Agents And Property Valuations Done Properly

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?

I too am actively considering investing in an aparment in Medina Golf Residential. As I see it unlike Granada the costal areas are pretty saturated. However, as an investment opportunity I think the deal provided at Medina is pretty good, especially if they have confirmed deals with tour operators and/or airlines.

Not sure about you, but I like the development for its uniqueness, the packagage offered and a place that will earn its keep (in a hands off fashion) and also be a holiday home when required. Of course the latter is only true if one does not sign up for the guaranteed rental scheme. If I go through with the purchase I will sign up for the guaranteed rental scheme for 2 years, so that at least one is sure of meeting the (interest-only) mortgage payments until the entire development is finished (in 2010) and then switch to the variable scheme, which potentially will have a higer yield. As regards capital appreciation, I think if one buys off-plan then the unit will appreciate in time but possibly not as fast as property on the coast but it depends on each one's investment objective.

hey Property King..... just about my thoughts too....going to granada next week to have a look at the site...hoping to buy on Medina Golf which i believe is one of the last phases.thinking of going for the variable rental scheme as by the time its finished 2010?? i am hoping most of the previous phases [23, faiways, and suites, ]will be up and running and the project should be more "established". like the idea of it being an "all round" project, ie golf beach ski etc and with the added bonus of being close to a Beautiful city and close to the Airport. if you dont mind me asking what phase are you thinking of buying on? oh and if any other potential buyers or buyers are out there........ please get in touch and lets have some chat  bye

Hi,Ive bought a property on fairways last june really pleased i think there nearly all sold and have gone up in price by around 10,000 euros Yippee Like you i think its a good all year round investment.Im going to do the variable rental scheme as i want to use it myself.If any body is going there in the near future any chace of some pictures.

Hi Mercedes/Cabby,

Excellent news that Fairways has already gone up by Euro 10,000. I missed the boat on that one but will definitely look at Medina Golf, which is due for completion during the 4th Quarter of 2008. Hence the reason I am may go for the 2-year guaranteed rental scheme and then definitely switch to the variable after the entire developement in 2010.

I too agree that it is rather a unique location (and development), and should cater for the high end market with organised pre-booked holidays (golfing holidays etc.), its proximity to the hstoric city of Granada, at the foot hills of the sierra nevada, and not too far from the coast.

Mercedes, if you don't mind can you let us know what the extra costs (in percentage terms) were over and above the price of your property one should make provision for? I have been asked to budget 10%-12% of the property price but would rather hear from somebody who has already been through the process.

Cabby, please give us your feedback after your visit to Granada. Love to see some photographs of the site too. I am planning on visiting later on as I have pretty much made up my mind about going ahead and reserving a unit.

Look forward to hearing from others who are looking to purchase.

Hi,Propertyking Ive now signed my contact  for a 2 bedroom app on fairway due for completion 3rd quater 2008. My solicitor has told me to budget for around 11%to13% realistickly im swayed towards 13% not sure though ive only put deposit down as yet.
Its a great location ive been twice Granada is fabulous and the views of the Siera Navada are breathtaking,

Anyway good luck,im sure if you buy you want be dissapointed and feel free to ask me any questions or anybody else out there.

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.

My costs have just come through and they are about 10% of the purchase price.

Is anyone taking the builders mortgage on the final payment?  This may be 2 - 3% lower than other banks.

Hello,

I have put a deposit down on a 2 bed penthouse on Medina golf site. I've just returned from a site visit and it seemed busy. They have started putting in the footings and ground floor for the development and it seems to be running on time. I was told a completion date of about Nov 2008, with the whole property fininshing in 8 years (all phases). Thinking of going the 2 year fixed rental then seeing what happens.

Need advice on a solicitor -not sure about the one recommended from H2O (agents). Would appreciate some help.

Sorry, forgot to take the camera otherwise would post shots. There was snow on the Sierra Nevada and the front 9 holes had people plying golf on them.

Cheers.

Hi all,  I have just reserved two 2-bed apartments at  Tee-17, the latest phase at Medina Elvira Golf.  These apartments come with pretty sizeable terraces and I was lucky to get a good choice, as the apartments have just been released.  There are still a number of residential plots in the development, but these I understand will not be developed by Peninsula, who have only purchased the first line and other prime plots.  They will however be marketing these other phases.  Peninsular also confirms that there will be a shuttle service between Medina Elvira and both Granada city and Sierra Nevada ski resort, which will come in handy for potential rentals, especially for more mature golfers who prefer not to drive in Spain.  All in all, I think this is a good investment opportunity and look forward to seeing the finished product.  Tee-17 will be completed mid to end 2009.

hi all, its the Cabby back again, does anyone have an explanation as to why the purchasing costs in Spain are so high?? i was thinking of purchasing a 2 bed apartment on the new Tee 17 phase of Medina Golf [backed out of the 1 bed on medina 23 at 165k] at approx 185k but the iva tax brings it up to 200k so my costs could be between 20000 and 26000 euros!!!  gulp! thats a bit steep dont you think? has anyone a breakdown on this?

Hi Cabby,

Spanish VAT amounts to 7% of the purchase price.  What I found excessive is the 1% solicitors in Spain seem to be charging on property purchases.  Spaniards never employ solicitors when buying property so this is a new thing for solicitors in Spain.  I am spanish but live in the UK and was quoted the same by my spanish solicitor, who has done other type of work for me in the past.  I was stunned to hear that he would be charging me 2,750 euros for each apartment!  After discussing it with my family in northern Spain I was told that this was well over the top.  I asked him the reason for this excessive price and his reply was that foreign buyers seem to assume this 1% as part of the overall purchasing cost and basically he was not going to be the 'odd one out'.  He admitted he had never been asked by a spaniard to do this type of work.  In the circumstances I employed a solicitor from northern spain who is doing the same job for 500-700 euro.  Other than VAT and solicitors there is the Notary, registration and another tax called "Impuestos Juridicos Documentados".  All these usually amount to another 3% of the price.

I hope this is of any help to you.

Sabber

thanks Sabber, makes it a bit clearer now.... i was taking the 185k for the apartment adding the 7% IVA ,making roughly 200k.and then adding to this figure, the 10% to 13% puchase costs.....  [20000 to 26000]   so as a rule of thumb you take the apartment price, add 7% iva and then 3% to 6% to cover the rest of the puchase costs,

Have a look on the new website you can find all the details of medina elvira and you can see all the pictures of the just opened golf course, it´s very interactive with videos of all the places, www.medinaelvira.com