Basic concept

The basic concept and concept of FAM Fastighets AB Andalucia del Mar, which was formed in the mid-1970s, consists of 28 independent Swedish limited companies that, each for their different number of shareholders, own and, against fees paid by the owners, manage an apartment of three rooms and kitchen in sizes between 113 and 143 sqm in the residential complex Andalucia del Mar, Marbella, Spain. The apartments were built between 1978 and 1984. Click on Our Apartments to see the layout, photos and related documents for each apartment.

Each apartment is a unique company with a unique number of shares. Each week is represented by the company’s allocated shares, with a specific right of use attached to the share, in the same weeks each year – e.g. week 45. Owners can read more information on the Owner pages under Exchange Days. The Annual General Meeting is held annually in Stockholm. The right to vote is determined by the number of weeks that the right of use accounts for and constitutes one vote at the AGM.

In addition to the one-off cost of the share(s), there is an annual weekly fee for each week owned. The fee includes access to a car.

In order to maintain and develop the high standard of the apartments as they were when they were built, the bathrooms and kitchens were renovated between 2002 and 2009. Future renovations are carried out as needed and according to a three-year investment plan drawn up by the Board. Owners have the opportunity to indicate on the handover form any deficiencies that may exist in the apartment or make suggestions for improvements, etc. The budget for each year sets aside an amount for necessary ongoing maintenance and investment. Major investments, such as kitchen or bathroom renovations, are always preceded by communication with the owners. The staff at the local office in Andalucia del Mar have the main responsibility for maintaining a good standard in the apartments and for taking the necessary measures when needs arise.

The accommodation concept includes so-called full service, i.e. the apartment is provided with everything from cars, furniture, paintings, linen and towels to glasses, crockery, coffee makers and kitchen utensils, etc. Personal assistance is available at the NAM Service Office on site in Spain.

All companies are governed by the Swedish Companies Act, have the same authorized auditor who regularly reviews the Board’s management of the business and have a common Board and administration. The Articles of Association and the Terms and Conditions form the framework for the direction of the business, which is further governed by a number of principles and guidelines, which each owner must carefully observe.

The companies have no managing director. The Chairman of the Board can be considered to have this role, which is why the Chairman is elected at the Annual General Meeting, which takes place in Stockholm in May-June. At that time, the same Board of Directors is also elected in all 28 companies to coordinate rules and to streamline the FAM Group’s management and purchasing capacity.