Recovering Deposits From Le Jardin de Fleur
Have you invested money in the Le Jardin de Fleur development, promoted by Property Logic, in Saidia on Morocco’s northern Mediterranean coastline? If you have and your property either has not been completed yet, is showing no signs of ever being built, or has been completed to an unsatisfactory specification, then you should continue to read this post. It is about recovering deposits from Le Jardin de Fleur.
NOTE: New findings by the Spanish Supreme Court mean that those who signed contracts with Spanish companies like Property Logic and Fadesa, who deposited funds into a Spanish Bank Account and had Spanish Bank Guarantees (note: bank guarantees are helpful, but not always entirely necessary) may be able to reclaim their funds via Ley 57/68 in Spain. Click here to learn more.
The development is described as follows on the Le Jardin de Fleur website (now defunct):
“Le Jardin de Fleur is the name behind 11 of the most prestigious property developments in the Moroccan coastal destination of Saïdia. They offer you a unique investment opportunity where you can own a private luxury residence within one of the largest up-market resort communities on the Mediterranean.
Le Jardin de Fleur as been designed to deliver a unique fusion between contemporary holiday comforts and Moroccan architectural style. Flowered courtyards, fountains and deep coloured interiors combine with five star features and services to create a truly exotic experience. As a guest or owner, you will enjoy the space and privacy of your villa, townhouse or apartment in the knowledge that you will be spoilt for choice by the range of relaxation and leisure pursuits on offer within each of these 11 resorts.”
Recovering Deposits From Le Jardin de Fleur – What Should I Do?
The palaver goes on and on, you can read the rest of it on the website, but you get the gist. It’s wonderful, unique, contemporary – and not being built. Therefore, investors have to act. This is a notoriously difficult company with which to deal (or from which to even get an answer), as are most developers in Morocco when things go wrong.
I wrote a post on Saidia back in 2011 when I was asked to take on the management of a deposit recovery operation in AP5. This project, it is hoped, will come to fruition at some stage as the group we formed is currently in the final phases of negotiating a refund from Excelia/Fadesa/Addoha, etc. This group is, unfortunately, closed to further entrants at this stage.
We have, however, over the period of time over which we have been following up this case, made some very good contacts in Spain and Morocco. We are now able to offer services to a range of people who are currently experiencing problems in recovering deposits from Morocco. We have professionals in place in Morocco that have direct experience of dealing with both the developments in question and the company supposed to be building them.
Please do contact us if you have put money down on a property in Mediterranean coastal Morocco and it is not proceeding in the manner you would have expected.
Le Jardin de Fleur is just one of the projects in which we currently have most interest for recovering deposits include:
- The Greens and Fairways and the former Fadesa projects AP2, AP4, AP5, AP6, Magnum-RT1, and the V’s (Villas).
- There is a little interest in some of Tasa’s projects and Athenea Golf (later known as Blue Pearl).
- We also have some interest from clients who purchased berths at the Saidia Marina.
- As per the original post, we have a selection of clients also looking for refunds from Alcudia Smir, which is in a totally different area.
What can clients do?
Following the Spanish Supreme Court ruling on recovery of deposits from Spanish banks there may now be an opportunity to reclaim payments to Spanish based Moroccan developers from the Spanish bank into which the funds were deposited. Visit www.SpanishReclaim.com for further information. You will need to act quickly as there is a 15 year statute of limitations on the ability to reclaim.
We currently have a number of cases active in the Spanish courts for both the Le Jardin de Fleur and Residences du Soleil developments.