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EU Property Solutions offer professional assistance and advice in all areas of European property in particular, Spain. We can help provide strategies and solutions to solve problematic property issues, negotiate with lenders on debts, help reclaim lost deposits on unfinished developments and help with repossessions and mortgage arrears across Europe. We have offices in London, Belfast and Spain.

Developers and Promoters - 2006+
Monday, August 23, 2021 @ 9:44 AM

Developers secured cheap land which they then obtained high-density planning for. This was all financed by the Banks. Then the promoters set about feeding the growing hunger for holiday home purchases, and the properties were sold for crazy prices.

Then in came the Banks again, stage left, returning to the fray and offering the unknowing purchasers ’ cheap mortgages with high Loan to Value Mortgages (LTV). All you saw as buyers was your ultimate dream being sold to you at very attractive rates and guarantees – and not what was really going on behind the scenes. If we dig a little deeper, developers didn't purchase prime plots, but low-value land, e.g. desert land near Murcia and Almeria.

They built here using shoddy and cheap building practices, saving them money. These flats and houses were then mis-sold to you – the unwitting buyer - for a high price, without any knowledge of what you were actually buying into. This mis-selling of cheap property resulted in high margins for the developer and these lucrative spoils were then spread between the main protagonists of the process – the developers, promoters, and Banks.

It was a well-oiled machine greased by massive commissions and bonuses from the attractive margins gained. The system survived because of the unscrupulous standards of all those involved, as well as the solicitors and notaries who also propped up this profitable business model.

Rotten to the core, the system fed people’s greed for money and profit. Everyone in the chain was part of the conspiracy – apart from you who unwittingly handed over your hard-earned cash which kept the wheels turning. The extent of this corrupt system ran deep, for example, even the Mayor of Marbella received over twenty years prison sentence for facilitating dodgy planning permissions!

Every level was in cahoots to sustain their lucrative financial rewards, which they all believed would go on forever. A nice little earner that would continue to boost prices and keep reaping huge profits. With no plan B in place, nothing was supporting it when things did eventually go wrong. Because the 2008 financial crisis hit at full speed, almost overnight, this property disaster's aftermath is still being unraveled.

Even today, hundreds of thousands of people are still trapped in negative equity property hell or left out of pocket from holiday homes that were never built or finished. 



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2 Comments


ads said:
Monday, August 23, 2021 @ 1:57 PM


It needs to be stressed not just promoters and developers as the title implies, but financial institutions who failed in this sorry saga of events.

Thank goodness there were those who were brave enough to fight against their own system, and found a way to challenge the powerful financiers whose guarantees appeared worthless ….
It became a David and Goliath fight for justice and recognition of inalienable rights as per existing law, against a system of non compliance, with a total disregard for even the most basic of ethical standards, where trust and care for due diligence in the real estate, legal conveyancing and banking industries were lost at the expense of consumer rights.

But then for those brave souls seeking justice and reform to be labelled at that time as “ ambulance chasers” by those with protective self interests only added fuel to the fire. A disgrace to their profession.

It became a downward spiral as the justice system became overwhelmed with financial institutions employing all manner of manipulative tactics to purposefully delay enforcements, fair justice and in so doing became a challenge to the rule of law. Even to the point where the highest court in the land, the Supreme Court, is now still being challenged to recognise the significance of fairness and appreciation of good law LEY 57/68, intended to protect and afford such inalienable rights.

To have made progress under such immense pressure from powerful financial institutions and the subsequent barriers to gain timely justice is a credit to all those consumers and legal professional alike, who subsequently fought so hard for recognition, ( and continue to do so), for an improved justice system, for legal compliance, for adherence to the rule of law ironically to the ultimate benefit of all as a means to regain trust which would ultimately benefit the economy going forward.

It stands as testimony to their remarkable endeavours and perseverance during the past two decades and should never be under estimated.






ads said:
Monday, August 23, 2021 @ 1:57 PM


It needs to be stressed not just promoters and developers as the title implies, but financial institutions who failed in this sorry saga of events.

Thank goodness there were those who were brave enough to fight against their own system, and found a way to challenge the powerful financiers whose guarantees appeared worthless ….
It became a David and Goliath fight for justice and recognition of inalienable rights as per existing law, against a system of non compliance, with a total disregard for even the most basic of ethical standards, where trust and care for due diligence in the real estate, legal conveyancing and banking industries were lost at the expense of consumer rights.

But then for those brave souls seeking justice and reform to be labelled at that time as “ ambulance chasers” by those with protective self interests only added fuel to the fire. A disgrace to their profession.

It became a downward spiral as the justice system became overwhelmed with financial institutions employing all manner of manipulative tactics to purposefully delay enforcements, fair justice and in so doing became a challenge to the rule of law. Even to the point where the highest court in the land, the Supreme Court, is now still being challenged to recognise the significance of fairness and appreciation of good law LEY 57/68, intended to protect and afford such inalienable rights.

To have made progress under such immense pressure from powerful financial institutions and the subsequent barriers to gain timely justice is a credit to all those consumers and legal professional alike, who subsequently fought so hard for recognition, ( and continue to do so), for an improved justice system, for legal compliance, for adherence to the rule of law ironically to the ultimate benefit of all as a means to regain trust which would ultimately benefit the economy going forward.

It stands as testimony to their remarkable endeavours and perseverance during the past two decades and should never be under estimated.






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