The Scandal of Bankrupt Builders in the Canary Islands Canary Islands Report | Canary Islands Report

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The Scandal of Bankrupt Builders in the Canary Islands

Tenerife Construction Companies Bankruptcy Affected Thousands

The Canary Islands is the third Spanish region that has the most failed housing developments, where houses have been built and sold to owners, but they could not then live in them. In some cases, construction companies have collected money for properties, but never built or completed.

Granadilla in Tenerife is one example of the failed housing projects, and Fernando Alvarez is one of thousands of people who have been affected by bankruptcy of construction companies across the archipelago. Buildings stand with finished windows and fitted kitchens, but nobody lives in them. Fernando says that he was robbed by the company, as they gook all the interior fittings from the Granadilla housing development in trucks months after the company declared bankruptcy.

Fernando says that he signed the purchase contract in 2007, and that he know that the promoter knew that things were not correct, so after taking the money from purchasers, the company declared insolvency. The process to recover money lost in these transactions takes nearly two years in the first instance, but purchasers are often the last to be paid the money they are owed. Fernando wants “the law of this country to be changed”.

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