whats the latest

I visted the site in Nov 06 and still doesn't look like anything has really changed. Cranes have now gone up but still with little change.

I am now starting work with lawyers to pull out and get my money back. This has been going on far to long now and I have decided ... I just want out !

Can anyone give me an update as to how they are getting on with this development?

After several years of Aifos sitting on my money we are now proceeding with a criminal lawsuit against them after we have been unsuccseful in returning the money to me. I would really appricate any feedback from anyone else in this development as to how they see things going, including the current state of the development.

How far they are now along and does anyone know the new completion date?

So in March they hadn't even started building yet?

When I last visited the site there were some foundations but that was it.

Its good to know that i'm not the only one in this boat, through the lawyers we sent Aifos notification that they had 10days to pay up or we will procced with a criminal lawsuit, after no answer we will begin this week with the claim.

How long have you guys had your money invested with them?

Hi Caine,

We are on a different development to you, but I suggest you have a look on Angel de Miraflores site , Aifos is also our developer.. It took us 41/2 years to reach completion of our apartment, many others on our site have had major problems with Aifos. 

 Most of the apartments were at least 30% smaller than they should have been. 

Some only had one bathroom when they should have had two.

We were charged 900 euros for connection to works supplies of water and electricity  until the Licence of  First Occupation   (LFO) was eventually granted, and we could connect to normal utility supplies.  We were nervous about completing without the LFO licence, because without one you're not supposed to Rent or sell your property, and you cannot connect to mains utilities till you have one. We did complete, and the LFO licence is now in place, but it was risky.

There was no Bank Guarantee from Aifos.  We were all unaware that we should have been provided with a copy . We bought off plan through Ocean View Properties who should have looked after uswhere the bank guarantee was concerned, we all thought we'd got one.

Aifos used to be called Sofia,  ( Aifos backwards) apparently they went bust. One of the major players in Aifos is currently in jail for fraud last time I heard.  There are people on our site who are taking Aifos to court.  The sickening thing is, there is probably Hundreds of people with court cases against Aifos.

You may be able to glean some information from our site as many people have posted messages.

Thankfully we have completed on our property, we were connected to mains electricity last week, we're still on works water at the moment.. This is 41/2 years since Ocean View Properties told us it would take 13 months!

Kindest Regards ... Stix

Hi to Everyone Wishing to Buy from OVP with OffPlan

My best advice to any of you who only currently have a deposit down for any of these sites is to walk away!  Seriously, you will not make any money if you want to rent out but if you have spare cash to sit and wait it out for the buildings to become complete and you want personally to own to use then go for it. 

Do not every buy anything without your licences in place - you will be caught out and you will lose your money.

Finally having completed on two properties and being made to complete before the sites were finished and without a/c's or water and electricity we have had two mortgages for six months already and cannot use our properties because now the snagging cannot be done because the snagging agent cannot get the developer to do the work.

It has also been established that one site is not pre-installed for air conditioning and modifications and alterations have had to be made to the buildings to install it. One site has had such problems it has been called a nightmare by the a/c conractor.  The second site had many problems and is still not complete. 

OVP have not been able to bring pressure to bear on builders or indeed have they been forthcoming with any information until pushed. 

Expenses on these properties far exceed any income rental you will make.  I have worked through every penny or euro to see what we will make and it is nothing at the end of the year by the time you pay 25% taxes directly from your rental income which is only estimated at 10-12 weeks a year.  If you have purchased furniture packs your loss is almost certainly two years rentals.  You still then have your community fees and metering fees to pay and maybe a mortgage as well. 

Also look at all of your costs incurred when you bought your property, i.e. set up fees, legal fees etc.  Take all that into account and you cannot possibly make any money renting your property out, especially as you have ongoing fees with OVP for key holding, maintenance charges, cleaning, etc. 

The reason I am telling you this is because if you want a property there are some 2.2 million empty ones over there right now which have licenses in place and have had all the the pitfalls ironed out.  Don't think that OVP are not after your money.

It is a franchised operation and only they and the property developer are winners in this situation. 

Keep your money in the bank and then go and look at properties that are already built - there are stacks of them available right now in decent places.

Don't be fooled into the round of looking at yachts and fancy restaurants, etc. that buying off plan is easy or inexpensive.  OVP already charged you the maximum amount for the property even though they told you they were discounted.  Go to any Estate Agent out there and they will tell you the same thing. 

I have no doubt OVP monitor this site and if they are and this is removed we will find some other way to Forum this issue about them.

Hi to Everyone Wishing to Buy from OVP with OffPlan

My best advice to any of you who only currently have a deposit down for any of these sites is to walk away!  Seriously, you will not make any money if you want to rent out but if you have spare cash to sit and wait it out for the buildings to become complete and you want personally to own to use then go for it. 

Do not every buy anything without your licences in place - you will be caught out and you will lose your money.

Finally having completed on two properties and being made to complete before the sites were finished and without a/c's or water and electricity we have had two mortgages for six months already and cannot use our properties because now the snagging cannot be done because the snagging agent cannot get the developer to do the work.

It has also been established that one site is not pre-installed for air conditioning and modifications and alterations have had to be made to the buildings to install it. One site has had such problems it has been called a nightmare by the a/c conractor.  The second site had many problems and is still not complete. 

OVP have not been able to bring pressure to bear on builders or indeed have they been forthcoming with any information until pushed. 

Expenses on these properties far exceed any income rental you will make.  I have worked through every penny or euro to see what we will make and it is nothing at the end of the year by the time you pay 25% taxes directly from your rental income which is only estimated at 10-12 weeks a year.  If you have purchased furniture packs your loss is almost certainly two years rentals.  You still then have your community fees and metering fees to pay and maybe a mortgage as well. 

Also look at all of your costs incurred when you bought your property, i.e. set up fees, legal fees etc.  Take all that into account and you cannot possibly make any money renting your property out, especially as you have ongoing fees with OVP for key holding, maintenance charges, cleaning, etc. 

The reason I am telling you this is because if you want a property there are some 2.2 million empty ones over there right now which have licenses in place and have had all the the pitfalls ironed out.  Don't think that OVP are not after your money.

It is a franchised operation and only they and the property developer are winners in this situation. 

Keep your money in the bank and then go and look at properties that are already built - there are stacks of them available right now in decent places.

Don't be fooled into the round of looking at yachts and fancy restaurants, etc. that buying off plan is easy or inexpensive.  OVP already charged you the maximum amount for the property even though they told you they were discounted.  Go to any Estate Agent out there and they will tell you the same thing. 

I have no doubt OVP monitor this site and if they are and this is removed we will find some other way to Forum this issue about them.