are
good, giving households certain income stability and maintaining their solvency. In addition, the doubtful loan rate associated with loans
for property purchase continued to fall during the last quarter of 2022.
However, in March a series of adjustments took place in some financial entities in the US and to a lesser extent, in Europe. This, together
with the high exposure of US banks to the commercial real estate sector (with very low occupancy rates), has caused concern about the
stability of the banking system and increased uncertainty about the changes in the global economy.
This situation opens the door to the possibility of scenarios of even tighter loan restrictions from banks, prioritizing their own liquidity,
as well as lower interest rate increases than those announced by central banks. As a result, this situation could lead to a reduction in the
latest forecasts of economic growth, which would have a negative effect on housing demand, but a positive one on real estate investment.
Regions
There was a general slowdown in price rises, with lower year-on-year growth, although figures were still high. Quarterly changes moderated
with discreet and almost flat figures.
In year-on-year terms, increases moderated compared to those registered in previous periods. At the top of the regional ranking were
Cantabria (up 12.1%) and Aragon (up 10%). Most regions stood at 4 to 6%, including the Comunidad de Madrid (up 5.1%) and Catalonia
(up 4.4%). La Rioja (up 8%) and Extremadura (up 7.5%) had higher upticks, while at the other end were the Canaries (up 3.9%) and Melilla
(up 4.1%).
Quarterly variations slowed down, with most regions in the range of -0.1 to +1%. Navarra was the exception with growth of 5.6%.
32 IDEA

MARKET REPORT 2023
LOCAL MARKETS
Q1 2023 REPORT
Prices continued to gradually move away from their post financial crisis minimum. The Comunidad de Madrid (59.4% above) is the furthest
away, followed by Catalonia (43.9% above) and the Balearics (40.5% above). At the opposite extreme, Melilla, Murcia, Extremadura and Galicia
registered price increases of 15% higher than their minimum registered in the previous cycle. A total of 8 out of 19 regions are 20% below their
post-crisis minimum.
As regards the distance from the highest price registered in the 2007 bubble, the region closest was the Balearics, where prices in Q1
climbed from 1.9 below to 1.4% below their highest registered ever. Madrid was second (12.3% to 11.6% below). Prices in a total of 4 of the 19
regions remained 30% below their highest in 2007.
Provinces
The scenario of moderation in annual and quarterly price rises for residential property was mirrored at provincial level, with most provinces
experiencing year-on-year growth of 4 to 7%. The highest increases were around 10% in Zaragoza, Valencia and Cantabria, while the
lowest, 2 to 3%, were in Soria, Alicante and Lugo.
Quarterly growth ranged from -1.3% in Teruel and 5.6% in Navarra, with most provinces falling between -0.1 and +1%. A total of 10
provinces registered a slight decrease and 21 registered slight increases of less than 1%.
Madrid province, with year-on-year growth of 5.1%, saw a quarterly increase of 0.9%. Barcelona province, with 4.3% annual growth,
registered a slight contraction of 0.2% in Q1.
There are still parts of Spain where provinces within the same region registered different average price behaviour, as was the case in
Aragon, Castilla y León and the Comunidad Valenciana. For example, in Aragon, Zaragoza province showed growth, Huesca maintained
the same rate and Teruel saw a decrease. In Castilla y León, prices in Soria and Salamanca went down in Q1, while they continued to rise
somewhat in Segovia. In the Comunidad Valenciana, Valencia, with high price growth, stood ahead of the other provinces.
The distance from record highs stood between 1.4 and 42.7% below. The Balearics had the most expensive prices and the least distance
from the highest ever (1.4% below). Madrid province (11.6% below) kept its distance compared to Barcelona province (24.9% below). Lleida
and Toledo provinces had prices that were 40% lower than their highest ever.
The most expensive prices at provincial level were in Madrid province (€2,888 per square metre), the Balearics (€2,689 per square metre)
and Guipúzcoa (€2,449 per square metre), followed by Barcelona province (€2,434 per square metre) and Vizcaya (€2,377 per square metre).
At the opposite extreme with the lowest prices were Ciudad Real (€762 per square metre), Cuenca (€792 per square metre) and Zamora
(€851 per square metre).
PROVINCIAL PRICES
3,500
25%
3,000
20%
€/m 2
2,500
2,000
1,500
1,000
15%
10%
5%
Year-on-year change
500
0%
0
-5%
Madrid
Balearic Islands
Guipuzcoa
Barcelona
Vizcaya
Ceuta
Malaga
Alava
Melilla
Nacional
Girona
Navarra
Cadiz
Seville
Las Palmas
S. C. de Tenerife
Cantabria
Zaragoza
Asturias
Tarragona
Alicante
Valencia
Pontevedra
Valladolid
Huelva
A Coruña
Huesca
Guadalajara
Granada
Salamanca
Burgos
Cordoba
Almeria
Segovia
La Rioja
R.of Murcia
Castellon
Palencia
Lleida
Albacete
Leon
Toledo
Badajoz
Orense
Lugo
Avila
Soria
Teruel
Jaen
Caceres
Zamora
Cuenca
Ciudad Real
Provinces Spain - Maximum precrisis Spain Spain - Minimum fron 2008 (postcrisis) Year-on-year change
IDEA
33

MARKET REPORT 2023
LOCAL MARKETS
Q1 2023 REPORT
3 · MARKET ACTIVITY INDICATORS
DEVELOPMENT ACTIVITY AND SALES
SALES AGAINST CURRENT SUPPLY
Sales (year-to-date*) per 1,000 properties
available in each province.
BUILDING LICENCES AGAINST CURRENT SUPPLY
Building licences over the last year-to-date* per 1,000 properties
available in each province.
0 5 10 15 20 25 30 35 0 1 2 3 4 5 6 7 8 9
Orense
Zamora
Cuenca
Lugo
Pontevedra
Leon
Palencia
Teruel
A Coruña
Salamanca
Caceres
Avila
Soria
Badajoz
Ciudad Real
Albacete
Jaen
Segovia
Asturias
Huesca
Valladolid
Burgos
Cordoba
Guipuzcoa
Alava
Navarra
Biscay
Lleida
Zaragoza
La Rioja
Cantabria
Barcelona
Guadalajara
Seville
National
Huelva
Castellon
Santa Cruz de Tenerife
Toledo
Granada
Valencia
Cadiz
Comunidad de Madrid
Balearic Islands
Las Palmas
Gerona
Tarragona
Region of Murcia
Almeria
Alicante
Malaga
10.8
15.2
15.4
15.6
16.4
16.6
17.2
17.4
17.5
18.2
18.8
19.0
19.1
19.4
20.6
20.7
20.7
21.1
22.0
22.4
22.6
22.8
22.9
23.5
23.9
23.9
24.1
24.3
25.0
25.0
25.3
26.4
27.0
27.5
27.6
27.9
28.0
28.3
28.9
29.1
29.1
29.3
29.3
30.6
30.9
31.9
32.2
32.3
39.3
44.3
45.4
*Sales over the last four quarters, between Q1 2022 and Q4 2022
Source: Mitma
Avila
Orense
Lugo
Tarragona
Leon
Teruel
Soria
Ciudad Real
Albacete
Jaen
A Coruña
Badajoz
Huelva
Palencia
Salamanca
Castellon
Caceres
Zamora
Santa Cruz de Tenerife
Toledo
Gerona
Huesca
Pontevedra
Asturias
Lleida
Cadiz
La Rioja
Segovia
Granada
Las Palmas
Valencia
Alicante
Zaragoza
Burgos
Cuenca
Cantabria
Guipuzcoa
Almeria
Region of Murcia
Cordoba
National
Navarra
Barcelona
Valladolid
Seville
Alava
Balearic Islands
Comunidad de Madrid
Guadalajara
Biscay
Malaga
1.2
1.2
1.4
1.5
1.7
1.7
1.8
1.8
1.9
1.9
1.9
2.0
2.1
2.1
2.3
2.4
2.4
2.7
2.8
2.8
2.8
2.8
2.9
2.9
2.9
3.0
3.0
3.1
3.2
3.2
3.3
3.5
3.5
3.7
3.7
3.8
3.8
4.1
4.1
4.2
4.2
4.2
5.0
5.5
6.0
6.2
6.8
6.8
7.0
7.6
9.3
*Building licences approved over the last four quarters,
between December 2021 and December 2022
Source: Mitma
36 IDEA

LOCAL MARKETS
serviciodeestudios@tinsa.es
Jose Echegaray, 9
Parque empresarial
28232-Las Rozas (MADRID)
(+34) 91 336 43 36

www.taylorwimpey.es
CALA DE MIJAS
MARBELLA
SAN PEDRO
ISTÁN
ESTEPONA
C A S A R E S
SAND ROQUE

Developments on Costa del Sol
Estepona, Málaga
New project of 69 flats with 2
and 3 bedrooms and swimming
pool. Situated on the front line
golf course. West facing with
wonderful open golf and
mountain views and partial sea
views. Two minutes walk to the
clubhouse.
Estepona, Málaga
New phase 3 development
from Taylor Wimpey Spain at
Estepona Golf, at the heart of
the Costa del Sol, with bright,
spacious homes overlooking the
golf course.
The new development at Green
Golf enjoys partial views over
the golf course and to the sea.
The homes have plenty of
natural light as they face south
or southwest.
info@taylorwimpey.es +34 900 130 144

New quality homes
Direct from developer
San Roque, Cádiz
An exclusive residential project with new apartments and penthouses with 2 and
3 bedrooms with contemporary Mediterranean styling located at the heart of the
famous San Roque Club resort.
Taylor Wimpey España has designed this residential project with 80 apartments
in 10 three storey buildings, spread over three phases that surround
the 3 communal pools. Each building has 8 spacious apartments over three
floors (ground, first and penthouse), two of these have 2 bedrooms and
the rest have 3 bedrooms, and 2 bathrooms.
www.taylorwimpey.es

La Cala Golf Resort, Mijas
Incredible new construction
of 105 apartments in one of
the best areas of
La Cala Golf Resort.
Situated on the front line golf
course, with large garden
areas, lagoon type swimming
pool and children's area.
Only 5 minutes from the Club
House as well as the sports
facilities, hotel and spa.
BREATHTAKING VIEWS
La Cala Golf Resort, Mijas
A private development offering
a total of 56 homes with 2 or 3
bedrooms and 19 exclusive
3 bedroom penthouses and
duplex distributed over 6
buildings, surrounded by
spacious communal gardened
areas and with a shared pool.
Large terraces with impressive
views over the valley of
La Cala de Mijas, the golf
course and the sea.
La Cala Golf Resort, Mijas
A new project in La Cala
Resort formed by 21 spacious
townhouses in front line golf
position with panoramic views
of the resort and sea views.
The homes are distributed
over 3 levels in a private gated
community with communal
pool and gardens.
Fully fitted and equipped
kitchen, 3 spacious bedrooms,
a large solarium measuring
over 50 m2 and a garden.
info@taylorwimpey.es +34 900 130 144

Marbella, Málaga
Terra is a new residential of apartments of 2 to 3 bedrooms and penthouses
of 4 bedrooms, only 4 minute walk away from the sea front promenade and 3
minutes from the ancient part of San Pedro de Alcantara, in the new expanding
area towards Marbella beach and near
Puerto Banus called the NEW ALCANTARA.
Terra offers homes designed to provide maximum comfort for their residents,
with a selection of top-quality materials from prestigious brands, and a carefully
considered design. They boast a perfect air conditioning system and optimal
soundproofing between the homes and the exterior.
www.taylorwimpey.es

New quality homes
Direct from developer
Marbella, Málaga
Solemar is a gated development with a total of 58 apartments with 2 or 3
bedrooms, distributed over 4 buildings which offer ground-floor homes with
private gardens, first-floor apartments with sea views, and are crowned by the
exclusive 3-bedroom penthouses with impressive terraces and stunning,
unobstructed views of the Mediterranean Sea.
Every home is south-east facing, and they all have spacious terraces to make
the most of the natural light and wonderful sea views.
The development has large, landscaped areas for families to enjoy and
a beautifully designed communal pool.
info@taylorwimpey.es +34 900 130 144

Istán, Marbella
MARBELLA
PUERTO BANUS
www.taylorwimpey.es

Ayana Estepona
modern luxury made for living
The Costa del Sol has a long history of property development, yet until recently most
new homes built here were designed specifically as second homes. Ayana, near the
beachside of eastern Estepona, represents a new generation of homes created with
the comfort, space and amenities of full-time living in mind.
Words: Michel Cruz Photos: Courtesy of Ayana Estepona
What would you do with a prime setting near the beach on the
New Golden Mile? What would you do if it was a few minutes
from downtown Estepona, 15 minutes from the Marbella area
and covered almost 40,000m? Such a privileged plot of land
offers both the location and size to create a residential area of
distinction, and in doing so the team behind Ayana have also
answered the growing demand for homes that are made for
year-round living.
Across the road are the five-star Kempinski resort hotel
and the soon-to-open Pacha Club, an exciting new hub of
restaurants, cafés, a beach club and entertainment options.
“It’s an area that puts a lot of lifestyle at your fingertips while
also being private and located near nature.” In fact, follow the
private gated entrance into the complex, and you find yourself
in a natural area close to everything but bordered by rustic
country properties.
Developed by Merlin Real Estates and designed by the
prestigious architects, Villaroel Torrico, Ayana is a gated
community of stylish modern apartments and penthouses
distributed over 14 low-rise blocks of ten properties each, all set
within 27,000 m2 of lush greenery – including almost a hectare
of private parkland belonging to the complex and exclusive to
its residents. “In many ways, it’s a perfect setting, 500 metres
from the beach in rustic nature, close to town, access routes
and sports facilities,” says Mark Strasek, Managing Director of
Asset Folio EXCL, which is commercialising the project.
A garden setting
Gardens envelop the two and three-bedroom garden
apartments in a community that is free of passing cars. Traffic
goes straight from the entrance into spacious underground
car parks, ensuring that Ayana is a living environment free
of traffic. “The fact that it also features almost 10,000m2 of
private parkland makes this a perfect setting for families and
people seeking quality of life, not just a home near the beach
and lifestyle amenities,” says Kathryn May, Sales Manager for
AYANA.

The same thinking is also reflected in the design and layout
of Ayana, where the four properties on ground and first floor
level feature two-bedroom apartments on the inner section
of the block, and three-bedroom ones making up the corner
units. “All properties within Ayana are spacious in size, with a
flowing open-plan layout and generous terraces, but the threebedroom
apartments have the look and feel of a penthouse,
complete with upper floor and expansive lifestyle terraces.”
The three and four-bedroom penthouses on the top floor
also feature an upper area with a comprehensive range of
entertainment facilities and options, including optional private
swimming pools and hot tubs. “They epitomise the choice of
amenities, materials and finishing that is typical throughout
Ayana,” says Kathryn, “including such details as the option of
a walk-in shower or Cleopatra bath in the second bathroom.”
No effort has been spared to ensure higher levels of comfort
coupled with lower maintenance costs than you would
normally find in these parts, and this is achieved through
such quality inputs as top-of-the-range heat and acoustic
insulation, anti-glare windows that keep out heat and cold
extremes, super-effective Daikin air conditioning systems,
under-floor heating throughout, smart home automation
systems that optimise efficient use of resources, and beautiful
kitchens with extra-large island/bars and American style
fridges as standard.
Residents at Ayana also have their own private gym, spa with
heated indoor swimming pool, sauna, Hamman and changing
room facilities, as well as a co-working space, concierge and
administration office, and a clubhouse with cafe. “All of which
have been designed to offer the experience of five star resortstyle
living all year round,” adds Mark, who regards Ayana as
one of the finest residential complexes of its kind on the coast.
“Ayana is the culmination of many years of experience in
Costa del Sol property development, as well as very careful
consideration about how to take the lifestyle elements of this
region and integrate them into full-time, year-round living in a
way that celebrates the Marbella way of life. The homes also
offer the kind of additional space, privacy, storage facilities,
practical amenities and above all ambience needed for a
permanent residence. These properties represent the best of
both worlds – prime homes in a resort setting.”
ayanaestepona.com
ayana@assetfolio.com
633 925 338
Resort living
While catering to year-round residents, it cannot be denied
that Ayana is located within the Costa del Sol, and as such
it offers far more lifestyle options than a property in more
northern climes would. Set within the lush gardens planted
in large part with endemic, drought-resistant species are two
large swimming pools – one heated and one flanked by a
children’s pool, but both surrounded by a sunbathing deck.

5 Star Living Experience
Clubhouse
Featuring a co-working
lounge & café-bar
Communal space
Offering year round use
Pool & Spa
Carefully designed as a space
to rest & recharge
Gymnasium
A well equipped gym for
those looking to keep fit
Call to schedule a tour: (+34) 952 908 120

Mane Residences is an exclusive & private development, located in a privileged position
in Benalmádena, Málaga. Thanks to their elevated position all homes boast breath-taking
panoramic views of the sea and the coastline.
49 apartments · 2 townhouses · Beautifully landscaped gardens & pool
info@primeinvest.es | primeinvest.es | +34 951 1000 77

Developed and commercialised by

Cassia
ESTEPONA · MÁLAGA
FROM 90 m 2 | 2 to 4 bed. | 1 to 3 bath. | Garage | Storage room
Avant-garde design in a unique residential complex
638 965 257

FROM 235.000 €

Solaris
CALA MIJAS · MÁLAGA
FROM 85 m 2 | 2 and 3 bed. | 2 bath. | Garage | Storage room
Avant-garde architecture with wide open spaces.
Surrounded by gardens, with swimming pool,
paddle tennis pitch and children’s play area.
685 050 568
solaris@gilmar.es

FROM 191.000 €

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COMING SOON

LEGAL
DELAYS IN THE DELIVERY OF
“OFF PLAN PROPERTIES”
One of the main risks of buying an off-plan property is that the
developer, or the construction company, does not meet the
stipulated deadlines. This situation can cause a delay in the
delivery of the property, causing the buyer a series of
problems, both financial and personal, which makes it
interesting to review the alternatives offered by the law to
react in these cases.
Once the off-plan home purchase contract has been signed,
the main obligation assumed by the seller is to deliver the
sold property within the term and conditions established
by the parties, in such a way that the sold property will not be
understood to have been delivered until it is placed in the
possession of the buyer.
Once the obligation to deliver is thus established, noncompliance
with it is determined by the concept of default by
the promoter, which is considered by our doctrine and case
law as the culpable or malicious delay in the fulfilment of the
obligation.
VOGT ADVOKATFIRMA
ESPAÑA SL SINCE 1999
However, in the pruchase contract, where reciprocal
obligations arise for both parties, neither of the obligors is in
default if the other fails to perform. Therefore, the fulfilment by
the buyer of his obligations (especially the payment of the
agreed price according to the payment schedule established
in the contract) in the face of the seller's failure to fulfil his
obligation to deliver, will automatically and without the need for
judicial or extrajudicial injunction, cause the seller to be in
default, unless the delay in the fulfilment of the obligation is
due to "unforeseeable circumstances" or "force majeure".
The law establishes as the main effect of default the obligation
of the defaulting seller to compensate the buyer for the
damages caused as a consequence of the delay in the fulfilment
of the obligation, compensation that is normally articulated in
judicial proceedings by means of the exercise of the
corresponding legal actions. The damages to be claimed will be
those caused to the buyer as a consequence of the failure to
dispose of the purchased property on the scheduled date.
70 IDEA

LEGAL
Finally, in sale and purchase contracts, once the seller's breach
of contract has occurred as a result of the situation of default,
the buyer may choose between demanding performance or
termination of the contract, with compensation for damages
and payment of interest in both cases, and may request
termination, even after having opted for performance, when
this proves impossible.
THE CLAUSES ON THE DELIVERY OF THE PROPERTY IN
THE OFF-PLAN PURCHASE CONTRACT.
The obligation to deliver to the buyer the property built by
the developer is an essential and principal obligation in the offplan
purchase contract which, in the event of breach by the
developer, is frequently examined by the courts in order to grant,
where appropriate, due protection to the consumers affected.
In this context, the wording of the delivery clause must be
drafted with due care, clarity and rigour.
There are two aspects to be taken into account in any delivery
clause included in off-plan home purchase contracts:
1.- The delivery date, which will normally be determined either
by considering a delivery period (within the following X months);
before a certain date (before day X of month Y of year Z); or
even within a period after the fulfilment of a certain
administrative requirement (within the month after obtaining the
first occupancy licence).
With regard to the date of delivery, clauses that reserve an
excessively long or insufficiently determined period for the
developer to satisfy the obligation owed, as well as those that
provide for the automatic extension of a fixed-term contract, if
the buyer does not object, are abusive. Likewise, clauses that
include merely indicative delivery periods conditional on the will
of the developer are also abusive.
2.- The effects of non-compliance with the delivery
obligation, which are usually articulated through penalty
clauses included in the sales contract itself.
However, the reality is quite different, as the tendency
observed is the drafting of unclear clauses in which either
the delivery date is not specified or, if it is, it is approximate and
conditional on events subject to the exclusive control and will
of the developer.
Therefore, the first thing to be clear about is that the date of
delivery of the new home must always appear in the
purchase contract. As such, it is understood that, within the
agreed period, the property is completely finished and has all
the necessary licences and permits to be inhabited (licence of
first occupation, certificate of occupancy, etc.). In addition, it is
advisable to add a clause that establishes the penalty for the
delay in the delivery of the work, reflecting your right to
receive compensation for non-compliance with the delivery
deadline, either through the payment of a certain amount of
money, the rental of a home or the return of the amounts paid
plus the corresponding interest and taxes in the event that it is
never finished.
COMPENSATION FOR DAMAGES, OR TERMINATION OF
THE PURCHASE CONTRACT.
A delay in the delivery of a property is a breach of contract by
the seller/developer, which can give rise to different scenarios:
A not too long delay (a few months): in this case, the buyer
will normally be compensated for the damages caused by the
developer.
A serious delay that violates the essential clauses of the
contract or that could even endanger the final delivery of the
property: this case could lead to the termination of the
contract and the return of the payments made up to that
moment and the corresponding interest (in addition to the
payment of the compensation for the delay in the delivery of
the property or its non-delivery -if so stipulated in the
purchase document-).
The buyer can grant an extension to the seller, which will be
included as an additional clause in the contract and will include
the new date set for the completion of the works and the
handover of the keys.
Contrary to what some buyers think, the mere delay in the
delivery of a new home is not always sufficient reason to
cancel their purchase contract. In order for the delay in
delivery to give rise to the termination of the contractual
relationship, it must be "serious" and "essential", frustrating the
legal transaction.
In order to determine essentiality, parameters such as the
importance for the economy of the contracting parties, the
importance of the non-performance as an obstacle to prevent
satisfaction or to cause the frustration to be predicated on the
practical purpose of the contract must be taken into account.
There are fewer doubts in those cases in which the purchase
contract includes a specific clause that establishes the
termination of the agreement in the event that the seller delays
in the delivery of the property beyond the stipulated date.
Here, case law is clearer and considers the fixed date as an
essential element of the contract, and therefore cause for its
annulment.
If the delivery of the new flat exceeds the date stipulated in the
contract, the seller must compensate the buyer for damages
directly caused by the delay. Among the most common
payments to be paid by the developer to his client are the
following (it is advisable to always keep the corresponding
invoices or proof of payment):
Rental instalments for another flat that buyers must pay until
they have their own.
Furniture storage.
Removals.
Utilities contracting costs (if necessary).
Additional financial expenses caused by the delay in the
payment date of the property.
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71

LEGAL
On the other hand, those owners who do not need to rent
another property despite the delay in receiving their own can
also claim from the developer what is known as "use value":
this is the amount corresponding to the rental price of a
property of similar characteristics in the same area, multiplied
by the number of months that the handover has been delayed.
In order to determine the exact amount to be claimed from the
developer, it will be necessary to use an expert opinion that
calculates the economic amount that it would cost to rent a
property with the same characteristics as the property
purchased and in the same location.
Finally, although they are not quantifiable, buyers affected by
undelivered housing can also claim moral damages.
It should be borne in mind that, on many occasions, the
purchase contract itself stipulates the compensation to be paid
for this type of situation; in fact, it is common that, instead of
damages, the owner is paid a specific amount for each day of
delay.
FORCE MAJEURE AS A JUSTIFICATION FOR DELAY.
Although the real estate developer must, as an expert,
determine a realistic timeframe when calculating the delivery of
the homes (even taking into account certain unforeseen
events), there are certain uncontrollable and external factors
that are at the same time unpredictable. These impediments
are what the law calls force majeure.
If these events give rise to difficulties that delay the delivery of
the properties and are conveniently accredited by the seller,
the seller will be exonerated from any fault (unless it is proven
that he has not acted diligently or with sufficient planning).
In legal proceedings initiated by buyers when there is a delay or
default by the seller, developers follow a very similar pattern,
which is to invoke that the delay should be considered as a nonculpable
delay due to causes beyond their control (fortuitous
event, force majeure or fault of a third party). However, the case
law is constant in maintaining a very restrictive criterion when it
comes to accepting the promoter's allegations.
Cases of suspension of payments or bankruptcy of the
construction company: In cases in which the developer invokes
as a reason for the delay in delivery the stoppage of the works
as a result of the builder being in a state of suspension of
payments or bankruptcy, the court decisions consider that the
delay would not be justified, given that with due diligence on
the part of the developer, this event would have been
foreseeable and avoidable.
Meteorology or Inclement weather: Despite being a reason for
justification constantly argued by the promoter, our judicial
bodies require torrential rains and hurricane-force winds to be
considered as grounds for justification, and this requirement is
intensified in rainy areas, given in this case the need for
foresight on the part of the promoter.
Strikes: The existence of construction strikes is analysed on
the basis of various parameters:
The coincidence of the strike with the housing construction period.
The duration of the strike.
The sectoral or global nature of the strike and its effect on the
entire construction site.
The number of workers from the construction company and
subcontractors who took part in the strike.
72 IDEA

LEGAL
Breaches by subcontractors: In cases in which the developer
invokes as a reason for the delay in delivery the stoppage of
the works as a result of one or more companies subcontracted
by the construction company having incurred in breaches of
any kind or even in bankruptcy proceedings, the court
decisions consider that the delay would not be justified, given
that with due diligence on the part of the developer, such an
event would have been foreseeable and avoidable. As in cases
of suspension of payments or bankruptcy of the construction
company, these causes are considered to be foreseeable,
preventable, avoidable and inherent to the business
management of the developer.
Existence of administrative or town planning problems that
cause delays in delivery: In these cases, the Courts and
Tribunals usually consider that these problems derive from
non-compliance by the developer due to a lack of diligence and
foresight in administrative management.
Delays in the construction of the building and in obtaining the
occupancy licence: An interesting case is the invocation of the
contractual clause that makes delivery conditional upon
completion of the work and obtaining the first occupancy
licence. Faced with the delay, the developer tries to justify it by
claiming that the conditions of completion of the work and
obtaining the licence on time were not met due to causes linked
to the excessive increase in construction activity and the lack of
sufficient qualified personnel to be able to guarantee the
production and quality rates, in addition to this circumstance
the shortage of raw materials as important and impossible to
replace as ceramic materials, glass, marble, etc., or due to
logistical problems, such as the shortage of raw materials such
as ceramic materials, glass, marble, etc., which are impossible
to replace, or the lack of sufficient qualified personnel to be able
to guarantee the production and quality rates, or else, due to
logistical problems in the supply of materials during the COVID
19 pandemic or the war in Ukraine. The case law considers that
it is logical that such delivery should be preceded by both the
completion of the construction of the building and the granting
of the occupancy licence, although it is not admissible to make
the deadline conditional on these two conditions, as this is
considered implicit in the delivery, as it would then be difficult to
deliver a dwelling. To make the agreed delivery period so
clearly dependent on these two aforementioned conditions
would mean leaving the delivery in the hands of the seller and
at her discretion, which could be postponed indefinitely without
consequences for her. to the seller. This is an obligation that all
property developers assume and that they must comply with as
agreed and cannot be left to their own free will.
In order to assess whether the event that has affected the
fulfilment of the obligations was unforeseeable or unavoidable,
it is necessary to take into account the diligence required of the
obligor by reason of his profession, knowledge, experience,
etc.... For example, in the case of construction, the promoter
must know how long it takes for a specific Town Hall to grant a
First Occupancy Licence, so he cannot excuse the delay in the
delivery of the property by saying that the Town Hall has taken
a long time to grant it.
Modifications to the Project: In such cases, the doctrine of
diligence and foresight of the developer is, if possible, even
more intense, given that questions such as, for example,
modifications to the urbanisation project relating to the public
road, pedestrian accesses, car parks, etc., are not acceptable,
as any project requires the prior determination of such
questions, as they are a prerequisite for the granting of the
building permit.
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73

LEGAL
BREACHES BY THE SELLER AND EXECUTION OF THE
GUARANTEES.
If the developer fails to comply with the delivery term, the buyer
may do nothing and limit himself to waiting, tacitly extending
the term; he may expressly extend the unfulfilled term; or he
may terminate the contract and claim the return of the total
amount advanced, including applicable taxes and increased
with the legal interest of the money.
Tacit extension. If the property has not been delivered on the
indicated date and the buyer does not terminate the contract,
he will be tacitly extending the term until he decides to
terminate the contract or until he is required by the developer
to take delivery of the property. Failure by the seller to comply
with the stipulated deadline for the completion and delivery of
the property justifies the termination of the contract at the
request of the buyer, provided that the right to terminate is
exercised by the buyer before being required by the seller to
execute the public deed because the property has already
been completed and is ready to be delivered even after the
stipulated date for its delivery. In readiness for delivery means
that it has a certificate of occupancy and that a title deed can
be granted in favour of the buyer under the terms of the
contract (registration, encumbrances, etc.).
In the event of tacit extension, the guarantees that the law
obliges the developer to provide in favour of the buyer,
especially in relation to the amounts paid by the buyer on
account of the price, will remain in force until they are cancelled
or until the statute of limitations or expiry of the contract
expires. In this case, it is very important for the buyer to be
informed of the period of validity of these guarantees.
Express extension. In the event that the buyer extends the
terms, by means of an additional clause in the contract
granted, the promoter may extend the insurance contract or the
guarantee. However, the developer is not legally obliged to
extend the guarantee if the purchaser, instead of terminating
the contract, grants an express extension. Therefore, it will
have to be the diligent purchaser who will have to require the
developer to extend the insurance contract or the guarantee as
a sine qua non condition for an express extension of the
delivery period.
Termination and return of sums. The buyer must make a
reliable request to the developer for the refund. If after 30
calendar days have elapsed, or if it is impossible to do so, the
buyer may contact the insurer or guarantor, as the case may
be. The claim will only be for the amounts actually paid on
account, taxes and legal interest. The claim must be
accompanied by proof of having provided the amounts, proof of
having reliably requested the Promoter or of having tried to do
so without effect and the settlement of the legal interest.
If the claim is addressed to the insurer, the latter will have 30
calendar days to pay the compensation to the purchaser. If
after this period has elapsed, the insurer does not compensate
the purchaser, he will be in default and interest will accrue. If
the claim is addressed to the guarantor, the regulation does not
grant the guarantor any period of time to pay the amounts
claimed, and therefore the legal interest will begin to count as
from the claim.
FINAL RECOMMENDATION.
After this quick analysis of some of the most interesting
aspects that may arise in this type of case, the final
recommendation to any buyer affected by a delay in
delivery is to contact a lawyer so that, once the date
stipulated in the contract has been exceeded, he/she
notifies the developer of the non-compliance with the
deadline in order to avoid it being argued later that there
has been a tacit acceptance by the buyer of the delay
suffered. In this same notification, mention must be made of
the intention to claim damages that are caused until the
property is handed over, regardless of whether a rental income
is paid or whether it is intended to claim the "value in use" at a
later date.
In this regard, VOGT Advokatfirma España, S.L. has
extensive experience in drafting off-plan purchase contracts,
reviewing the fulfilment of the developer's legal obligations,
managing the relationship between buyers and developers
during the construction process, and supervising the correct
handover of the property.
74 IDEA

SPORT MARKETING
SPORT MARKETING FOR
REAL ESTATE COMPANIES
If you think of MARKETING FOR REAL ESTATE COMPANIES, you normally think of topics like Social Media Campaigns,
Website SEO or Exhibitions but not normally of Sport Marketing. In this article we will show you, how Real Estate companies can
benefit from local sport marketing and what to avoid.
Broadly speaking Sport Marketing means any kind of support or sponsorship for individual athletes or teams. In general terms
the companies get certain rights or visibility in exchange for a monetary support.
Many companies in the real estate industry are likely to have have already been approached or are supporting a local sport entity
but is it more a charity contribution or a real sponsorship? Are they getting a real value in exchange for their support?
Companies should consider their goals when entering a serious sponsorship agreement with a team or an individual athlete. What
do you want to achieve with your sponsorship? Most likely you will sponsor a local team which is known in your city but not
nationally or international. One possible aim for a Real Estate company could be to establish themselves as the local experts and
convincing the members of the club and their fans to choose your real estate when selling or buying. Another aim is connecting
to other companies who sponsor the club and taking advantage of synergies. Most of the time the local town hall is also present,
and the sport environment can help you establish valuable relations with the local authorities.
78 IDEA

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