400 Britons lost £43 million in Spanish property deal

LoadingFavourite

This topic contains 5 replies, has 4 voices, and was last updated by Profile photo of angie angie 5 years, 11 months ago.

  • Author
    Posts
  • #56018
    Profile photo of Anonymous
    Anonymous
    Participant

    Nearly 400 people – including 300 Britons – have allegedly lost an estimated £34 million after paying deposits for non-existent holiday homes in the Costa del Sol.

    By Ed Owen, and Caroline Gammell 7:38PM GMT 13 Dec 2010

    Investors bought off-the-plan apartments in a proposed development called Estepona Beach and Country Club, 30km west of Marbella.

    In some cases, the prospective owners – many of whom were from Northern Ireland – put down an £85,000 deposit for their Spanish homes

    However, the land still belonged to its original owner and the complex was never built.

    Continue reading at Telegraph.co.uk

  • #101903
    Profile photo of Anonymous
    Anonymous
    Participant

    @mark wrote:

    Nearly 400 people – including 300 Britons – have allegedly lost an estimated £34 million after paying deposits for non-existent holiday homes in the Costa del Sol.

    By Ed Owen, and Caroline Gammell 7:38PM GMT 13 Dec 2010

    Investors bought off-the-plan apartments in a proposed development called Estepona Beach and Country Club, 30km west of Marbella.

    In some cases, the prospective owners – many of whom were from Northern Ireland – put down an £85,000 deposit for their Spanish homes

    However, the land still belonged to its original owner and the complex was never built.

    Continue reading at Telegraph.co.uk

    It’s difficult to establish exactly what those crooks have done in the quoted example. Corruption doesn’t seem to fit the bill, theft is difficult to prove, which leaves the fraud aspect, requiring proof that there never was any intention to complete the project on which deposits had been taken. No wonder it has taken the Spanish authorities so long to catch up with the villains. The proof is sometimes only available once the crooks have fled the country.

    Stolen deposits seems to be a speciality in the Malaga province of Andalucia, the adjoining province of Almeria is subtly different, the houses are built and sold, but they are illegal. The speciality in Valencia is slightly different again, the houses that are illegal can be legalised by payment of a fine, a hefty one.

    You would think that the exposures over the past three years or more, especially in the British media, would have stopped people falling for such dubious schemes, but foreigners are still buying in Spain – the numbers may have gone down, depending on where you get your statistics from – but they’re still coming to Spain.

    It may be a cruel thing to say, but a lot of people in colder countries suffer from SAD, that awful disease where people need the sun to cure it. I find it all very sad.

  • #101908
    Profile photo of angie
    angie
    Spectator

    Mark and Rocker, this is probably a silly question, but seeing as the amounts lost are huge, do you think there’s any possibility that they will get any or all of their money back even with the slow Spanish legal system? Will the Spanish Gov’t help bail these people out?

    If not, then credibility in Spain’s property industry is lost for good methinks 🙄

  • #101937
    Profile photo of angie
    angie
    Spectator

    As my question to Mark and Rocker is relevant to the topic, any chance of an answer by them or someone else please?

  • #101938
    Profile photo of katy
    katy
    Spectator

    My opinion there is not the slightest chance they will get their money back. Spain will not bail them out.

  • #101990
    Profile photo of angie
    angie
    Spectator

    Thanks katy, it would have been nice if the author could reply too 😉

You must be logged in to reply to this topic.