[Investy]

There is clearly huge incentive for the developer to finish the job as most of the profit will be in the completion monies as the 40% tranche will surely largely consist of cost made up of wages, marketing, agents fees, architects, building costs etc.

Some LJDF builds are well advanced which at least gives more security than I had over 12 months ago when nothing but sand existed.

I too wrestled with the Bank guarantee issue for the reasons you outline. In the end I went ahead as firstly just 20% was my stake - not a sum I wanted to lose, but worth the risk, with the second 20% still not requested over a year later.

Secondly I felt the end prize to be so unique that I just had to persist, or forever kick myself for not having the vision to see it through when the entry price was attractive. Investments is sites like this just don't come along every day.

Lastly I was emboldened by the fact the King has a direct and highly visible interest, afterall this is the spearhead and first Plan Azure project. Failure just is'nt an option as this would blow a gaping whole in the credibility of Vision 2010 and the Plan Azure brand.
Obviosly we cant be certain the King would instigate a rescue remedy, but I would suggest there would be little alternative as he could not countenance failure at this late stage with so many Moroccan's set to benefit from the employment and other opportunities.

There is a fair argument for holding fire for those consdiering buying now, as I dont envisage much captial growth until the site is fully complete and being used. The only downsides being that you may end up with a narrow choice of property and or a possible price rise.