Brits To Take Action Against Spain's largest property developers - Martina-Fadesa

August 16, 2008

A growing number of British buyers who have invested in homes in Spain are planning to take legal action against property developers who have gone out of business.

According to reports on Telegraph.co.uk, lawyers specialising in property are noticing a surge in the number of British buyers contacting them for advice.

Some have paid as much as 50-60 per cent of the price of homes that will never be finished, while others have already taken possession of properties on half-built developments that won't be completed.

Although many may eventually get their money back it is a long process and courts in Spain are slow.

Just last week Homes Worldwide reported that one of Spain's largest property developers Martina-Fadesa, filed for insolvency, joining 60 other firms which have gone bankrupt since the start of the year when the bubble finally burst on Spain's decade-long construction boom.

Although around 1,000 people have already taken possession of their properties at Martina-Fadesa's latest resort, Costa Esuri in Ayamonte, 700 of which are British, it is full of unfinished properties, a half-built hotel and a golf course which is nothing more than bare earth.

For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.