Costa del Sol Property Blog » torreblanca

How the mighty have fallen

Andrew Belles — Tue, 25 Nov 2008 17:05:35 +0000

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!

It appears that Gestión de Obras y Reformas SL, one of the developer’s suppliers and creditors, started bankruptcy proceedings against Aifos within the last few days in a court in Malaga. Considering the timing, I would guess that the bankruptcy proceedings have started due to the recent failure of the Spanish developer Tremon.

To date, the company is reported to have 850 million Euros of debt, of which Banco Popular is its largest creditor, reportedly owed 200 million Euros, followed closely by Banco Pastor at 150 million Euros.

This could not have happened to a nicer developer. Based in Marbella, Aifos is notorious for illegal building projects, many of which still have not been resolved, and has been repeatedly accused of unethical conduct by many of its clients.
The owner of Aifos, Jesus Ruiz Casado and his MD were arrested in 2006 over the suspicions of bribing municipal authorities.

Many of its clients have also been kept in financial limbo. Buyers are still waiting on properties up to 7 years after they made stage payment and have little to show for it. These are the people that need help now, and with luck it is hoped that there will be a way for them to recover the monies they put down so long ago. If you have bought/buying an Aifos property, contact your lawyer and get them to keep track of proceedings as there will only be a limited period to make the claim.

Regards
Andrew Bellés

Fuengirola apartment for sale Ref.: MLSA507792

Andrew Belles — Wed, 15 Oct 2008 16:29:58 +0000

Well presented 2 bedroom, 2 bathroom garden apartment in a highly regarded urbanization in Torreblanca in Fuengirola, Costa del Sol. The urbanisation has a large community pool, mature gardens, tennis court and children’s play area.. The property itself has a west facing terrace and an additional east facing patio. The property is being sold furnished, as Air conditioning, dark marble floors and satellite television. Price: 199.000 Euros. See below for further details.

Location:
Fuengirola, Costa del Sol, Andalucía, Spain
Property Type:
Garden Apartment
Listing Type:
Resale Property
Orientation:
South West
Tenure:
Freehold
Status:
Available
Bedrooms:
2
Bathrooms:
2
Floor No:
Ground
Community Fees:
63 EUR / month
Build Size:
70 m² (753 ft²)
PlotSize:
16 m² (172 ft²)
Terrace Size:
16 m² (172 ft²)
Price:
199.000 Euros

If this property is on interest please email info@arribaestates.com or go to our Arriba page for further contact details

Regards
Andrew Bellés
Arriba Estates

Apartment for sale in Fuengirola ref.: MLSA507798

Andrew Belles — Wed, 15 Oct 2008 13:13:04 +0000

An attractive 2 bedroom, 2 bathroom apartment located in lower Torreblanca in Fuengirola on the Costa del Sol. This apartment is in a very desirable building and is only a few minutes walk from the beach. The apartment is being sold fully furnished. It is 78m2 built with a terrace of 17m2. There is also a designated underground parking. The community itself offers attractive gardens, 2 pool, gymnasium, squash court and sauna. Priced to sell at 225.000 Euros. Please see below for further details.

Location:
Fuengirola, Costa del Sol, Andalucía, Spain
Property Type:
Apartment
Listing Type:
Resale Property
Orientation:
South West
Tenure:
Freehold
Status:
Available
Bedrooms:
2
Bathrooms:
2
Floor No:
1
Reception Rooms:
1
Year Built:
2003
Community Fees:
66 EUR / month
Build Size:
78 m² (840 ft²)
Terrace Size:
17 m² (183 ft²)
Price:
225.000 Euros

If this property is on interest please email info@arribaestates.com or go to our Arriba page for further contact details

Regards
Andrew Bellés
Arriba Estates