Considering investing in off-plan project with Mercan properties through Holborn. They’re offering a ‘buy back guarantee’ and just wanted to ask if anyone has had any experience with either the agent (Holborn) or the developer (Mercan). With the changes to the GV through real estate imminent, I have to move quickly and wanted to seek advice.
Thank you! William
Hello, My husband and I went with a GV Turistic hotel renovation investment in March 22. Admittedly, we had just started looking into the whole GV idea. Holborn had an opportunity and seemed reasonable, we did as much due diligence as we could with the time and resources that we had. We since realize that they clearly knew that the neat and tidy timeline that they presented to us (and sold us on) was a fallacy due to the halt in the Portuguese SEF program in early 2022, and that there was no way that things would move as quickly as they were trying to tell us they would. They were trying to tell us we’d have our residency cards in 9-12 mo and clearly that’s ridiculous. However, in general they have been okay to deal with otherwise, and they seem to know if we’re upset and will gladly have a phone conference with us (or one of their attorneys.). It seems to be cultural that if you make an email inquiry and the Portuguese don’t have a clear answer, there just is no reply, and so we are learning this. But we have not felt that anything has been handled improperly otherwise. I think they are as reliable business-wise as any. Good luck! Mary S
We seriously considered Mercan and it appears their projects are going well. I caution you to speak with a Portuguese lawyer about the enforceability of the buyback guarantee if you intend to rely on that.