Off-plans that never get off the ground....but not in Spain!

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21 Aug 2009 00:00 by rowlandsbb Star rating in 2010 50/50 Macclesfi.... 777 posts Send private message

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Glossy pictures of sleek residential developments

Promise of guaranteed rentals

2 year build plan

6000 deposit paid

No bank guarantee offered

2 years later not started

Builder refuses to repay deposit

Builder goes into administration

 

No this is not Spain but good old UK:- Salford Manchester and the same is happening all the time in UK major cities

 

In fact losing the deposit of £6000 is the cheap way out as many have been forced to complete and now face having no tenants and the value dropped by circa 60%!!! With little or no chance of the property market recovery, when it comes, of getting them out of trouble

 

Some saw this coming with inner city flats but in many instances the buyers plight is much worse than in Spain

 

At least in Spain the inherent desire by northern Europeans,to buy a place in the sun remains and is expected to grow

All it needs is for the economic recovery in their home country to get going before they come back into the market again

 

A local UK property expert has been quoted:

 

It’s a classic example of how certain parts of the residential industry-mainly the developers, goaded on by greedy agents who were abetted by unscrupulous financial advisers, who duped gullible mortgage lenders and would be investors into buying off plan at exorbitant prices that anyone with half a brain could see were overvalued, unrealistic and unsustainable – screwed the system and made personal fortunes very quickly!!!!  

 

So whilst what went on in Spain was not nice for those involved it is a touch unfair for people to think ‘it can only happen in Spain’……Dubai and the so called emerging markets are even worse!!!

 

Off plan is now dead in the concrete for some years to come everywhere and with sensible precautions buying a re sale or ready now in Spain is safe and as we all know just now there are some great ‘real’ bargains to be fou



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