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It is just after the North Korean Hotel of Doom Pyramid hotel.
I am not sure why it did not get to the first place, Spanish property was also a Pyramidal Scheme with lots of money lost….
http://timesbusiness.typepad.com/money_weblog/2008/06/post.html
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2. A place in the sun
The brochures were too good to be true. Buyers gazed in wonder at those shimmering golf courses – yet to be built; the beautiful beaches – only a short two hour drive away; the lively restaurants and bars – now abandoned; and those glorious villas – mostly unsold.
Thousands of British ex-pats, wanting to live the dream of eating a full English on their own patio gazing out over the Mediterranean, are facing up to a Spanish property nightmare. Prices have slumped by up to 65 per cent in the last year according to some websites, as the market is struck by a country-wide collapse in house values and massive overdevelopment on the Costa Del Sol. In the most acute cases, Brits who have bought off plan are now stuck with apartments in uncompleted developments they don’t want but can’t sell.
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2 hours drive from where?
65%!!!! where?!? or are they incuding idiots who wanted to sell their horrible villa for a 1,000,000€ even though they bought it for 10,000,000pts?
to date i have not seen a property that is unselable. overpriced yes, unselable no. -
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