I purchased a 2 bed 2 bath townhouse at Jockey Villas development Mijas Costa in Dec 2005. Built area 91m2, garden 50m2,Garden Front & Rear private parking place, gated community with pool.
The property is due to be complete in July 2007. I have paid 20% so far 48K Euro), my PPC contract states that if I do not complete the developer will return 25% of my investment.
The question is should I complete or not?
I have invested in UK property & seen moderate growth during the same time period 2005 – 2007. My concern is that I be pumping more resource into a stagnent market. I can see similar re-sale apartments advertised locally La Sur at 220K, which is concerning.
Initially I planned on turning around this investment in 5-7 years. But I’m intrested to hear all views on the subject based on the mid term 5-10 years.
PS. I can cover the mortgage repyments without rental income but needless to say this would be painful especially if I see a decline in property values.
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