THOUSANDS of foreign buyers who lost money in failed Spanish developments may still have legal options available.
Sir Geoff Hurst, the former England footballer and 1966 World Cup winner, has successfully recovered a substantial property investment following the collapse of a Spanish property development on the Costa del Sol.
Hurst had paid a significant deposit for an off-plan property in Marbella, but the development was never completed after the developer entered insolvency proceedings.
The recovery was achieved with the assistance of Spanish law firm Bufete Salmerón, which specialises in property disputes, banking liability claims and the representation of international buyers in Spain.
The case highlights an issue that continues to affect thousands of foreign buyers who invested in Spanish property developments before and during the financial crisis.
Many purchasers assumed that once a developer became insolvent, their deposits were lost forever.
However, Spanish courts have increasingly recognised that, in certain circumstances, financial institutions that received buyers’ funds may also be liable for the return of those deposits.
According to Bufete Salmerón, many foreign buyers remain unaware that legal remedies may still be available, even years after a development has failed.
A spokesperson for the firm said: “Many affected buyers believe their case ended when the developer entered insolvency proceedings. In reality, there are situations where legal action may still be possible, particularly where banks were involved in receiving purchasers’ funds.”
The firm regularly advises international clients on:
• Recovery of deposits paid into failed property developments
• Bank liability claims
• Construction defects and contractual disputes
• Legal assistance for foreign buyers purchasing property in Spain
• Inheritance matters involving Spanish assets
Bufete Salmerón also advises foreign buyers throughout the property acquisition process, helping clients identify potential legal risks before they commit to a purchase.
They currently have offices in Sotogrande (Cádiz) and Seville and operate throughout the wholeof Spain.
Buyers who believe they may have been affected can find further information at:
Recover Property Spain https://www.recoverpropertyspain.com
Further information about the firm and its services is available at:
Bufete Salmerón https://www.bufetesalmeron.com
Each case is assessed individually and legal action is only pursued where there are reasonable prospects of success.
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