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Compañía Inmobiliaria Masdevallia Collapse - Time running out to make a compensation claim

admin — Fri, 21 Nov 2008 12:50:49 +0000

Time is running out for Britons affected by the collapse of another Spanish property developer to put forward their claim for recompense, warns law firm DWF.

The firm says that buyers affected by the collapse of Compañía Inmobiliaria Masdevallia should inform the Spanish court as soon as possible, or appoint a lawyer to do so on their behalf.

Masdevallia was the developer behind the ambitious Nueva Ribera and Nueva Ribera Golf Club developments in Murcia. Both Masdevallia and One Properties, which marketed the schemes and which has also filed for insolvency, appear to be linked to Juan Antonio Roca, ex-planning councillor at the Marbella town hall and one of the main people involved in the Malaya Operation, the anti-corruption campaign in Marbella.

Both companies are in a voluntary insolvency arrangement and administrators have been appointed to supervise their management. Antonio Guillen, a Spanish lawyer with DWF who are acting on behalf of British buyers affected, explained: “The administrators will detail the companies’ resources and assets as well as the debts and point out any possible ways of saving them. This procedure takes time and could prove extremely complicated and frustrating for those who are not familiar with Spanish law. ”

“Creditors of the insolvent company, and that includes purchasers of properties off-plan or owners of properties that have not been fully finished, should inform the administrators and the court of their credit as soon as possible.”

“Under the Spanish Insolvency Act all creditors should receive a personal communication from the administrators but this does not always happen. Therefore it is advisable for anyone affected to contact a lawyer versed in Spanish insolvency law and provide them with any documents that can help to prove the payments they have made. These will have to be lodged with the court to ensure they are included in the final list of creditors. ”

“It is also necessary to ascertain whether the developer has a bank guarantee in place to cover any amounts paid by the purchasers towards the construction. This is a requirement under Spanish law although not all developers comply. This document is extremely important as it could make all the difference between creditors losing all their money and getting a refund. Your lawyer will check this for you.”

Antonio Guillen is also currently representing clients of Martinsa-Fadesa, Spain’s largest property developer and the largest insolvency in the country’s history, as well as another Spanish developer Herrada del Tollo S.L. He adds: “It is vital for purchasers affected by the insolvency of a Spanish developer to appoint a lawyer as soon as possible to make sure they are duly represented in the insolvency procedure, as well as considering alternative solutions such as enforcing the bank guarantee, if there is one.”

El Rompido - Fishing Village Development

admin — Fri, 14 Nov 2008 12:00:03 +0000

El Rompido - Fishing Village Gains International Acclaim in Spanish Tourist Board Ad Campaign

The Spanish Tourist board is currently using the idyllic picture-postcard beach of El Rompido in Huelva in an international print advertising campaign. What better endorsement could local estate agents wish for?

Andrew Benitz, Director of Titan Properties whose head office is in El Rompido, comments, “Relative anonymity has been both our strength and ironically our downfall over recent years. Whilst Spain’s big hitters - Marbella, Madrid, Barcelona and the like - have garnered the lion’s share of media attention over history, Huelva has gone largely unnoticed. This of course makes our coastline unspoilt, underdeveloped, natural and uncontrived but also means that second home hunters are potentially missing out on one of Spain’s hidden treasures. Hopefully the inclusion of El Rompido’s glorious beach in a global ad campaign will bring some much-deserved attention and education on the area.”

At the western tip of Spain’s Costa de la Luz, El Rompido is essentially a fishing village on the estuary of the Rio Piedras which is protected from the Atlantic by a long spit of land called ‘La Flecha’ - The Arrow. Its presence creates both a safe anchorage for the fishing boats and also a perfect playground for water sports. The fishing boats are as active today as they ever were, sensitively trawling the waters for sumptuous seafood that ends up on the plates of the local restaurants, but the 10km of white sandy beach backed by lofty dunes and pine forests has attracted another crowd - the discerning property investor.

Gradually growing into a vibrant, energetic destination, El Rompido has much to offer for the holidaymaker. The village now has two Alvaro Arana designed 18-hole golf courses, the south inaugurated in 2003 and the north in 2006, and a brace of five star hotels - one managed by the Set Hotel group and the other by El Fuerte. It even has a marina fringed with lavish million euro plus villas complete with private berths and fashionable bars and trendy boutiques, a marina that is one of four planned for the area.

Titan Properties is promoting the newly launched Altos del Rompido. Occupying an elevated position, the 150 apartments and penthouses command impressive south facing views of the Rio Piedras estuary and Atlantic beyond. Built to high standards, the gated community offers a range of on-site facilities from an amazing feature ‘lake pool’ alongside adult’s ‘length pool’ and children’s pool to three paddle tennis courts and a handy bar-cafeteria. The homes themselves are arranged in separate buildings, 15 apartments each, and all have two bedrooms and bathrooms, large terraces of up to 58m² for the penthouses, central heating, direct external and lift access to avoid communal hallways and a parking space a-piece. Fitted kitchens and installed air-conditioning are available as extras.

The village of El Rompido with its pretty square, shops, restaurants, cycle tracks, forest walks and those endless sandy beaches is within walking distance whilst Seville and Faro International Airports are both within an hour’s drive enabling swift direct access to much of northern Europe.

Prices at Altos del Rompido start from 224,000 euros for apartments and 294,000 euros for penthouses and with completion not expected until June 2011 the off-plan stage payment terms and potential for capital appreciation are very attractive.

Contact Titan Properties on 00 34 959 399 982, UK Freephone 0800 358 7969. Email info@titan-properties.com or visit www.titan-properties.com

Is the Spanish Property Market Still Strong?

admin — Sat, 30 Aug 2008 17:51:27 +0000

The BuyAssociation have just published their thoughts on the state of the Spanish Property Market. Here is their latest take on the current situation and prospects.

At times it feels as though the overseas property market in Spain has been doomed for years. On top of this, a recent downturn in the share price of large Spanish property companies provoked another round of media panic, along with the usual ‘I told you so’ reactions of industry analysts.

While there seems to be a new emerging market appearing on the scene every week to attract the cash of investors, Spain is often used as an example of how not to run an overseas property investment market. Recent revelations revealed the full extent of the corruption at all levels of local government, where planning chief Juan Antonio Roca amassed a fortune of €120 million through backhanders and bribes, allegedly involving the last three mayors of the region.

Meanwhile, developers are keen to sell Spain as a destination that still offers fantastic returns and bargain property to fulfil the dream of a place in the sun.

As usual with these things, the reality is somewhere in between the two sides of the story. There is no doubt the rampant price rises that were seen with the mass speculation of the first years of the 21st Century are over (there were stories at the time of prices on some developments increasing their prices by 10 per cent each week). At the same time, the property market in Spain is by no means dead and buried.

Mark Stucklin is head of Spanish Property Insight, a property information website, has seen the changes in the market. “The Spanish property market is not what economists would call an efficient market, largely because it lacks transparency.” He Says, “This makes it difficult for buyers and sellers to know what is going on, creating great opportunities for those people who are really prepared to investigate the market. This is especially so now that the property boom has come to an end, and some buyers are desperate to get out. The key is access to independent information, and seeing lots of market comparables to get a real feel for market prices, which you will never get on a subsidised and rushed inspection trip.”

Andy Hawkins, Senior International Property Consultant at Chesterton International comments: “There has been a huge amount written recently regarding the Spanish property market. Most of it has not been particularly positive. However, if the situation is examined closely it is clear to see that some of the media hype does not paint the most accurate of pictures.”

In fact, the original package holiday destination is still the most popular place for Brits to buy property overseas, and while you might not be able to pick up a plot of land overlooking the sea on the Costa del Sol for the same price as a small car, there are ways to take advantage this perceived downturn in the Spanish property market.

Whenever there is widespread speculation in a property market, there are inevitably people who have been a little overzealous in their budgeting, or who have been caught investing at the same time as many of the speculators are on their way to new hunting grounds. The result is a large number of properties coming onto the market, for which the owners cannot raise the finance, or who just want to release their equity as they are unable to ‘flip’ the properties for the large profits they anticipated.

Adam Gale, Managing Director of Duchy Estates, concedes that there is a correction in the market “The Costa del Sol does have a certain oversupply of property, particularly in new build apartments up and down the coastline. It’s going to take a couple of years for this stock to amortize, and many will be snapped up for fantastic prices by investors who are confident, like us, that after a few years of correction, the bullishness will return. It is indeed a buyer’s market. Both developers and private vendors who are keen to sell property in Costa Del Sol will be more realistic about pricing, maybe even accept an offer, which was unheard of as little as three years ago.”

This view appears to be backed up across the industry, as agents see different results at either end of the property spectrum. Paul Rossiter, Managing Director of Costa del Sol based specialist land and self-build agency, Carrington Estates, comments, “I think the bottom end of the market, the ’stack them high, sell them cheap’ identikit market has had a big wobble, but conversely, the top end villa market has remained steadfast. Even when Spanish property stocks took a pounding in April, with shares in freefall overnight, there was still no knock-on effect to this sector of the market.”

While this doesn’t make Spain the same speculators market that it was some years ago, there are opportunities to invest in a place that will become much more stable in the coming years. Spain should follow the trends set by France, in that many of the buyers there in the future will be people who are looking to use the property themselves for large portions of the year. This leads to a more mature, stable market, with sustainable growth. That is not to say that the market for investors becomes boring - parts of south-western France have recorded annual price rises of above 15 per cent in recent years.

Further proof of the maturing of the property market in Spain is the amount being spent on maintaining and improving the infrastructure of the most popular areas. As Adam Gale points out, “In response to the relentless popularity of the region, 2007 is the year for infrastructure improvement by the bucket-load. One glance at the tangles of steel girders and armies of hard-hatted men, and it’s perfectly obvious that Málaga Airport is undergoing major modernisation.”

If you are interested in the Spanish Costas property market, keep an eye on the marketplace for auction websites, or so-called ‘distressed’ sales. The properties found here don’t necessarily have anything wrong with them; the owners just want to release their capital and are prepared to accept under the market value to do so. As ever, make sure you carry out full legal checks and surveys ahead of buying, but this can be a great way to bag yourself a Spanish bargain. And you shouldn’t worry about the prospect of profiting from the misfortune of others - in many cases, these sellers are just happy to be able to release the equity they have tied up in the property.

Mark Stucklin’s final piece of advice for those heading to Spain to look for property: “If you do your research, and take your time, you can find great value property in Spain today. But remember that good value is not the same as cheapness, and be prepared to pay a fair price for good quality.”

Get more information about the Spain property market at http://www.buyassociation.co.uk/property/text/spain/buyassociation/buying-a-property-in-spain.html

Property in Spain

spain — Wed, 23 Jul 2008 07:03:07 +0000

It’s a dream for everybody to buy a nice house in a beautiful country, so that it can be used as a get away place, where you can hibernate when you feel like. Spain is a great place to settle down as it is one of the most beautiful countries of the world. But the problem lies in finding good property and then a good house in Spain. The task begins when the search begins.

There are a number of factors on which one should rely before buying a home in Spain. First of all one should look around according to their budget as it is the most important thing. Secondly, one must decide that he wants to buy an apartment or an independent house and whether it shall be furnished or unfurnished. Thirdly, the size and the number of rooms, as it is very essential to have a well planned house. And last but not the least, the location of the house, whether it shall be in the country side or the town centre, etc. There are a lot many other things which have to be kept in mind while taking a place whether for buying or renting like the surroundings, near by busy roads, wall cracks, water pressure, number of power points, ventilation etc.

If you are buying the property through an estate agency, which is most common in Spain, you shall be quite cautious. The first thing to always keep in mind that estate agents are not like lawyers, as they always offer serious legal advices just with a view to get more money. Always make it a point that the real estate agent through whom you buy a place shall be registered. However, their activities are quite confusing when it comes to their laws and regulations. The having of licence is also not mandatory in Spain; anybody can work as an agent. Because of this they don’t have to follow any rules as they are not registered. One must always be at his toes because almost all of these brokers are more interested in the sale of the property rather than the legal status of the property. Because of this reason these agents cannot always be trusted. However, there are both kinds of agents in Spain, registered and unregistered, who are good.

Another big problem comes in deciding whether to buy a house in Spain or not. There are a millions of reasons for making a move to Spain like, the perfect climate, relaxed atmosphere and calm beaches. However, if you are working then you might not get the time to enjoy all this. Life in Spain is not like a holiday and it is as tough as it is in other countries. Spain is Europe’s second most desired country for having a second home. Mostly all the foreigners who buy a home out here are more interested in the coastal side with a view to enjoy the beaches. But the rates are sky high in such areas. One must keep in mind the changes he or she might have to undergo when they live in Spain.

Buying Property in Spain

spain — Fri, 11 Jul 2008 10:51:09 +0000

It is in fact a good idea to buy property in Spain, especially because of the fact that Spain is one such EU member that has not been greatly affected by the ups and downs that the UK property market has been dealing with in the recent times. Besides, the property market in Spain is still quite predictable, and there are ample spectacular golf and beach properties that you might be interested in.

The Spanish property market is in fact very popular with the Europeans, as of today. This is because, it is easy and quite economical to buy property here and it makes for the perfect kind of investment. In fact, if you are a citizen of any a country that is a member of the European Union, and are planning to work in Spain, then buying property in Spain makes sense for you. Besides, you do not really have to get a work permit for yourself.

The Spanish property market also makes for a great investment option. If you are planning to retire and to invest in property so that you can rent it out and earn a steady income, then Spain might be just the right place for you. However, if you are planning on buying property in Spain just so that you can stay there when you to Spain for your vacations, or as a holiday home, then you need to consider your prospects and your budget quite seriously about the same.

There are mainly two types of property that people choose to buy from, when they are looking to buy property in Spain for the purpose of investment. These are the Golf properties and the Beach properties. The Golf properties in Spain are a good option if you have the money to buy it. You could then convert the same into a resort, or rent it to some one who will. Beach properties on the other hand are a great option, if you are planning to build a home by the sea side. These can be rented out to the tourists that visit Spain.

In fact, property rentals are a great way to earn money through the property that you buy in Spain, as the country is a popular tourist attraction in Europe and has gained even more popularity amongst tourists in the last few years. However, before you go ahead and decide on a particular property to buy in Spain, there are a few things that you should keep in mind.

You should ensure that the property that you are buying is really worth the amount that you will be spending. Besides, if you are a first time buyer, and do not want to get cheated, then it is recommended that you go ahead and conduct a research on the property market in Spain and also visit the various prospective properties that you would want to buy, before you actually go ahead and buy them. It is also a good idea to consult solicitors and experts in the business, before you take your decision.