We bought on Phase 5 at the very beginning; thankfully we had a bank guarantee and sucesfully got our money back - and bought in Mojacar instead. Now its over a year since Ive posted on this site so I dont know the ins and outs of things on this site, but clearly the property sector is Spain is in a terrible state from what we can see. having just returned. Just thought it was worth anyone who is fed up at waiting to realise their dream to consider this. For arguments sake, lets say you bought on CDP for 190,000 euros for a 2 bed south facing town house and put down 40% deposit - 76,000 euros. That leaves a balance outstanding of 114,000 euros. Peinsa are in breach of contract with most people because of the horrendous delays, and so even if you havent got a bank guarantee you are entitled by law to get your money back - even though it may take quite some time - if you have a good soliciter. As amazing as it may sound, in Mojacar playa (and if you have never been its about 40 mins south of San Juan and is beautiful with fabulous international restaurants, about 5 miles of beaches, and hasn't suffered from the awful overdevelopment of many resorts) there are beautiful 2 bed, 2 bath apartments, more spacious than the San Juan equivalant town houses, with sea and mountain views, 3 mins to beach and best restaurants going for ludicrous prices. The one we saw was a bank repossession, 18 months ago similar ones were on the market at 200,000 euros, and it was on offer at 95,000 euros. Incredible. And there are many others at 130,000 euros and less - and it cant be unique to Mojacar.
So you could actually buy one like this, live your dream, and wait for Peinsa to finally cough up your dosh - even if they do play for time.
If anyone is interested in contacts we have built up (soliciter, friend of ours who knows the repo market) by all means send a private message. We are not in any way doing this as a bank handed advert - we just geniunely feel for the people who have been treated so badly by Peinsa and if we can help in anyway we are more than happy to do so.