Expats In Spain Win Day In Court

After five years a group of Expats will have their case heard in Spanish courts after they were conned by developers

London, UK (Pryce Warner International) August 30th, 2011 – A group of nine Expats who each paid deposits of up to €200 000 in 2005/2006 will take Spanish developers to court next July.

They put down their deposits on properties at the Corvera Golf and Country club near Murcia after being told that the homes would become part of a complex that was supposed to include a 5-star hotel and brand new leisure facilities.

However the facilities were never built and the developers never told investors that construction had been halted.

It was later shown that the same developers did not have planning permission for the final stage of development, something the Expats have suspected for several years.

Though only nine have won a day in court it is suspected that up to 100 people faced the same problem with the Country club development, all of whom paid between €190 000 - €550 000 for properties.

During the construction period several investors become suspicious when they were asked for the rest of the payments despite the construction yet to start and rumours that the proper licenses had not been granted.

The group of Expats have publicly stated that after years of wondering if they would be compensated are extremely happy that they will have the chance to hold the developers to account and hopefully ensure that this sort of thing doesn’t happen again.

David Harra, a Senior Market & Investment Analyst with Pryce Warner International, a Financial Services Provider for Expats, commented: “It is great news that these Expats have been given the chance to have their day in court against developers who clearly have cheated them then taken advantage of their foreign status in avoiding compensating them. This is yet another case that highlights the problems buying property in Spain and especially buying off-plan. While Spain will almost certainly remain a top destination for British Expats it is vital than anyone considering moving there be extra-vigilant when buying property and never buy off-plan. Anyone considering a buying property overseas should consult with independent experts to ensure that all the necessary precautions are taken to protect themselves from unscrupulous developers.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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