TV programme/ overseas property disasters

[daleck]

Hi,

I have spoken to a TV company who are making a programme about property disasters abroad.
If any of you have completed or are in the process of completing please get in touch.

They are looking for sites like Alcudia which have passed all the surveyors inspections and obviously do not meet the regulations.
If you have completed on a property which falls short of expections, perhaps you have photos or would like the condition to be filmed get in touch.
They are interested in accompanying victims who are completing on substandard properties.
It may help get us all compensation.

D

[kenz]

i still think alcudia smir is gonna be a great development, hopefully the hotel issue gets sorted, my apartment is in ap1 & suffered water damage, fortunatly i didnt have furniture in there, builders appear to be making good the reasons for the water damage & am hoping it will be ok after the next winters rain.
I know i am about to get a lot of abuse for this email & am no fan of fadesa, but a lot of these posts seem to me as if the thought of a large property development in north africa with spanish builders & moroccan contractors going over schedule & their being issues along the way never occured to some, rightly or wrongly is was always likely to be the way.
Relax - take a step back & i think (& hope) that in a couple of years as i said this will be a fantastic development due to its location

[1frenchy]

Daleck

I think your proposal is late
our Spanish friends have already try it before you. the case is over.(thanks anyway)

currently on the market for selling the same apartment that I bought 845,000 euros cost today 130,000 euros
the rental is 140 euros per night .

were is the disaster.?

[saintsandangels]

If you paid €845,000 for your apartment....that would be a disaster!!

If prices and sales going as well as developers claim, why are they not going to complete all of the AP's. Seems some are being cancelled due to lack of demand. Also, why the big issue with providing cancellations to those who need or want them?...unless of course they don't have waiting lists of buyers as they claim to have

[1frenchy]

Daleck

I think your proposal is late
our Spanish friends have already try it before you. the case is over.(thanks anyway)

currently on the market for selling the same apartment that I bought 84.500 Euros cost today 130,000 euros
the rental is 140 euros per night .

were is the disaster.?

[Al Aqariya]

I totally agree with kenz, Frenchy and others who share this view.
I never heard of a development being delivered on time.
There is always delay. When i signed in 2007 i kept this in mind that it was certainly going to be a year later than promised as i had other similar experiences in morocco. This way i had no false expectations for my self. I still believe that if the crisis was not in the middle they would certainly have performed better. It could have been different i dont have to explain it, just think of all defaults we heard of the last few years.

Burt now, don't get me wrong i agree that we must persue quality as promised. But we also have to be realistic and see that they are doing their best to deliver and manage a company with less cashflow than projected at the start of this project. Furthermore i'm glad that the damage has occurred at an early stage and not years after. For now I'm glad that it is progressing even at a slow pace.

With regard to the unsold Hotel, this is not a unique situation. Other developments in this area for example Marina Beach and Sania Plage both already finished but both with unsold hotels, for more than 4 years. I dont know what the status is at this moment. But certainly not managed by an operator.

this situation is at this moment typical for tamuda bay area. First there have to be big entries in the tourist hospitality market than the smaller hotels will pop up in the area. At this moment there are only 3 serious/ luxery accomodations on this coastline 2 club med facilities and one hotel in Marina smir which used to be managed by accor hotels and begin this year changed to Barcelo. So tamuda bay is really still not a developed tourist destination. the pace it was going was promissing now it slowed down is not to blame to addoha/fadesa it is the current market condition.

But i still remain positive (google ritz-carlton tamuda bay) it shows a plan for a spectacular ritz carlton facility aroud the corner from alcudia. Now that looks promissing but first you have to be patience. the peolpe who invested to enjoy this area will be rewarded in the end but the people who invested purely for speculation are now not having the luck. But that is around the globe the situation so again you can't blaime someone else, there is always a risk, only it was forgotten that risks still existed.

Do well to reflect and ask yourself why am I investing there and look at the real reasons that your plans are thwarted and keep in mind what a vision and a mission of a company would be, certainly not failing!

[daleck]

No one is disputing that it is a good location.If these new hotels materialise it will only be better.

The problem is with what used to be Fadesa and is now Addoha.

The quality of the build does not comply with regulations. You only have to look at the mess they made in Saidia. Look at the state of Frenchy's apartment. It may happen again if there are heavy rains. It could happen to you.

Go to the site and have a look at the apartments.

Look at the facts, what makes you think you will not have problems with your apartment/villa. How do you know it is structurally safe? What has happened to their quality charter?
Do you think Addoha will come and fix things? No. If they do, it will be when they want, perhaps a year later.

Look at the way they are treating their clients.

[1frenchy]

Daleck

We have many opportunities to have free repairs and insurance of personal water damage we had repaid.
Also, we escape to damage of bankruptcy (Chapter 11). Thank you god.
All apartments have not had the same problem as me, do not use my case as a general case.
I warned anyone who tries to use my photos for a personal purpose.

Please let people enjoy their property and forget. unless you have a personal problem with constructreur.

Remember,your TV program may prejudice the purchasers, not Addoha., is also likely to devalue our property.

Have good day

[lixus]

Hi all .
I have just came back from Morocco ,I have visited the site a few times in my negotiations with ADDOHA to complete ,I have some very bad news regarding the construction of the villas and this may affect apartments as well.
I was mislead and deceit ed by the staff of Addoha at the site. when I discovered their deceit ,I have stopped the negotiations with them and appointed a lawyer .
My advise to you all is , do not sign anything you are not sure of ,and most important thing is check the total surface of your villa ,apartment in your contract against the total surface in your land registry certificate which Addoha have to give you before completion. there is a major discrepancy between the two ( contract and land registry).
I will keep you in the loop.

[saintsandangels]

Don't assume all those who have reservations about the development are simply investors.!The apartment we have paid a deposit for is exclusively for our OWN use. The reality is that I've already been paying interest on the money borrowed for that deposit, so the delay in completing IS a big issue for us.
We are also entitled to get what we paid for....that is, an apartment and a development which lives up to the specifications. Yes we know that values can go up and down, but when all is said and done we have to be convinced the apartment and the development represents 'value for money'. It seems obvious that delays in completion or changes to the development may undermine this value...and quite frankly we'd be idiots to pay for something which may prove to be a millstone around our family necks for many years to come.
If the developer adheres to their part of the agreement, then I'm more than happy to make the payments. It's that simple.

[lixus]

Hi,

I have spoken to a TV company who are making a programme about property disasters abroad.
If any of you have completed or are in the process of completing please get in touch.

They are looking for sites like Alcudia which have passed all the surveyors inspections and obviously do not meet the regulations.
If you have completed on a property which falls short of expections, perhaps you have photos or would like the condition to be filmed get in touch.
They are interested in accompanying victims who are completing on substandard properties.
It may help get us all compensation.

D

[daleck]

Hey Guys,

there has already been a good response to the ad.
I am trying to get the company to attend the AG, it would be good to show how they are expecting to handover a half finished AP1.
Anyone going over soon willing to take the tv company with you?
Don't really want to talk and discuss everything for all to see. Use PM or email.
Lixus, what happended with you?
Just shows what cowboys Addoha are. they have really ruined Morocco's reputation as a worthwhile investment.

D

[daleck]

BOYCOTT THE AG

[joolopo]

Hi Dalek
unfortunately I hate these types of programmes that seem to dramatise a non event and cast everyone as a sad victim.
I am however interested in your complaints and how they talley with my own.
I would be suprised if many are completely satisfied with their purchase but are there any practical solutions.