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.