What has happened with off-plan properties in Spain?

Lots of Britons and foreigners from other countries purchased Spanish off-plan properties during the last decade. In order to do so, they had to make large deposits in advance. However, the financial crisis came along and many developers went out of business, leaving the buyers without their promised property, not reimbursing their deposits.

Banks were meant to safeguard your money

Spanish Supreme Court ruled in 2015 that banks had to guarantee your deposits by law, keeping such amounts in a secure and independent bank account. Now, those affected can claim against the bank and get their money back plus legal interest of 4.5% per annum.

You can claim if...

As we have stated previously, your deposit had to be guaranteed by law, either through bank insurance or bank guarantee. We recommend you to claim if:

1. You purchased a Spanish property and the developer didn't finish the work or they incurred in delay.
2. No more than 15 years have passed since the date you deposited your money.
3. The first-occupancy license was not issued (or it was issued with delay).

Now you’re closer to getting your money back. Our advice is to start your claim as soon as possible.

• If you signed your contract prior to December 31st, 2015 you have a maximum time limit of October 2020.
• If you signed your contract from 2016, you must give yourself even more haste! The deadline in these cases is only two years.

Get your money back

We have set up this brief online form to get to know your case. You can fill it out from your computer or smartphone at any time. You just have to:

1. Answer some simple questions.
2. Scan and send us the requested documentation.
3. A legal expert will contact you to let you know how much money you can claim back