Thinking of buying at ME23 - Yes or No?

Hi,

Last week I visited Medina Elvira 23, I am interested in buying an apartment here as Peninsula are offering a deal of 100% finance and them paying all the fees & costs. I would basically not be putting anything into the deal.

But, I would be taking out a large mortgage! So I need to know that there is rent being received by purchasers. I do not want it as a holiday home, it is an Investment. Peninsula told me the variable rental plan was yielding 10-15%. Anyone confirm this? Is anyone in the guarenteed plan? And at what rate, 4% or 5% or no return?!

Also does anyone think the commercial center will be built?

Any help would be very grateful.

Thanks

If the rental plan was giving a yield of 10 to 15% then why would there be a large number of people not completing?

I also notice that Peninsula's website no longer advertises the "guaranteed" rental income scheme of 5% - why is this?

The high valuations an mortgages will be backed by the lenders who naturally have a vested interest.

If the rental scheme is so successful, you may want to ask for examples of how and where the tourists come from?  How many people did you see when you visited?  How many were actually staying at the resort?

Please take a look at other posts on this forum concerning the issue of rental income and you will get a better picture.