Words: Ashley Rigg
Published: 31st August 2010
Petition launched against MRI
A petition has been launched against Macanthony Realty International (MRI), formerly the largest overseas property company in Europe, according to reports in Spain.
Members only: Please Log In or Join to view this article
Source: Global edge
User Comments
Ian – you ask “who am I to badge people with the greed title” – I have not, I simply asked the question and made a suggestion. I am no friend of Darragh or the tactics his firm used, I was pointing out that other firms did the same and many buyers simply bought because they thought they were going to make a fast buck on borrowed monies. Maybe you can explain where I may have goy it wrong? Oh another thing, over the last 18 years in the property business I have been accused of many things, but being ingenious is a first – thank you.
Andrew Potter,
United Developers
Just who do you think you should badge with the Greed Title?
This is ingenuous in the extreme to say that the buyers are the greedy ones!
ian marsh,
think egypt
It kills me to write this about MRI, however, Ola is correct in what she has written! MRI or any other agent is not responsible for the way developers conducted business in the boom times. Where I do think some purchasers may have a point is the sales tactics used in promising wealth without endeavour. Equally this also says a lot about those who “invested” without a healthy degree of scepticism! One of the deadly sins is avarice (greed) after all!! Did MRI or anyone else simply exploit the desire by many to make a fast buck? Now it’s all gone bad, are buyers blaming whoever rather than taking a long look at themselves?
Andrew Potter,
United Developers
Interesting article. There also has to be a disinct line between expectation and reality, what a lot of people forget is that MRI were just agents on 98% of the properties deals on their books, so essentially they have already passed on monies to developers. We all know how badly developers got affected but MRI's profile makes it more responsible, but everyone forgets that the building/construction of the end product is largely not MRI's problem or responsibility. This is harsh but is also a reality, and as such investors should also look into the developer as well, the person selling to us in the UK isnt usually the owner, instead is an agent and this is no different with overseas property.
Ola Moses,
MosesMansions
Property investing is a risky business; people do well in the good years but all too often look for someone to blame when the market collapses.
MRI were a high profile company with many projects and many clients; in the current situation they were bound to attract some fallout.
Peter Mitry,
Egypt Real