A COURT in Madrid has ordered an insurer to pay a British man a whopping sum of €152,035 after his property in Costa del Sol’s Malaga, Spain was left unfinished by developers.
The expat had laid out the sum for a deposit on his dream property, but was met by several delays by the developer who then filed for bankruptcy, leaving the man without a property or his money. He then decided to claim the money from an insurer, bringing the case to court.
Fortunately, the man was compensated thanks to a law which was introduced in 1968 in Spain which allows buyers to recover their money on properties up to 15 years after a deadline to complete the work has passed.
In defence, the insurance provider attempted to get out of paying the sum through a law subsequently introduced in 2015 which replaced the 1968 ruling and reduced the length from 15 years to 5. However, this was rejected by the Court and will now see the British man returned his hard-earned cash.