Monday February 24, 2020

Irish purchasers could now recoup deposits on unbuilt Spanish homes

A Spanish Supreme Court ruling on bank liability has led to a buyer getting back his deposit. More cases are likely to follow, says a lawyer based in Seville

12th November, 2017
2
A ghost estate near Madrid: some Irish buyers were burned by the collapse of Spain’s property market during the financial crisis;

It is unclear how many Irish people lost deposits on unbuilt property in Spain since the global economic crash hit.

However, a Spanish Supreme Court ruling on bank liability in relation to deposit refunds resulted in one Irish buyer recouping almost all of his deposit last month. He will also recover the interest on the deposit amount and his legal fees from the Spanish bank in which the funds were held.

The buyer, who spoke...

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