The way I would look at it is to weigh up which is the better option:
a) to invest another 192,000 euros (balanced owed) on a property whose future over the next five years is unknown.
b) to accept the 36,000 euros loss and ask myself…. “could that 204,000 euros (192000 + 12,000 euros refund) be better/safer invested elsewhere?”.
If you choose to invest elsewhere, looking back in 5 years time, losing that 36,000 euros might just seem like a drop in the ocean.
My advice would be to get out of something uncertain, and put your money somewhere where the market is more ‘positive’.
Preferably in a place where perhaps there is a better rental income potential to cover those insurance/maintenance costs.
A friend of mine always buys-to-let in a town/city near a hospital – guaranteed rental income from the nurses!!