Investing in Monte Santo

[DrQ]

I have just been offered opportunity to invest in a T1 (around 240,000 Euros)new off plan development in Carvoeiro on the Algarve. I am new to Portugal. Does anyone out there know anything about this particular development or the area?

Any advice about this and the Algarve in general would be appreciated.

[Oliveira Trindade]

The ancient fishing village of Carvoeiro is located in the Algarve on the southern coast of Portugal. Today it is a well-renowned holiday destination situated in the middle of a province internationally-known for its mild climate and beaches of golden sand. Besides the beautiful Carvoeiro Beach, other highlights include the charming Paraíso Beach and within a few minutes drive, the impressive beaches of Caneiros, Vale Centianes, Benagil, Albandeira and Marinha Beach. The latter is considered to be one of the 100 most beautiful beaches in the world. Also within a few minutes drive, there are some of the best golf courses in the Algarve.
Monte Santo Resort is located in Carvoeiro’s area, within 5 minutes drive from the village of Carvoeiro.
The Monte Santo Resort seems to be a good investment in luxury living. The developer (Imocom Group) has a wide range of award winning developments in Portugal including the first Five Star Hilton Hotel in Portugal in the Hilton Vilamoura As Cascatas Resort & Spa.

[Paul Stevens]

Originally Posted by DrQ

I have just been offered opportunity to invest in a T1 (around 240,000 Euros)new off plan development in Carvoeiro on the Algarve. I am new to Portugal. Does anyone out there know anything about this particular development or the area?

Any advice about this and the Algarve in general would be appreciated.

My wife and I have just invested in this development. This whole adventure is new to us so if you have had any feed back from anyone it would be good to talk. We have just brought a T2 which we are hoping to rent and also use as a family holiday home. Just looking at renting agreements and sorting out a few questions to ask the developer. It would be good to talk sometime.
Happy 2008

Hayley and Paul.

[scroft]

Interesting to find other Monte Santo investors. We have a T2 apartment and a 2 bed townhouse. It will be interesting to compare notes as we move towards completion. I'm interested in who will end up marketing the rentals of the properties in the end. When we bought, the Hilton group's name was being bandied about but I don't know if anything has been formed up yet.

Brian/Janet

[JMBroad]

Originally Posted by DrQ

I have just been offered opportunity to invest in a T1 (around 240,000 Euros)new off plan development in Carvoeiro on the Algarve. I am new to Portugal. Does anyone out there know anything about this particular development or the area?

Any advice about this and the Algarve in general would be appreciated.

T1 for 240.000 €? What size is the apartment? An important comparison you should be using is €/m2

[f_ribeiro]

A T1 for 240.000 € is more or less the same you would pay in Lisbon.
But i feel is a bit expensive for the area.

[Jumbo1]

scroft, a report on portugalresident(dot)com, dated 13 April '07 and titled "Algarve prepares for luxury tourism" shows that Monte Santo was originally a Hilton development with Imocom as the developer.
It stated: "As well as As Cascadas Resort and Spa, Hilton International has announced another two projects that are in the pipeline.

The Monte Santo Resort, in Carvoeiro, will have 67 Hilton Grand Vacations Club apartments and 54 tourist apartments. With a total investment of 55 million euros, the resort is due to open in May 2008."

My understanding is that Hilton pulled out due to a belated discovery that Portugese hotel regulations called for a set up different to what was planned at Monte Santo.
As a result, Imocon, the project's developer, went ahead with completion of the resort solo (to the planned Hilton standard )and Hilton have now got nothing to do with it.

[Paul Stevens]

Originally Posted by scroft

Interesting to find other Monte Santo investors. We have a T2 apartment and a 2 bed townhouse. It will be interesting to compare notes as we move towards completion. I'm interested in who will end up marketing the rentals of the properties in the end. When we bought, the Hilton group's name was being bandied about but I don't know if anything has been formed up yet.

Brian/Janet

We are at the final stages of paying for our T2 which is due to be paid and completed around the 1st July, but who knows!
IMOCOM are running the complex and are doing the renting if you are using the 3 year contract. This is new for us and we have emailed a lady called Aze who is one of the people who is running the site once complete. Ican get her email address if you wish.
It would be good to keep in touch and I hope everything is going well at your end.

Hayley and Paul

[JMBroad]

Originally Posted by f_ribeiro

A T1 for 240.000 € is more or less the same you would pay in Lisbon.
But i feel is a bit expensive for the area.

Depends on the size. A huge T1 for 240.000 € may be cheap while a tiny T1 would be extortionately expensive. What's the size of the 240.000 € T1?

[blackersmanda]

Originally Posted by Paul Stevens

We are at the final stages of paying for our T2 which is due to be paid and completed around the 1st July, but who knows!
IMOCOM are running the complex and are doing the renting if you are using the 3 year contract. This is new for us and we have emailed a lady called Aze who is one of the people who is running the site once complete. Ican get her email address if you wish.
It would be good to keep in touch and I hope everything is going well at your end.

Hayley and Paul

Hi Paul,

We are looking at the same sort of timetable for completion/payment. Are you also looking at a 3 year rental contract? Or have you been offered any alternatives? It would be very useful to have the email address of Aze, is she part of IMOCOM, or is she from the agents you used for the purchase of the property?
I'm sure we're worrying about nothing, but we're still a bit twitchy about signing a 3 year agreement with no apparent comeback if things don't go according to the developers plans/estimates.

We appreciate your correspondence on this, and likewise hope everything goes ok at your end.

regards

Mike