There have been very strong rumors over the last weeks on this company, non confirmed yet, always “a friend of a friend tells me that…”.
That’s why now, more than ever, Bank Guarantees are so important to protect and secure your interim payments until completion.
This is why I have posted that I advise purchasing resales rather than off-plan in Spain because the risks of developers defaulting is increasing day by day.
I will always defend purchasing off-plan because it is a great investment providing your timing is correct, but now it is getting just too risky. If high-profile developers are already defaulting due to the change of the market conditions (credit-crunch, lack of purchasers..) imagine all the medium and smaller ones which really account for 90% of the off-plan market in Spain that don’t have the financial clout. All the above IMHO.