Tag: La Zagaleta

Málaga is the Province with the Third Highest Cadastral Values in Spain

25 June 2018 – Diario Sur

The real estate bubble burst a decade ago, but the effects of the boom that the property sector experienced before the crisis are still reflected in the cadastral values of the assets in the province, a circumstance that would not be so important, if it wasn’t for the fact that this variable is the one that the administrations use to set the tax rate for the state (IRPF and property), the region (Sales and Transfers) and municipalities (IBI and capital gains). Although in recent years, those values have been corrected downwards to reflect market prices, the reality is that the strong pull of the Costa del Sol places Málaga in third position in the national ranking of Spain’s highest cadastral values. Together, the 1.45 million properties registered in the province have a total value of €114.1 million, which translates into an average of €78,598 each.

That average, which is well above the national average (€59,424), is exceeded only by the Community of Madrid (€115,779) and the Balearic Islands (€81,234), and comes ahead of Barcelona with an average €76,944. According to statistics managed by the General Directorate of the Cadastro, the differences are also more than considerable compared to other provinces of a similar size, such as Valencia (€51,271), Zaragoza (€66,914) and Sevilla (€55,397), as well as with other predominantly tourist areas, such as Alicante (€45,481), Las Palmas (€64,054) and Tenerife (€56,601).

The trend in recent years has been downwards after the peak of 2013 (€90,770 on average), although the current figures are still a long way from the €49,921 that was registered in 2006. That reduction is the result of the updates to the cadastral figures that are being made in most municipalities, be it because they are due because ten years have passed since the last update, or because the Town Halls have requested them once five years have passed and provided substantial differences exist vis-à-vis market prices (…).

Whilst the differences are notable between different parts of the country, if we zoom in on the province of Málaga, we also see significant variations between the 103 municipalities that comprise the province, where the average is €78,600. The western coast takes the biscuit with Benahavís in the lead, with an average of €154,770. That figure doubles the average for Málaga capital (€70,201) and is explained by La Zagaleta, the most luxurious urbanisation in Europe. Although clearly not all of the properties in this municipality of barely 7,350 inhabitants have the same value, the 14,437 properties there have a combined value of €2.2 billion, placing it above cities such as Antequera and Ronda in the ranking even though those towns issue twice as many receipts (29,415 and 25,403, respectively).

Just behind Benahavís is neighbouring Marbella, with an average of €125,350, and other towns in the area such as Ojén (€103,790), Mijas (€96,780) and Manilva (€90,960). Alhaurín de la Torre also sneaks into the top of the ranking, whilst on the next step down are other municipalities on the west coast such as Benalmádena (€88,040), Estepona (€80,440) and Fuengirola (€79,090).

Original story: Diario Sur (by Francisco Jiménez)

Translation: Carmel Drake

The Owners of La Zagaleta Will Create a Luxury Development for Millennials

28 April 2017

The British firm, which owns the most luxurious resort in Europe, is working on a development in Cádiz, with homes which will cost between three and five million euros, aimed at the younger generations of extremely wealthy families.

Located in the municipality of Castellar in Cádiz, next to the exclusive developments of Sotogrande and Valderrama, the last available estate in the area is awaiting the approval of the local town council to become the site of a modern and luxurious residential resort, which will include a top-level golf course and a five-star hotel. The estate is called Valderrama II, a 220-hectare farm that was acquired last year by the company La Zagaleta Limited.

The firm, based in London and owner of another luxurious residential development called La Zagaleta, bought the Valderrama group, the company that owns the land, as well as the golf course of the same name, considered the best in Spain and one of the best in the world, in a deal valued at 40 million. “The agreement was closed in December 2015. There are a number of possibilities but we intend to convert Zagaleta Limited into a holding that integrates several luxury brands, and that is why we choose only projects that have established brands that are well-known in the real estate market. Here we have a unique opportunity to develop the land from scratch. The land has a total of 220 hectares, where we can build 200 homes, a golf course and a hotel,” Ignacio Pérez, Business Development Director of La Zagaleta, explained.

The owners of La Zagaleta’s new project, considered the most luxurious development in Europe, and located in the Malaga municipality of Benahavís, will also be for millionaires, but with some differences. “In La Zagaleta there are two lines: one with houses of between five and eight million euros and another one starting with eleven, which is the one we are promoting.” Valderrama 2 is another concept, with houses of between three and five million euros, that the buyer can easily finance,” Ignacio Pérez stated.

Also, the new venture will have a maximum of 200 homes, each with between 2,000 and 3,000 square meters of land, which will be aimed at a different public than the norm in La Zagaleta. “In this area, we could build townhouses, but that is not our thing. We will make an integrated resort, with private streets, similar to the luxury developments that exist in the United States, and where the nature of the surroundings mitigates prevailing winds found in the area,” the Director of Business Development pointed out. “The idea is to make homes without fences, like in Los Angeles or Florida, where you can see without being seen, and that incorporate the current demands of millennials,” he adds.

The objective of La Zagaleta is to pre-sell the homes so that each client can customise it during its construction. “We believe that buyers of these homes will be an international mix: people who like to play golf but we will also go after clients in Tarifa, which is very close to Valderrama 2. And don’t forget that we are 20 minutes from Gibraltar airport,” Ignacio Pérez stressed.

La Zagaleta has given itself three years to begin construction.” We will spend 2017 solving some critical steps and setting a timetable, but we want to have the development under construction by 2020 and then complete it rapidly.”

In total, the group plans to invest 200 million of its funds in developing the development over ten years. The total investment could reach over €400 million. “We will be building the homes, for example, at a rate of about 20 a year. The logical thing would be to finance them in the long term so that the buyer can easily take on the outstanding loan and buy the property with a smaller downpayment.”

Original Story: Expansión – Rocío Ruiz

Translation: Richard Turner

Real Club Valderrama’s Members Buy The Golf Course For €28M

31 October 2017 – Expansión

La Zagaleta group, headquartered in London and created by the Spaniard Enrique Pérez Flores, has reached an agreement with the members of the Real Club Valderrama to sell them the Valderrama company, owner of the famous Valderrama Golf Course, located in Sotogrande (Cádiz). The members of Real Club Valderrama will buy the golf course for €28 million, the same amount the current owners paid for the asset when they bought it. Valderrama’s members had initiated an arbitration process, but that will be suspended as a result of this agreement.

In January 2016, La Zagaleta group, owner of the urbanisation of the same name, located in Benahavía (Málaga), bought the Valderrama group for €40 million. A year and a half later, it got rid of the sports facilities, the clubhouse, several residential plots and the Valderrama Golf brands, following months of negotiations, where the club members initiated an arbitration process claiming their preferential acquisition right over the course had been forfeited.

Arbitrage

“In March, Real Club Valderrama initiated an arbitration process against La Zagaleta, on the basis that we consider that we were cheated out of our preferential acquisition right by the operation that was closed in 2015. During the course of this process, we initiated a negotiation and the resultant agreement is that the members will pay the same amount that  La Zagaleta paid to the fund MGI”, explains Javier Reviriego, Director General of Real Club Valderrama talking to Expansión. In this way, for the majority stake (94%), the club’s members (around 450 people from 40 different nationalities) will pay €28 million. “The purchase of the shares in Valderrama SA has been made for €23 million, plus debt of €5 million”, he said.

The club will finance half the operation with contributions of €30,000 per member, whilst the rest will be covered by a mortgage loan and own funds from the sports entity, founded in 1985. “We will continue investing and doing everything possible to ensure that Valderrama has the best golf facilities in the world. I also think that being the owners of the golf course strengthens our position in the sector as a private club, a unique model in Europe”, he said.

Over the last 30 years, the club’s members have operated the facilities through a rental agreement: “Being the owners of the course was a historical revindication for the members. The framework contract and lease agreement that regulated the relationship of the club with the ownership of the facilities did not grant full independence to the club’s board of directors to make decisions or establish the club’s strategic direction. There are also financial motives; the club used to pay a high rent and it is more profitable for us to invest in the asset”.

Meanwhile, following the sale, La Zagaleta will focus on the development of the Valderrama 2 urbanisation. It will be constructed on a plot spanning 220 hectares of residential use located just a stone’s throw from the luxury urbanisation in Sotogrande. There, La Zagaleta plans to build a luxury urbanisation with around 200 homes, priced between €3 million and €5 million, as well as a new golf course and hotel.

The operation in Valderrama follows the sale of other golf courses linked to urban developments, such as the purchase of Sotogrande by Orion, says Pablo Callejo, Director of Alternative Assets at the consultancy firm CBRE.

Original story: Expansión (by Rocío Ruiz/Lucía Junco)

Translation: Carmel Drake

Benahavís & La Moraleja Lead Ranking Of Spain’s Most Expensive Homes

4 September 2017 – Eje Prime

With an average price of €6 million per home, the two most exclusive urbanisations in Spain are getting more expensive by the year. La Zagaleta (pictured above) in Benahavís (Málaga) and La Moraleja in Madrid are the addresses with the most expensive homes for sale, according to a recent study performed by Idealista.

Specifically, owners in the Benahavís area of the Costa del Sol ask potential buyers for c. €5.6 million on average for a detached home (chalet). In the case of La Moraleja, the second most expensive area in Spain, the average price does not fall below €5 million. In third place is Calle del Castillo de Aysa, also in the Spanish capital, where properties cost around €5 million on average.

Below the €5 million mark are Avenida del Tibidabo in Barcelona (€4.83 million), Paseo de los Lagos in Pozuelo de Alarcón (Madrid), with an average price of €4.75 million and Avenida Miraflores in Madrid (€4.71 million).

The top 10 list is completed by Avenida Rocaferrera in the Catalan town of Sant Andreu de Llavaneres (€4.5 million), Paseo de Marquesa Viuda de Aldama (€4.4 million), Calle del Camino Ancho (€4.3 million) and Paseo de Conde Gaitanes (€3.8 million), all located in La Moraleja.

Original story: Eje Prime

Translation: Carmel Drake

La Zagaleta’s Owners To Build Luxury Homes For Millennials

30 April 2017 – Expansión

Located in the municipality of Castellar, in Cádiz, alongside the exclusive urbanisations of Sotogrande and Valderrama, the latest estate in the area is awaiting approval from the Town Hall to become a modern and luxurious residential resort. The site will also include a first-rate golf course and a five-star hotel. The project in question is Valderrama 2, an estate with a surface area spanning 220 hectares, which was acquired by the company La Zagaleta Limited last year.

The firm, which is headquartered in London and which owns another luxury residential development, known as La Zagaleta, purchased the Valderrama group, the company that owns this plot, as well as a golf course of the same name, regarded as the best in Spain and one of the best in the world, in an operation worth €40 million (…) in December 2015 (…).

The new project from the owners of La Zagaleta, considered the most luxurious urbanisation in Europe and located in the Malagan municipality of Benahavís, will also be for millionaires, but with certain differences. “In La Zagaleta, there are two lines: one with homes worth between €5 million and €8 million and the other with homes worth more than €11 million, which is the line we are promoting. Valderrama 2 is a different concept, its homes are worth between €3 million and €5 million, which buyers can easily finance if they want”, said Ignacio Pérez, Director of Business Development at La Zagaleta.

An integrated resort

Similarly, the new development, which will have a maximum of 200 homes, with plots of between 2,000 m2 and 3,000 m2, will be targeting a different public to La Zagaleta. (…). “The idea is to build homes without fences, like in Los Angeles or Florida, where you can see without being seen, which will incorporate the latest developments to meet the demands of the millennials”, he added. The objective of La Zagaleta is to sell these homes in advance so that its clients can personalise them during their construction. (…).

La Zagaleta expects construction to begin within three years. (…).

In total, the group expects to invest €200 million of its own funds developing the urbanisation over a ten year period, although that figure could rise to more than €400 million. “We will get on with building the homes, at a rate of around 20 per year, for example. The logical thing is to finance them over the long term so that buyers can easily subrogate those loans and purchase the properties using minimal own funds”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Marbella, The Most Sought-After Spanish Real Estate Market

3 February 2016 – El Mundo

All the agents of the Spanish real estate market agree on stating that 2016 will be the year for the real estate recovery to settle down completely in Spain. One of the markets that reflect so perfectly is Marbella (Malaga), where an increase in the number of operations involving luxury properties has been observed, as declared by Lucas Fox, a real-estate agency specialised in top-quality market.

According to the Association of Architecs of Malaga, in 2015 492 planning permissions were authorised in Marbella. This town has presented a new-work property demand that exceeds supply.

Such new luxury dwellings are the most wanted, and most of them get sold in few months after release. Lucas Fox Marbella sale prices were positioned around 3.5 million Euros in 2015. Their most significant sale was to a US purchaser who bought a 12.5 million-Euro property in the exclusive residential area La Zagaleta.

And Marbella still remains one of the most appealing Spanish markets, particularly for the foreign investor. According to Stephen Lahiri, director of Lucas Fox Marbella, this destination “remains to be a favourite for many customers from the north of Europe, specially United Kingdom, Benelux and Scandinavia.” This reflects on the increase of foreign purchasers, whose profile is changing, since “there are ever younger and focus even more on lifestyle, design and quality”, adds Lahiri.

Lucas Fox opens new branch due to growing demand

As a response to such property demand resurgence in this popular Spanish area, Lucas Fox has recently inaugurated its sixth Property Lounge in the luxury district of Nueva Andalucia. The office will operate in luxury areas in Marbella and the surroundings regions, in addition to emerging zones such as Estepona and Benahavís.

“Since its conceiving in 2013, Lucas Fox Marbella has turned into an essential part of overall business,” adds Lahiri. “Our new Property Lounge reflects the need to place the good-quality property demand resurgence in this popular location in Spain,” he states.

Original story: El Mundo

Translation: Aura Ree

La Zagaleta To Replicate Its Luxury Marbella Complex In Sotogrande

8 January 2016 – Expansión

La Zagaleta, one of Europe’s most exclusive residential developments, located on the Costa del Sol, is going to replicate its business model in Sotogrande (Cádiz), the other major hub for luxury real estate in Andalucía.

Through its English subsidiary, the group has acquired the prestigious Valderrama golf course from the British company MGI for €40 million. Moreover, it will invest another €200 million in the development of the project.

As an indication of its exclusivity, this sporting venue is the only place that has hosted the Ryder Cup in Continental Europe (in 1997). The Ortiz Patiño family converted it into a first-class facility in 1984 and since then the complex has been sold several times. La Zagaleta will continue to lease the venue to the golf club that currently operates there.

Several companies are included in the operation, which encompasses the residential estate, the land that is still undeveloped and the project for a new golf course in the municipal area of Castellar, in other words, Valderrama II. In total, the site covers 220 hectares. This plot is one of the few that has been granted a licence by the Junta de Andalucía to construct homes after IU (la Izquierda Unida or United Left (Political) Party) – which led the Ministry for Tourism under the previous government – approved a restrictive regional policy to limit urban expansion.

Residential and tourist properties

La Zagaleta’s plans include placing it in the “current golf course’s frame of reference” and constructing a residential tourist and hotel resort “in keeping with the quality standards synonymous with La Zagaleta”. Thus, it will develop villas and homes on this land, which will require additional investment of €200 million over the next ten years.

According to a statement by the company, all of the necessary permits and licences are in place to begin the work, but the start date has not been confirmed yet because the design phase is still being completed. In any case, the design “will be inspired by the philosophy and values of La Zagaleta”, an urbanisation that is accessible only to those individuals who have assets worth ten times the value of the property that they acquire.

The CEO of the firm in Spain, Jacobo Cestino, said that “this operation strengthens our leadership position in the luxury property market and links us to one of the most prestigious golfing brands in the world”. Similarly, he said that the company has not ruled out acquiring other brands in the medium term.

La Zagaleta, founded by Enrique Pérez Flores and currently chaired by Oswald Grubel, the former CEO of UBS and Credit Suisse, has 235 mansions with a market value of €1,800 million, which increases to €3,000 million if we include the two golf course and other facilities at the 900 hectare site.

Original story: Expansión (by Rocío Ruiz/Lidia Velasco)

Translation: Carmel Drake

RE Megaprojects Return To The Costa Del Sol

27 July 2015 – Málaga Hoy

The property market on the Costa del Sol is showing signs of recovery. After years of crisis and turmoil in the construction sector, domestic and international investors are putting their faith in the region once again as they undertake new developments and generate profits. In the last three months, three large million-euro initiatives have been launched in Estepona, Marbella and Mijas, together with others, on a smaller scale, along other parts of the coast.

In Estepona, the company Ikasa has announced that it will invest €205 million in the construction of 400 luxury homes in an urbanisation that will be called ‘Panoramia Estepona’. It will be built over eight years, in a series of phases that will depend on the behaviour of the market; work will begin on the first phase this summer. (…).

The second mega-project is in Marbella and will involve the injection of €150 million from one of the largest US investment funds, for the construction of 200 luxury homes next to the Santa Clara Golf urbanisation. The first of the four phases could be completed by the end of the year and will include the creation of 20 independent villas, each with its own exclusive design, styled under the supervision of six of the country’s leading architects and with prices that will range between €900,000 and €2.5 million. 70% of the units in this development have been sold in just one month. And this is just the first of several projects that the developer Urbania International is planning in the area. (…).

Finally, last Monday, the company Taylor Wimpey España announced that it will invest €21 million on the construction of 48 apartments and 55 terraced houses in La Cala Resort, in Mijas, over the next five years, mainly aimed at foreign customers. (…)

In the international real estate market, Marbella portrays an image of quality, exclusivity, privacy and security. It is not surprising that the most luxurious private urbanisation in Europe, La Zagaleta, ended 2014 with a record turnover of €40 million and a three-fold increase in its profits compared with the previous year. So much so that the stock of newly constructed properties on the site has now dried up, and so plans are afoot for the construction of six new villas in 2016, which will have prices of between €8 million and €15 million.

The Costa del Sol is a gold standard, but the experts insist that the local and provincial administration must be more efficient in their bureaucratic management to secure continued investment and ensure greater legal security. (…).

Who are the buyers of these luxury homes?

Most of the buyers are foreigners, but “they are no longer seeking out the bargain that they thought they were going to find in years gone by”, says Pía Arrieta Morales, Partner at the real estate company Diana Morales Properties – Knight Frank. (…)

Kristina Szekely, Director of the real estate company that bears her name says that clients with less cash to invest are mainly looking for apartments with a price tag of between €200,000 and €300,000, not far from the beach, but not necessarily within the Golden Mile. Whereas, those with more capital prefer residences of between 800m2 and 2,500 m2, with an average value of €2.5 million, located in the Golden Triangle, including in La Zagaleta. But customer preferences are also a question of culture. “Russian and Arabs look for large, light-filled spaces, whilst Scandinavians prefer quiet places with views that are not necessarily overlooking the sea”.

Ricardo Arranz, the President of the Andalucían Federation of Town Planners and Residential Tourism added that the three most important factors for buyers on the Costa del Sol at the moment are: the best climate in Europe, security and infrastructure. There is a special emphasis on the integration of foreign residents with the opening of 12 international schools with pupils from 42 different nationalities in the Golden Triangle alone. Arranz notes that more than 30,000 homes worth more than €1 million have been constructed and sold in this area and another 35,000 homes that are worth between €400,000 and €600,000. (…).

Original story: Málaga Hoy (by A. Recio and E. Moreno)

Translation: Carmel Drake

‘La Zagaleta’ Tripled Its Profits In 2014 To €10M

15 June 2015 – Expansión

La Zagaleta is regarded as the most luxurious residential development in Europe / The complex in Marbella, which has 235 homes, tripled its profits in 2014 to €10 million.

In just 900 hectares of land nestled in a Mediterranean forest a few kilometres from Marbella, and guarded by the highest level of security, the residential development of La Zagaleta hides a real estate oasis to which only a few wealthy individuals can aspire.

The Chairman of the company, Oswald Grübel, estimates that the 235 mansions that comprise the residential development are worth €1,800 million at market prices, although that figure increases to €3,000 million if we include the golf courses and other facilities at the site, which is linked together by a 60km-long internal road.

Considered the most luxurious and exclusive urban development in Europe, La Zagaleta is located in the middle of the Golden Triangle – between Marbella, Benahavía and Estepona – the area where the real estate recovery has started in Spain, driven by the pull of international investors.

Grübel, a former CEO of the Swiss bank UBS, took over the reins in 2013, after the Chairman and founder, Enrique Pérez Flores, decided to stand down from his role, at the age of 90. Last year, the company reported record sales of €40 million and tripled its net profit to €10 million. One of the drivers (behind these results) was the sale of several plots of land to a US fund, whose identity has not been disclosed for confidentiality reasons.

An agreement has been made with that fund to manage its assets, i.e. to build villas (on the acquired plots) and then sell them. The contract provides for the construction of the first two (villas) through a joint venture, on which work will begin this year; and then to build several more (villas) over the next five years, although that figure may increase.

According to Jacobo Cestino, CEO of La Zagaleta, in 2006, a strategic decision was taken for the firm to develop the land, in order to generate higher margins and so it reserved all of the available land. “Homes may end up forming part of the stock for a year and a half. That is a risk we run, but the reality is that we have sold properties that have not even been completed”. Thus, this year, the company will invest €15 million in three new mansions, whose market price will be around €40 million.

Cestino also revealed that the company is considering corporate operations, “because our aim is to grow and export our brand. We are analysing operations to form partnerships overseas on a daily basis. We expect to finalise at least one purchase between now and the end of the year”.

In La Zagaleta, around 150,000 m2 of land is occupied, although the buildability ratio is reduced to 15%. Thus, there is still 200,000 m2 available, divided into 185 plots. In terms of rotation, Cestino indicates that “there is still quite a lot”. In recent years, there have been 8 or 9 re-sales per year on average.

Original story: Expansión (by Lidia Velasco)

Translation: Carmel Drake

Final Sales At The Luxury ‘La Zagaleta’ Development

23 February 2015 – El Mundo

An agreement has been reached between the complex owner and investors to launch new properties.

Property prices in this development range between €1 million and €16 million.

Potential buyers enjoy the minimum legal IBI rate in this precious enclave.

“Few residential developments offer such a high level of exclusivity in Spain”.

Luxury, exclusivity and virtually airtight privacy. Those are the characteristics of the homes in La Zagaleta, a genuine Marbellan development only a few buyers can afford, which has successfully avoided the punches thrown by the crisis. Today, the supply of newly built properties has been exhausted and so to gain access to the urbanisation, buyers have to resort to the resale market for the contemporary properties.

However, to satisfy the booming demand for La Zagaleta, new investors have arrived in the precious residential complex and they have reached an agreement with the owners of the urbanisation to market and promote more than twenty plots. “We are designing a strategic plan that will allow us to jointly launch five or six high-end villas in 2016”, announced Sergio Azcona, Press Director at La Zagaleta.

This agreement paints a very encouraging picture for the enclave, since it will ensure a constant supply in the area and will maintain the highest standards of quality. “This is good news for the market, which is experiencing a relative scarcity of new, high-end properties and whose supply mainly comprises traditional, older houses, which normally need refurbishing”, added Stephen Lahiri, Director of Lucas Fox’s office in Marbella. The real estate company has recently completed two of the most significant sales in the area for €7 million and €12 million, respectively.

“Few urbanisations offer such a high level of exclusivity in Spain”, said Lahiri. The properties in La Zagaleta meet the highest standards in terms of construction, architecture and security, which is extremely appealing and therefore results in high demand. For the most part, the price of the houses marketed by Lucas Fox comfortably exceeds one million euros and sometimes can reach up to €16 million. As well as these characteristics, the low construction density over the 900-hectare plot is another appealing feature, which means that the homes are surrounded by lush vegetation and enjoy views of the Mediterranean, Gibraltar and Africa.

“We have two 18-hole golf courses and we offer a personalised service with a team of 120 multilingual professionals who meet the needs of clients 24 hours a day”, said Azcona.

Buyers are aged between 40 and 50

The local real estate companies have noted an increase in the number of requests (for properties) in the Marbella area, where the volume of transactions is again close to its 2007 levels. Moreover, there has been a change in the demographic: buyers are generally younger than they were at the start of the Noughties, with the average age now ranging between 40 and 50 years.

(….)

“In terms of the method of payment for the properties, given the current difficulties involved in financing a real estate transaction, more and more clients are choosing to buy without taking out a mortgage”, said Lahiri. Therefore “it is no surprise that prices have returned to more realistic figures as buyers return (to the market)”. “Above all”, he adds “in areas considered to be the best in Europe for living and owning a luxury property”.

Favourable Tax (Conditions)

The potential buyers in La Zagaleta cannot ignore the great appeal of the tax rate, since in this urbanisation – just like in many other towns in the area – the Property Ownership Tax (Impuesto sobre Bienes Inmuebles or IBI) rate is at its legal minimum, something which “along with its special location has meant that (the development) has barely suffered during the crisis”, concludes Azcona, who states that “the indicators suggest that values, and therefore prices, are going to be updated in the short and medium term”.

Original story: El Mundo (by Pablo Ramos)

Translation: Carmel Drake