The La Oliva Casas & Golf Urbanisation is developed by Martinsa-Fadesa, a big listed Spanish developer that has gone into administration.
The La Oliva Casas & Golf Urbanisation plans include around 500 properties and a golf course. Some of the properties have been finished (many were never even started), but the developer was forced into administration before the access road and water connection was done. Even finished properties are no use to anyone without water and access.
Furthermore, the promised golf course has not been built, though work on the club house did get going before everything ground to a halt. Given the present situation it is highly unlikely that the golf course will be built in any reasonable timeframe. That will be another blow for those who were convinced to put down a deposit by the promise of a golf course.
Many of the properties that have been built were pre-sold to buyers who have paid deposits of around 30%. The development was supposed to be finished and delivered by the end of 2005. Some buyers may have valid bank guarantees, which they have to decide if they want to use to get their money back. Some buyers have no guarantee, which means they have to join the list of ordinary creditors trying to get their money back. This could take years.
Looking on the bright side, many properties on this development are finished and ready to occupy. This makes it more likely that this development will be dealt with before others.