Hello everyone!!
I feel that I might be able to humbly contribute by sharing my experience with the development Arenal Golf. I understand the concern of everyone who has yet to complete due to the delays. It is normal for there to be panic when one loses control over their investment, which is what has happened here.
If I may correct the view of one contributor below, the work stopped around April 2007 and re-commenced around September 2007 (plus or minus a few months due to the grey area of ramp down and ramp up). This is a work stoppage of between five and eight months. This stoppage was caused by the handover of ownership of the complex and the retention of a new constructor. Given the difficulty of this task, five to eight months seems quite a short period of stoppage to me. How did they agree the financial aspects and agree the handover to and advise the new constructor and train the new staff in such a short time? I also undertand the concern about the lack of guidance being given concerning the new completion dates. Please realize that this is surely caused by the simple and understandable fact that the developer does not know when completion will be since it depends on when the Town Hall issues the Licences. The Town Hall is now being required to more strictly vet all applications for Certificates of Habitability due to the fraud in Marbella. This makes me feel more secure that once the Licence is issued, it will not be burdened with legal uncertainty. The developer cannot know when this will be since inspections are required before final approvals are given. This allows issues like inadequate sewage capacity, etc. to be picked up and rectified before you are called upon to part with your money. I wish I had had this certainty when I completed. Please feel more secure in knowing that in future you can be comfortable that you will only be called upon to complete upon a legally clear development, and one which conforms to the original plans and habitability requirements. The days of lax standards in the Spanish property market are over, and this will result in better quality, transparency, and reputation for future buyers.
We completed in July 2006 in Phase 2 at a time just before Cajasur took the development off of the hands of Rafael Gomez Sanchez, due to his financial problems that had been caused by his recent incarceration. We did not have the luxury , as you now do, of knowing that the development would be rescued by Cajasur or that the Licence that would be issued would be correct and final, and void of legal uncertainties. We completed, before having this valuable hindsight, knowing that the development was too big to be permitted to fail, that Benalmadena was not like fraudulent Marbella, and that the development would be one of the finest on the coast, being located a mere 12 minutes from the airport that serves the entire coast and which airport is being more than doubled in capacity by 2009. We also completed because we knew that the high speed train link from Madrid (which we were aware would be completed before end 2007, as has proven to be the case) would allow direct connections from the rest of Spain via Malaga and then via the new coastal train expansion which may also include a station on our doorstep. We also completed because we knew that looking back on this from five years out, the price that we were being called upon to pay would be proven to be absudly low. We also completed because we knew that when the bougainvillea was growing all over the site, the golf course was completed, the vast infrastructure improvements were finalized, and the tourist intake on the coast was significantly increased due to the transport capacity improvements, we would be shooting ourselves for pulling out of this particular development. We completed because we knew that the normal property cycle would wend its merry way as usual, and that supply would be over-reduced by the certain excessive slowdown in building that is now occurring and the definite pulling of thousands of illegal builds from the market, just as the wave of new tourists started to enjoy the new, comfortable, and efficient transport infrastructure and coastal entertainment improvements. We also completed because we looked for alternatives, and couldn't find any that had the qualities and location of Arenal Golf.
In some ways this is like the stock market. If you buy when everyone else is negative, and sell when everyone else is positive, you do quite well. Our finest moments have been sipping wine and barbecuing on the balcony of our fabulous apartment at Arenal Golf, knowing that we relied on our initial judgment and made the hard decision to stick with it through the uncertainties . This feeling awaits you if you can persist through these normal cycles of property values, doubt and questioning of decisions that accompany any financial investment. Once you emerge from the other end with the keys in your hands, and view other people's experiences and potential alternative developments, you will realize that there was no other option. With a medium-term view, and some much-needed patience, you will look back and wish you hadn't worried so much.
As another contributor so rightly said, it's in the developer's interest to complete as quickly as possible. I'm sure they are not doing this on purpose just to annoy you. At the very least they are going to be forced to do it right this time, and call you as quickly as they can.
OxfordBarney