Credit crunch 'wipes out unscrupulous property firms'

Thursday August 7th , 2008

People who buy property in Spain are now far more likely to avoid getting involved with unscrupulous companies.

This is the view of Property Wire, which stated that the recent downturn in the market has forced many dishonest vendors and developers out of business.

The news provider highlighted this as one of the positive effects of the credit crunch, which has led to house prices in Spain either dropping or staying on hold.

Property Wire commented: "That can only be good for the property market and those investing in it."

The online portal added that Spain is still a destination among second home buyers from overseas.

Investors in Russia were said to be particularly fond of the country, along with people from Sweden, Germany and the Netherlands.

Earlier this year, the BuyAssociation website revealed that Spain is continuing to attract property buyers from the UK.

The online portal said the country is attracting both holiday home buyers and those who wish to live abroad permanently.