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Palm View 6* Resort Cape Verde Luxury Villa For Sale

Last post 14 Aug 2008, 10:13 PM by RogerD. 3 replies.
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  •  01 May 2008, 3:28 PM 484805

    Palm View 6* Resort Cape Verde Luxury Villa For Sale

     

    I have bought an option on a lovely Villa on Boa Vista Island Cape Verde within Palm View Resort which will be a 6* luxury resort. Please see link below for details.

     http://international.assetz.co.uk/palm-view/property_5bed.htm

     Superb spec beautiful off plan Villa for sale. I have just been out to view location and its absolutely breath taking! Anyone interested in purchasing my option and willing to offer a premium contact me as follows:

    jim@goldlineproperty.com

    mobile; 07973 307990

     

    Kind regards

    Jim 

    http://international.assetz.co.uk/palm-view/property_5bed.htm

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  •  14 Aug 2008, 2:29 PM 558459 in reply to 484805

    Re: Palm View 6* Resort Cape Verde Luxury Villa For Sale

    Hi,

    Has anyone bought into the Palm View development? Personally I think it looks very attractive but have a few questions / points and would be grateful if people could give me their opinons on:

    1) Has anyone been to the site and if so whats it like?

    2) The 7% rent is a good perk - but people still have to appreciate they will have to make capital repayments ontop of this. For example what will the term of the mortgage be? what rate will it be at?

    3) If you want to sell you unit on after capital appreciation and you ar tied into the 7% return on purchase price then the buyer will not be overly incentivised by a yield of 3/4%??

    4) Not one will tell me the service charges on the units? The reason I ask is, would it be realistic for you to let the property out yoursleves, pay the service and maintenenace charges and make a better return?

    5) Finally - is 7% return 7%? There is a part in the contract that states 7% of the rental income will be put into a reserve fund for up keep - will this be one of many deductions from the guaranteed rent?

     

    Like I say I am very interested in this, but would be keen to get people thoughts on the above.

     

    Thanks

  •  14 Aug 2008, 5:58 PM 558629 in reply to 558459

    Re: Palm View 6* Resort Cape Verde Luxury Villa For Sale

    First thoughts - over £600,000 for a house in a third world African country, on a small plot with no privacy. Service charges will be phenomenal (not least the window cleaning costs with all that glass). 7% rental return per annum - that's over 50,000 euros !. Nearly 1,000 euros per week,every week !. Mind you I suspect a lot of that will be eaten up by service charges.

     

    More worrying, though, is that guaranteed rentals are invariably factored into the sale price, so you are only getting your own money back, on which you will be liable for tax.

     

    I suspect that all the consummables that make for a 6 star life style will be very expensive, as they will all have to be imported. (The computer generated designer shops in the video were quite amusing (forget Dubai, come to Cape Verde !).

    The claim of capital growth of 70% over 4 years means that in 4 years time the asking price would be £1.25 million !!!!!. Can you honestly see that ?. No, me neither.

     

    In today's economic climate you could buy an entire street in Burnley for that price. No, I know it's not a fair comparison but rather puts a different perspective on it, and for the average local in CV a terrace house in Burnley would be a dream home !.

  •  14 Aug 2008, 10:13 PM 558793 in reply to 558629

    Re: Palm View 6* Resort Cape Verde Luxury Villa For Sale

    Forgot to ask, just out of curiosity, what tv channels will be available on the 42" plasma ?.
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