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January 16, 2008

Warning on property investment in Portugal

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by Brian Turner

Warning on property investment in Portugal

Property investors looking to buy in Portugal are being warned to ensure you are dealing with proper accredited estate agents.

It comes as an increasing number of companies offering property for sale in Portugal on the internet and in magazines are not actually officially registered estate agents – but instead just advertising companies.

The result is that buyers from such companies could find themselves left stranded after the sale with no recourse to settling outstanding issues on the property, and being left on the wrong side of the law in terms of protections.

Additionally, many of these advertising companies are simply reselling property from local agents, but inflating the price when targeting the UK property investment market.

Property investors looking to Portugal are therefore advised to seek out registered local estate agents, and these should publish their AMI number with all marketing literature. Respectable estate agents in Portugal are also accredited as members of INCI.

Companies that cannot prove INCI membership or provide an AMI number should be avoided as sales-orientated middlemen.

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