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Espartal

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Jus4alaf View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jus4alaf Quote  Post ReplyReply Direct Link To This Post Topic: Espartal
    Posted: 23-Jul-2008 at 8:12am
The building of the apartment complex in Espartal appears to have come to a halt, they have started dismantling the cranes, the temporary buildings have gone and the site is being cleaned up. 


Edited by Jus4alaf - 19-Oct-2017 at 9:07am
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Mattiespeople View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mattiespeople Quote  Post ReplyReply Direct Link To This Post Posted: 23-Jul-2008 at 9:56am
It was rumoured that the Espartel plots and development land were originally purchased by the second largest construction company in Spain ie. Martinsa Fadesa.
Last week it ran into deep financial problems when it could not re-negotiate its loans due to the credit crunch. The Spanish government declined to bail it out.
I suspect the two events might be related.

Mattiespeople OH


Edited by Mattiespeople - 23-Jul-2008 at 11:01am
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Matt D'Arcy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Matt D'Arcy Quote  Post ReplyReply Direct Link To This Post Posted: 23-Jul-2008 at 1:27pm
Don't know if these events are related but this is the story about the Spanish company's collapse as it appeared in the Sunday Times three days ago, comfirming they did have interests in Portugal. It's a cautionary tale:

Britons fear for deposits as Spanish property firm folds

THOUSANDS of British holidayhome owners are facing potential losses of as much as £150,000 each with the collapse of one of Spain’s largest property developers.
Martinsa-Fadesa, which has sold more than 3,500 flats and houses to British buyers at more than 30 developments in Spain and in Morocco, Portugal and Bulgaria, filed for bankruptcy last week after failing to secure a refinancing package of £3.1 billion.
Britons who put down 30% deposits on homes at Bellarotja, a development of 1,175 properties priced at up to ¤310,000 (£246,000) near Denia on the Costa Blanca fear the project, already long overdue, may never be completed. This could leave them tens of thousands of pounds out of pocket.
Other buyers who have tried to pull out of purchases at Martinsa-Fadesa’s giant Costa Esuri development of 2,184 homes and two 18-hole golf courses on the Costa de la Luz, close to Spain’s border with Portugal, despair of obtaining a refund after waiting months for their money.
Martinsa-Fadesa is the latest in a series of high- profile Spanish property developers to have collapsed i n recent months as the country’s spectacular property bubble bursts.
There have been a string of problems for British buyers pursuing t he dream of a holiday home in the sun.
People who have bought property in Valencia have lobbied the European Union to fight a notorious “land grab” law that has led to their homes being expropriated by developers.
In Marbella, meanwhile, the bulldozers have been moving in to demolish homes built with planning permission issued by local authorities that have since been deemed illegal.
The misery has been compounded by a decade of overbuilding which, combined with the credit crunch, has sent the price of some properties on the coast tumbling by as much as 20% over the past year. Since 1998, 4m new homes and flats have been built in Spain — nearly 1m of which are now believed to be empty.
“Martinsa-Fadesa’s problems are a symptom of Spain’s property crisis, with developer sales down 40%-60% this year,” said Mark Stucklin, head of the Spanishpropertyinsight.com website and a Sunday Times columnist in the Home section.
“It has been compounded by the fact that the company borrowed too much and has too much debt.”
Shaun Pollitt, 38, and his wife Catherine, 41, who run their own decorating company in Manchester, are among those at risk. Two years ago they put down more than £140,000 as a 50% deposit on a 32,000 sq ft plot at Costa Esuri to build a 6,500 sq ft holiday home to enjoy with their five children.
“You don’t know where you stand,” said Shaun Pollitt last week. “We’ve had previous experience in the Spanish market and everything was fine until earlier this week, but once the receivers do go in we’ll be the last people to get our money back.”
Others have been trying — so far without success — to extricate themselves. Among them is Trevor Brewer, 49, from Reigate, Surrey, who set up Carnival Investment Properties 3Å years ago to sell properties in Costa Esuri, and put down a 30% deposit on a £172,000 town house for himself.
He was so appalled by the quality of the work during a site visit that he tried to take advantage of a provision in his contract that would return him two-thirds of his deposit. “In January I was promised my money back,” he said. “I am still waiting.”
Those who have managed to move into their new homes now fear the property company will never complete the unfinished building work.
In 2007 Christine Dawson, 55, sold her four- bedroom detached house in Wakefield to take up the “dream” of early retirement with her husband in Costa Esuri.
She said that her €204,000 Martinsa-Fadesa-built home has a front door that does not fit properly, faulty taps, unfinished grouting, broken tiles, flaking paint and a badly installed boiler. Complaints to Martinsa-Fadesa have gone unheeded.
Last week Dawson said that 125 homes in the area had suffered power cuts because the company did not refill their generators with diesel.
“How will the shopping centre get completed and what will happen to the golf course? You’ve just got to hope that the dream that you bought isn’t shattered by Martinsa-Fadesa going into liquidation,” she said.
Separately, several hundred Britons fear they will lose their deposits of tens of thousands of pounds on unfinished homes on the Costa Blanca. Their developer, San Jose Inversiones y Proyectos Urbanisticos, applied to the Spanish courts last month to enter into a voluntary suspension of payments.
A spokesman for MartinsaFadesa said there were 350-400 properties which remained unfinished and added: “The company is looking for solutions, under the supervision of legal process, so we can make [uncompleted] deliveries within the specified period.”

Edited by Matt D'Arcy - 23-Jul-2008 at 1:27pm
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Rover View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rover Quote  Post ReplyReply Direct Link To This Post Posted: 23-Jul-2008 at 2:04pm
This is indeed a scary situation, especially when you consider that much of the development in Vale da Telha is also 'illegal'.


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Mattiespeople View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mattiespeople Quote  Post ReplyReply Direct Link To This Post Posted: 23-Jul-2008 at 2:52pm
Will Espartel be left with a half-built "Blot on the landscape" for years to come?
What will be more interesting will be the Aljezur Camara's view on this given that they have to submit their ideas to the Government and The National Park Authority regarding planning, building and infra-structure within VDT & Espartel by the end of the year. In fact, I think planning within Espartel was discussed at a Council meeting held on July 2nd. The minutes are on the Camara web site.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Paramonte Quote  Post ReplyReply Direct Link To This Post Posted: 23-Jul-2008 at 3:44pm
Originally posted by Rover Rover wrote:

This is indeed a scary situation, especially when you consider that much of the development in Vale da Telha is also 'illegal'.




Not anymore since March this year when the construction ban in VdT came into action.

One of the agreement points between the council and the Ministry of Environment  was that all the houses with issued building licenses would be legal from then on, let alone the ones with issued habitation licenses. For these owners the deal was a good one. Not so much for  those without issued building licenses that would WANT start to build, and the investors that have to wait ...

As a logical result the villa  prices increased.

The council and the ICNB are now re-doing all the planning for VdT, which should come out in two years, as stated in the  mentioned  agreement , and this will  affect all the residents, as leisure areas and gardens or lack of these are being planned "as we speak" . So looks like the residents association should be involved in this process asap, I hope they are already.  What is the council going to do about those public VdT areas?  Is it a lovely garden area or is it the  B&B that will be a nuisance for the nearby plots whose owners thought would be forever quiet. And of course everything comes down to the same old thing: why comply with the residents wishes if they don´t vote, hence no feedback. Writing your voters number in front of your name will make  those  well intended council meetings a different business...
 
The governent  resolution reagrding VdT and Espartal  (n.º 19/2008) is here:
http://www.cm-aljezur.pt/NR/rdonlyres/F0C416DD-D6C3-46B5-B2C3-B32DC78A6359/0/Resolucao_Conselho_Ministros_192008_04022008.pdf
 

and the council summary of it here:
http://www.cm-aljezur.pt/portal_autarquico/aljezur/v_pt-pt/pagina_inicial/noticias/medidas_preventivas_2.htm


Edited by Paramonte - 23-Jul-2008 at 4:46pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote John.D Quote  Post ReplyReply Direct Link To This Post Posted: 08-Oct-2017 at 9:11pm
Hi all

     Looking to buy a property in the area within the next month, I have heard the property in Espartel completely illegal and Vale da Telha also has a lot of legal issues.

     Can anyone shed any light on this?

Many Thanks    
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Paramonte Quote  Post ReplyReply Direct Link To This Post Posted: 10-Oct-2017 at 7:48pm
Espartal , not Espartel
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Post Options Post Options   Thanks (0) Thanks(0)   Quote John.D Quote  Post ReplyReply Direct Link To This Post Posted: 12-Oct-2017 at 10:44am
Cheers! There are a few properties in the area I am interested in, one being in Espartal and 2 in Vale da Telha.

Just trying to get some info, have only found bits and bobs on the internet, such as this thread. But have no idea about the current legal situation. I know construction seems to be on hold.

Those apartments look awful, such a beautiful area, I hope some does something with them soon.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Faith Quote  Post ReplyReply Direct Link To This Post Posted: 28-Oct-2017 at 3:43pm
Forget the ugly apartments in Vale da Telha , they are here to stay! Being on the top of the cliff it is very windy at Espartal and there is less choice. There are many lovely properties for sale in V da T, some with sea views, but the best way to see whether you would like it here is to rent for a while and get a feel for the place. I have been here since 1989 and wouldn’t want to live anywhere else but it doesn’t suit everyone. Happy hunting.
Regards,Faith
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Post Options Post Options   Thanks (0) Thanks(0)   Quote John.D Quote  Post ReplyReply Direct Link To This Post Posted: 07-Feb-2018 at 3:28pm
Hi Faith,

      Thanks for the reply, I have lived here a long time so know the area well. I am more concerned with the legality of these properties as I have heard the Espartal development has never been made legal.
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