- January 7, 2008 at 4:08 pm #53551
“Considering the problems many buyers in Spain have had getting a property on terra firma built, snagged, and handed over with licences and utility connections in place, it’s hard not to be sceptical about the wisdom of buying property on a man-made island “,
Couldn’t agree more Mark. I had chance to buy a place where the developer was placing the swimming pool on the upper floors of the block and above the lift shaft.
Knowing and seeing/experiencing that the developers cannot even seal the roof of an apartment from rain water leakages what chance the pool leakage stood. Besides once the block has been sold the so called 10 years builders guarantee will not be worth the paper as normal. Not to mention the normal settling in period of a new build. Needless to say I walked away from it.
“Of course such trifles never deter overseas property investors – just look at Dubai”.
By creating the man made Island Dubai more than doubled its coast line. Spain does not have shortage of Coast line. The biggest difference that Emaar the developers belongs to the Shaikh of Dubai and he has money to throw on such prestigious development . He does not have to pay dividends to the share holders and he not a Pedro or Miguel run family business who are watching the bottom line and has put dinner on the table
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