28 Apr 2013 4:12 PM:

Dear Pliny,

Perhaps this is rather late but I have not checked Eye On Spain for some time.

Mr. Mungro (assuming it is a "Mr.") obviously knows the area well but I purchased an apartment off-plan at Majestic Hills in 2002 so I think I know the development as well as anyone else. Majestic Hills is one of the more upmarket developments in the area but it has had its fair share of problems since the property crash. The developer went bust but fortunately the complex was 95% finished, unlike Majestic Gardens down the road that was probably 50% finished.

The main problem today is the collection of the community fees charged on each apartment for the maintenance and upkeep of the complex. As it stands, 4 of the apartments were never sold (these are being reposessed by the bank) and about 12-13 other owners have not, or can not, pay the fees. Some of the apartments have never been occupied which is why they look a bit tired. If you have visited Majestic Hills you will appreciate the beautiful gardens and swimming pools but the community is struggling to maintain the desired standards because of a shortage of funds. It is sad for all owners who pay the 6-monthly fees to see the standards declining. For example, the whole complex was due to be painted this year but there is a debate going on as to whether this will go ahead.

Overall, it is a very nice community and there is a variety of owners - predominantly British/Irish - comprising of retirees, couples with children and summer renters. I find it very friendly and sociable and enjoy spending time there when I can get away. Bear in mind that the apartments were sold for between Euro 300,000 to 750,000 off-plan in 2002 and the current market price is less than half of this. Build quality (by Spanish standards) is very good and the Owners Community has continually made repairs and upgrades to maintain it. All the licenses are in place and Majestic Hills is fully compliant with the laws, rules and regulations.

Just a word of advice, if you decide to buy in Spain, please ensure you use a reputable lawyer to check everything. If you buy an apartment in a community you will be liable for outstanding community fees so this must be deducted from the price you pay the seller. Some of the properties in Majestic Hills have a back-log of up to 40,000 Euros so please be aware.

Good luck! Despite losing a load of money I am happy to have a nice property in a nice part of the world.

Martin

 

Community thread: Buying on Majestic Hills

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