Reply To: Spanish property market 2007/2008 report discussion

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Anonymous
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What a great report. Thanks Mark.

As someone who is on the brink of completing a 2 bed, 2 bath ground floor apartmnet in Phase 3 of Roda Golf & Beach Club (a 5 star resort 1km from Los Alcarazes Breach and the Mar Menor in Murcia), I read your report word for word. Up to today, we were 95% to 5% decided on not completing with the purchase nd writing off our initial investment/deposit.

The purchase price (with taxes) on the property comes to €230k – we bought it as an investment off plan in 2005. We haven’t a hope of seeing that again for maybe 5-7 years. The mortgage lenders are being very cagey (we’ve been turned down by 2 so far since December 2007 – my husband is self employed). I don’t feel like paying the mortgage for 5-7 years with little hope of rentals.

The only thing I’m curious about is whether you would term this resort a ‘quality’ one – I understand that there are difficulties in the inland off plan complexes that were thrown up in the past couple of years. This one is different I feel but I’m unconvinced that this will be any saving grace for us.

We could afford to keep this property but I’m not sure its a good investment. We would be putting another €70K of our own money into the property over the next 5 years but for what? If we completed now it would be for everyone elses sakes (the developer, the bank, the Solicitor, the property management company, the furniture company etc – all of whom are pushing us to complete as you would expect).

Any thoughts?

Shirley, Ireland