Parador Properties goes into voluntary administration - 8th July 2008
This week, the OPP website was the first to report that the large overseas property agency Parador Properties had gone into voluntary administration.
An official statement sent from Quay West Communications, Parador’s PR company, read: “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.”
Simon Conn, Conti’s Sales & Marketing Director, comments: “It’s sad to see a high-profile company like this go into administration. The credit crunch seems to be taking its toll in many industries, but overseas property is not one I had considered to be at risk. A recent report from the European Mortgage Federation emphasised a recession of the mortgage market across the continent is highly unlikely, with central and eastern European nations still performing strongly. Our own experience at Conti echoes this and business is still very buoyant. The news about Parador has therefore come as a bit of a shock.”
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