If you’ve purchased property from Fadesa, Martinesa Fadesa, Fadesa Maroc, Addoha or Excelia as it is now called, in Morocco, then this topic may be of some interest. Pardon all the names, it’s the same company, but it makes it as difficult as possible to keep tabs on what it is calling itself at any particular point in time which, in itself, should serve as a warning for anyone thinking of dealing with any of the entities.
I’ve been contacted by a couple of Excelia clients who have been invited to a meeting in London between May 5th and 7th 2012. It is an official meeting instigated by Excelia to discuss the current state of play with off-plan property purchases in Saidia, on the southern Mediterranean Moroccan coastline. Most of the purchases were made between 2006 and 2008, but all have been very badly delayed in their completion. Quite a few are currently coming to completion but clients are very unhappy about the finished product, and consequently slow to hand over completion payments, which seems to be why Excelia is organising these meetings.
The meetings are to be held at Novotel London West, 1 Shortlands, Hammersmith, London W6 8DR – see here for the hotel’s website.
A number of Irish buyers here are keen to get in touch with other investors purchasing on Saidia. One has recently had a structural survey completed that threw up a lot of structural issues which couldn’t be investigated thoroughly because the property was being lived in by a number of workmen! Always a reassuring outcome.
In any case, it appears that there are a lot of questions over developments currently being completed by Excelia, not least that the quality of the completed buildings is very disappointing and not at all to the specification listings given when these properties were purchased off plan.
If you’ve purchased from any of the above entities and would like to meet up with others attending the meetings you can use me as a conduit, I’ll pass details between all interested parties.
Just drop me a line on email@example.com, verify that you are not a spammer on SpamArrest, and I’ll do the rest. Alternatively, if you wish to have others see your opinion, you can post a comment at the end of the post.