Spanish property developer gets real

An established, solvent (yes, you read that right) developer on Spain’s western Costa de la Luz has recently tabled its best offer to date in order to stimulate sales of its key-ready townhouse development ‘Hoyo 14’. With prices from 205,500 euros and a 100% mortgage up for grabs, this ‘no money down’ deal is investment gold.

Andrew Benitz, Director of Hoyo 14 selling agents Titan Properties, comments, “Spain in the throes of a property crisis has thrown up some superb investment opportunities, but this offer from the developers of Hoyo 14 stands out as the best I’ve seen. Poor exchange rate is often flagged as a concern by our clients but, with no money required upfront, the 100% euro mortgage negates this.”

Andrew continues, “Whilst the offer has similar financial conditions to buying a repossessed home, it’s better than buying directly from a bank’s real estate book. This deal comes direct from a solvent developer with 30 years of experience who is onsite to assist in any snagging or build defects and the ten year construction guarantee remains valid. A bank can wash its hands of responsibility – a suited clerk is hardly going to come round and re-plaster a cracked wall.”

The Hoyo 14 offer is much more than the already enticing ‘no money down’ incentive. These three bedroom golfside townhouses are now priced at 205,500 euros, almost 65,000 euros down on 2008 prices, and this includes both underground parking and storage - although 14,400 euros can be taken off the price if not required. The developer is also throwing in two years free golf usage on the home Nuevo Portil course.

The mortgage, sourced through La Caixa, is 100% loan-to-value and monthly repayments (interest and capital) based on a 30 year term at Euribor plus 0.9% could be as little as 955 euros. Titan Properties can arrange for pre-qualification within 48 hours from the bank’s London head office. The investor then has several options – take a long-term view and indulge in the southern Spanish lifestyle for relaxing holidays, hold the property for the mid-term and then sell at profit or perhaps kit-out for rental and enjoy the returns. Nuevo Portil Golf & Beach Resort has been a successful holiday destination since 2003, so a proven rental record exists here.

Set in an idyllic location interspersed with natural pine forests and within walking distance of untainted beaches, Nuevo Portil has an 18-hole golf course and a popular colonial style four-star Spa hotel, the AC Portil. The Hoyo 14 townhouses arranged over three floors benefit from a small private garden, several terraces, two communal swimming pools, three tennis/paddle courts, underground parking and storage facilities. Prices now start from only 205,500 euros.

For further clarification and to take advantage of this limited offer visit titan-properties.com.