Hello Eye on Spain

Hi All, I am a buyer at Jardin 7 and this is my first post.

I am a little worried about the value of the apartments, has anyone had a mortgage valuation done on the 2 & 3 bed Jardines apartments? Due to lack of rental potential I was thinking about getting another €10k on the mortgage to cover first years repayments etc. I was told that when I bought 18 months ago we were paying about 15% under current market value. So even if the market had not moved at all in all that time I expected to see the value go up by 15% when it came to complete, yet they are still advertising apartments for €119800k which is less than I payed 18 months ago!

Hi Parador,

If you have a look at the property search engine on the main PW site you will see that they are indeed selling 2 bed apartments for 119,800 euros. These are only in the El Mirador phase which (as I understand) will differ from the Jardines & Los Naranjos in that they will have solar panels on the roof terrace.

The cheapest PW are still selling 2 beds in the Jardines (only 10 left according to the site) & Los Naranjos is 130,700 euros.

I am sure that solar panels are more eco friendly...........but that doesn't mean I would want them on my roof terrace.

In my opinion, the properties will increase in value as the resort develops, but that will be very much in the long term.

cheers

Peter

We had noted when someone copied a piece from CAM Bank regarding mortgages, onto a thread, that CAM were saying they had valuations for all the Jardines properties and these were very similar to the sale price. Originally we'd been told that the completion valuation was likely to be greater than the sale price and therefore many people would use the increase to furnish or pay the taxes.Given that the prices dont seem to have moved much in 12 months this would be a problem for anyone who  has purchased in these last 12 months and who was relying on that. It is doubtless going to be an expensive first year before any rental can be relied on.

 

Hi All

Looking on the bright side the property values don’t seem to be dropping which in the present world financial climate is a positive thing.

I think as previously stated in this thread real increase in values will probably be a long term issue.

For those of you renting the short term issue is gaining rental return and the problem with that is hampered by the exchange rate being poor for UK renters but you should be looking for people within those parts of Europe using the Euro.

My understanding of properties that are now available at 119,800 Euros are those in less desirable locations, properties in desirable locations are in the region of 135,000 to 145,000 Euros Plus.

Regards

Phil

Agreed: long term this has potential to be a popular resort and we're in for the long haul- the facilities exceed other Polaris resorts. On the Polaris site the apartments still to be sold appear to be predominately in Jardines 13.

Our sales rep from Sunseekers showed us the remaining appartments still to be sold in the Jardines - there are only about 32 left in the whole Jardines development  and prices are from £130K to about £145K. The ones available are mainly in Jardines 1 and 13 and the odd ones in the other Jardines.