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 property market recovery is being driven by a growing jobs market and favourable economic conditions; however Brexit negotiations could halt property purchases made by British buyers. Spanish property sales have been rising at double digit rates, with a majority of purchases occurring on the Mediterranean coast and in the Canary and Balearic Islands. In fact, over 30% more property sales occurred in these areas than in other part of the country, says a report by CaixaBank Research.