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Hey guys, this is the recent explanation from the company we used to buy the property. "there is going to be a delay by 2 -3 months. It is to do with local bureacuracy and the town hall and they have raised some queries to one of the plans. The developer and their architect are meeting tomorrow to resolve things so I should know more either tomorrow or Thursday.
I have been told that it will not effect the overall project. As sooon as I get word, I will inform you" So as soon as I hear from them, I will post their comments.
Cheers
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quote: Originally posted by JeromeA:
It is to do with local bureacuracy and the town hall and they have raised some queries to one of the plans.
Warning lights surely? Why would anyone commit money when the developer has not got approved plans and (previous post) seems not to know local employment rules? |
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quote: Originally posted by Brasileiro:
Hi,
I was reading some of the comments here, and I thought I share my thoughts and experiences in Brazil. I have lived in Brazil many years ago and I have been there for more than 20 times, both working and on holidays. I though I share with you some of my knowledge about Brazil and what is happening in the country.
I have some experience in investing in Property, I have done some very good deals, and of course also some bad ones......I know Brazil very well as I have been travelling along the whole almost 8000km coastline, and of course been "sniffing around"....
I thought of buying in Brazil first time a five years ago, but at that time the tourism growth was virtually cero and the "risk factor" was a lot higher than now. Besides that, and even more important, at that time the economy was still a bit of a question mark.
It only since 2003 that the Brazilian economy really started to improve drastically. For the first time Brazil is no longer dependent on foreign currrency, the country is now almost debt free and inflation is now only around 5,5 %. As a result, foreign capital has started to pour into Brazil and all leading experts seem to think that in two years Brazil will recieve an "offical" investment upgrade. Brazil is now finally on it's way to become one of the strongest economies in the world.
What is really interesting about Brazil, is that everyone forecast that in approx 2 years, the mortgage market will kick off. Today, lending in Brazil is very low, both for companies and private persons. One can only imagine what "impact" mortgages will have on Brazil's economy, spending will increase exponentialy etc......and of course I'll be very surprised if it will not have an impact on Real Estate prices........
Speaking of tourism, it is for the last three years that the tourism has really started to take off, which can easily be explained by the fact that Brazil only started to "market itself" in 2003 by first time in its history forming the Ministry of Tourism. Interesting enough, all the changes in Economy and Tourism are ocurring due to Lula Goverment, which has just been re-elected. Thank god!!
I think that many foreign property investors forget one very important factor when they look at "emerging markets". I have looked at Cape Verde, Morocco, Egypt etc. They are indeed "emerging markets". Brazil is NOT an "emerging market". When I first went to Brazil in 1995, one of the destinations I went to was Natal. The place was PACKED!!! Thousands of tourist, activities etc. The Brazilians love to travel in their own country, and a "normal" Brazilian can not be bothered about Caribbean etc, why should they? They have Brazil!!!
I have decided to buy a property in Natal-Brazil myself 6 weeks ago in the project Porto Dos Corais that I found on the Web. I reserved a D Condo apt for 63,000 Euros, which for a fully furnished 2 bed seems like a bargain. I have been to the area, checked out the project, met the developer etc.
I chose Natal mainly because it is the area clearly leading the tourism "boom". There are too many things to mention here, but Natal will become such a popular area, with Golf, Marinas, resorts, new airport in 2010 etc. I live in Spain myself, and I fly to natal from Madrid in 7h20 minutes!!!! No wonder natal is the area where most of the foreigners go!!
Why did I buy now??
-For me this was the perfect time as now I am confident about the Brazilian economy
-I know now that the foreign tourism has really started to take off, which I think will give good support to the already very big domestic tourism market
- Since I have also lost some money before, this time around I really wanted reduce the "risk factor", Brazil for me is as risk free as it possibly can bee. After having analyzed all the indicatiors, I can't see how I could loose out.
I read one comment on this site regarding the furniture in Porto Dos Corais. I am just about to sign myself and I think it is perfectly normal that the furniture has a "different" contract. I have bough several properties off-plan before, and after having spent too much time furnishing myself in foreign countries, I appreciate the fact the Porto Dos Corais is sold fully furnished. If one buys a property off-plan non-furnished, the property still has to be furnished after completion, and the money spent on those items, will of course not appear on the title deed. I can only imagine how long it would take for a "typical" foreigner to furnish a property in Brazil.......
I checked out the Bank Guarantees that the developer offers. It was rather amusing actually as some lawyers that I asked, told me that it does not exist in Brazil yet. However, I found out that the developer is actually the first ever company to achieve Bank Guarantees in Brazil, and probaly it will become more common in the next couple of years. Anyway, after having been to Brazil many times, I do appreciate the fact that there are Bank Guarantees.
Speaking of "emerging markets", there is not a single other "emerging" market that can compete with Brazil. Morocco will not be a "super power", nor will Egypt and nor will Cape Verde. Those areas might benefit from some tourism growth, but when putting all the indicators together (economy, toursim etc), Brazil beats them 10-0 (exactly the same numbers Brazil would beat them in Football!!!)
As a conclusion, I have to say that Brazil is for me the best country on the planet, and yes, I am guilty of also buying "with my heart". Excluding all the main "indicators" I have to say that Brazil is the one place where, every time I come back from my holidays in Brazil, I immediately want to go back!!!!
Viva Brazil!!!!
I'm very pleased to see that the word is spreading regarding the great investments that can be made in the Natal area of Brazil, and Brasileiro is right to point out the contribution that mortgages will make in the next few years. Anyone looking around this area will probably want to have a look at our new development . As I'm the sales agent I won't plug it too much and let you make your own minds up, all I'll say is the location is spectacular. Beach Property Investment Ltd is an Anglo-Brazilian firm, registered in Brazil, with offices in Ponta Negra. If you are coming out to Natal, give us a call, we know the area and market very well and speak both English and Portuguese. |
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Thanks Phil I will also check out Advogados.
But I am still undecided between PDC and Suntowers
I prefer PDC, but DreamHomes World Wide and Propery Showrooms have both dropped PDC from there port folios beacuse of the delays in construction and wont sell it any more. But they won't give me any reasons for the delays.
I have found Newskys, who are still selling PDC. But the fact the other 2 have dropped it from there port folios is a little off putting.
How are you feeling about the delays - are you being kept in the picure as to what is going on, and do you know how long the delays are expected to last? Are you worried at all?
Mark
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Sun towers is an attaractive enough proposal, but in my opinion, expensive, given its location. Its inland and near to the airport in primarily non-tourist location, with minimal infrastructure. Beware guaranteed rental returns, they are often just built into the purchase price. Beware hype as well the prospectus states that British Airways fly to North East Brazil. This is incorrect, living in Natal myself, I wish they did! There is also a lot of hype regarding the new airport.
Living here and having seen the current state of the proposed site, I will be very surprised if the airport is completed on time.
Having said that, there are some great property bargains to be had out here IF you choose the right development. My advice is speak with a company that has experience and knows the market and has backup in your home country in case something goes wrong. Michael M metioned Ponta Brasil, I think he means "Porto Brasil resort". This in my opinion is an excellent investment and has the backing of the Raddisson hotel group to operate the apartment rental pool there.
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quote: Originally posted by vbland: quote: Originally posted by JeromeA:
It is to do with local bureacuracy and the town hall and they have raised some queries to one of the plans.
Warning lights surely? Why would anyone commit money when the developer has not got approved plans and (previous post) seems not to know local employment rules?
Nah, a one way ticket to riches mate. Get yerself down for 5 off-plan, flip 4 and use the profit to pay for the other in full. Now where did I put me land-banking share certificates, time to cash in me thinks. |
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Delays were always likely at PDC though my understanding was that the last formalities were completed and the building work should be starting if it's not started already. I think that nearly all the apartments have been sold now so I can understand why people are no longer selling it (theres nothing to sell) as others are now coming on the market. Still it would be nice to see some work going on!!!
Cheers.
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quote: Originally posted by gazza111691:
Sun towers is an attaractive enough proposal, but in my opinion, expensive, given its location. Its inland and near to the airport in primarily non-tourist location, with minimal infrastructure. Beware guaranteed rental returns, they are often just built into the purchase price. Beware hype as well the prospectus states that British Airways fly to North East Brazil. This is incorrect, living in Natal myself, I wish they did! There is also a lot of hype regarding the new airport.
Living here and having seen the current state of the proposed site, I will be very surprised if the airport is completed on time.
Having said that, there are some great property bargains to be had out here IF you choose the right development. My advice is speak with a company that has experience and knows the market and has backup in your home country in case something goes wrong. Michael M metioned Ponta Brasil, I think he means "Porto Brasil resort". This in my opinion is an excellent investment and has the backing of the Raddisson hotel group to operate the apartment rental pool there. Michal M's link to the property doesnt work, but I have found it on another site of a UK based agent:
Hi Gazza, No this development is different to the Porto Brasil resort in Cotovelo, although it should be mentioned that cotovelo is a lovely beach. This development is called "Ponta Brasil Beach Resort", it is North of Natal in a place called Cajueiro between Sao Miguel do Gostosa and Touros. I don't know why the last link didn't work, please try this one: |
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quote: prefer PDC, but DreamHomes World Wide and Propery Showrooms have both dropped PDC from there port folios beacuse of the delays in construction and wont sell it any more. But they won't give me any reasons for the delays.
There has been a delay in the start of construction at Porto dos Corais and we (Property Showrooms) are waiting to hear not only what the reasons behind it are, but also what the revised completions dates will be. Without this information, we would only be posting hearsay and rumour on the forum and feel it is better to correctly advise our clients (and every other interested party). However, neither Property Showrooms nor Dreamhomes Worldwide have withdrawn Porto dos Corais from their investment portfolio and are still activly marketing this investment opportunity. |
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This is from Manzanares. Let me know if you have any feedback.
Please excuse the delay in replying to your email. I was waiting for confirmation from the developers.
I have just received the following official statement from the developers:
“We are notifying clients the reasons why construction has been delayed on Porto Dos Corais. Due to the close proximity to the beach the site has had compact fill over the points where there will be buildings and foundations.
As there is a unique Bank Guaranteed Completion Guarantee the site is supervised by technical advisers. The technical advisers for the structure calculations have asked us to let the compact area lie for a period of time before a second geological test has been made to satisfy all stability criteria.
This has taken place satisfactory and the final footings and structures have been calculated based on the study and now construction can proceed. The builder has been notified and presented with the new drawings. The construction should begin with the next 30 days as teams are reassembled on site.”
There will be some delays, a few months, but we forecast that delays will be rather minor as we have very efficient teams on the construction site".
I have also been informed that the developer's website will be updated once construction commences. The developers are also confident that they will be able to make up part of the lost time during construction.
As stated in the contract, the stage payments are linked to stages in the construction. Once we receive the official confirmation as each stage of construction is completed, we will request that you make the relevant transfer. For example, the second payment is due once the foundations are in place.
Although the delay is inconvenient, we are sure you will agree that the fact that the construction is being supervised by technical advisors as part of the bank guarantee, gives an added confidence in the whole project.
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I am really interested in this resort and brazil in general, However i came across this - and funnily, it is from the exact website that is being posted here stating Natal has the lowest crime in brazil? http://www.natal-brazil.com/news/violence-natal.htmlAlso are you aware Natal is a major high risk zone for the tropical disease Deunge? Its them mosquitos again! |
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Thanks for posting info about the delay Jerome. Good to know (and not all that surprising). At least they will be starting soon (fingers crossed).
Nickohorn - I think Dengue fever is only a problem in the rainy season. I did have a look into this a couple of months back and although it sounds scary it's not a big issue unless you will be living here all year round when you will have more chance of being exposed. Certainly not as scary as Malaria and tourists visit countries with Malaria with little thought.
The update on crime statistics is interesting and sounds alarming but like most murders in Brazil it's liable to be gang/drug related. Though it's not good news.
Cheers.
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quote: Originally posted by Lee A.:
Good to know (and not all that surprising). At least they will be starting soon (fingers crossed).
Good to know that a developer building near a beach had not resolved problems with ground stability before they started building and offering to sell? Matters relating to the ground should be resolved before sales are offered. They should be able to supply buyers with necessary proofs of ownership, testing of stability, any encumbrances and so on. I can see why some of the marketers (or whatever they may be called) have pulled out of promoting this. If they won't touch it now, why would anyone buy? |
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Very interesting reading. Have been holding off on this PDC option as wanted to see what low-rise apartments came up in Ponta Negra. The fact that all seems not to have been cleared in advance on the PDC project is a bit alarming, but the up-side is that it's another thing to be aware of before making a commitment to my first overseas property investment. Of all the new developments I've been looking at over the past four months, PDC did seem best value for money, but maybe this partly explains why?
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Vbland by name and very bland by nature.
A peoccupation with compiling haphazard unduly negative postings across all threads apparently imposes a restriction on an ability to pay attention to content detail.
Instead of pronouncing meaningless unsubstantiated judgements ,please observe from other postings that NO agency has taken the decision to no longer represent Porto.
Natalinho-If you intend to delay commitment in favour of a project without perceived problems ,quite simply, your investment funds will never see the light of day outside your bank deposit account.The only project without setbacks are those that never progress beyond the drawing board.
Instead, adopt a risk limitation strategy,seek strong fundementals,proximity to a reknown beach,competitive pricing,and wherever poss,a bank guarantee/work conclusion insurance or at the very least an escrow facility.Brazil is not the optimum choice for a first time investor though the above should help ensure a successful,relatively stress free experience.
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Thanks for your comments Magnate. I do take on board what you say, and accept that there will never be a 'dream project'. I guess Brazil is a bit daunting for a first time investment, but it does tick all the right boxes for me. I will definitely be making sure the location, gurantees and insurances limit my risk as much as possible. Still very tempted by PDC because of the excellent value for money, especially as new low-rise developments in Ponta Negra seem scarce and, at this stage, less advanced.
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Hi all,
It seems that things get moving. The new schedule has been issued with completion planned for August 08.
We'll have to be patient (-:
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Thats great - where can I find the updated details? Much appreciated
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Hi All, Finally read through the whole thread! Took me half the morning!  read some interesting stuff specially about the legal side of things also good to see I am not the only one that is crazy about Brazil! I just put a reservation down for a villa in a small urbanisation called Mar de Tabatinga (South of Natal) 100 meters from the beach, anybody here heard of the project? Thinking about reserving a second one, however I am open to other suggestions, PDC sounds interesting however its a very big project and I prefer the some what smaller projects. |
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quote: about reserving a second one, however I am open to other suggestions, PDC sounds interesting however its a very big project and I prefer the some what smaller projects
Have you seen Jacuma Resort? I have reserved a 2 bed 2 Bath Condo with sea views front and back. Check out spc-overseas - google it! Would be open to opinions about this. |
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Goldman Sachs high flyer Jim O'Neill once again gives the thumbs up to Brazil. Although he concedes that Brazil has not done as well as the other BRIC countries he claims that he is optimistic about Brazil's future and is considering buying a second home there. He thinks that Standard & Poor will probably upgrade Brazil to full investment grade status in 2008. Source: Mail on Sunday, 8th July 2007.
brazilianrealestate.blogspot.com
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I too am really interested in the PDC development but still very apprehensive given all the delays on this project. Apparently they have now been given the go ahead and work is due to commence in 4-6 weeks time. I would welcome any advice anyone has to offer re: purchasing a 1 bed flat in block I at PDC versus a 1 bed flat in the Fountains resort in Beberibe, another beach front development located in between Natal and Forteleza
Thanks
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