Panama Real Estate still not recovering from “years” of shady operations. Need REAL groups.

Real Estate
The main reasons for these complaints were due to refunds, hidden defects, lack of information and abusive clauses, according to Acodeco data.

A total of 222 complaints against real estate companies were filed with the Authority for Consumer Protection and Defense of Competition (Acodeco), from January to May 2024.

According to figures from the Acodeco Complaints Board, the complaints reported against real estate agencies totaled a value of $8,487,834.49, which represented 39.93% of all cases presented by consumers.

The main reasons for these complaints were return of money (120), hidden defects (30), lack of information (25) and abusive clauses (17).

Other causes refer to breaches of contract and warranty, termination of contract, misleading sales, clarification and cancellation of contract and damages.

Regarding complaints resolved during these five months of this year, Acodeco reported that 149 solutions were given in favor of consumers for $8,222,670.99.

In 2023, 473 claims were filed against real estate agencies for a total of $33,555,469.79.

In May alone, 45 claims were registered for $1,687,041.29, with the return of money, lack of information and hidden defects being the main reasons.

Acodeco indicated that although many real estate companies make efforts to minimize customer complaints, some disagreements still persist that are addressed in a timely manner by consumer service agencies.

He also recommended that consumers when purchasing a home request information about the project before signing the contract; preserve the advertising, as well as all the documentation received and signed with the supplier, especially the payments made; demand and maintain the conditions of the housing guarantees; visit the project area periodically to confirm the progress made; Carefully read the clauses established in the contract before signing it.

And, if any anomaly occurs during the acquisition or remodeling of a home, and if your complaint to the real estate companies is not successful, Acodeco advised to present such complaints to this same entity, in order to ensure that your investment is respected.

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