What kinds of people got caught out with Spanish Off-plan Investments?

Different People-304353_640

During my work with people in my group what were in the same development as me, I have found a wide range of different backgrounds. In fact vastly different ages as well. It seems like the Spanish dream of owning a home there was quite infectious… indeed this is what was fuelling the market during the Spanish Off-plan Boom in the last decade.

It is such a shame that it had to come crashing down, and with it bringing the hopes and dreams of many UK people from different walks of life with it. I guess that it was in itself a casualty of the global financial crisis. However, it had done no favours for itself by overheating (so to speak!) in Spain itself.

I have communicated with many in my group. Some are single, some are young families, some are retired, some are approaching retirement, some are divorced, some are wealthy (with other investments), some are relatively poor (in fact the deposit represented virtually their life’s savings!). So there is no typical type of person that made the bold off plan investments.

It was clear that at the time it was seen as a safe investment, and that is why so many too the plunge to go into a Spanish Off-plan property purchase and lay down a significant deposit in payment. If we had only realised how fragile the whole situation was at that time, especially regarding the endemic disregard for Spanish Law in the developers and banks property dealings!

We of course became the casualties in the end. Hopefully, after all this time, the tide has now turned and we are getting chance to get our money back that was effectively stolen from us.

I even hear of some rich and famous people who also got caught out. They too have to go to the courts in order to reclaim their deposit money. Of course theirs being much more significant in amount, but in terms of a proportion of their wealth it will be a lot lower than most of the people I know of, and am in personal contact with.

So the diverse group of people that got caught up in this situation, is affected in many different ways. Fingers crossed however that it turns out well for us in the end, if only to get back what is rightfully ours already!

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