Serena Court, El Vergel, Northern Costa Blanca, Spain
NEWS 11/01/07: VALUATION OF THESE APARTMENTS HAS JUST COME 15% !! HIGHER THAN THE PURCHASE PRICE.
This is a fantastic opportunity to purchase a spacious 1 or 2 bed apartment in the beautiful area of El Vergel. Situated mid way between Alicante and Valencia airports, well served by several budget airlines from a range of UK airports, the development consists of 24 apartments of which 11 are being offered to 1st Choice Property Investments clients.
As construction has already commenced completion date is estimated in approx 7/9 months. Investors can reserve an apartment with a 3,000€ deposit with a further 20% (less 3,000€ reservation) payable within 30 days. The constructor is then offering a guaranteed mortgage (subject to status) based upon 80% loan to bank valuation which could result in 100% mortgage. In this event any overpayment of deposit will be returned to the client.
El Vergel is traditionally extremely popular with British buyers and interestingly the policy adopted by the local town council officials is to be very restrictive with planning applications, ensuring that development is compatible with the environment. Restricted development will ensure that El Vergel remains a good area for investment. The newly constructed by-pass will open in the New Year 2007, ensuring a traffic reduction of 50% or more. This will assist with strong capital growth.
The area has a very healthy rental market for both long term rentals and short term holiday lets. However, with a strong long term rental market in the area the 1 bed apartment can realistically achieve € 400 - € 450 per month and 2 beds between € 550 - € 650 per month.
Whilst guaranteed rentals are not possible with this opportunity, we can introduce local rental companies to investors who will be keen to rent out each apartment. These will be marketed through their usual channels of website, links with UK websites, local Spanish advertising and from existing clients and referrals.
THE OPPORUNITY
3 x 1 beds (approx. 52-60 m2) and 8 x 2 beds (approx. 79-100 m2) each
Contract prices start from € 87,000
Underground Garage space is mandatory for each apartment and is available at low cost of just € 9,000
Investors can secure an apartment for a Reservation Fee of € 3,000
Further Deposit Payment of 20% minus Reservation Fee (within 30 days).
Upon completion investors can take over the constructor mortgage and avoid the 1% new mortgage tax and get a loan of up to 80% of valuation which is undertaken on completion (constructors facility) representing a possible 100% mortgage since the purchase prices are highly competitive.
Restricted development will ensure that El Vergel remains a good area for investment with capital growth potential assured.
The 80 - 100% finance offered upon completion will be at the prevailing market rates. Estimated to be around 4% - 5% for up to 25-40 years with an option for 5years interest only.
Completing in approx. May 2007
Option to resell at anytime before completion
10 years building guarantee
For a complete information, see the full brochure here.
If you wish to speak to us, don't hesitate to call us on 0117 952 5066, or take the advantage our new SMS service: text 'Serena' to 07711 807 232, and WE are ready to call you back.
You are also welcome to register your e-mail address and (optional) your mobile phone number to receive short alerts when a new property comes out, that you might are looking for.
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