As a rule, GFM are not handing out cash to any buyers wishing to pull out. Their line is: "We will repay your deposit less penalties only once we have found another buyer for your property".
So, come the day buyers materialise you might - after very long wait and lots of hassle - get some of your deposit back. The options are:
1) You might as well try and find a buyer yourself. Effort and time required. Buyers scarce at any price.
2) You go ahead and complete (if you can afford to) and try and make the property pay for itself by letting it out.
3) Sit back, do nothing and get the run-around from GFM. Forget about it all and get on with your life. Set up annual reminder in your calendar to contact GFM to see if they have sold it. Would they tell you the truth if they have?
Not a great state of affairs, but here we are. Keep an eye on the big picture - this is a GLOBAL downturn. Most other property projects are in simalar parlous states of affairs; some worse.
This project was always a long-term play.
If you bought it to flip it for a quick profit - well boohoohoo. Your greed got the better of you. Your timing was off. Now tell somebody who cares. If it had worked out you would have thought you were a genuis.
If you bought it as a long-term investment, then this objective is still feasible. Letting it out is getting people returns, if only to pay for the furnishing and equippng in the first 2 years. But that's still better than just having the property sitting there.
If you bought it to live there for part of the year, then this too is feasible. There is a supermarket, banks, post office and other shops on-site nowadays. The development has made progress in the last year. You can play golf all year round now. You can choose from a range of restaurants every night now.
It is easy to sit at home viewing the world through postings on forums. This is a mistake. Get off your behind and go and see the resort for yourself. Make up your own mind. See the progress and see the potential whilst remembering the world state of affairs.
If you don't have the money or the guts to see this out, then bleating on a forum is going to get you nowhere. Get a bunch of like-minded people together, craft a good letter detailing your experiences and complaints (make no threats),get everyone to sign it and get it to the King of Morocco. Anything less and you are wasting your time. Simple as that.
When last did you visit the resort?
I was there last week and liked most of what I saw.
SaidiaSpy