{"id":2862,"date":"2017-06-07T12:30:49","date_gmt":"2017-06-07T11:30:49","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=2862"},"modified":"2023-09-29T11:36:53","modified_gmt":"2023-09-29T10:36:53","slug":"off-plan-property-spanish-banks-begin-pay-back-deposits","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/off-plan-property-spanish-banks-begin-pay-back-deposits\/","title":{"rendered":"Off-plan property: Spanish banks begin to pay back deposits"},"content":{"rendered":"<p><strong>Years after the Spanish property crash, buyers who lost money on off-plan property purchases that never materialised now have a chance of regaining their deposits.<\/strong><\/p>\n<p>It is estimated that around 200,000 <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/02\/28\/brexits-weakening-pound-foreign-property-investors-dream\/\" target=\"\" rel=\"noopener\">foreign buyers<\/a> put down large deposits in order to secure off-plan property but, when the <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2018\/03\/09\/spanish-property-bounces-back-first-time-boom-years\/\">Spanish property market<\/a> crashed, many developers immediately declared themselves bankrupt \u2013 leaving these potential buyers out of pocket.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"pMJSc5bGzV\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/05\/26\/greek-property-prices-continue-fall\/\">Greek property prices continue to fall<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Greek property prices continue to fall&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/05\/26\/greek-property-prices-continue-fall\/embed\/#?secret=YRl9YS95j7#?secret=pMJSc5bGzV\" data-secret=\"pMJSc5bGzV\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>However a court ruling in December 2015 meant that overseas buyers could claim their money back directly from the Spanish banks, and this method is proving successful for many Brits who are prepared to go through the legal process.<\/p>\n<p>\u201cMany people are so fed up they can\u2019t face the idea of going to court again,\u201d commented Luis Cuervo, CEO of Spanish Legal Reclaims, which is handling hundreds of cases.<\/p>\n<blockquote><p>\u201cWhat they need to understand is that they now have a good chance of recovering the money. It\u2019s not property developers we\u2019re up against now, it\u2019s banks \u2013 and they have the money to pay.\u201d<\/p><\/blockquote>\n<blockquote class=\"wp-embedded-content\" data-secret=\"VeRUcRsrND\"><p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/01\/overseas-property-turkey-changes-vat-law\/\">Overseas Property: Turkey changes VAT law<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Overseas Property: Turkey changes VAT law&#8221; &#8212; BuyAssociation Group\" src=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/03\/01\/overseas-property-turkey-changes-vat-law\/embed\/#?secret=SCZV0HYhm4#?secret=VeRUcRsrND\" data-secret=\"VeRUcRsrND\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Before the ruling, only people with bank guarantees (around 5% of buyers) could claim directly from the banks. But when the Supreme Court ruled that the banks had an obligation to safeguard buyers\u2019 money regardless of whether they had guarantees, there was hope for the remainder of British buyers.<\/p>\n<p>The average case takes 12-15 months to complete \u2013 so it is only now that the Spanish banks are starting to pay out and <a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/2017\/01\/03\/british-expats-buying-london-south-east\/\" target=\"\" rel=\"noopener\">British buyers<\/a> are beginning to see the results of what has been, for many, a long and drawn out legal fight.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Years after the Spanish property crash, buyers who lost money on off-plan property purchases that never materialised now have a chance of regaining their deposits. It is estimated that around 200,000 foreign buyers put down large deposits in order to secure off-plan property but, when the Spanish property market crashed, many developers immediately declared themselves<a class=\"excerpt-read-more\" href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/off-plan-property-spanish-banks-begin-pay-back-deposits\/\" title=\"ReadOff-plan property: Spanish banks begin to pay back deposits\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[141],"tags":[306,83,214,307],"class_list":["post-2862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-overseas-property","tag-europe","tag-investment-property","tag-overseas-property","tag-spain"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=2862"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2862\/revisions"}],"predecessor-version":[{"id":6096764,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/2862\/revisions\/6096764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/4315"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=2862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=2862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=2862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}