I just found this article on the Olive Press (link at bottom of article), that just shows that developers can be fought and the courts do not automatically side with them, a common misconception. If your case is strong enough you can win. Anyway without further ado here is the article.
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According to Pedro Pérez, the general secretary of the G-14 (association of Spanish developers) the sale of newly built property has started a mild recovery, and this position will be consolidated in the coming months. Backing this up, the latest INE (Spain statistics institute) statistics showed an increase of 7.6% in inter-monthly sales, with over 20,000 sales in September.
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‘This development, being built by one of the largest and most distinguished development companies on the Costa del Sol, is just a three-minute walk from Marbella town centre. The apartments in Banana Beach consist of one, two, three and four bedrooms, fitted to the very highest standards possible.”
Sounds great doesn’t it? You’d never guess from this glowing description that the Banana Beach development was built illegally and has been condemned to demolition. Despite this, the properties are being advertised on websites targeting UK buyers.
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As it is already well known, since 23rd of July the AIFOS Bankruptcy has initiated a new chapter in this creepy story. The situation was foreseeable as the reputation of this company was well known. Aifos commercialized developments at very competitive prices and had very good marketing strategies. They did not have building licenses, sometimes they were not even owners of the land, and in the majority of the occasions they did not grant the bank guarantees ordered by law nor did they deposit the monies received in a special bank account as established by law. How could they keep this behavior for years should be a matter of a deep and serious study. The financial crisis and the sudden end of the property market boom provoked this predictable end.
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I have recently read an article by Mark Stucklin that I thought gave a fair reflection on the current state of the Spanish property market. Although less specific to the Costa del Sol, it does give a balanced view on the state of the national property market.
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Recently the Prime Minister of Spain, José Luis Rodríguez Zapatero, announced that by 2011 mortgage relief for those earning more than 24,000€ will be stopped. After originally reading the article Zapatero and Common sense I have had time to do a bit of research on the topic and Spain does not seem to be alone in this ‘gesture’, with countries like Ireland having implemented similar measures recently.
I have just reviewing a range of official statistics (Registro de Propiedades, INE, etc..) have compiled a brief analysis on how the Spanish property market fared in 2008. As can be imagined sales are down (surprised?), but not all appears to be doom and gloom.
Further to the petition I recently mentioned in an article I would like to bring the following petition to everyone’s attention.
According to the Spanish newspaper ‘El Pais’ the Spanish developer Aifos has been forced into administration proceedings by creditors.
According to the Spanish press, Aifos a developer known for such projects as Terrazas de Torreblanca and Las Caballerizas, has been forced into receivership by one of its creditors!
