The financial crisis may have started almost a decade ago but some Brits caught in the Spanish property bubble are still being affected. EU Property Solutions have successfully reclaimed lost deposits for those that were left out of pocket when their property in the sun failed to materialise, earning it a glowing reputation. The business is still working on behalf of those that have lost out and following a legal decision could help even more people this year.
For many Brits looking to purchase a holiday home, the stunning beaches and traditional towns of Spain were a dream come true. But when the financial crisis began in 2008, construction companies across the country went bust, leaving unfinished properties as work suddenly ceased. Despite years passing, many Brits are still struggling to reclaim their deposit, totalling thousands. It’s estimated that 100,000 people in the UK were affected by ‘off-plan’ properties in Spain with combined claims potentially reaching up to £4 billion.
Terry Bell, Director of EU Property Solutions, said, “For many of those affected by the Spanish property market collapse, the last decade has been stressful to say the least. It’s not just a holiday home they’ve lost but often their savings and financial security. New rulings in the Spanish Supreme Court could be just the opportunity that those impacted by the collapse need to reclaim their deposits and investments. We’ve already successfully taken claims for unfinished housing developments forward and urge those that have yet to receive their lost money back to take action now.”
A Spanish court ruling means that banks that held the property deposits, which should have been ringfenced, are also liable. The decision offers another route for those that lost thousands to take action and refunds may even include lost interest to compensate victims. Acting on behalf of those that have been impacted by unfinished housing developing, including those in Spain, EU Property Solutions have a specialist team in the UK and Spain paired with the skills to take a claim to a successful resolution. The specialist legal team at the firm offer completely impartial and independent advice while eliminating language barriers, guaranteeing a smooth process from beginning to end.
To find out more visit eupropertysolutions.com/.