- This topic has 14 replies, 9 voices, and was last updated 19 years ago by
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Hi All,
Has any one had any dealings with either M** or the Duquqesa Golden Mile Developments, Duquesa Village in particular.
My wife and I are considering buying an off-plan in this area and would appreciate any info good or bad about it. Also is the rental market in this area at the point of saturation as we would hope to pay the remaining mortgage with a rental income once completed. Alternatively what are my chances of selling before completion if I were to need to.Hope some one has some experience and can advice accordingly as we are completely new to this and would appreciate any help from people in a similar situation.
Royce.[/b]
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Dear Royce,
The rental market in that area is not great at the best of times and is now beyond saturated. You should work on very modest rental assumptions (whatever any estate agents tell you) if rental income is required to help you finance your purchase. Otherwise you will get into financial distress.
Forget about selling on before completion. Very unlikely, to put it mildly.
Anyone who wants to respond to Royce please do so by private message.
Mark
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We live in Manilva so know the Duquesa area very well. There is SOOOO much construction in the area and they’ve only just started. There is already an excess in rentals in the area and nothing is selling. There is just so much choice and Arenal 2000 in particular seem to have bought most of the land and are building all over the place.
Not a good area to buy for short term investment any more.
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Arenal 2000 have just launched yet another development in the area in recent days also. It would appear that the lessons to be learnt in other parts of the coast have not been obseved. The Manilva area had a relatively clean slate to work with up to just a couple of years ago yet they appear intent on completely destroying the area with ridiculous levels of construction.
I make that comment despite trying to earn a living in the property market on the CDS! -
I bought an apartment in Duquesa two years ago after been told it would be easy to sell on before completion. Not a chance!! Not even a sniff of a buyer. The future in the area also looks depressing and I think we may have to keep this apartment for many years before we can sell it. My advice is “Do not buy in Spain” as nothing is selling.
Pat
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@Patricia wrote:
My advice is “Do not buy in Spain” as nothing is selling.
That’s a confusing statement if ever I read one! Of course nothing will sell if everyone follows your advice not to buy 😕
Do you mean don’t expect to make a quick buck by buying off-plan and hoping to re-sell before completion to some other poor unsuspecting Brit?! When will people ever learn that first and foremost a property is supposed to be A HOME ie a roof over one’s head, a place to live, not a guaranteed investment vehicle? Does every new house or flat have to come with a luminous, dangling warning label saying “Don’t forget the value of property can go up as well as down” before the penny drops?
If you’re daft enough to believe what an estate agent tells you then quite frankly (IMHO) you deserve to get your fingers burnt. Brain at airport or what. Sorry, but puuhlease….do you expect sympathy just because your speculative investment didn’t work out for you? -
Royce had asked if he should buy here – he would like to rent or resell before completion – my advice was not to buy here as these properties are not selling. This is true and this is good advice. I don’t think it’s necessary for you to harangue anyone whose advice may be different from your own!!
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If you read the latest from the global RICS survey you would think different http://rics.lyris.net/t/6333/1995578/332/0/
Property is still selling albiet at a slower pace and spain is still a very popular place to live and there is still plenty of interest in buying a place in spain,prices are higher and there is a glut of apartments for sale with many more being built but spain is still a good place to be for holidaying or particulaly retirement , it has a much better infastructure than the likes of bulgaria etc and will probably always will, plus a better climate.
Dont put spain down because prices are high (mainly the costas) because there is affordability in other areas of spain.
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Another rude reply from Guest!
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@Patricia wrote:
Another rude reply from Guest!
Actually, it is the first time that I have ever replied to a post in that manner! I thought Kabir was rude and condescending. What a cliche to say “brain at the airport” !!! “Guest “is not just one person, but many!
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If anyone wants any experiences regarding M** they are welcome to contact me direct. I will gladly enlighten them
Dear olly,
I was wondering about them as well, they seem to have come from nowhere 2 years ago to taking multiple pages in the local papers today.
Anyone know who they are and where they came from??
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If you want to swap opinions about this company please do so privately. Of course you can mention this or any other company by name if you are simply recounting your experience in a factual way. Any accusations against companies, or any attempt to plug a company (too commercial) gets cut.
Regards
Mark
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