MRIItaly - Sunset Tropea Phase II

Review updated:

Went on an inspection trip in August 2007, saw the plot for a 1 bed apartment (Sunset Tropea Phase II - Italy), I paid about 40k Euro for the deposit. Last week finally got the call to say no work has started (is supposed to be completed in July 2009). I couldn't make the meeting which was on Saturday 13 June and have heard nothing since and today came across this site which has now got me really worried! I had an insurance policy for the deposit which I thought I would get back as they work hasn't started and will not be complete, but my Italian lawyer has told me that 'the system of Bank guarantee of security bond does not exist in Italy' and the insurance on covers me if the developer goes bankrupt and the deposit was paid to the develop back in May 2008. Has any else had issues in Italy with MRI?

Any and all help appreciated.

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  • Ka
      Jul 14, 2009

    Almost the same happened to me in Pizzo, just a few miles from where you bought. We paid 53.000 Euros in deposit last easter. We didn't hear anything until january this year, when I called them to get status on project. Then I was told that they have pulled out of all project in Italy several months ago...

    I asked now what, and was told that I was on my own, because the contract was with the constructor. They said that they would try to help me anyway. Called me the day after and said that they could get my deposit back, but I had to commit to use those money in a project in Losbon. We didn, t want that.

    We have got a written confirmation from their lawyers telling that my deposit is still on their client account, and that we have the right to get all our money back. My lawier is now preparing to send the claim to them. So will time show if they still have the money...


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