Lysos, I believe that there is not a lot wrong with the advice you are giving. The one factor you are ignoring is that Monte Santo is being built as a luxury resort with finishes to the highest standards. We looked at property in France, Spain and the Florida (and considered several other countries as well) before choosing to buy in Portugal. We then looked at a good few properties and developments before we choose Monte Santo. It, quite simply, had a superior standard of finish (in the show house and promised for the rest) to anything else we had seen. That, combined with the facilities and the location, made it our choice. Admittedly, rental return was not our first priority, but I will be surprised if it does not eventually let at a premium.
You do appear to be ignoring the fact that it is not just an average bunch of condos that we are talking about here. It was built and marketed as a 5 star (Hilton) hotel type resort. It is still going to be run as such, in the main. A maximum of 30% of owners have the option to deal privately from the get go, as we have chosen to do. So I don't think you are comparing like with like.
However from a purely investment perspective, I have to say that I find your statement that "
I am not an agent, but recently spent a week in my friend's villa there; she lets it out in July & August (always full) and the returns cover the mortgage and all other outgoings for the year” very impressive and certainly worth investigating by anybody still searching.
BTW, I asked what the service charges were to be when I was looking at the property and was told a max. of 220 euros/mth. So that is what I am expecting and while not exactly (by a long shot) inexpensive I figured it was bearable for the facilities on offer.
I posted this last night “
We were told that the date for the (deed signing?) party and the handing over date had been firmed up for the 15th of June and the 1st of July.”
I spoke to the agent from (3 letters) who sold us the place today and also my solicitor. I did not take enough notice of what precisely I was told was happening on each of those dates, as I was mainly interested in when the property was going to be available. After today’s conversations it appears that any "party event" is more likely to be for dignitaries and such like to celebrate the completion of the venture and without any of the new owners necessarily being invited.
Also (from my solicitor),even if building and landscaping were all finished and the habitation license applied for by the middle of May, it is quite probable that the license will not be issued until well into July (in his opinion).
So I am not going to book any flights just yet!
