I too have contacted IAP and Plus Advisors in Torrevieja, so far I have had no real responses. The IAP development coordinator I spoke to on the phone was very defensive about the delay situation and basically told me that I had signed a contract with the developer and that as far as she was concerned the development was on track to be completed in March 2008.
I fear that there will be no easy way out of this if you wanted to "bail out" as neither IAP nor the developer are likely to give you anything in writing as to the latest completion date for the development.
Will have to sit it out and wait to see what happens.
We visited the site last October. There was nothing going on at the site, but the show flat was in place and looked very nice. We were struck by how much development there is in that area. We stayed in a villa we rented from a friend of a friend, she told us that the saturation of properties in this area means that she is really struggling to get any decent rental income at all for her place. There are literally thousand and thousands of flats, villas, apartments for sale and rent. If you have purchased at Los Balcones del Valle, then good luck, you'll need it.
If you are quite content to pay the mortgage yourself and have a little place in the sun then great, but I can't foresee how you will get much in the way of rental income due to saturation of buy to let properties in the area, with more planned. As far as selling on your property, it is much the same story, total saturation of property for sale, if you did manage to sell, it would not probably be at your favoured price!
The area on the whole is very nice and Torrevieja is a lovely town with a great sea front area.
IAP are touting this are as a golfing / holidaying heaven, I disagree, some of the golf courses are very sub standard. I played Las Ramblas and it was in a hell of a state with some sort of disease on the greens, the standard of greensmanship on most of the other courses in the area seems to be very ropey indeed. If you want to live there for the golf, then buy a property from Polaris world, they take great pride in the standard of the Golf courses - indeed, Jack Nicklaus would not put his name to anything less.
Anyway, I have invested and I wait to see how this all turns out, I get the feeling though that this has not been one of my more prudent property investments.
You win some - you lose some.