Hi

Be very very careful. I just came back from Port Douglas, and they are really overbuilding there. I chatted quite a bit to people working in the resort industry there, and they said that the vacancy rates are already ridiculously high. Its so very seasonal up there. The high season is between July and October. After that, the vacancy rates run at around 85%! Prospects of capital growth on the new places they are building are thought by many people to be slim.Even on the figures provided to you by the developers, your profits are pretty marginal. Particularly given the size of the risk taken on with that loan. In addition, the Havana development is several miles from town. I’m sure the beach is nice, but it is really stuck in the middle of nowhere. The units have also been for sale for quite a while now.

Make your own decision, but look at it very closely.

Good luck.