A BIG LESSON to be learnt: why not to buy off plan in Spain
24 March 2011 @ 16:43
www.thespanishbrick.com
The Association of Property Developers in Madrid (asociación de promotores inmobiliarios de madrid – Asprima) recently informed us that about one fifth of 500,000 houses that need to be built up into new developments still remain as just plans; in many cases, the building work has not even begun, according to the portal idealista.com. Nearly 234 urban sectors in Madrid are affected by leaving more than 50 councils with ‘ghost’ boroughs.
Developments in the areas of Valdebebas, Montecarmelo, Arroyo del Fresno and Cañaveral are still not going forward which means that the home buyers are still waiting for the development to be started in some cases.
The worst scenario is for the home buyers in Berrocales or los Ahijones; some of which have waited for 14 years to get the key to their new apartments, according to idealista.com.
CONCLUSIONS
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