Illegal practice by Tangier developer

[Tom41]

Have any buyers experience of a developer called Occibelia who have an off-plan development called Atlantic Magana in Tangier? They've been accused of selling property without complying with regulations and now refusing to return people's deposits.

[paddy123]

but having problems getting a deposit back from another developer in the same area .... promised it "fully refundable" by British agent but 4 months after deal fell through (and a dozen promises and every excuse to delay) thinking of taking legal action ... anyone had any experience of taking rogue developers to court?

Speaking to my solicitor today so ....

[Azure]

Originally Posted by Tom41

Have any buyers experience of a developer called Occibelia who have an off-plan development called Atlantic Magana in Tangier? They've been accused of selling property without complying with regulations and now refusing to return people's deposits.

I looked at this development atalantic magna but my solicitor said they were a band of theives and complaints have been made about the developer Occibelia to authorities. They have no experience of developing before so I didn't take the risk.

[Investy]

This is why when investing in new markets one really ought to stick with only the big well concieved developments. In Morocco I would only invest in the Plan Azure resorts or those backed by international companies such as Emaar or the Sun City people.

[Azure]

At the moment Tangier is full of greedy agents luring buyers into risky off-plan purchases. Rip off developers as well. Buyers should look into who they are getting advice from because many of these comission hungry agents are just working from behind a website and come over from the costa del crime where business has died down.

[awahee123]

If you do not get your deposits back as promised,Take firm action without delay also name and shame the people involved.
Remember don't sit back and do nothing.

[Yusuf-Partnership]

People need to be very careful when buying property abroad.

Only deal with reputable tried and tested developers and agents.

You also end up dealing with legal systems that you may not understand and these guys are waiting on the sidelines ready to take advantage of those who don't know any better.

[awahee123]

It's the same in all developing nations once the property market takes off everybody wants to be an estate agent.

[Azure]

Originally Posted by Tom41

Have any buyers experience of a developer called Occibelia who have an off-plan development called Atlantic Magana in Tangier? They've been accused of selling property without complying with regulations and now refusing to return people's deposits.

My solicitor has other clients who have lost deposits with Occibelia and is intending to sue on behalf of all clients. So watch out when buying from this lot and their agents who won't tell you the history.

The lesson is in new markes ignore the temptation of glossy brochures and inexperienced devlopers. Once they've got your money they won't want to know you should you have issues afterwards.

[Goldberg Global]

Good points.
Emerging markets stick with big companies. But what happens when big companies fail? eg. US Enron, Tyco, UK Bearings, Northern Rock.

Investing has never been easy. Track record is important, developer, agent, I heard one uk agent who has been in the market 18 months claiming to be number 3 in global property now, where as today saw a company been in the market 30 years supposedly bust.

But we need a process.
Track Record
Bank Finance, use if available
Independent Lawyers
Good product
Realistic expectations

All helps.