Spanish Real Estate forum - Spanish property - Estate agentsSpanish Real Estate forum - Spanish property - Estate agents

Richie · 07-08-2008, 03:12 PM

I really interesting bit of news for all of us, taken from OPP.org.uk (with permission from editor Trevor Little)

"OPP can reveal exclusively that the large overseas property agency Parador Properties has gone into voluntary administration as of this morning.

An official statement sent to the offices of OPP this morning from Quay West Communications, Parador’s PR company, reads: “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.”

OPP has contacted the offices of Parador and will provide an update to this story as and when it happens."

"PR statement says ‘downturn in the overseas property market’ is to blame..."

You can read more by signing up to their newsletter which is free of charge but there is also a paid option - by going to Overseas Property Professional; International Property Magazine

Thank you to OPP for permission to publish this article to our members.

Resale Centre · 07-08-2008, 03:44 PM

so another bites the dust,think the bigger companies are really feeling the pinch at the moment. this is a sign of the times,this year is going to be a struggle for all.

Caroline · 07-09-2008, 06:07 PM

At least they have done it professionally and not just disappeared in cloud of rumours. Their overheads must have been huge. I think I will just tighten my belt another notch.

Colin S · 07-09-2008, 06:10 PM

The bigger guys spend much more on their marketing/office and staff than the independants which is why you will usually see them going first but as you say, it is going to be a very tough year and maybe even longer for those left.

Richie · 07-09-2008, 06:22 PM

Very true both colin and caroline, I don't know anyone personally that has worked for them but they certainly weren't a small outfit, they have been ever present where ever you look but I agree - the bigger companies have so much more to pay out for whilst the smaller agencies are able to manage on less.

And there has been lots of rumours of other large estate agents closing that have been circulating - Parador have been wise enough to keep it under wraps until the right moment without all the whispers and here say.

Dream Spain · 07-10-2008, 09:20 AM

Parador closed their resale office in our area a while ago, I guess that was when they began to cut their cost base. In the past few months I've seen about 5 or 6 agents close in our area (around Los Alcazares) and all but one of these have been independent. Saying that some of those may simply have become home based - high rent can be a killer when sales are not coming through the door.

Richie · 07-10-2008, 12:26 PM

They had an office in central Torre which they did all the signage for on the main square, it was like that for quite a while but never opened it and just recently has been occupied by a new company, strange?

spainfurniture · 11-23-2008, 05:11 PM

A lot of their clients have also lost their cashback furniture offers and vouchers, although we can't honour these vouchers we are solely an online furniture shop so without a showroom we are able to pass on extra savings to all parador clients and others

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