Euro 2008

We had our 2 bedroom penthouse apartment in phase 2 valued to obtain a mortgage

It  was valued at 315,000 euros

Hope this is some help to you

Ian

 It's not a bank valuation but there are six  2& 3 bedroom  duplex penhouse apartments ( phase 1 & 2 at Roda) selling in the range 260,000 to 270,000 Euros, they are  on the following website  www.murciagolfproperties.co.uk/rodagolf_resales.html . Personally as Mike has already said bank valuations appear to be high.

      kev

Hi kev,  

 Have just read your e mail re resales. I was quite shocked to see a similar property to my own on phase 2 for sale at 70 thousand euro reduction!!!. It is selling for 269,000 e . we paid 309,000e 2 years ago.for an end 3 bed penthouse, beginning to think we should have waited for a resale!

Hi Celtic (and all)

   Just a thought, I am new to the off plan investment game ,so I am not talking from experience, but I was wondering if there is a significant temporary lull in resale prices at this time due to the development being incomplete ( I am aware that the general property market could be better). Also uncertainties over such things as the beach clubhouse are not helping. I would imagine the resale price 'bouncing ' back  to a significant  extent in a year or so once everything is complete and ship shape, and possibly the bank valuations take this into account, which might explain why they appear to be higher. If this is so, then purchasing on a semicomplete development may be a good future option from a purely investment point of view.

  kev

Hi all,

We agree with Kev. Once the speculators are out of the way ie those bought with a view to selling on before completion (I think they are called flippers or something like that!) then I think we should see some steady capital appreciation , but nothing too big too soon. In the meantime we still belive that we have made the right choice with Roda as a place to enjoy ourselves while building up a pension, and if the property market over there surges in the meantime maybe we will cash in sooner.

In the meantime I am going to target sub 90 this year on the golf course, and to hold some increasingly sensible conversations in Spanish with the locals!

You are both correct in my opinion.

The people who are selling now are mostly'flippers' and probably a few people in the minority who have had a change of circumstance and no longer wish to complete.

Most will be investers though who have bought off plan when the Roda concept was not even designed, these investers allow the developers to get the scheme off the ground as the financial backers normally look for developers to have a guaranteed investment of £? before they will back the scheme.

Well thats how it works in the Uk, so I'm assuming its not too different in Spain. Once the resales are sold, the original investers make a modest profit and the new purchaser will be happy with their instant equity purchase.

The resort should then settle and long term investers will benefit as the low turn over of quality propertys will create a demand and in turn force prices up.

At least, I hope so!