Oceanico Golf Resort

[widge]

I was told on my last visit that the reason why none of the houses or villas are occupied is because the planning consent was granted on condition that the development became a tourist resort. Hence every property needs a habitation licence and a touristic licence & the owners have to make them available for rent for so many weeks a year. These have yet to be granted and so the houses and apartments lie empty but fully furnished, gardens landscaped, pools full of water! Has anyone else heard this? It seems that the Anglo Irish bank funded it but I suspect they waived the capital & interest payments months ago & NAMA the Irish "bad bank" is awaiting the arrival of another toxic asset shortly! Bloody shame as the courses are superb, the staff friendly and courteous and the facilities the best I have encountered.

[EMM]

Another Oceanico resort in Lagos was empty for over two years waiting for the habtation lisence it finally opened this july. Oceanico is now effectively under Bank control and management.
We do know someone who got his deposit back on a villa they were buying on the golf complex.

If you look around Carvoeiro you will see that almost all of the large new developments are now " touristica " restricting owner use etc.
There is one near the solfeiras that we have been told is only for sale as a complete unit, I do not know what happened to those who bought off plan,hopefully they got their money back.

[joeysoap]

I It seems that the Anglo Irish bank funded it but I suspect they waived the capital & interest payments months ago & NAMA the Irish "bad bank" is awaiting the arrival of another toxic asset shortly! Bloody shame as the courses are superb, the staff friendly and courteous and the facilities the best I have encountered.

[/quote]

Irish taxpayers are picking up the tab for reckless developments in almost every corner of the world (hotels in Thailand included).Oceanico did a very hard sell in Ireland a few years ago but their annual community charges were astronomical, hence didn't sell as many maybe the could have. see that last week Nama managed to 'offload' some London hotels so maybe if this development does end up in nama they will offload it too. probably have no choice, but who will purchase in the current climate?

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