The fact that Martinsa-Fadesa have filed for bankruptcy will in all probability mean nothing to most of you ……… until I tell you that they are the largest property developer in Spain!!!!

The papers are talking about a meltdown and that buyers who have made down-payments on properties that they have not yet taken possession of could find themselves losing everything.

The Spanish government are refusing to help out the industry taking the view that the private sector must be responsible for solving its own problems:

The crisis has sent shock waves through an already troubled real estate industry and heightened fears that other property and construction companies could also fail.

Obviously not good news for anybody really, but those most at risk are those buying off plan.