Beware fractional ownership deals, warn agents
15/07/09 19:13
Brits considering buying into a fractional ownership of property in their expatriate country should think twice, an association of agents has advised.
According to the National Association of Estate Agents (NAEA) International the schemes are not necessarily a good idea thanks to the economic downturn.
Linda Travella, NAEA International's media spokesperson said: "I do not think that fractional is necessarily the way to go because of the recession."
Ms Travella noted that thanks to falling prices it is now easier to pick up bargain properties and be the sole owner.
Previously the association had warned that established timeshare companies had rebranded themselves to compete with fractional ownership firms, but offered very different deals.
For some buyers fractional ownership could be perfect, says Ms Travella, although "it should be gone into with careful planning".
Mark Pawlak
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