SCAM ALERT: Fraudster luring bargain hunters with cheap property on the Costa Blanca

Torrevieja costa blanca property

South Costa Blanca (image credit: Marjal)

Reputable local agents warn that a fraudster is offering bargain properties on the Costa Blanca to trick the unsuspecting out of their deposits.

News has reached me of a fraudster offering ridiculously cheap property on the Costa Blanca to trick victims into handing over deposits that will never be seen again.

The fraudster is someone who used to work for a local real estate agent, then legged it to Thailand with the client database, and is now hammering the mailing list with astounding bargains that don’t exist.

“So far we have found three clients who have paid him (directly to his account ??) approximately €22,000 in deposits,” the email says. Once he has got his hands on the money, the fraudster no longer responds.

An example of how he operates: He is hawking a villa for sale in Las Ramblas – actual price €400,000 – as a bank repo with pool for just €99,995, which can be secured with a €10,000 deposit if you move fast and transfer him the money.

Apparently the Police have been informed, and legal action is underway.

As reputable local agents point out: ” If something looks too good to be true, it probably is”.

They also offer the following advice:

1. Ensure the agent has an established office
2. Check for AIPP membership
3. Do your research, if a property is at an unbelievable price, why is it still for sale?
4. Do your research on the agent

The Spanish property market is plagued with incompetent clowns, cowboys, and crooks. Be careful who you deal with.

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