Estate Agent Speak

I have an apartment in phase 1 but I am a little concerned about what is happening to phases 4 & 6! Apparently phase 4 has been taken over by the local authority and is to be 'Affordable Housing'. Phase 6 is to be 'Tourista' apartments. I take this to mean they will be holiday homes but my lawyer dosen't really know the difference in the license at this stage other than the VAT is 17.5% for this phase. My worry is that if these are controlled by holiday companies they will dictate the type of tenants and the the rents. Anybody have any other news on this?

Big Al

I think you may have that wrong. My understanding in phase 3 is affordable housing. Phase 4 is as phase 1 & 2 as far as I know. Interesting about phase 6 though.

 

My wife and I just bought an apartment 3 weeks ago in Phase 2 which had been returned to the developer after the original buyer pulled out, unable to pay the 30%. We were told by the estate agent at Andalucian Dream Homes that none of the phases were sold to Holiday/Tour companies. Phase I should be complete at the end of January and Phase 2 by the end of April (pending habitation licences). The development looks good though. I will email the estate agent about Phase 3 to ask what they know.

I have now had confirmed that phase 3 was cancelled by the town hall as it was felt that there was too much construction by Arenal in the village and so phase 3 will now be a park. Phases 5 and 6 will be "apart-hotels" so will be used by holiday and tour companies. They are separated by a road from the other phases though.

Thanks randl your reply is re-assuring if that is indeed going to happen. You have beaten my lawyer to the answers and it is most welcome to have a park built there. It remains to be seen how the holiday apartments influence the rentals of the rest of the phases.

We are buying in phase 4 and have just come back form a weekend in Manilva and can confirm what has already been said. Phase 4 is planned for completion Oct 2007 but Paul in the sales office advised us to look at Jan 2008. Arenal are also going to build a school behind the old phase 3. Resales are selling well and prices have risen by 15% in the 18 months since we put down our deposit, so it seems a good investment!

I also have had everything confirmed by my agent. The school apparently already exists and is indeed behind where the park will be. I still have a slight concern on how the 'Apart-Hotel' in phases 5 & 6 will effect those of us who are looking to rent or part rent our properties.

I have heard from my lawyer that it has not yet been decided what kind of license is to be issued for phase 6. Could be residential or Apart/hotel. There still appears to be a question mark over what is happening to phase 3! Does anyone have any more info?

My lawyer has indeed confirmed that phase three will be 'affordable housing' for local people on low income. Families who qualify will be decided by the town hall.

What type of license to be issued  for Phase 6 is still to be decided! 

Hi Alan,

I've also checked this out and have been informed that Phase 3 is no longer being built and 5 & 6 are going to be aparthotels.

I don't think that this would have a massive bearing on the private rental market, as my understanding is that the aparthotel is likely to be sold as a package holiday, which would be far more expensive than a family booking their own flights and private apartment seperate.

Well the latest in the 'What's Happening At Duquesa' mystery is a reply from Arenal themselves which I have posted below.

Hi Alan:

Phase III has been handed over to the town hall...whether they´ll do
affordable housing or a green area is entirely up to them....phase V and  VI
are more than likely going to be an aparthotel, and over the commercial
centre there´s affordable housing being built.

Kind regards

Adan Marquez

ARENAL 2000

Thats an ok reply from Arenal. Hopefully phase 3 will be left green. How is phase 4 going, Any one got any latest pics. Hopefully going to go out late Jan.

I have heard from MRI that the habitation license should be through in Feb. Building on the whole development is estimated to be finished in 2008. It was originally late 2007 but we all knew that wouldn't happen. They also sent some interesting pics. Tried to upload them and although they are jpeg it kept aborting. Anybody got any ideas Then I will try again. Anyway it is looking terrific!

Alan