We saw the show house but no details at all before we paid as there was no option. If you wanted to purchase and take part in the rental scheme this was the only furniture package available. We are pleased with what we believe will be installed but were curious to know if everyone was paying the same at this particular resort.

Vanessa

Based on the information provided on this thread and the advertised rental rates I've been looking at the figures, and as an investment it just doesn't stack up. It appears that the advertised rates are around half of what you were 'advised' by the selling agents, and even allowing for discounting to attract customers in the first year, I don't see doubling the rents in the next year as a viable proposition.

Lesrt's look at some figures:

Purchase price - 240,000 euros

Purchase costs @ 10% - 24,000

Furniture Pack - 24,000

Total cost - 288,000 euros

To get a 5% return you will need to clear 14,400 euros per year.

Advertised rental rates for a week in August: 1,338 (ignore the fact I can rent a luxury detached villa for this amount).

Less 25% marketing costs leaves - 1,003, of which you get 60% i.e. 602 euros, less 55 euros maintenance = a grand total of 547 euros before tax,
and that is a peak season week; a little less than the promised figures of well over 2,000 !.

Best of luck to you all.

Hi We have bought a T2 appartment does anyone have any idea what the furniture pack looks like I have heard it will be completely different from the two show houses and also we will not have any choice to mix and match as we were lead to believe from sales staff cant seem to get any information from managment in Monte Santo

I am not sure that your figures are correct. We are buying a T2 and met with Azy Leite in May. We were led to believe that the marketing costs we pay actually equate to being the discounted rates that you see advertised on web sites. i.e. If we had been told that out T2 was going to rent for 2000 euros a week in high season but it is advertised and rented out for 1500 euros a week, the marketing cost is then 500 euros, we will then still get 60%of the 1500 euros. You do not take off the 25% marketing cost from the advertised rates that you see.

Hello Vanessa,

We have not paid for any of our furniture pack yet, although we were late in signing our contract (February this year) our contract states first instalment due 4 months after signing contracts.

With regard to the snagging survey, Azy put us in touch with a company called Densham Moreira, who have supplied us with a quote for carrying out the snagging survey. They can be found on the internet if you put their name in to a search engine

Hello,
Where did you get your information that the furniture is going to be completely different to that in the show home? We have been told on more than one occassion by the sales staff and Azy Leite that the furniture will be exactly the same as the show home. We were also given a detailed list of what furniture/fittings would be included in the price of the furniture pack.

Hello Rikki,

Nice to read a positive message about the resort, there appears to be lots of negativity on this forum about this resort and the rental rates in particular! We agree with you on the rental rates, we need to get people through the doors and recommending the resort to othe people before the rental rates can be maximised. We will also be there in late June (22nd to 28th) and are still hopeful of staying there if only for a couple of days towards the end of our stay.

JAIABEDO,

I am using figures provided by posters on this forum. Let's ignore the posting by Ourhomealgarve who can furnish your property for 3,500 euros as opposed to the 24,000 euros being charged by the developers. (I accept you get what you pay for, but 24k is ridiculous, especially as on a rental property you may well have to refurb every 5 years or so, i.e. you need to set aside 5k per year for refurb.).

However, jaycee posted, "Imocon intends to deduct marketing and commission costs from rental income before the 60/40 split".

Whatever, my figures are far closer to reality than the b'@[+*&^t you were fed by the sales rep. If you complain, they will tell you that nothing was guaranteed in writing, the global credit crunch has changed the market etc.etc. Bottom line - they told you what you wanted to hear to close the deal. A modicum of research on supply/demand/rental returns would have shown you that the 'promised' returns were totally unrealistic.

I love the Algarve - grabbed a quick 4 days last week thanks to Easyjet's deal of £39.98 return, but why on earth would anyone pay 2,300 euros a week for a 2 bed apartment (not on the beach) when you can book a peak season (August) week in a 3 bed, 2 bath, detached villa, with private pool, sauna, two terraces, barbecue, grape vines, fig trees, pomegranites etc. on a 2 acre plot, 10 minutes from the beach, 2 minutes from 5 star golf for little more than half that amount ?.

Hi Folks,

I just want to check to see what anyone else as heard so far about rules in regards to renting out your property.

I have been informed that the existing leasing company's position is that you either rent out via the agreement that they have to offer or the property can only be used for your own personal use.

This was not what I was originally told and I just wanted know what everyone else had heard about this.

Regards

Rich.

Hi Rich

I have just signed up to this forum and have been reading some of the posts with alarm. We are buying a 2 bed town house and haven't signed up to any rental agreement. We were under the impression that the site was owned by Hilton and weren't aware that they had pulled out. We certainly haven't heard anything about not being able to rent the property out privately, which is exactly what we intend to do. There seems to be a total lack of information and communication from Imocom.

I have received a poorly written letter from Imocom today stating that the property is now complete and that 'the public deed will take place' on 3rd September in Lisbon. No other details AND they have the wrong plot number on the letter. Doesn't fill me with confidence. There are definate questions that need to be answered before we part with the final installment.

Regards
Christine