New Legislationfrom the EU

Just been onto their website and see that Aifos are still trying to sell 69 apartments across 6 blocks, at an average price well above 260k euros, so worth around 18 million euros to them or 5% of their turnover.

37 are in Melissa and 17 in Malva, so the rest are just a few spare in the other 4 blocks.

Not sure if anything should be drawn from this, just found it interesting that at this relatively late stage they still had such a fair amount unsold, although on one hand it reflects the current market trend.

It also only represents about 8% of the total development (I estimate around 900 apartments) so we should be quite confident that the project will finally come to fruition during the next year?

Hi

Does everyone have a bank gurantee on all their deposit paid?

What about the blocks which were sold without planning?

Is this not against the law and could Aifos put the whole development in trouble?

Not many people use this site or is it a question of prayer !

I am still waiting for my guarantee - Aifos are useless at processing paperwork.

People sold blocks without planning will have to obtain their deposits back from Aifos as I understand that there are no more "transfers" available and I don't think any guarantees were issued to those either - I understand that some are trying to start a group action to recover deposits although I can't confirm that?

You are right, not many people are using this forum (about 3 of us at the moment!) but I would imagine that all the delays and uncertainty has taken the shine of the whole thing for many people - especially those wanting the flats for themselves and not merely speculating?

I will update as soon as I know the situation with regards to the issue of bank guarantees.

Hi nice to know there are is someone concerned about it.

Di you apply directly to AIFOS ?

Do AIFOS not have to return the deposits?

What is the position

You do have to contact Aifos directly as it is their responsibility to organise the guarantees with their bank - however, they are notoriously difficult to deal with so it is  much better to get your solicitor (preferably Spanish) to deal with it.

Aifos do have to return deposits to people who do not have building license for their alloted apartments unless they offer (and agree) to make suitable transfers to other property, however, it was illegal for Aifos to take them (the deposits) in the first place.

The problem seems to be that Aifos are prepared to sail "very close to the wind" in these maters and as they will have no doubt already spent the deposits they have received (there is no evidence of any deposit money being held in any ESCROW accounts), they will be understandably reluctant to simply "hand it back upon request"? It is for this reason that you can expect delays of 3-4 months to get your money back.

Without the guarantee in place, you can only hope that Aifos don't slide into liquidation, in which case it will be near enough impossible to obtain refunds!

You will struggle to obtain a refund from Aifos if your alloted apartment does have a building license, even though they have failed to meet the contractual completion date and the best bet is for them to complete quickly and get the properties into the hands of the owners, although it will probably be a drawn out process to get them to finish the ancillary services (pools, landscaping etc) if their current performance is anything to go on?