Promoters & Developers
Property developers are the risk-takers who put together and finance a development, mainly through bank borrowing and the deposits taken from buyers for off-plan properties. It is the promoter who determines the overall quality of the development and the way that clients are treated.
Estate agents may or may not stick around to help buyers deal with the promoter, though more often than not the estate agent will disappear as soon as the sale is made and the commission in the bank. This means that clients have to work closely with the promoters they buy from, and promoter’s attitude to business will largely determine how well things turn out for the buyer.
There are of course many excellent Spanish developers, large and small, offering new promotions in areas that appeal to the British. The problem lies in distinguishing the good from the bad, and British buyers are at a disadvantage when it comes to researching developers in Spain. It is much easier for people who live in Spain and speak Spanish to research developers than it is for foreigners who live abroad and don’t speak Spanish. Having said that it is not impossible, yet many British buyers make no attempt whatsoever to look into the reputation and background of promoters before buying from them. Before buying on a new development you should always do your own research on the promoter and not rely on the estate agent you buy from for all you information. To help you do this you will find independent information on developers and developments at the website.