Hello Sarah.
I have purchased land in a development in a similar area, I find the price of this project very competitive, and with the vision it seems like a good price per m2.
I purchased 4 plots of much smaller sizes but for more money, but the location is exceptional. I completed on those within 28 days and found it no worry. There can be delays however when the carnivals are on, or when the lawyers, registries etc are busy.
I believe that if everything is good and checks out properly, and as you have done your homework, then you have a strong investment.
Also, JM, I agree with your points. Not everybody wants the same location, I was also offered land around a lake, which apparently appeal more to the national market. But like another person stated, the international market is really your exit strategy.
I do not think that is a problem, as a lot of people can only truly profit from the international investors, and I personally do not believe in concentrating my exit towards a local market, despite that being the mass, when the entire principal of my investment is into that of an emerging market, whose locals could not afford to buy, being the point I can purchase so cheap.
If the future market value was too tightly linked to this we would not see the rate of economic and property growth that we expect to see from emerging markets.
Being the price, location and timing, providing it is what it is, then I do not believe you need luck.
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