Parador Properties, one of the most significant overseas estate agencies operating in Turkey, announced yesterday that it will go into voluntary administration.
Quay West Communications, Parador's PR company, distributed the announcement to trade and consumer media yesterday, citing the downturn in world property markets as the reason for the company's decision to close its doors.
The company is based in the UK and specialises in end-to-end sales, flying prospective buyers out from the UK to view properties on their portfolio. Parador's high "conversion rate" (the ability to turn prospects into sales) generated rumblings of controversy and intimations of high-pressure sales tactics and overpricing here in Turkey. Rumours that the property giant has seen a steep fall in buyers over the past year now prove to be well-founded.
In the press release from Quay West, Parador reassured its existing buyers that their purchases would be unaffected by the news: "all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent" so the purchases will stand. Who will help these purchasers through the buying process now? remains an unanswered question.
At the time of writing, Parador Properties' own website (www.paradorproperties.com) gives no indication of the news.
