Happy New Year

I would be interested in hearing about other people's experiences of Parques Casablanca.

In particular, now the development is nearing completion we have encountered significant difficulities obtaining a mortgage.  Apparently the development has been registered as an 'Appartment Hotel' and as a result UK banks won't lend against it (this is definitely the case with Barclays and NatWest at least).   I understand that this is due to restrictions on use that are often imposed by the local planning authorities when they approve the development of this type of property versus a 'normal' residential development.

I would be interested in hearing anything positive or negative that other buyers have to say about this or any other issues at Parques Casablanca.

Thanks in advance

Adrian

Hi, We have just returned from Spain after a quick viewing trip to Parques Casablanca, to see how our apartment was looking-have to say the development was looking really great. The apartment was far better than we expected. The spa is still a way from being finished, but looks like it will be lovely. The pool bar looked very nice, but was not due to open until the day after we left- which probably means sometime in the winter! The main restaurant and bar looked far better than on the photos- the only downside was the menu- it was quite 'posh' for want of another word and not at all geared to families and expensive. You would not see change out of 40-50 euros a head for dinner. Lunch was more reasonable at about 10 euros, but as it was all in Spanish we were not really sure what food was offer!The interior of the reception is beautiful and there is now a full time caretaker who seems very good. Don't know if you are renting out through OPI- we are and apparently late July and early August are beginning to fill up. Irene who is running OPI seemed really nice and on the ball- and most importantly of all not worried about doing battles with John Hope you got your mortgage sorted- we went through Leeds Building Society with no probs. Hope all goes well for you Tal

We had a look three weeks ago, it looked nice but was empty, we have kept an eye on it since work commenced and like the finished article but started to smell a rat.

Rental through OPI brings a 28% deduction from the rent, I think that this is in respect of commercial IVA plus management charges. Add 20% cleaning charges and then 25% tax on the gross rental and the rent has all but been wiped out e.g. 800 euros rent - 200 tax - 160 euros cleaning - 28% IVA and management fees = 216 euros net rent. Can you rent out privately, and if not do you have to pay owners rent in respect of family and friends? 

Does the complex have an annualy elected comunidad president? Is it classed as a commercial development, like a hotel? If so it carries a 16% IVA charge evey time it is sold. Is the management company in a good financial position and if not what happens to the development if it goes belly up. Are local rates paid through the management company out of the service charges, and if so have they been paid. 

I would be very grateful if someone could answer my questions, some bought off plan apartments are now resaling at between 30 and 40 percent less than their top prices and are officially classed as 'distressed properties'.