Aifos, holiday home developer based in Marbella, has been forced into receivership by one of its creditors. One does wonder how they managed to avoid this for so long, and it was the action of a single creditor that forced the issue. Considering the company has studiously managed to avoid handing over any finished properties for years, it comes as no great surprise. Aifos’s many disappointed customers, some of whom made payments as much as 7 years ago and still have no home to show for their payments, will need to act sharply if they wish to avoid losing all hope of recovering their money.
Morgan Stanley, the investment bank, has issued a major alert on the health of Spanish banks, warning that a replay of the ERM crisis in the early 1990s could wipe out the capital base of weak lenders exposed to the property crash
Spain’s property market is a mess. Even the most hardened estate agent would have trouble persuading anyone that Spain was a good investment at the moment. (If there were any left in Spain.) And for once, every one agrees. These are some recent headlines from around the world regarding the state of the Spanish property investment market.
Following the publication of a book called Photoclima, which shows the potentially devastating effects of global warming on the Spanish coastline, a group of investment property developers in La Manga Del Mar, Spain are suing Greenpeace for 20 million Euros as compensation for causing “prices to plunge by up to 50%.”
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