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British Holiday Home Buyers Due £5.3bn Payout From Spanish Banks

Thousands of British property investors that were left high and dry by bankrupt developers in Spain have been given fresh hope of getting their money back, as new figures suggest a £5.3bn pot of cash is now up for grabs.

The findings, released by specialist legal service Spanish Legal Reclaims in conjunction with CEBR (The Centre for Economics & Business Research), suggest that Spanish banks still owe money to approximately 130,000 British property buyers who suffered loses, with expected pay-outs ranging from £10,000 to £500,000 per buyer.

While earlier estimates put the bill facing Spanish banks at around £2bn, this has more than doubled lately as more buyers emerge and more cases are being won.

Buyers can get their money back plus interest, thanks to a landmark ruling by the Spanish Supreme Court that declared the banks, which were meant to safeguard buyers’ money, are now obliged to repay deposits put down on off-plan developments in Spain if the developer went bankrupt.

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