Property investors’ success in the European courts
News on Turkey
Property investors in Ireland and Britain, who spent millions of pounds buying off-plan units in a residential development in Bodrum, Turkey, have successfully obtained an injunction in the European courts, freezing the developer’s assets, after the scheme was never built.
Collectively the investors spent around £23m in 2005 for the properties that were scheduled for completion in 2006, but yet still remain uncompleted, reportedly because the developer, Euro Holding AS, who acted in partnership with Unifin Groep BV, ran into financial troubles.
Despite the fact that the homes were never built, the investors have never had their monies reimbursed. However, the court’s injunction means that the housebuilders have now had their assets of around £3.75m frozen.
The investors’ will now pursue claims for compensation.
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Information provided by Homes Overseas | © PropertyIndex.com 2008 | Last Updated: 06 October 2008