Medina Elvira Suites For Sale in Spain

The Deal

Project

Name: Medina Elvira Suites

Total Investments in Development: 72

Location

Medina Elvira is Granada’s most exclusive and unique residential resort, nestled in the foothills of Spain’s best ski-resort, with a 5 months ski-season over 80 slopes. Medina Elvira boasts frontline golf homes and an exclusive clubhouse, a luxury hotel and SPA, an onsite property management office, shopping arcades, a sport- and leisure centre, a bilingual private college, a horse riding centre and superb lakeside activities.

Rental Program

There is 10-year rental guarantee of 5% of your purchase price, which is renewable up to 30 years. There is also a variable rental program available. Please contact us for full details.

Payment Schedule

3.000€ initial reservation deposit
10% to be paid at Private Purchase Contract (excluding initial 3.000€)
10% in 12 months
80% resting mortgage upon completion

It is possible to get 100% finance on the property by financing the deposit (20%) with an equity release from either Spanish property (with a Spanish bank) or with an equity release from property in the buyers’ home country.

At the time of the re-evaluation at completion for the mortgage the real value will be higher than the purchase price, giving the buyer opportunity to have a higher mortgage than the resting 80%; this means that your 20% deposit will be covered within the mortgage at completion.

Typical Purchase Example

Purchase Price:                                                                                  300.000 €
Initial Reservation Deposit is a fixed:                                                  3.000 €
Deposit to be paid at Private Purchase Contract
(10% excl. 3000€ reservation):                                                           30.000 €
Second payment, 12 months after 1st payment (10%)                 30.000 €
­­­­­­­­­­Sum 20% deposit before completion:                                              60.000 €
Resting 80% (mortgage)                                                                   240.000 €

Completion Date

First quarter 2008

More reasons to invest in Granada

Granada has enjoyed 14% capital growth for the last 2 years according to the Spanish Ministry of Housing.

A guaranteed rental program with a trusted and established management company means a totally care free investment.

The fact that these Tour Operators and Travel Agents are giving such a strong guarantee indicates already why Medina Elvira is such an amazing investment.

It is situated in a unique location, only 1 hour from the fine beaches of the Costa del Sol, 35 minutes from the beaches on the Costa Tropical (AlmuÒecar, Motril). Granada is ideally situated and easily accessible with a good infrastructure and an international airport.† A vibrant city with four major universities, home to Spain’s best ski-resort: Sierra Nevada and to the UNESCO world heritage site THE ALHAMBRA.

Last year tourist numbers were up by 25,88% in the Granada Region, this figure is expected to rise again this year with the increase of international flights landing at Granada Airport. Conveniently Ryanair, Monarch and British Airways fly to Granada.
Also one of the major tour operators in the UK is going to start marketing the Sierra Nevada this year as one of their ski-holidays.

Granada has one of the lowest occupancies in Spain and highlights such need for residential housing.

Granada has a very low cost of living in comparison to other Spanish cities of similar size.

Granada is easily accessible with flights to and from the UK daily via low cost airlines.

Spain is still by far the most popular place to buy for British looking to retire accounting for 25% of all purchases and is the second most popular holiday destination in the world.

Spain has a very stable economy.

Please contact us for a full information pack and financial breakdown.