What Aifos Was Not Expecting
We have become accustomed to obtaining favourable Court rulings on behalf of clients who had exchanged contracts with Aifos with the hope of receiving a property, a pretty normal thing in normal circumstances, that is.
If we go back some years, on the surface, Aifos property business gleamed: hundreds of investors sunk their money with Aifos mostly with one aim, to make money. But Aifos engine rooms were not getting the required spare parts, namely building licenses, to deliver the product.
Perhaps above any other, the worst thing Aifos did was to sign contracts with punters stating that the projects in question had planning permission to build the apartments when this had not been obtained and in some instances not even applied for. It is in this respect that our firm has obtained a ruling crucifying Aifos for lying through their teeth, well deserved I shall say, and forces them to pay a client €24K, which is what he had paid on account of a final price of €106,000, plus an extra €110,000 in compensation (!), which equates to the increase in value a similar property would have cost him more had he decided to purchase it at the time of cancellation of the contract; Or, what his property would have been worth had it been built (and not when the judge ruled, which is now, when properties are ostensibly cheaper). We are grateful to Judge Eva María Gomez Diaz, working from Court number 10 in Malaga, for reaching this sensible conclusion.
Unfortunately Aifos´ immorality has long become a way of life for them, and they have now sought protection by applying for voluntary insolvency which will mean that the prospect of receiving their deposits plus interest and legal fees is now considerably reduced. The Aifos gang and it´s henchmen will long remain in memories of very many as the symbol of the putrefaction and depravity within the real estate business in the boom years of the Costa del Sol.