The developer AJA Promociones, through one of their subsidiary companies Promoplaza Fuengirola, is returning the reservation deposit plus legal interest to those who have reserved an apartment. Devwatch would advise the clients not to accept this money since it would mean the cancellation of their agreement and thus exempting the developer from having to pay compensation.
Those who have signed the private purchase contract have not had any communication yet from the developer but Devwatch can reveal that AJA Promociones do have the intention of returning the clients’ money plus legal interest for the cancellation of the contract. This would be highly insufficient and unjust as the developer is in fact obliged to compensate those who have invested their money in the project, and above all have waited three years for it. It is clear that their investement is suffering from loss of capital appreciation, which should be calculated as the difference between the price agreed on the contract and the value of those properties today.
Both parties - those with reservation contracts and those with private purchase contracts - should unite and take the necessary legal action to reclaim what is rightfully theirs.
