Off Plan Properties

Have you bought an offplan property in Spain?

Here’s the summary of the situation.

In 2008, Spain suffered a massive financial crisis with many naming the country the Lehman Brothers of Europe. Once the “booming” property market bubble exploded, many property developers filed for bankruptcy. Any buyers involved in off-plan properties, lost just about everything. Most buyers were left with unfinished properties and the loss of their deposits and stage payments to find the development completely abandoned. Construction companies, property developers in the majority of cases, had completely ignored the law of having to hold deposits in separate accounts and people’s deposits and payments got lost amidst bankruptcy filings.

Now the good news.

In December of 2015, the Spanish Supreme Court ruled that the banks who financed the property developer are now ultimately responsible. What does this mean? If you can prove that you made a deposit or payments to a Spanish property developer and construction was not completed – you will get every penny back plus interest. In some cases, when construction work wasn’t terminated in due time, there is also compensation available on capital losses.

Where we kick in.

We will look after everything for you. Our team of expert lawyers in this field have a 95% success rate. Once you can prove the deposits made, the rest is mechanical. We will not charge a single penny for our services until we get your money back for you. Be warned, whilst we have a 97% success rate, each case is different and must be analysed. Should you be entitled to a refund – it may take as long as 12 months.

Our latest case.

A UK buyer paid out 181.000€ for an off-plan property back in 2007. She came to us with all of the relevant documentation and we are happy to report that the client received not only her 181.000€, but all of her legal fees and a further 60% interest on the capital deposited. A total of 462.000€.

Unsure whether your case is valid.

Give us a call and we will have a chat. From there you will need to send us your paperwork and we will have a lawyer revise your case at no cost. Alternatively, if you bought in any of these below developments, we can already tell you, you are entitled to a complete refund.

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