Real estate complaints flood Consumer Protection Agency
(PanamaNewsRoom) The bulk of complaints handled by Panama’s Consumer Protection Agency (Acodeco) in 2010 were related to real estate developers and promoters.
The agency received 507 complaints against 248 developers for failing to deliver projects on time and according to specifications.
The claims covered breaches of contract, demands for additional payments and failure to honor warranties.
The Brostel Company Inc topped the list with 16 complaints, Inversiones Angie Marlene had 15 and Epta S.A. and Rieti S.A. 14 each. The complete list can be found at acodeco.gob.pa.
Wilson Ruiz, president of the Panamanian Association of Brokers and Real Estate Developers blamed the increase in claims on growth in the construction sector. He argues that as the number of projects increased, the number of people who may have a complaint also increased.
The sector was not prepared for so many projects being developed at once, which left many people dissatisfied. He made no comment about published figures showing that construction fell dramatically in 2010.
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Original Source: PanamaNewsRoom
Date Retrieved: February 6, 2011
