When the Spanish property boom of the early 2000s gave way to an equally big implosion in 2008, a vast number housing developments simply stopped mid build or in some cases before a brick had been laid. As the dust settled it became abundantly clear that developers had not been as solvent or perhaps as honest as many had thought. Thousands of Ex-pats were affected because they had bought off plan property that was by the end of the crisis, either illegally built, unfinished or simply nonexistent.
As the recrimination process began buyers and investors discovered that the Developers had been declared bankrupt or disappeared off the face of the Earth. So Buyers turned on the financial institutions. Under Spanish Law, the Bank taking a deposit for un-built property should put the funds into a separate and protected account. Whatever had happened to the money, there was no appetite from the banks to begin paying the deposits back and indeed even the courts were not keen to exercise the law in this respect. Many buyers were left with nothing.
Recently however things have changed. The Supreme Court began to support claims against the Banks and enforcing full refunds plus interest. These decisions have made their way down to the regional Courts and many buyers are beginning legal action with a high prospect of success.
If you bought off plan property and are still waiting to see your deposit, then we can assist you. We have a specialised team, ready to take instructions to make the first steps to recovering your deposit. What’s more we operate on a ‘No Fee Upfront’ basis. That means that you make no upfront payment.
Those affected may contact us for a no obligation consultancy by emailing:
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