New Watchdog to Safeguard Property Investments
New Watchdog to Safeguard Property Investments Date: 12/04/2007
There is more good news for people buying overseas property. A new watchdog has been set up to advise property investors of the potential pitfalls when purchasing a property in Spain or overseas.
The Association of International Property Professionals (AIPP) has been set up to inform people of the precautions that should be taken when investing in property in other countries. The Association, based in the UK, now has over 180 members, each signed up to a single code of conduct.
The unfortunate reality is that a market so large as the overseas property market, one which Britons spent £20billion on last year alone, attracts the rogue elements of the real estate industry with a view to ripping off property buyers.
Although these rogues are in the severe minority, it is still pays to be well informed and well advised when making an investment in overseas investment property. Avoiding the pitfalls and making the correct decisions early in the buying process will save on hassle later in the property buying process.
Although there are rogue elements in the real estate market, especially in countries which are not as developed as the UK or Ireland, it is important to point out that the majority of real estate agents and property listings web sites operating our of Ireland and the UK operate a fair and competitive service. Many real estate agents and investment property listings sites have been operating and successfully selling quality properties for years.
The AIPP, launched in March of 2006, is a non-profit organisation which acts as a watchdog for the international property industry. Potential property buyers and investment specialists can get good advice on what to do and not do when buying property abroad.
Paul Owen, their chief executive, said "At the end of our first year, I cannot emphasise enough the following three things: you must get decent legal advice, you must question all promises of profits and rental yields, and you must never buy more than you can afford."
This is good advice, with more and more people investing in proeprty abroad in countries such as Spain, Italy, Portugal, Morocco and Egypt.
Property News Source: The Sara Service - Investment Property in Spain
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