In a landmark ruling the courts in Spain have ordered a Spanish bank to compensate an off plan property investor who lost their deposit when a developer went out of business.
The decision opens the way for thousands of British property investors who lost out to reclaim the money they thought had gone forever.
When the Spanish holiday home market was booming British people were targeted as a lucrative market by property developers in Spain.
Investors were tempted to pay significant deposits to purchase off plan properties.
However, when the recession bit, many investors lost their deposit as developers went bust without finishing or even starting building work.
Now the courts in Spain have said that the Spanish banks which financed the developments should compensate those who have lost out for failing to protect their deposits.
Claiming compensation in the Spanish courts can be a complex undertaking, so we have teamed up with lawyers in Spain to enable British investors to recover their lost deposits.
We are able to act as agents on your behalf, liaising with the Spanish lawyers on a No Win, No Fee basis.
If you have suffered loss in relation to a Spanish property development and are interested in pursuing a claim then call us on 0808 139 1595.