Following suit from other major Spanish property players, such as Aifos, Martinsa Fadesa and Tremón, the Nozar group fall prey to the country’s fragile financial market.

A spokesman for the Spanish group explained that after 4 months of talks to resolve the matter, they were unsuccessful in reaching any agreement with the bank creditors.

This has prompted actions to be taken which may see the company facing bankruptcy or liquidation.

Despite markets in other countries in Europe, such as the UK, France and Germany which are seeing some improvement, Spain has been not been as quick to show signs of recovery.

Many experts believe that major players such as Nozar and indeed Martinsa-Fadesa, who went into administration more than a year ago now, need a much stronger market in order to stay afloat.

Due to the banks perhaps ceasing to bail out these and other high profile developers, it is thought that we have not yet seen the end of casualties such as these.

All is not lost however, with the Almanzora group recently announcing sales of properties worth almost 5 million Euros, it can be seen that some sectors in the market are proving to be successful again.

It has also been suggested that with prices being at their lowest for six years, they are bound to once again begin rising if sales in other sectors of the market are showing such signs of improvement.

This new property investment era may see other sectors being explored away from the low quality, mass built complexes, which have been in oversupply during these past few years. 

The latter possibly being another catalyst for the demise of some of the big property developers such as Nozar.