The Unofficial Alcudia Smir Forum

My agent La Luz property has confirmed they have been given AP7 to sell and my 2 bed with solarium is now 145,033 euros thats a big profit with not even a brick layed approx 33,000 euro

Furthermore, AP7 position isn't half as good as AP1.

great - hope you can re-sell with all the other investors wanting to do the same - good paper profit
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Vapir No2

maybe it's all going to crash then
has anyone fliped one yet

unlikely to be able to flip - Morocco needs to mature - it is not like Poland for example with a very strong domestic market coupled with european style finance options and legals. There is no deliverance date or penalties on fadesa contracts, let alone planning permission and clean land title - so it will be hard to flip. Realsiticly need to hold for 5yrs.

Plus - anyone actually found a decent finance package or hoping to sort out 2 yrs down the line?!

Also - there is an admin charge for flipping a fadesa contract of 3,000 euros.

Also for those who feel that fadesa is a safe bet and a company that would not rush into things without carrying out any due diligence - be aware of what is about to happen in Saidia

" no completions are being forced as building licenses have still not be sourced - at the moment 10 month delay"

"fadesa has sold plots of land to other "reputable" developers - well they have just realised that these other developers have not built anything yet - and are now1 yr in breach of their contracts and are looking to re-voke the credited land purchases with these guys - especially as their projects do not even conform to the basics needed to gain planning permission" - run down of developers who Fadesa sold land and compromised the first Azur project;

Jardin de Fleur - not built a single thing in 2 yrs - is mis-selling his properties as residential when they are in fact touristic (restraints on usage of land) - owns 12 plots

Oasis - not built a single thing in 2 yrs - in fact have still not got planning for units that, like jardin de fleur, they have collected 20%. - owns 4 plots

Helios - owned 2 plots of land 2 yrs ago - and have handed back the plots to fadesa.

want background checks did Fadesa do on these guys?!!! How can you sell units you don't even have a clue weather they will be there or not coupled and have a clue how much to sell them for if you still have not sourced a contractor to price the units out?? pie in the sky.
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TOYOTA HISTORY

Hello:
Very interesting posting. I was aware of the sale of Land To Jardin and Oasis, but not the other ones that you mention.

I was also aware as the land was given to Fadesa for free there were covenents to not to sell any land. As Fadesa has litlle or no respect for the law How this will sort out in the end, and perhaps it for this reason that they are not getting the planning permission.

I had warned the forum and had a lot s---, thrown at me. I was offfering for free my experiences but of course agents who post here had conflict of interest.

Flipping is very dangerous in a market that prevails in Morocco i.e the amount of projects that are in the pipe line. You are talking about atleast 10 years. I hope that people who have bought for flipping have plan B, C, D etc

Greed is good as it motivates people. but pragmatism is better.

I think everybody will agree that Northern Morocco is one of the most viable emerging markets. Units are selling fast on developments like Alkudia and the demand is from holiday home owners and investors. People are buying to hold on for medium to long-term and some to flip.

If you have a special unit like a penthouse in a good location and purchased on an earlier phase you are maximising your profits. Penthouse price difference between Phase 1 and Phase 2 is 35-40%. Once the next phase is launched the prevailing price can be expected to be even higher. It's very unlikely the developer will release subsequent phases at a lower price? There should be a market out there for good units where you can price very competitively given you purchased early. But make sure there is a plan B.

With emerging markets you either take this kind of risk or you don't.

Hi
I am struggling to find people who have bought offplan at mirador golf. Please can someone direct me to the forum for mirador golf buyers.

much appreciated
englandsrose
christine

I too was moved from AP1 to AP7 (apparently, they forgot about me!!! - Likely story).

Is anyone else worried about the big road in front of AP7?

I've been told that because the land is sloping there, I might have better sea views than I would have had in AP1? Has anyone who has visited the site able to confirm this?

Finally, does anyone know how many blocks will sit in front of AP7 and have far the walk to the beach is?


Many thanks,

Mr Bigglewoth.
There is a dip in the land i.e a valley. On my last visit around six months ago there was vegatation there. It was not possible to establish the topography of the land.

If your unit ends up, at the bottem of the valley. I dont think you will have a sea view and if you did what/how much it would be.

i was told that their was seven blocks on ap7 .I was also told that you should get sea views from their. The road is a bit of a pain but nothing compaired to the ones at the verry back next to the main road .I was also told it would be about a 5-6 minute walk to the beach.

Mr Bigglewoth where you not buying at p.v

In answer to your question, I was buying at PV, but reluctantly decided not to go ahead, based on the advice of the solicitor. (He said he wouldn't do it if it was his money, so that was enough for me).