Thousands of British holiday-home owners are facing potential losses of as much as £150,000 each with the collapse of one of Spain’s largest property developers.
Thousands of British holiday-home owners are facing potential losses of as much as £150,000 each with the collapse of one of Spain’s largest property developers.
Martinsa-Fadesa, which has sold more than 3,500 flats and houses to British buyers at more than 30 developments in Spain and in Morocco, Portugal and Bulgaria, filed for bankruptcy last week after failing to secure a refinancing package of £3.1bn.
Britons who put down 30% deposits on homes at Bellarotja, a development of 1,175 properties priced at up to €310,000 (£246,000) near Denia on the Costa Blanca fear the project, already long overdue, may never be completed. This could leave them tens of thousands of pounds out of pocket.
Other buyers who have tried to pull out of purchases at Martinsa-Fadesa’s giant Costa Esuri development of 2,184 homes and two 18-hole golf courses on the Costa de la Luz, close to Spain’s border with Portugal, despair of obtaining a refund after waiting months for their money.
Sunday Times, The Times
No comments yet