Developers who went bankruptcy without delivering the properties to their owners
During the previous years of the housing bubble, thousands of families invested their life savings in buying off-plan properties. However, due to the crisis many developers went bankrupt and have not delivered these homes to their owners. As a result, these owners have been left homeless and without money. Today we bring you the most sounded cases of developers who went broke without giving the off-plan properties to their owners. Let’s get started!
Let’s start with one of the most mediatic: Martinsa Fadesa. Galician real estate company that went from being presented to the stock market in 2007 to be responsible in 2008 of one of the biggest competition of creditors cases and suspension of payments of the Spanish economic history. Quite a symbol of the housing bubble.
The consequences? Many of the houses that Martinsa-Fadesa had projected were never finished, taking along the way the savings of many people who had made a depòsit in the developer’s bank account.
The Madrid real estate group tried to go to the stock market in the middle of 2007, an option that they finally ruled out because of the market’s instability.
In 2008, they presented a voluntary competition of creditors, because they were not able to face a debt close to 1.2 billion euros. This makes it the second largest developer to declare itself insolvent, after Martinsa-Fadesa.
Tremón left about 770 promotions without delivering. This translates into thousands of families who have run out of their homes without their savings.
Protagonist of one of the largest residential projects in Aviles, this Asturian developer the economic crisis and the outbreak of the housing bubble caught them by surprise.
Asproast was in the middle of the second phase of the project, with the construction of four buildings already started. Then, everything got messed up and the company entered into competition of creditors, parking the project and leaving the development of the 650 homes planned in the Lleda in mid-air.
Aifos, main company of Andalusia, dedicated to the real estate promotion. They entered into a creditor’s competition in July 2009 with a debt of 1 billion euros. As a result, 6,000 families saw their life projects being abandoned at the same time as the deposits made on behalf of the Promoter were vanished.
Luck has changed in favor of those affected.
Luckily for them, not everything is lost. Several courts of first instance of Malaga have already estimated the demands presented by buyers of off-plan property, urging the banks in which they deposited the money to pay those amounts to those affected.
If you are one of those affected, claim for free with Legalbono and recover your money