By Euro Weekly News Media • Published: 20 Jan 2015 • 8:43
CONSTRUCTION was extense on the Sabinillas and Manilva coast during the real-estate boom
A BANK and developer have been ordered to give €600,000 back to 11 British investors by a judge.
An Estepona court sentenced Caixabank (formerly Cajasol) and developer Manilva Costa to pay back monies invested plus interest after urbanisation Jardines de Manilva, which they had invested in, was completed late (or not at all for some parts of the project) and to an insufficient standard.
The British investor’s lawyer Lusi Gonzalez Ordoñez declared that this sentence could form a precedent for other buyers and that about 200 people paid around €100,000 per apartment in advance.
Although the companies have the right to appeal, this is not the first case Caixabank and Manilva Costa have lost over the urbanisation as Sevilla provincial courts rejected their appeal over a similar sentence in 2013.
Manilva is one of the areas where most construction began during the real-estate boom only for sites to be abandoned half-finished or finished late when the bubble burst.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our Privacy Policy for more information about our privacy practices.
Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our Privacy Policy for more information about our privacy practices.
Download our media pack in either English or Spanish.