Thinking of buying at ME23 - Yes or No?

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14 Nov 2010 12:00 AM by hogarth Star rating. 1 forum posts Send private message


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.


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15 Nov 2010 7:57 PM by MrUnhappy Star rating. 124 forum posts Send private message

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.


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Previous Threads

rentals - 1 posts
Legal tip 277. Low cost action against Banks. Manifesto by Costaluzlawyers - 0 posts
Returned Deposits - 6 posts
Rentals -guarenteed or otherwise? - 2 posts
Lets hope that 2010 is a more positive year - 5 posts
NEWSLETTER - 1 posts
Furniture pack for sale - 0 posts
Progress on furnishing and utlities at ME23 - 7 posts
Gaspar Lino issues threat of legal action to ALL purchasers to bully them into completion - 2 posts

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