roda investment

hi , i have purchased a 2 bed penthouse on phase 4 , it would appear from the general comments on this forum that owners are generally having a hard time renting ? and that the market for resales is depressed ? is this just on roda golf or is this general in the area ? as this is our first purchase in spain i would be interested to hear peoples views .we met with the roda rental company when we were last over (july) but felt there package to be far to restrictive and the prices they were quoting to be very optamistic for a resort which is not finished and still appears to have a longway to go. having said all of that i do feel that roda has an excellent location and offers the prospect of long term capital appreciation . i would be interested to hear your opinions both factual from current owners and future owners such as myself .     regards peter

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