Quote:
Originally Posted by Buddyfox
Out of interest, my lawyers(based in Alicante) think this is illegal in spain. He told me to keep well clear.
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Illegal or not, common sense tells you that this is a high risk investment, and bank guarantee or not it will cost you dearly. Those who invested have lost other opportunities to use their hard earned cash in a more certain investment, and to invoke the bank guarantee will undoubtedly cost money as well - lawyers acting for clients of Grupo Sanchez for example are being asked to stump up 1500 euros for that service!! Spain is still probably the most stable place to invest for lifestyle or for capital growth- prices are at a huge discount to bank valuations (which are based on formulas for replacement costs and vary area to area, with land prices, material and labour costs taken into account). We still have just a few opportunities to acquire properties with no entry cost in good locations that can start returning rental income, and at such discounted prices they are sure to be a good long term investment.