Wet exterior wall / Repair with liquid plastic

It is about a five-year-old six-family house. The exterior wall of the communal garage is damp and presumably has been so from the beginning. (See photo)

After years of wrangling with the developer, they are now aiming for the least elaborate "repair" possible. A liquid plastic waterproofing is to be applied to the exterior wall. In my assessment, this cannot work.

The wall is not damp because it rains on it, but because it is not properly insulated in the ground and moisture rises inside it. A (merely superficial) coating changes nothing about that. On the contrary, in my opinion, the moisture would be held even more inside because this outer sealing would additionally prevent the wall from drying out even temporarily.

Am I seeing this correctly? Liquid plastic is also advertised on the internet.

You see it completely right! The cause of the dampness must be found first. For rising damp, only a horizontal barrier helps. There are specialist companies for masonry drying everywhere. I would get some advice there, they also immediately make an offer.