Spanish Off-Plan Property – La Tercia Real
La Tercia Real was advertised as ‘a stunning golf resort development halfway between the beaches of the Mar Menor and Mediterranean Sea and the city of Murcia, capital of the region. Beside the village of La Tercia, all the best golf courses in the region are within a fifteen minute drive of this luxuriously designed project’.
There were to be several designs of detached villas on this Spanish property development, each with their own appeal and style. The description continued about wide avenues, large green areas and communal swimming pools combining to make La Tercia Real a spacious and comfortable place to live.
There was also to be a Spanish village ‘recreated’ in the town centre of the development, with cafeterias, bars, shops, restaurants and many other services being provided. Along with the excellent infrastructure to be put in place providing access to Murcia, Cartagena and all the coastal towns.
Clients who bought properties off-plan at La Tercia Real fear for their investments after work onsite stopped and the sales office closed down.
A number of British and Irish buyers paid 30% deposits for homes in 2006 and 2007 on this development in the Valle del Sol and all they are left with is an empty piece of land in the middle of a rural area. A few streets, some palm trees, the show houses and some unfinished properties can be seen in the middle of the plot.
Like all Spanish developments, the infrastructure permission for this golf resort was granted and this was back in July 2007. This included streets, pavements, a sewage network, electricity and water supply network.
Nuria Perez of the Costa Blanca news reported that the company, Peinsa and their sub contractors were suffering a financial crisis.
‘Clients who had bank guarantees and those clients who had cheques with a previous expiry date have had their money refunded,’ she said. But she added that those buyers who have cheques outstanding would not be able to cash them until the financial situation of the company improved.
The Costa Blanca news also reported that the first properties were scheduled to be finished by September 2007. Most of the properties were bought by British and Irish investors who have since been offered key ready properties elsewhere.
However the properties offered by Peinsa were not similar to the detached villas of La Tercia Real and buyers were quick to refuse the offer.
A spokesperson for Peinsa refused to answer why the properties had been sold without having all licences issued and why they had not provided all clients with the compulsory bank guarantees.