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Don't get stung in Spain, investors told

Article Date : Monday, April 16, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Investors who rush over to Spain "to make their fortune" are being urged to seek professional advice, according to 1st Property Investment.

Managing director Andy Smith said that many Brits buy a property in Spain without proper preparation and get "stung" by the lack of transparency in many investments and transactions.

He said that even investors who have employed a solicitor could still find they have bought a property but not the land.

"Either that or they bought in a development which wasn't built, or it didn't have planning consent and had to be torn down," he remarked.

Mr Smith added: "I think a lot of English people run off to places like Spain and Italy to make their fortune, and Bulgaria, without looking at the facts, and they tend to get stung quite regularly."

Last week, PropertyAbroad.com warned that it is essential legal advice is sought and a bank guarantee is given to safe-guard against any problem with a Spanish off-plan project.
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