Fadesa

[evansj]

After several emails to Fadesa in the UK, asking about progress towards completion of my apartment at Ap2, which got a 'sometime at the end of the year response', I just received a registered letter from Fadesa Morocco telling me that they want to exchange by 15 Nov 07 - the letter was received on 8 Dec! Not only that, there were no contact details on the letter, a name, but no phone number of address. Bizarre. Does not fill me with confidence.

I am now looking to arrange a solicitor and mortgage.

Is anyone else about to complete on a Fadesa property?

 

[Lee Filkins]

Subject

Sorry for being unkind. If you bought from Fadesa than you deserve it.

 

[evansj]

CWTH, what are your reservations about Fadesa?

 

[ahoff]

CWTH, what are your reservations about Fadesa?

I'd like to hear more about peoples experience with Fadesa too?

Anything to share anyone?

Thanks!

 

[redangel7861]

I've had dealings with Fadessa. The UK branch have been very helpful and very flexible regarding payments. Like everything in life we all have good/bad expereinces. I've had no problems with Fadessa, they've been very efficient.

 

[Lee Filkins]

subject

redangel7861:
You either work for Fadesa or an agent for them. Fadesa does not know efficiency even if it is staring on their face.

You want know more about Fadesa check out the " Costa Esuri" owner blogg.

 

[Investy]

When I invested in Saidia I was put off by the low quality of thier website.

 

[Lee Filkins]

subject

Fadesa attitude was that they were doing the buyers a favour. They have a very glossy front and very low quality product. It does not surprise me as Fadesa use to build properties for the poor fisherman's of Galicia in the north of Spain.

The Fisherman were only grateful for those cheap properties. This ethos of Fadesa has been extended to the International market. They do not even have a after sales department. Once you have paid you are on your own.

I know people who bought from Fadesa in Marbella where within two years the fireplaces were falling off there unit in the wall.

I hope that Martin SA, will have fresh look in a slowing market. I however do not expect this to happen as they probably concentrating on their Balance sheet.

 

[evansj]

I am planning to pull out and not complete. I don't see any point in throwing good money after bad.

Contracts says Fadesa has the option to withhold 25% of what has already been paid - ie, 25% x 40% = 10%. It will be interesting to see if they are willing to refund me.

 

[Lee Filkins]

subject

They will not refund you a penny. Fadesa like all Spanish companies only uses the contract to enforce their interest.

Even when there is a blatant breach of contract on their part, they will just ignore them. In the case of Morocco you are on tricky grounds as it not in EU.

The legal system is prehistoric and you will be lucky to get to the Courts & if you can obtain a judgement you will not be able to enforce it for decades.

I am not trying to deter you, but simply informing you and others of the realities.

 

[ahoff]

evansj it sounds like you have bought directly from Fadesa? Did you not buy through an agent that is not sticking up for you?
Chrs.

Investy you sound very negative regarding investing in apmts in Morocco - how come? Do you not think it could be lucrative with high demands for a long summer season with good returns and cap appr of approx 20%?

What's your reasoning?

Thanks.

 

[redangel7861]

Camel with 3 humps - I have no association with Fadessa. I purchased a 2 bed penthouse on Atlas Golf, Marrakech. I've had no problems with the purchase, all contracts and paperwork have arrived on time and the office in London has been very helpful with all questions.Again, people will have good/bad experiences with developers it's an extensive market and problems will obviously occur.

I've also purchased a 2 bed penthouse on Saidia on AP13 - Athena golf fontline. Again, no problems with this purchase.

 

[Lee Filkins]

subject

To the best of my knowledge Athena Golf is not being developed by Fadesa or Martin SA.

 

[ahoff]

Investy, I'm interested to hear your comments and reasoning if you have the time..

Thanks.

 

[redangel7861]

Camel.

I am aware that Fadessa are not the developers on Athena. The developer on Athena are another Spanish company, my point being that the bad wrap your giving Spanish developers is not wholly justified. Both developers on projects that I have purchased on are Spanish and in my exeprience both have been professional, helpful and effiient with all paper work.

 

[Lee Filkins]

subject

I am happy for you.

 

[redangel7861]

Camel, glad to see your finally happy.

 

[Investy]

Investy you sound very negative regarding investing in apmts in Morocco - how come? Do you not think it could be lucrative with high demands for a long summer season with good returns and cap appr of approx 20%?

What's your reasoning?

Thanks.

You cound'nt be more wrong!

I am Moroccos number one fan - go check out housepricecrash.co.ok where you will see long threads (one weith about 70,000 views) which I began. There I have fought many battles with neg heads on Morocco.

 

[Lee Filkins]

subject

" Camel, glad to see your finally happy."

I am always happy as deal with the right kind of business. This this instance i was happy for you and hope that you are happy,when you get your keys.