Hundreds of property buyers are set to receive over €11 Million in compensation after property firms in the Malaga region failed to deliver homes following the financial crisis.
The recent decision was based on the countless number of deposits that had been received by developers from investors, many of who were British.
It came after a law firm, Ley 57 Abogados along with SOS Housing, brought over 300 lawsuits to the Malaga courts against developers including the infamous, Aifos.
Of the 300 claims, over 220 cases were found in favour of the those who had put down payments for uncompleted apartments, many of which were not even started.
Of the €11.1 Million total compensation, over €7 million is already thought to have been paid out to over 132 of the claimants.
One of lawyers working on behalf of the claimants said that those who were affected "had in recent months seen an end to the nightmare initiated by the property crisis that left thousands of families without their homes or money".
Many of those who were impacted were based in Malaga and the Costa del Sol region.
Although the news will be very welcome for the claimants, lawyers believe that there could be up to 50,000 families still being affected by similar cases and still waiting for their properties to be completed.
It is thought that around 95% of lawsuits would be favourable to the consumer if brought before the courts.
Furthermore, lawyers also believe that Malaga’s courts are second only to Madrid in the number of outstanding claims of undelivered properties.
Image Credit: Pxfuel
January 17, 2020