Adios or welcome?

Martinsa-Fadesa has become the first major spanish real estate victim of the credit crunch. The inevitable question now is: who will be the next to collapse? only Time will tell whether the investors who were until recently splashing out money on buying Polish land are going 
to pull out or decide to settle here permanently Mladen PetrovIt had been a hot, lazy afternoon in the Eurobuild CEE office, that is until press agencies started to send their first reports from Spain around 3 pm that Martinsa-Fadesa, a major operator on the Spanish real estate development market and quoted on the Madrid stock exchange, had filed for bankruptcy. Soon afterwards, the company started issuing declarations that despite debts to the tune of EUR 5 bln, none of the projects outside Spain – including those in Central and Eastern Europe – had been put in jeopardy by the company’s insolvency. Martinsa-Fadesa’s Romanian subsidiary insists that