Peter, Phase 4 is currently no more than a hole in the ground and I guess won't be complete until 2009 ish.
We have just completed on an apartment in Phase 2 from which we have just returned, remedial work is continuing in this area as is construction on both the club house and phase 3 after an August break when nothing got done.
The whole proposal is an enormous project and will be some time before all homes plus hotel and commercial centre are complete though it is good that the golf course is looking good.
Re rentals, prices are going to have to be competitive as there are some many properties for rent in the area and in Spain, we saw an advert locally offering weeks at 350 -450 euros if available, much less than Roda rentals will quote you.
The current global credit squeeze will have an impact on prices in Spain which have definitely tailed off recently, after all 800,000 homes were built in the last year.
There are a number of the inevitable resales in phase 1 and phase 2 as investors try to cash in having bought off plan and it will take some time for things to settle.
I am not convinced that now is the right time to expect either capital growth or good rental income but I do think Roda will be a good [place to own and visit once complete.
Chris