Ermita, Gata de Gorgos, Spain

Ermita, Gata de Gorgos, Spain

The list of qualities for each apartment includes pre-installation of hot and cold air conditioning; Roca bathroom fittings; fitted kitchen with stainless steel sink, electric oven, electric hob and extractor, drainage for washing machine and dishwasher; Climalit glass on windows.

The whole of this development will consist of a total of 12 apartments –3 of which are being retained by the developer and 9 offered to Investors Provident clients. All apartments come with generous space allowing the living area to be light and airy. Combined with a striking modern façade, some apartments also have their own private roof terrace.

The introductory prices for the apartments are extremely attractive, and with an initial 80% finance package, and a rental guarantee for 9 years, they are perfect for all investor brackets.

Investment Highlights

• Investors can buy into the option of a 9 year rental contract, without any premium being added on top of the selling price
• The rental contract will pay a 6.36% net yield on the original asking price. For example, a 2 bedroom property purchased at € 149,900 will yield € 9,534 per year for 9 years. A total of € 85,803 will then benefit the investor over a 9 year period
• The developer will assume control of the apartment for a minimum period of 48 weeks from completion, every year
• Each investor will have use of the property for 4 weeks in the off peak seasons between October – March by arrangement
• Rental income will be upwardly reviewed after the first 3 year period from the completion date
• Investors are free to sell each apartment subject to the 6 months notice period as stated in the rental contract
• A reservation sum of € 3,000 would be required to take the property off the market. An initial 10% would be required to exchange contracts within 21 days, with a further 10% payable in 3 months
• Prior to completion, properties will be re-valued by the bank and all signs indicate an excellent potential of a 15- 20% increase in value during the build period enabling the property to be essentially up to 100% financed
• Bank guarantee on all apartments is provided at no extra cost – a significant insurance for each investor

Note: As the development is very much off plan, an artists impression is not yet available.

Key facts

• Unit types 2 bed apartments

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