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This month’s Spotlight focuses on the impact of property dealings gone wrong in Costa del Sol. Many of us, like millions across the world fell victim to the recession back in 2008 and have been hit hard with doom and gloom over the past 8 years.
House prices constantly falling across Spain and the Pound weakening against the Euro has left the outlook for British Expats in Spain rather bleak in recent years with a considerable amount of homes now in negative equity and precious savings lost in deposits paid on unfinished developments.
Increasingly worryingly is that in areas such as Albroan Hills, Marbella Marina, Malaga, Costa del Sol and others across Spain there are roughly half a million unoccupied homes which are either unfinished, abandoned or left due to developments being unlicensed. With interest now turning to constructing new homes instead of selling those unoccupied, the market for selling has become increasingly tough with buyers moving towards newer developments.
However, on that note, developments in these areas are unlikely to attract new buyers due to lagged effort on councils to modernise and improve the local areas to increase tourism and the lack of financial stability of developers enabling the completion of many of these projects.
These areas however have seen economic growth in the past year but still face a tough road ahead if they ever expect to return to the glory days prerecession.
Are you one of those ‘trapped in the sun’ due to negative equity and want a way out? Has Problematic developments taken over your life and put a dark cloud over your sea side getaway?
So, whether you have debt dealings with property in Spain, Italy, Turkey, Greece, Portugal or any other European country, looking to reclaim the deposits lost on unfinished development in Spain or feel you could benefit from some expert foreign property advice then do not hesitate to contacts us on +44 (0) 2895 216 860 to arrange your free initial consultation or for more information on deposit reclaims click here.