Buying in Granada

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This topic contains 59 replies, has 15 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 4 months ago.

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  • #51994
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi all
    We are just looking into buying on a development just outside Granada.
    Can anyone give us a realistic rental expectation in terms of number of weeks, approx price etc.
    whats the general opinion of the Granada area?
    Is it good for skiing in the winter in the Seirra Nevada?
    Lots of questions but this is an ideal place to ask.

    any replies welcome

    thanks

    Phil

  • #63575
    Profile photo of Anonymous
    Anonymous
    Participant

    Where abouts near Granada – Motril by any chance?

  • #63579
    Profile photo of Anonymous
    Anonymous
    Participant

    The Sierra Nevada is excellent for skiing, so I have been told.

  • #63580
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello,

    Granada is a beautiful place. If you like mountains and Islamic Art this is the place to be. The Alhambra Palace and gardens are superb – well worth a visit. You will need to book well in advance – http://www.alhambratickets.com.

    I am not sure whether the ski slopes will be able to cope with the volume of people.

    Take extra care when buying in Murcia, Almeria and Granada. The rogue developers and estate agents have now moved into these areas!!!

    All the best,

    Lizi

  • #63592
    Profile photo of Melosine
    Melosine
    Participant

    What I would be beware of are the property exhibitons sales pitch and offers of FREE “holidays”, by the major developers, for prospective clients of holiday homes anywhere in the world.

    The part of Murcia where I live has no such rogues. Few expats by comparison to much of Spain but we do have new ongoing developements and new golf resorts emerging mainly for the Spanish market.

    I am in no way involved with the property business just decided,and very happily, to relocate to Spain and chose an area in Spanish Murcia not British Murcia where apparently there have been similar problems as experienced by large British communities in Almeria. Costa del Sol etc.

    So be it Almeria,Granada or wherever if you move into a predominately Spanish area you should be okay.

    Happy relocating

  • #63593
    Profile photo of Anonymous
    Anonymous
    Participant

    when you say just outside Granada do you mean just outside the Granada TOwn in a cute old white pueblo or do you mean one of those new horrible modern “developments” on A92?

    Cute pueblo – possible ocassional rental from Spanish speaking Brits looking for the “real spain” probabaly about 300 a week.

    New development in the middle of nowhere – zero holiday rental possibility.

    Granada Town center great rental potential all year round. But in the last year tremendous increase in Brits doing up property and trying to rent out apartments or B and B . Sierra Nevada already has numerous hotels/apartments/rooms to rent. Walking in summer and sking in winter..

  • #63599
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Phil

    By any chance are you considering the Santa Clara development on the new golf course just outside Granada? There are a whole bunch of apartment developments and villa developments going up on that site.

    There is one developer pitching 10 year guaranteed rental with apartments from around 220.000€. This is massively over-priced for the area and from what I’ve seen on the coast and also back in the UK there are no guaranteed rentals as such anywhere. If the company doing your “guaranteed” rentals goes bust you simply don’t get your rental income – its as simple as that! Ask anyone who bought at Jardin Tropical in Riviera del Sol or Cascadas de Calahonda.

    Be realistic about the estate agents promises. Hotels in Sierra Nevada are SO cheap that most people I know stay overnight in the village and would never ever consider driving all the way back down the hill to stay in something that was actually more expensive per night. And Granada is a good 40 minutes from the coast. Some may claim that you’re getting “the best of both worlds” in Granada but if you don’t mind me being brutally honest I’d actually say that this location is “neither one thing nor another”.

    If you want a ski property buy in the village of Sierra Nevada (but watch out for the standard request for 40% in black money), if you want a beach property buy on the coast and if you want an inland property buy a legally registered finca. If you need rental income to cover some or all of your costs then look for amenities available NOW in the immediate vicinity: shops, restaurants, things to do. Or consider buying a resale with qualified rental income from previous years already provable and bookings for this year in place.

    Hope you don’t mind me being so direct.
    Kind regards and good luck in your search.

    Sarah Dodgson

  • #63600
    Profile photo of katy
    katy
    Spectator

    Sarah, spot on. We and many friends go ski-ing there and no way would we consider anything away from the action, hotels are the most popular for majority of people. Agree with your point about guaranteed rentals too. Just to add, golf courses, golfers also like to be where the action is too (ie. Puerto Banus) and they like to play a different golf course every day which is why Marbella and Mijas are also the golfers choice.

  • #63604
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks for the varied feed back all is very much appreicated. the development we are going to look at is the Medina Elvira Fairways and Golf, two new developments, just North of Granada ( supposed to be 10 mins) but we’ll see.

    We have made zero commitment yet, just fact finding at this stage. We would love to get a place, primarily for ourselves (long weekends etc ) but really need to get some rental income out of the property.

    We have been told (by friends) that Granada is a beautiful city etc, and we aren’t particularly beach people, but not saying we don’t like going to it.

    Suppose the comment that it is neither beach or mountain area is valid.

    Time to take of the rosey glasses and see it , going over there in a couple of weeks 28/29th july for a peek around.

    Any pointers would be welcomed, and thanks again for taking the time to respond.

    Phil

  • #63605
    Profile photo of Anonymous
    Anonymous
    Participant

    something you might want to consider are the extremes of weather.

    It was snowing and – 11 last year and has been 40+ in July and August regularly.

    Bearing in mind there are no sea breezes to cool you down as on the coast. Its a different climate than you imagine Spain to be.

    Granada (itself) is a fantastic city!

  • #63612
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi PhilW,

    Further to your post, I too have been looking at this region. The general advice is..Yes, it has a lot going for it and prices may go up, but don’t expect to rent your property. Only buy if you can fund the purchase without rentals. Look at any other income as a bonus. Also, the skiing is not exactly brilliant! Doesn’t come close to the Alps. Snow is unpredictable and the villages rather tatty.

    Anyway, best of luck. I’d be interested in your decision as I’m still interested in a purchase in the area and coming out to look around in September. I understand that some developers are offering monthly payment terms for the intial 30% deposit over 18 months.The rest on mortgage at completion.

  • #63616
    Profile photo of Anonymous
    Anonymous
    Participant

    Sarah

    You were indeed blunt in your post and to be fair, wrong!

    I own a lot of property in Medina, Fairways and now Golf on this development. I bought because of the developer who has developed some of the best stuff on the coast on the best golf courses.

    The payment terms are great and the guarantee is bonded and underwritten by an insurance policy.

    They will rent really well as they are handed over to the major ski companies for the rental. The properties are managed, furnished and handed back to you in the condition that you gave them to the tour operator at the begining, ie new.

    I have never invested in any other guranteed project before as the guarantee has never been underwritten by a third party like this before.

    Phil, it is a great development and I am sure you will be happy there, as stated if you want more info from a buyers point of view, and a happy buyer then pm me!

    cheers all

  • #63803
    Profile photo of Anonymous
    Anonymous
    Participant

    David – what is the correct name of this development – and out of interest, who is the developer?

  • #63620
    Profile photo of Anonymous
    Anonymous
    Participant

    David – what is the correct name of this development – and out of interest, who is the developer?

  • #63850
    Profile photo of Anonymous
    Anonymous
    Participant

    Brochure can be downloaded from

    http://www.spanishpropertydevelopment.com/gran … _royal.asp

  • #63650
    Profile photo of Anonymous
    Anonymous
    Participant

    Brochure can be downloaded from

    http://www.spanishpropertydevelopment.com/gran … _royal.asp

  • #63854
    Profile photo of Anonymous
    Anonymous
    Participant

    An impressive website, but it gives no info on the developer.

  • #63654
    Profile photo of Anonymous
    Anonymous
    Participant

    An impressive website, but it gives no info on the developer.

  • #63863
    Profile photo of Anonymous
    Anonymous
    Participant

    Here’s the website I can find for the local company doing the promotion for Medina Elvira in Granada.

    http://www.eurogranada.com

    Also the developer’s direct line is 902 431 844

    Sales team speaking spanish give prices starting from 143k euros for a one bed. UK based websites offering inspection tours and all that jazz start from 168k for a 1 bed. Wonder where the difference is going?????

    Sounds to me like you should get yourself on a plane, hire a car and go direct to the sales office…and still don’t rely on the rental whatever anyone else on the Forum says!

    Sarah
    x

  • #63663
    Profile photo of Anonymous
    Anonymous
    Participant

    Here’s the website I can find for the local company doing the promotion for Medina Elvira in Granada.

    http://www.eurogranada.com

    Also the developer’s direct line is 902 431 844

    Sales team speaking spanish give prices starting from 143k euros for a one bed. UK based websites offering inspection tours and all that jazz start from 168k for a 1 bed. Wonder where the difference is going?????

    Sounds to me like you should get yourself on a plane, hire a car and go direct to the sales office…and still don’t rely on the rental whatever anyone else on the Forum says!

    Sarah
    x

  • #63869
    Profile photo of Anonymous
    Anonymous
    Participant

    The developer I have bought from is Peninsular.

    The terms are fantastic, the prices are high for the area, but the quality is really good.

    Due to the fact that I have a ´dual´persona, ie I am an extensive owner in Spain but I also work in the industry, it may be best in direct questions are done through the PM, as I dont want to be kicked off!

    Good luck!!

    I was there today and the site is going up ahead of schedule, which is scary…

  • #63669
    Profile photo of Anonymous
    Anonymous
    Participant

    The developer I have bought from is Peninsular.

    The terms are fantastic, the prices are high for the area, but the quality is really good.

    Due to the fact that I have a ´dual´persona, ie I am an extensive owner in Spain but I also work in the industry, it may be best in direct questions are done through the PM, as I dont want to be kicked off!

    Good luck!!

    I was there today and the site is going up ahead of schedule, which is scary…

  • #63872
    Profile photo of katy
    katy
    Spectator

    Bit of a conflict there isn’t there David, you are selling and buying? You will be telling us soon that all the stars are buying there. Think the people on this forum are a bit too worldly to fall for all this spin.

    If anyone has a look around its possible to see that most rural areas have in the pipeline some project, concept or whatever the latest agent speak is. Usually consists of a golf course, shops and bars (if anyone is crazy enough to lease the locales that they have built) Etc. and thousands of ugly blocks of apartments. Some may come with guarantees of rental that should be written on lavatory paper. of course when you have bought its too late.

  • #63672
    Profile photo of katy
    katy
    Spectator

    Bit of a conflict there isn’t there David, you are selling and buying? You will be telling us soon that all the stars are buying there. Think the people on this forum are a bit too worldly to fall for all this spin.

    If anyone has a look around its possible to see that most rural areas have in the pipeline some project, concept or whatever the latest agent speak is. Usually consists of a golf course, shops and bars (if anyone is crazy enough to lease the locales that they have built) Etc. and thousands of ugly blocks of apartments. Some may come with guarantees of rental that should be written on lavatory paper. of course when you have bought its too late.

  • #63880
    Profile photo of Anonymous
    Anonymous
    Participant

    David – you wrote:

    “The developer I have bought from is Peninsular”.

    Looking on a website for this development it says:

    Development managed by one of Spain’s top developers, Peninsula Project Management S.L.

    ‘…managed..’ does not mean they are the developers.

    I personally (along with hundreds of others) got caught out on our development, believing we were buying from a large developer worth millions.
    We bought at their smart showroom/offices, shown round by one of their staff, they talked about all the “******” guarantees and company’s quality of build etc. (even our initial reserve deposit was to be paid to them) but when it came to the contract months down the line – it was with a little company they had set up with a declared share capital of 32,000 euros!

    And what happened when the project went belly up? Oh, nothing to do with them, they were only the ‘promoters’. (Even though the directors were the same……for both companies….).

    I know of at least two other developments where this same game has been played – basically so the ‘big mother’ company stays protected if there are problems, financial or otherwise.

    Am telling you this just to make you aware you might be in a similar situation.

    You say your developer is Peninsular – I am just curious if your contract is with Peninsular? It may well be, am just curious.

    I know someone who bought at another development: Santa Maria Village. They thought they were buying from the large SIFASA company and the contract was even on their headed paper. But the contract was actually not with SIFASA – it was with Las Terrazas de Santa Maria SL.

    It is a game that purchasers should be aware of – lulled into a sense of security thinking they are buying from a big developer, but the contract one signs is not with them. Then when push comes to shove, you are left dealing with a Mickey Mouse company.

    Before anyone jumps down my throat, am not saying this is always the case, am just making people aware it does go on, in Andalucia at least.
    Lesson learnt? Make sure your lawyer (if signing on your behalf) lets you be aware of who your contract is with. It is not always who you originally thought it was!!

    By the way, the blurb for this development in Granada seems a bit typical:

    “Perect for investors (expected growth between 10% and 15% yearly) (Investing £114,000 today, could be worth over £362,000 in ten years) “ 😯

    Whoever wrote that is either on Planet La-La (or they think the purchasers who read it are…..).
    They never give up with this %^&*, do they !

    Come on David, prove me wrong. Who is actually the developer on your contract????

    Barbara

  • #63680
    Profile photo of Anonymous
    Anonymous
    Participant

    David – you wrote:

    “The developer I have bought from is Peninsular”.

    Looking on a website for this development it says:

    Development managed by one of Spain’s top developers, Peninsula Project Management S.L.

    ‘…managed..’ does not mean they are the developers.

    I personally (along with hundreds of others) got caught out on our development, believing we were buying from a large developer worth millions.
    We bought at their smart showroom/offices, shown round by one of their staff, they talked about all the “******” guarantees and company’s quality of build etc. (even our initial reserve deposit was to be paid to them) but when it came to the contract months down the line – it was with a little company they had set up with a declared share capital of 32,000 euros!

    And what happened when the project went belly up? Oh, nothing to do with them, they were only the ‘promoters’. (Even though the directors were the same……for both companies….).

    I know of at least two other developments where this same game has been played – basically so the ‘big mother’ company stays protected if there are problems, financial or otherwise.

    Am telling you this just to make you aware you might be in a similar situation.

    You say your developer is Peninsular – I am just curious if your contract is with Peninsular? It may well be, am just curious.

    I know someone who bought at another development: Santa Maria Village. They thought they were buying from the large SIFASA company and the contract was even on their headed paper. But the contract was actually not with SIFASA – it was with Las Terrazas de Santa Maria SL.

    It is a game that purchasers should be aware of – lulled into a sense of security thinking they are buying from a big developer, but the contract one signs is not with them. Then when push comes to shove, you are left dealing with a Mickey Mouse company.

    Before anyone jumps down my throat, am not saying this is always the case, am just making people aware it does go on, in Andalucia at least.
    Lesson learnt? Make sure your lawyer (if signing on your behalf) lets you be aware of who your contract is with. It is not always who you originally thought it was!!

    By the way, the blurb for this development in Granada seems a bit typical:

    “Perect for investors (expected growth between 10% and 15% yearly) (Investing £114,000 today, could be worth over £362,000 in ten years) “ 😯

    Whoever wrote that is either on Planet La-La (or they think the purchasers who read it are…..).
    They never give up with this %^&*, do they !

    Come on David, prove me wrong. Who is actually the developer on your contract????

    Barbara

  • #63881
    Profile photo of Anonymous
    Anonymous
    Participant

    Medina 23 Peninsular
    Medina Fairways Peninsular
    Medina Suites Peninsular

    the guarantee is with Roayal Peninsular.

    Peninsular are also promoting other develoments on the golf complex but have not built them.

    there, apart form telling you which ones I own (or the contracts) and who I bought through, not a lot more I can say.

    for the record, we have owned in Spain for over 30 years. We have bought and sold more property than most and we have had one or two issues, but on the whole it has been a great experience.

    Know your market, dont believe everything and dont get grumpy when your investment does not turn in to your pension!

    🙂

  • #63681
    Profile photo of Anonymous
    Anonymous
    Participant

    Medina 23 Peninsular
    Medina Fairways Peninsular
    Medina Suites Peninsular

    the guarantee is with Roayal Peninsular.

    Peninsular are also promoting other develoments on the golf complex but have not built them.

    there, apart form telling you which ones I own (or the contracts) and who I bought through, not a lot more I can say.

    for the record, we have owned in Spain for over 30 years. We have bought and sold more property than most and we have had one or two issues, but on the whole it has been a great experience.

    Know your market, dont believe everything and dont get grumpy when your investment does not turn in to your pension!

    🙂

  • #63882
    Profile photo of Anonymous
    Anonymous
    Participant

    @sdodgson wrote:

    Sales team speaking spanish give prices starting from 143k euros for a one bed. UK based websites offering inspection tours and all that jazz start from 168k for a 1 bed. Wonder where the difference is going?????

    Sounds to me like you should get yourself on a plane, hire a car and go direct to the sales office…and still don’t rely on the rental whatever anyone else on the Forum says!

    Sarah
    x

    Sounds to me anyone willing to pay 143k€ for a one bedroom apt needs therapy. 🙄

  • #63682
    Profile photo of Anonymous
    Anonymous
    Participant

    @sdodgson wrote:

    Sales team speaking spanish give prices starting from 143k euros for a one bed. UK based websites offering inspection tours and all that jazz start from 168k for a 1 bed. Wonder where the difference is going?????

    Sounds to me like you should get yourself on a plane, hire a car and go direct to the sales office…and still don’t rely on the rental whatever anyone else on the Forum says!

    Sarah
    x

    Sounds to me anyone willing to pay 143k€ for a one bedroom apt needs therapy. 🙄

  • #63883
    Profile photo of Anonymous
    Anonymous
    Participant

    “…… and dont get grumpy when your investment does not turn in to your pension! “

    I think if you paid nearly £100,000 as a down-payment on an apartment, the developer then didn’t build a brick for three years, they then refused to pay you your money back so you had to go through a stressful court case, you would be a little ‘grumpy’.

    For many of us purchasers on this development, the years of stress has taken a dreadful toll on health besides the dire financial aspect of our lives having to be ‘on hold’ for three years.

    I would like to add it was not an ‘investment for my pension’, not many of us have that kind of ‘extra’ money.
    It was to be my new permanent home, paid for by the sale of my UK house.
    The move to a warmer climate was important to me, as I am in constant pain with Rheumatoid Arthritis.

    I’m afraid I find your comment rather flippant, and don’t quite understand the tone of your reply.

    “We have bought and sold more property than most and we have had one or two issues, but on the whole it has been a great experience. “

    I’m pleased for you, and long may it continue.

    Barbara

  • #63683
    Profile photo of Anonymous
    Anonymous
    Participant

    “…… and dont get grumpy when your investment does not turn in to your pension! “

    I think if you paid nearly £100,000 as a down-payment on an apartment, the developer then didn’t build a brick for three years, they then refused to pay you your money back so you had to go through a stressful court case, you would be a little ‘grumpy’.

    For many of us purchasers on this development, the years of stress has taken a dreadful toll on health besides the dire financial aspect of our lives having to be ‘on hold’ for three years.

    I would like to add it was not an ‘investment for my pension’, not many of us have that kind of ‘extra’ money.
    It was to be my new permanent home, paid for by the sale of my UK house.
    The move to a warmer climate was important to me, as I am in constant pain with Rheumatoid Arthritis.

    I’m afraid I find your comment rather flippant, and don’t quite understand the tone of your reply.

    “We have bought and sold more property than most and we have had one or two issues, but on the whole it has been a great experience. “

    I’m pleased for you, and long may it continue.

    Barbara

  • #63886
    Profile photo of Anonymous
    Anonymous
    Participant

    Charlie, look at Davids profile and you will see he is “in the trade”!! He has a website address….thay does not work! 😕

  • #63686
    Profile photo of Anonymous
    Anonymous
    Participant

    Charlie, look at Davids profile and you will see he is “in the trade”!! He has a website address….thay does not work! 😕

  • #63887
    Profile photo of Melosine
    Melosine
    Participant

    Charlie,
    Was this a just reservation deposit or that plus percentage payments? Claire had also a substantial amount invested.
    Just wondering how this “developer plays the game”. 😈
    The more you invested the bigger the discount on the property?
    Can you tell us the sales pitch in the hope others can avoid a similar disaster. The slickness of these organisations leads people down routes they would otherwise avoid.

    How many more are in a similar situation to yours and not just with this company I hate to think. Read enough material on forums to know it’s not a one off.

    People are still heavily investing in a certain *club* in Almeria. Have been for 3/4 years .Astonishing arguments between investors over building licence issue. Many are so fed up . All they want is their money back and most would prefer not to take legal action thereby these developers hold total power.

    With hindesight it is easy for those not involved to give logical advice but in reality the sales pitch and luxury offices are expressly aimed to disarm and con.

    A downside of the British makeup is they don’t like to admit they have been the subject of a con. In my mind there is no other word for it However change the wording to “mis-sold” and perhaps ,like times shares and pensions, the great British public will get off there bums and act.

    Perhaps Mark,naming no names ,can do a story on how these smooth operaters work.

    Apologies if you and Mark have gone down this route already but I having been heavily involved in my own build for 8 months am out of touch with the news.

  • #63687
    Profile photo of Melosine
    Melosine
    Participant

    Charlie,
    Was this a just reservation deposit or that plus percentage payments? Claire had also a substantial amount invested.
    Just wondering how this “developer plays the game”. 😈
    The more you invested the bigger the discount on the property?
    Can you tell us the sales pitch in the hope others can avoid a similar disaster. The slickness of these organisations leads people down routes they would otherwise avoid.

    How many more are in a similar situation to yours and not just with this company I hate to think. Read enough material on forums to know it’s not a one off.

    People are still heavily investing in a certain *club* in Almeria. Have been for 3/4 years .Astonishing arguments between investors over building licence issue. Many are so fed up . All they want is their money back and most would prefer not to take legal action thereby these developers hold total power.

    With hindesight it is easy for those not involved to give logical advice but in reality the sales pitch and luxury offices are expressly aimed to disarm and con.

    A downside of the British makeup is they don’t like to admit they have been the subject of a con. In my mind there is no other word for it However change the wording to “mis-sold” and perhaps ,like times shares and pensions, the great British public will get off there bums and act.

    Perhaps Mark,naming no names ,can do a story on how these smooth operaters work.

    Apologies if you and Mark have gone down this route already but I having been heavily involved in my own build for 8 months am out of touch with the news.

  • #63888
    Profile photo of Anonymous
    Anonymous
    Participant

    Melosine.
    This amount was just reservation deposit, and yes 😀 we’ve been down the route of sales pitch, lawyers etc until I would think everyone here is sick of hearing it! 😉 I know there are always new people coming onto the forum. They like us will have do do the research, starting by reading some back threads.

  • #63688
    Profile photo of Anonymous
    Anonymous
    Participant

    Melosine.
    This amount was just reservation deposit, and yes 😀 we’ve been down the route of sales pitch, lawyers etc until I would think everyone here is sick of hearing it! 😉 I know there are always new people coming onto the forum. They like us will have do do the research, starting by reading some back threads.

  • #63889
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Melosine

    Where is this *club* in Almeria that people are still heavily investing in? The only *club* that I am aware of is the Almanzora Country Club (just up the road from where I’m buying in Cuevas del Almanzora). It can’t be ACC as the developer stopped taking reservation deposits and stage payments as soon as the building work was halted (friends of mine are one of the 900+ who have their names down for the remaining 650 properties).

  • #63689
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Melosine

    Where is this *club* in Almeria that people are still heavily investing in? The only *club* that I am aware of is the Almanzora Country Club (just up the road from where I’m buying in Cuevas del Almanzora). It can’t be ACC as the developer stopped taking reservation deposits and stage payments as soon as the building work was halted (friends of mine are one of the 900+ who have their names down for the remaining 650 properties).

  • #63890
    Profile photo of Melosine
    Melosine
    Participant

    AAA

    If that is true. Then I am glad. However I wonder if this has completely filtered through to the various agents. Do hope so and honestly hope it gets sorted soon.

  • #63690
    Profile photo of Melosine
    Melosine
    Participant

    AAA

    If that is true. Then I am glad. However I wonder if this has completely filtered through to the various agents. Do hope so and honestly hope it gets sorted soon.

  • #63891
    Profile photo of Melosine
    Melosine
    Participant

    Claire,

    I recall reading your first postings about your problem . In those days members postings were not as` thick and fast as they are now. Glad more folk are using this invaluable informative site.
    However since back on line have tried trawling from whence I left off and it is a mammoth task so thought I would just check to see if this issue had been covered.
    Thank you for pointing out that this had been addressed.

  • #63691
    Profile photo of Melosine
    Melosine
    Participant

    Claire,

    I recall reading your first postings about your problem . In those days members postings were not as` thick and fast as they are now. Glad more folk are using this invaluable informative site.
    However since back on line have tried trawling from whence I left off and it is a mammoth task so thought I would just check to see if this issue had been covered.
    Thank you for pointing out that this had been addressed.

  • #63901
    Profile photo of Anonymous
    Anonymous
    Participant

    @melosine wrote:

    AAA

    If that is true. Then I am glad. However I wonder if this has completely filtered through to the various agents. Do hope so and honestly hope it gets sorted soon.

    Melosine

    Check out http://www.overseaspropertyshop.com/update_news.php?cur_page=2

    Mind you, if I were the developer, I would not be in a rush to start rebuilding. 1350 already sold. Approx. 60000€ deposit per property = 81000000€ x 3% per annum = 46730€ per week. Over simplification I know, but nice work if you can get it 🙂

  • #63701
    Profile photo of Anonymous
    Anonymous
    Participant

    @melosine wrote:

    AAA

    If that is true. Then I am glad. However I wonder if this has completely filtered through to the various agents. Do hope so and honestly hope it gets sorted soon.

    Melosine

    Check out http://www.overseaspropertyshop.com/update_news.php?cur_page=2

    Mind you, if I were the developer, I would not be in a rush to start rebuilding. 1350 already sold. Approx. 60000€ deposit per property = 81000000€ x 3% per annum = 46730€ per week. Over simplification I know, but nice work if you can get it 🙂

  • #63790
    Profile photo of Anonymous
    Anonymous
    Participant

    I would like to add it was not an ‘investment for my pension’, not many of us have that kind of ‘extra’ money.
    It was to be my new permanent home, paid for by the sale of my UK house.
    The move to a warmer climate was important to me, as I am in constant pain with Rheumatoid Arthritis.

    Hi Barbara,

    I feel quite moved by your experience and hope these B******* don’t get away with it.

    Best regards,

    Chris

  • #63990
    Profile photo of Anonymous
    Anonymous
    Participant

    I would like to add it was not an ‘investment for my pension’, not many of us have that kind of ‘extra’ money.
    It was to be my new permanent home, paid for by the sale of my UK house.
    The move to a warmer climate was important to me, as I am in constant pain with Rheumatoid Arthritis.

    Hi Barbara,

    I feel quite moved by your experience and hope these B******* don’t get away with it.

    Best regards,

    Chris

  • #63798
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Chris
    Many thanks for your kind comments.

    Am pleased (and relieved) to say that, after we heard the judge ruled in our favour at the end of June, we (Claire and I) finally had the telephone call TODAY from our lawyer that our money is ready for transfer to our accounts……….. 😀

    It has been a long haul, but hope that our and Claire’s story on this forum (over a very long time…!) gives encouragement to others.

    We are very grateful for all the contributions with advice on this forum – especially the legal advice given by the likes of lawyers Drakan and Cesar, who helped us along the way.

    Claire’s “YAHOOOOOOOOOOOO !!” thread found on page 3 of the General forum says it all!!

    I don’t usually mention my RA problem (everyone has their own problems) but am afraid David’s ‘smug’ last liner got to me that day.
    I do dislike the “I’m alright, I’m in the lifeboat’ attitude”.

    I heard of someone in a similar scenario to us who had a nervous breakdown over their situation. They ended up committing suicide.

    These terrible situations going on that affect so many people’s lives do not warrant glib, uninformed one-liners.

    It is a shame that our experience in Spain was such a nightmare, but still are pleased for those who have been able to fulfill their dream there.

    Barbara (who used to live near you – Devon!)

  • #63998
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Chris
    Many thanks for your kind comments.

    Am pleased (and relieved) to say that, after we heard the judge ruled in our favour at the end of June, we (Claire and I) finally had the telephone call TODAY from our lawyer that our money is ready for transfer to our accounts……….. 😀

    It has been a long haul, but hope that our and Claire’s story on this forum (over a very long time…!) gives encouragement to others.

    We are very grateful for all the contributions with advice on this forum – especially the legal advice given by the likes of lawyers Drakan and Cesar, who helped us along the way.

    Claire’s “YAHOOOOOOOOOOOO !!” thread found on page 3 of the General forum says it all!!

    I don’t usually mention my RA problem (everyone has their own problems) but am afraid David’s ‘smug’ last liner got to me that day.
    I do dislike the “I’m alright, I’m in the lifeboat’ attitude”.

    I heard of someone in a similar scenario to us who had a nervous breakdown over their situation. They ended up committing suicide.

    These terrible situations going on that affect so many people’s lives do not warrant glib, uninformed one-liners.

    It is a shame that our experience in Spain was such a nightmare, but still are pleased for those who have been able to fulfill their dream there.

    Barbara (who used to live near you – Devon!)

  • #64011
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks to all who contributed, we went down many alleys.

    But i.m not sure if my questions was answered fully as the whole thing got a little sidetracked. I completely understand some people have been unfortunate to be caught by some pretty unscrupulous people, so thanks for sharing your experience good and bad.

    Can any one say( i know its a personal opinion) but gut feel, as an investment (rental opportunity) and holiday home, where is the best place to buy?

    thanks

  • #63820
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks to all who contributed, we went down many alleys.

    But i.m not sure if my questions was answered fully as the whole thing got a little sidetracked. I completely understand some people have been unfortunate to be caught by some pretty unscrupulous people, so thanks for sharing your experience good and bad.

    Can any one say( i know its a personal opinion) but gut feel, as an investment (rental opportunity) and holiday home, where is the best place to buy?

    thanks

  • #64012
    Profile photo of Melosine
    Melosine
    Participant

    I would say Murcia.
    Lorca resorts which I might add , I am not involved in , perhaps worth looking into. They have just started preparing the groundwork for this complex with 27 hole golf course.
    10 mins inland from the wonderful resort of Aguilas, a Spanish gem, and up market city of Lorca.
    This area is as far removed from the expat communities as you can get.
    Unspoiled and unsullied.

    However suggest you trawl the www and find your ideal location.

  • #63822
    Profile photo of Melosine
    Melosine
    Participant

    I would say Murcia.
    Lorca resorts which I might add , I am not involved in , perhaps worth looking into. They have just started preparing the groundwork for this complex with 27 hole golf course.
    10 mins inland from the wonderful resort of Aguilas, a Spanish gem, and up market city of Lorca.
    This area is as far removed from the expat communities as you can get.
    Unspoiled and unsullied.

    However suggest you trawl the www and find your ideal location.

  • #64015
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Phil,

    Yes Murcia is a wonderful place. But please do not buy in Campos del Rio, Murcia. We were conned by the promoter, developer and estate agent. Our property we bought off plan in June 2003 was sold to another British couple for 100,000 Euros more. We are still seeking justice through the legal system in Spain which is not effective. My patience is running out with the legal system. The system does not protect foreign buyers. The Spanish promoter/developer and Swedish estate agent who committed fraud and aided and abetted the fraud walks free this moment in time after nearly three years. THE SPANISH LEGAL SYSTEM IS APPALLING.

    My advice to you is not to buy off-plan. Buy what you see with a recommended independent lawyer. OFF-PLAN PROPERTY is too risky. You need to avoid the courts in Spain. I HAVE WARNED YOU.

    If this website was in existence when my property fraud occurred, maybe it would never have happened to me.

    Wish you well.

    Lizi
    A talented English interior designer who was conned by a Swedish estate agent and a Spanish promoter/developer in 2003

  • #63828
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Phil,

    Yes Murcia is a wonderful place. But please do not buy in Campos del Rio, Murcia. We were conned by the promoter, developer and estate agent. Our property we bought off plan in June 2003 was sold to another British couple for 100,000 Euros more. We are still seeking justice through the legal system in Spain which is not effective. My patience is running out with the legal system. The system does not protect foreign buyers. The Spanish promoter/developer and Swedish estate agent who committed fraud and aided and abetted the fraud walks free this moment in time after nearly three years. THE SPANISH LEGAL SYSTEM IS APPALLING.

    My advice to you is not to buy off-plan. Buy what you see with a recommended independent lawyer. OFF-PLAN PROPERTY is too risky. You need to avoid the courts in Spain. I HAVE WARNED YOU.

    If this website was in existence when my property fraud occurred, maybe it would never have happened to me.

    Wish you well.

    Lizi
    A talented English interior designer who was conned by a Swedish estate agent and a Spanish promoter/developer in 2003

  • #64024
    Profile photo of Anonymous
    Anonymous
    Participant

    Barbara

    I was not posting at anyone individual. So feel unfair that you replied to me as an individual.

    I am sorry for you that you have had a terrible situation, I hope that you get all of your money back and more.

    I hope that this is the same for all people in a similar situation.

    Buying a property anywerhe in the world is a difficult descision and often it does not work out, GB included.

    We have an excellent gestor and abagado who has advised us in the past on both sides of the coin advising where to put money and where to avoid.

    I only visited this forum as my details were posted without my knowledge by your ´professional´ ´free advice´abagaado Maria.

    I have never promoted any developement and have only given my personal views as a buyer.

    I hope that this puts my position in the picture.

    Dave

  • #64235
    Profile photo of Anonymous
    Anonymous
    Participant

    Que tal amigos. This is my first post on this forum. I was interested inthe discussion about Medina Elvira Golf, near Granada. I visited the site at the end of June (lovely drive from Murcia, were we own two beach properties). I really liked what we saw – stunning views, proximity to the Cubillas lake, la Sierra Nevada and, yes, it is very near Granada city. It took us no more than 15 minutes and I’m a very creful driver.

    We had already put down deposits for 3 apartments that we are buying as a family. Second payments are already due, but I have written to Peninsula Project Management (PPM) asking for written confirmation of the guaranteed rental deal. Having had anything back yet, but my agent’s solicitor has also made a similar request and has been promised all the relevant documents.

    Basically, The rentals will be managed by Royal Executive (formerly Royal Peninsula), and contracts are underwritten by a company called CYRI (Casas y Rentas Inmobilian, Tel N. +34914490760. I have a copy of a contract (In Spanish, which is my first language) between Cyri and Royal Peninsula dated 16/03/06. Obviously I have to treat this just as a sample. It has 29 pages and, as you would expect, very detailed.

    What I need to do now is to get PPM to accept liability in writing, should anything go wrong. This could be by make clearer their link with Royal Executive, about which I know litte. I have spoken with the director, Margaret Corley, who was very nice and helpful. They seem very excited about this project and are in the process of setting a special website for it. She told me that A French and an Italian company had expressed an interest in the rentals. This sounds good, but you can’t rely just on what people tell you for obvious reasons.

    As for prices, the apartments appear to be at the top end of the spectrum, but I don’t think they are overpriced. I have researched prices for luxury apartments in the Granada region and Medina Elvira compares very well.

    Apartment 1: Precio: 192300 € (http://www.greccogranada.com/)
    Datos de interés:
    (20 minutes from Sierra Nevada)
    Superficie: 50 m2
    1 dormitorios
    1 baños

    Apartment 2: (Granada City) Precio: 183600 €
    Datos de interés:
    Superficie: 55 m2
    1 dormitorios
    1 baños
    No garage

    I have a few more samples, which I can post on request.

    I have have assumed that the location of Medina Elvira, with its golf course, views, amenities, etc., compares well to that of these two properties. I’d be interested to know if those of you who Granada and the surrounding area agree.

    So, in brief, excellent location/views/quality, fairly priced (in my opinion), but more assurances needed about the 5% guaranteed rent, but please do your own request and let me have your views.

  • #64236
    Profile photo of katy
    katy
    Spectator

    My view is that you are connected in some way to the development, and I don’t mean as a buyer, they are still overpriced anyway. 🙄

  • #64250
    Profile photo of Anonymous
    Anonymous
    Participant

    Looking at those prices I’d say they’ve added the rental return on to the original price, so all your doing is getting your own money back.
    Don’t know the development but they do seem VERY EXPENSIVE. 😯

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