pam20552

Hi,Ive just been told from a friend buying a property in Spain that Parador have gone bust,Apparently the Mayor declared a lot of their builds illegal and closed them down! Anyone heard anything?

mikelincs

Parador properties are only an estate agent, so declaration that many of the places they are trying to sell are illegal should make no difference, there are a huge number of properties in Spain that are illegally built.

Mitzyboy

http://britishexpats.com/forum/showt...dor+properties

Parador closed down in the UK last year. There were comments saying the the Portuguese and Spanish offices were to continue, but I'm not sure if they did.

Theres a thread in the Portuguese forum I think also

Mitzyboy

Here
http://britishexpats.com/forum/showthread.php?t=584000

pam20552

Oh ,I see,but what about the new builds they commission?Are they still a viable company?

Mitzyboy

Well based on what you read here Id have to say do a lot of investigations first!!!
They are though just an agent .... they are not a builder.

Are you thinking of buying from them, or have you already?

pam20552

No but friends of ours are buying at Polaris world near Murcia and are due to make their final payment soon.I've just looked at the Eye on Spain weblink and see that Parador directors now work at Polaris and the Polaris director was jailed last year! What a mess! Don't know what to tell my friends,this was supposed to be their dream but it's now a nightmare and has cost an extra £40,000 because of the rate.

pam20552

If I don't reply today it's because I'm just off to the hospital,but please send any info and help you can so I can advise my friends.Thanks all for your input,much appreciated!x

Mitzyboy

Polaris and Parador are not the same company. It may be that the Directors of Parador have gone to work there, I dont know. There were a few rumours about Polaris having problems the end of last year, but nothings come of it. I also have a friend in Birmingham buying there so I've been keeping an eye on it

ukdobby

I purchased an off plan villa through parador 2007they seemed so honest and told me I have a voucher for 3000 euro to furnish the place.
Now the villa is complete I'm told by parador Spain they are in admin,they have been in touch with me to tell me I probally won't get my voucher.
If they are still operating in Spain how can they be in administration?

jdr

Same as Fadesa and lots of other Spanish builders, the admin are trying to save them from going bankrupt.

mikelincs

their owners club cars are still going around here.