Essonne: Europe’s largest bankrupt condominium

Essonne: Europe’s largest bankrupt condominium

Faced with the catastrophic situation of the Grigny 2 district, the largest condominium in Europe, the French state decided to buy more than 1,300 homes. They will be transformed into low-cost housing or else destroyed. Often to the detriment of the inhabitants.

Essonne: Europe's largest bankrupt condominium

17,000 residents, 5,000 homes and tens of millions of euros in debt. The Grigny 2 district in Essonne, the largest private condominium in Europe, is over-indebted. Being unable to straighten it out, the State bought 1,300 housing units that will be transformed in low-rent housing or destroyed. Only a few people still live in these substandard buildings. “There was no maintenance“, Concedes Lara Tobin, head of the Ile de France land establishment.

A dream that turns into a nightmare

Grigny 2 was the symbol of access to housing. Until house prices fell, between 2011 and 2012, sometimes losing up to half of their value. The poor management of the district, by 27 different trustees, is particularly singled out. The co-owners have filed several lawsuits.We have been abandoned“, Says one of them, who refuses to sell his property at a discounted price. It could be expropriated if no agreement is reached.