03 Nov 2006 12:00 AM:

Only found this website today, obviously enough entitled  www.medinaelvira.com

Has some great shots of the area and the development if you have not found it before   

Community thread: Website

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13 Oct 2006 11:56 AM:

I have to say I hadn't thought of that. Why would peninsula put anyone in the variable rental scheme if they could put them in the guaranteed scheme, only if all the guaranteed rental scheme apartments were full I assume

Also is the 5% guaranteed not just on the purchae price of €163k, and not of the inclusive vat figure?

Community thread: Surviving the Nightmare - Spanish Courts a Law Unto Themselves.

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11 Oct 2006 10:25 AM:

Yes would agree with that on the guaranteed rental package I believe you still need to put money into it.

If you are taking a mortgage out for it, the rental payments will only cover the interest only repayments. Rates are on the increase having been at their lowest rates ever in the past few years. You should not be working of a rate of say 3.5% to 4% as by the time the development comes around the European Central Bank will be much higher. The base rate has increased by 1% since last year and at least another 0.5% is expected (December and Spring). That means the base rate will be 3.75% - 4% by middle of next year. Add the banks margin and that would be at least 5%. This means your rent will only cover your interest on the mortgage. Obviously by 2008 this may change again, but it is highly unlikely that it will reduce to the rates that have been available for the past few years. I work as a mortgage counsultant in Dublin so would be aware that rates are expected to go in the Euro zone. When I spoke to a mortgage consultant in spain they said my rate would be around 3.75% to 4%. Total bull to be honest!

My hope would be that the rates would be around 4.5% to 5%. Covering repayments on interest only. Then I would have to put in the maintenance myself and also Peninsulas fee.

Anyway that was all very longwinded way to basically say, that if at the time there is a better return on the variable i think i will take it. You have to consider if they are willing to offer 5% guaranteed rental for 10 years what are they actually making on it?

 

Community thread: Surviving the Nightmare - Spanish Courts a Law Unto Themselves.

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10 Oct 2006 11:05 AM:

Hi all,

i've taken the leap and put down a deposit for a 1 bed on medina golf. Decided for granada as I think it is something differnet to the coastal properties and it is real spain. The payment structure really isn't as good as the other phases as you have to pay about 16% on the second stage. However I went for this as the availability is still good on the phase so I had a choice of apartments. I was out on the site at the start of September and really liked it. I think you have to go and see the development to get a feel for it. I may have a couple of photos which I'll try get on to it.

I think i would be the same as you guys. Go guaranteed for the 1st year or 2 and then hopefully varialbe after that. Obviously though with golf i should be able to see how 23, fairways and suites are going at that stage and which is the best option.

Does anyone know what the future plans would be for the development. I read on medinaelvira.co.uk that ther is a new phase being launched, Hacienda Medina.

Anyway hope a few more buyers come on and share their opinions, thoughts and expierences.

Community thread: Agents And Property Valuations Done Properly

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03 Oct 2006 12:00 AM:

I was considering investing in medina golf or alternatively a property on the coast in almeria. has anyone any thoughts. i think a coastal property may have better capital appreciation

The medina development however seems to have everything, has anyone any negatives?

Community thread: Agents And Property Valuations Done Properly

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