Spanish property owners who don’t have a bank guarantee or insurance bond should sue, expert suggest

[Nicholas Wallwork]

Owners of Spanish properties who do not have a bank guarantee or an insurance bond from their developer should consider taking legal action, it is claimed.

Many Spanish holiday home dreams are turning to nightmares as developers are unable to finance their debts and complete projects. Some 170,000 companies in the construction sector, 23% of the total, went bust in 2008 and 2009 and the downturn is set to continue for the foreseeable future, according to Daren Wallbank, director of Reclaim Your Deposit which has been set up to help owners get their money back.

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