Holiday home buyers who pull out of buying a Spanish property are being pursued in the courts by the developers. Even though sales contracts allow buyers to withdraw, Spanish developers are trying to use a Spanish law to make them complete the deal.
Some Spanish builders are threatening to pursue overseas buyers in their home countries too, but British lawyers, DWF, assures buyers they cannot do this until the Spanish legal process is completed. The firm says it could be four years before the Spanish courts pass judgement, by which time many struggling Spanish developers may go bust.
Holiday home buyers may have good reason to dip out of deals. Spain's Ministry of Housing says prices are 8.2 per cent below their spring 2008 peak, and consultancy, Capital Economics, forecasts further falls of up to 30 per cent, because of the country's huge oversupply of empty homes – one million at the last count.
In the holiday homes sector, prices are falling fastest for the pile 'em, sell 'em cheap tower block flats offered at less than Euro100,000 each. There is a bit of an upturn for homes valued above Euro500,000.
(All The World's a Home : Global Property News)
Some Spanish builders are threatening to pursue overseas buyers in their home countries too, but British lawyers, DWF, assures buyers they cannot do this until the Spanish legal process is completed. The firm says it could be four years before the Spanish courts pass judgement, by which time many struggling Spanish developers may go bust.
Holiday home buyers may have good reason to dip out of deals. Spain's Ministry of Housing says prices are 8.2 per cent below their spring 2008 peak, and consultancy, Capital Economics, forecasts further falls of up to 30 per cent, because of the country's huge oversupply of empty homes – one million at the last count.
In the holiday homes sector, prices are falling fastest for the pile 'em, sell 'em cheap tower block flats offered at less than Euro100,000 each. There is a bit of an upturn for homes valued above Euro500,000.
(All The World's a Home : Global Property News)
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