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The United Kingdom’s decision to leave the European Union in June has not discouraged London-based property developers from investing in Spain. Among the companies looking to establish a presence along the Mediterranean are Round Hill Capital, which has chosen the Costa del Sol as its launch pad into Spain.

The group, set up by Michael Bickford, has opened offices in Madrid, where it is also looking to buy property, along with Barcelona and the western part of Malaga’s coastline. It has paid €30 million for a 50-hectare plot of land in Ojén, close to Marbella, from Sareb, the entity set up by the government in 2012 to absorb the toxic assets of the country’s banks. It intends to build 600 luxury apartments there. Palo Alto will be the first major property development in the area since 2008, when the country’s real estate sector crashed.

With a total investment of €250 million, Palo Alto is planned in 10 phases, with work on 75 properties to begin early in the New Year. Ojén’s local council has approved construction and other permits in less than two months.
...continue reading "British developers lead the revival of Costa del Sol’s property sector despite the Brexit"

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Spanish acting Prime Minister Mariano Rajoy has shown his clear opposition to Scotland’s ambition to remain part of the European Union despite the UK’s recent decision to leave.
United Kingdom and Scotland“If the UK goes, Scotland goes,” said Rajoy, speaking in Brussels at a meeting to discuss the effects of Brexit.

While he did not mention Catalonia, the caretaker PM has the northeastern Spanish region clearly in mind, as Scottish membership in the EU would set an example for Catalan separatists.

Rajoy’s Popular Party (PP) and other Spanish mainstream parties opposed to Catalan independence have often used the argument that an independent Catalonia would be automatically kicked out of the EU club.

The Spanish leader, who won a repeat national election on Sunday and is hoping to secure enough support to get himself reinstated for four more years, said he is “radically opposed” to the idea of negotiating Britain’s exit with anyone other than the British government.
...continue reading "Spain against Scotland negotiating EU membership"