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Would you be more cautious when buying property abroad?

It has been estimated that more than a quarter of the properties in Marbella have been built illegally and it could cost up to 4.5bn to compensate those caught up in property scams. But will this scandal put people off buying property abroad or will it simply make them more careful?

So, this week Mortgage Strategy asks…

Darren Banks, 30, sales manager
I have trouble investing in this country so I wouldn’t think about doing it abroad. Investing abroad is risky as you’re not always there to oversee things. I would probably sort the finance part out over here as there are too many barriers involved with dealing with financial matters abroad.

John Puntrella, 44, caterer and butcher
I wouldn’t invest in Spain, so the Marbella issue doesn’t surprise or affect me. But I would invest in property in other countries. I would look for a property abroad myself then deal with the financial side here as it would be easier. I’m no more worried about buying property abroad than I am about buying property in this country.

Michael Jaiyeola, 29, media sales executive
Buying a property abroad would worry me. The Marbella scandal would make me check the legal process wherever I was considering buying a property rather than just take up a ‘too good to be true’ offer. I would sort out the financial details with a bank or adviser in this country.

Kevin Narrainen, 32, TV producer
I’d make sure I’d checked out the place and had good references before I bought a property abroad. I imagine the people caught in the Marbella scandal went into things lightly. I would speak to someone here who knows the about the law in the country in question.

Richard Mott, 38, engineer
I would be more wary since this scam but I would not buy in Spain – that craze is over. I’d look to Morocco. I would be as cautious buying a property abroad as I would here.

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