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Clients made to pay for unfinished Spanish homes
Country: Spain
29 July 2009 Spain property developer Martinsa-Fadesa, currently in administration, has been heavily criticised for forcing approximately 1,000 clients to carry on making staged payments for off-plan Spanish homes that may never be completed. Adicae, an organisation which represents users of banks and insurance companies, told the Spanish press: “Buyers have to carry on paying for homes without knowing when they will ever be built, and without knowing what their money is being used for.” Very few of the people who bought off-plan-property from Martinsa-Fadesa have been reimbursed. It could be “years before they [Martinsa-Fadesa’s clients] get their money back,” Adicae added. Adicae have also pointed the finger at Martinsa-Fadesa for apparently introducing fresh clauses making refunds harder to secure, and possibly even reliant on the resale of the homes in question. Incapable of managing around €7bn of debts, hindered by the Spanish property market downturn, Martinsa-Fadesa entered into administration last year, leaving many off-plan homes unfinished and buyers without the properties they had paid for.
See Also: Adicae, Marc Da-Silva, Martinsa-Fadesa, Spain
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