Reply To: Are prices beginning to tumble?



OK cat amongst pidgeon time – just dont shoot the messenger!

Charlie yes la reserva phase 1 at the bottom of the hill opposite Andersons – all ok (as far as we can all tell) and banks will lend no worries. Top of hill hmmmmmmmmmmmmm! The developers have been saying this is all ok and its not true!

A colleague and I went to the PGOU meetings in Marbella – basically for La Reserva (as an example) there are only 3 banks lending. The 2 original ones who backed the development ad one other who will go to 100% of purchase price but I beleive only for residents, not non-residents. Now, Penarroyya (the developers) have been requested same as the other illegal developers, that they have to contribute to buying land in the Marbella region as dictard by the town hall as compensation adn in return for the licences being made legal.

All sounds good – HOWEVER – if the developer refuses OR goes into liquidation OR dissolves their society (most SLs only have liability of 3006€ as is the legal minimum) then the home owners will be held responsible for buying this land! This could take 2 or 3 years for this to be defined and then only through a court case can it be enforced. I would guess that any ensuing debt will be palced upon the urbanization itself!

So all floating. Interestingly enough and yes we do have some of these questionable properties for sale BUT with full knowledge for buyers (and mainly to the spanish) I have a spanish guy who is looking to buy one in the complex in full knowledge of what could happen as he just knows that this is Spain and thats that!

This covers Aifos and their developments and will also be the same for Green Hills and Santa Maria, Los Lagos etc.

Oasis de Marbella on the golden mile recently had its license revoked and owners are unable to buy and sell in there as well

So anyone telling you differently is talking from where the sun doesnt shine!

Also another factor is the local tonw hall relations with Seville – it remains to be seen but I am sure this will be a saga running on and on.

Oh and to cap it all, a seller yesterday agreed to buy originally in La Reserva. Then decided he wanted a penthouse and bought that to live in whilst being told the other would sell before completion (sound familiar???) Of course it didnt and he is trying to sell the other. Came to me and his lawyer (dont know who it is) promised him it is legal. Thats in Manzana 3!!

OK thats it for now folks – bullet proof vest on now ! 😀