The Burden of Foreign Property Issues
As people continue to struggle with the burden of foreign property issues it is clear there have been specific Spanish developments who have left eager investors in serious Negative Equity and in some cases even abandoned developments leaving investors high and dry with no property at all.
What was once favoured by mainly Britons and Irish as a prime holiday destination, Spain thrived with the prospect luxury developments for those to retire in. However, since the financial crash in 2008, the property market plummeted, leaving the value of homes a fraction on what they cost. For those who remortgaged their homes in UK & Ireland or borrowed from Spanish Banks, the prospect of dealing with such shortfalls on the value of their property is daunting and in some cases leaves them in serious financial difficulty.
Spanish Developments: Name & Shame
Below are specific developments in Spain which have left hundreds out of pocket:
- POLARIS WORLD
- MANILVA GARDENS
- MANILVA BEACH
- PRINCESCA KRISTINA (MANILVA)
- ALBORAN HILLS
- RODA GOLF
- PARALEGA GOLF
- CORVERA GOLF & COUNTRY CLUB
We have found many of developments built in the Duquesa development have fallen into significant Negative Equity. Furthermore, we have found some developments in the region are deserted and this lowers rental prospects.
Located on Costa Blanca, Brits still love this area even though many have suffered massive property value losses and feel they are trapped in Negative Equity. There are some movement on the prices of property, however this is still miniature in retrospect towards the shortfall in the value of the property.
Any properties sold by this developer will likely be in significant Negative Equity due to the time the properties were marketed and sold.
CORVERA GOLF & COUNTRY CLUB
Originally marketed in the UK as a five-star golf resort for expats, has entered administration. The administration will give greater clarity for claims against banks that accepted buyer’s off-plan deposit amounts for properties at Corvera and also against the guarantor banks or insurance companies.
What Can They Do?
Mortgage Debt / Negative Equity
Thankfully, there are always options when it comes to dealing with foreign property issues. When it comes to dealing with a Mortgage Debt and Negative Equity on a property which is a fraction of the value, there are always options to negotiate. EU Property Solutions are experts in this field. To date our success cases, show how we have changed the lives of others and freed those who were trapped.
Hundreds lost thousands in ‘Off-Plan’ developments but since December 2015, the High court in Madrid reviewed case law and ruled that now under Spanish Law deposits paid on development, such as those listed below, are rightfully due refund. Our Spanish legal team have been working on cases Since early 2016 and with our expertise in this area clients are welcoming their deposits back plus interest due from date of initial transaction.
Do Not Ignore This: There Are Always Options Available!
We can work with you and your lender to ensure an amicable solution is achieved. This expertise in negotiation has saved our clients thousands of Euros.
If you find yourself in a situation of mounting Mortgage arrears and outstanding community fees or a victim of the loss of your deposit, then please call EU Property Solutions today on 0330 124 1230. We offer a free initial consultation and work to plan a strategy to rid you of your European Property Debt headache.