Bufete Salmerón manages to get Banco Sabadell to reimburse nearly 38,500 euros to a client affected by a failed development in Alicante.

The client represented by our firm, as reported by Diario Información, had bought a property in Edificio Padua in Torrevieja, a failed development in Alicante to be built by Hercusa (Hermanos Culiañez S.A.), a company that went into insolvency proceedings and did not finish the construction.

Our firm estimates that banks and insurance companies may have to return more than 1,800 euros to those affected by failed developments in the province of Alicante and that each affected person has lost an average of 45,000 euros.

In 2007, according to figures provided by the Ministry of Public Works, 32,404 new housing licences were granted in Alicante. In the same year, according to statistics from the Official Association of Registrars, the number of transactions for the purchase of new housing was 22,390 (22.74% less than in 2006) in the province. These figures reflect the difference between the authorisations granted and the actual sales registered.

According to our firm’s estimates, with respect to the rest of the Valencian autonomous community, Alicante is the second highest province in terms of financial institutions and insurers owing money to people affected by failed new housing developments, behind Valencia and ahead of Castellón.

If you are affected by the failed Edifico Padua development in Torrevieja Alicante, click here.

Image by antpkr (Freedigitalphotos)