Spanish property deposits
Hausfeld and Eskariam act for UK based claimants in Spanish courts to recover deposits lost in property crash. Tens of thousands of people from across Europe who invested in Spanish properties lost out when the global financial crisis struck in 2007-2008.
Property developers across Spain became bankrupt, leaving more than 130,000 British residents without either the deposit they had paid to secure a property or the property itself. It was estimated that the average loss per family was as much as €40,000.
In 2015, a Spanish Supreme Court decision ruled that developers’ banks and insurance companies could be held liable, alongside the developers, for the loss of the deposits that were not properly safeguarded. This paved the way for affected purchasers to reclaim their lost deposits. They had until October 2020 to start their claims.
Hausfeld joined forces with Eskariam, a specialist Spanish law firm with market-leading experience in winning property deposit claims in Spain, to help purchasers reclaim their deposits. A number of claims have already been filed on behalf of purchasers in the Spanish courts and successful out of court settlements have already been reached.