This is a copy of the press release today

Parador Properties, which was once considered to be one of Europe’s top estate agents, has gone into voluntary administration.

The company had operations in Ireland, Spain, Sweden, the United Arab Emirates, and the UK, though most of the homes it sells are located in Spain.

The company took a client-centered approach to property sales by flying prospective purchasers to their desired destinations and offering advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.

Homes Overseas received a statement from Quay West Communications, Parador’s PR company, moments ago. It says: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”


Not a nice bit of news but perhaps a reflection of the current state of the property market in EU and other markets

General feeling is that the market will start to move again in 2010 both UK and Spain
In the meantime some good buys about

For life styel buyers 2008 may yet turn out to be a good time to buy.....in the years to come[ next boom perhaps circa 2018!]


To anyone who was thinking about buying via Parador, there are still agents like myself who provide a professional service, who can help you find that good buy in 2008
But I think the days of £20 pp Inspection Trips have gone forever!!!

Claire Sweeney stuck her face on their adverts for a while. No longer though, and their website is still advertising stuff for sale.

Yes,because the administrators will still run the business and then look at all options.....that is the procedure

Parador may well in some form or another still trade in the future
In the meantime many of their clients will be a touch concerned........and of course one of the problems the administrators have in running the business that anyone wanting to buy in 2008 will probably not want to use them

Service business are always the most difficult to deal with in administartion

A friend of a friend of mine still works for Parador in Spain, was saying at a BBQ last week, that Parador have gone from over 100 sales reps down to 4 within the last 6 months and if this article is correct.. down to zero now.

We have recently just paid our second stage payment for a property that we bought through Parador in Turkey.

Although I know that my contract is with the builder and that at the moment I haven't lost any money. My concern is that if people stop buying abroard due to the global downturn, will the construction company ever build my apartment that is part of a two stage build?

Does anyone know how property sales are going in the Agean region of Turkey?

Litch

If I were you I'd be chasing the builder, lawyer and the candlestickmaker to try to find out where you stand. You need to understand where the money is at...is it in escrow or what? Also do you have any guarantees in your contract for this eventuality?

You could be in real trouble. The Turks are a law unto themselves. The last thing they will care about is the plight of rich foreigners.
Most of new build in Turkey has been abandoned. The market is dead. Trouble with Parador was that they always sold those properties that could afford 10%+ commission. Hope its not too long before the next Housing boom - 12 to 18 years?

anybody who buys in Turkey needs their head examined !!

On past markets 12/18 years to the next boom is probably a touch too long to wait...perhaps circa 10 years

Should start to move again circa 2010 but booms only come every so often
But that does not mean everyone should keep out of the property markets in EU, most are life style buyers and the current market in general reflects the current stage of the economic cycle

You can waste a lot of enjoyable life style if you wait for the booms to start before buying...............no reason not to buy for life style reasons in EU provided you can afford to and look for the good buys which are around

Established markets like UK France and Spain are the best ......I'm afraid Turkey has a lot to sort out before it can be a reliable location for life style buyers

Can only agree with you about Turkey and France. Spain is dodgy - could go either way depending how lucky you are.
See your point, but you can also waste alot of enjoyable life style as your "investment" depreciates by the month, especially if you are renovating a French house.
Think you are being optimistic about 2010 (but then you have to be I suppose) - prices may start to level out then but its at least 10 years after that they will start to move up again when a new bunch of buyers move in.