Investors who collectively lost millions in deposits paid on unbuilt homes in Spain are seeking financial compensation through the Spanish courts.
Thousands of investors, both from the UK and Ireland, have been fighting for compensation since the Spanish property market crashed, leaving many off-plan purchasers without a property and thousands of Euros out of pocket.
The Spanish Supreme Court ruled that those affected can claim directly from the banks rather than the property developers, most of whom went bankrupt after the property crash.
The ruling means an estimated 60,000 Irish people could now seek financial compensation with the hope of at least retrieving back their lost deposits, reports newspaper Irish Examiner.
“The losses are huge, with over €35m being claimed in these cases to date,” says Oliver Reel, consultant at Reclaim Spain – a case-handling agency working with a Spanish lawyer.
“The Spanish banks are reeling as they know that they will have to pay out millions more, but they continue to contest the cases as they don’t want to be seen to be giving in.
“To date, we now have over 700 cases for victims of Spanish property losses at various stages of the process in the recovery of their money. That is almost one a day since we started helping people in late 2016,” says Reel.
The success rate of the Spanish lawyer has led to investors from other countries such as Norway and Germany also seeking help with their case.Tags: Foreign investment in Spain, Spanish Property Market