Recovery possible on money paid on off-plan properties in Spain

Recovery possible on money paid on off-plan properties in Spain

The Supreme Court of Spain passed a landmark judgment that offers closure to nearly 100,000 British people who wished to own a place in Spain but ended up badly.

With this judgment, people who have paid a deposit for purchasing an off-plan property or have paid in stages but lost money due to the prevailing financial crisis in Spain will now be able to recover the money.

Costa Del Sol Property Groups lawyer have the

fastest root to claiming lost off plan deposits back.

Prospective buyers had paid deposits to the tune of £40,000 on an average and suddenly realized that their money had washed away owing to the financial crisis.

However, with this judgment from the Spanish Supreme Court, banks will be held responsible for the missing money and the Brits can sue the bank to a tune of up to £4 billion for their off-plan lost deposits refunds, as per the findings of Costa Del Sol Property Group of Spain.

Although there is no official information available yet, Costa Del Sol Property Group estimates that refunds up to £15 billion might have to be shelled out by banks to off-plan buyers from all over Europe towards their lost deposits from the financial crisis.

Some of the victims include Malcom and Maxine Ball , who had paid £100,000 for their prospective off-plan property in Costa del Sol. As per their off-plan purchase, they paid £100,000 as 50% of the total price which included additional charges and other deposits.

Brits own the maximum number of properties in Spain after the locals and hence, UK citizens were affected the most due to the sudden property crash witnessed in Spain.

With their unchallenged experience in this aspect, Costa Del Sol Property Group has formed a dedicated team for foreign nationals to help and gain their money back without any fees or irrespective if they English or not.

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

We work with the Best Lawyers that return deposits in record time

The Spanish Supreme Court have come to a decision that could give over 100,000 Brits closure after their dreams of owning a Spanish property was crushed. They have ruled that the people who lost their money by depositing it to secure an off-plan property or by making stage payments can have their money returned.

The Off-Plan property deposits in question averaged around £40,000 and were lost after the Spanish financial crisis caused the companies the money was given to to either go bankrupt or disappear entirely. This ruling holds the banks in charge of the missing money responsible for paying back possibly to £4 billion in lost deposits to Brits and other northern European purchases.

While there is no official data on the matter Costa Del Sol Property Group have estimated that up to £15 billion could be refunded to off-plan buyers across Europe as a whole who saw their money disappear after the crash.

The money will be returned to people like John Thompson and his wife Debbie. Together they lost around €75,000 trying to buy property on the Costa del Sol. The property was bought off-plan and they paid several deposits on the property of up to half of the €150,000 asking price on the property.

Costa Del Sol Property Group are one of the most knowledgeable firms when it comes to this area of the law and work with the best lawyers that know the Spanish system and have a 100% record to date on a No Win No Fee. As such they put together their own dedicated legal team to help non-Spaniard reclaim lost off-plan deposits back following a no-win no-fee basis in record time. They also have team members who are fully fluent in English.

If you know anyone who might have lost money, contact them to get in touch with us or if you think you have lost money call us or contact us today. info@costadelsolpropertygroup.com or call us on uk free phone 0800 820 138 or +34 952 493 709 for free guidance.

Owing to the sudden demand for housing, off-plan buying is back in Spain

Off-plan buying is back in Spain

With the onset of property construction in Barcelona and Spain, buyers now have the option to modify their properties.

Due to the high supply without proportional demand as a result of the industry collapse in 2007-08, there are some areas of Spain that are so badly in need of new housing that off-buying has been a trend to cater to the increasing demand.

Buying Off-plan property is in demand again

As per Juan Antonio Gomez-Pintade, the President of APCE, said that there are several parts of Madrid, Barcelona and Costa del Sol with large stocks of unsold housing projects and now, they have become ‘practically inexistent’, due to several underlying factors such as the growth in economy overall, decrease in the unemployment levels and the sudden growth of property market on the whole perspective. Consider the case of Madrid, where there are around 3,000 homes available immediately, with 30% of the properties in the M-30 ring road’s proximity.

Due to this factor, the overall demand of the property increases and there is a reactivation of the construction industry which had come to a standstill in 2008 with many owner loosing their off-plan deposits until now. and last year, the total number of licenses granted shot up after a decline since 2008 and it was up by 42.5%. Going by this statistics, the activity is back and there is a recovery.

When the case of off-plan buying was considered, the recovery slowly started in 2013 and as of now, the growth in off-plan buying is termed as exponential in the case of Madrid and it is observed more often in the upper end market where there is a dearth of luxury amenities and top-class infrastructure in the homes provided. It is similar in the case of Barcelona as well, where people who do not have an issue with the delivery date are finding it to be highly beneficial as the prices are lower.

Also, the political uncertainty that prevails in Spain does not affect the housing market and the low interest rates are proving to be more encouraging to the investors with high anticipation for appreciation.

Even the markets that are dwindling due to a large number of unsold properties are slowly recovering and the recovery is spreading across regions, due to which buyers are getting a choice to make changes in the design and architecture of their property based on their individual preferences. Buying new and Off-plan property in the costa del sol is so in demand that as soon as the developments are released the majority of the properties get sold, confirming the recovery of the property market.