Buy Abroad News

07 Aug 08

Changing Face Of Uk Overseas Property Market

As the UK overseas property market reacts to the worldwide economic slowdown, overseas property agents find themselves competing for fewer clients, and inevitably some agents are unfortunately falling by the wayside.

--- As the year progresses it is clear that a large number of players in the overseas property market have either fallen by the wayside or will do so as sales in certain European countries slow.

One surprise addition to the companies ceasing to trade in the UK is Parador Properties. For a long time considered one of the best known companies in the the market, Parador was credited with pioneering the cheap inspection trip. In July 2008 Parador Properties' PR company, Quay West Communications, issued a statement saying: "It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, Parador Properties has gone into voluntary administration. This does not effect properties brought by any of their clients as all contracts were made between individual clients and the developers."

John Reilly from Buy Abroad said, "Although it is always regrettable to see companies cease trading, not least because of the effect it has on the staff they employ, it does however present an opportunity for an already overcrowded industry to thin out, allowing companies with a good customer focused approach to pick up any slack left by the void of agents such as Parador. In theory anyone who purchased a property through Parador should not be affected as their legal contracts are almost all going to be with the property developer and not with the agent. I am confident that companies such as Buy Abroad, which has a long track record in stable markets such as Cyprus and Spain, will benefit from the inevitable reduction in companies competing in the UK marketplace for fewer customers."

About Buy Abroad

Buy Abroad is a leading specialist in overseas property which operates in Cyprus, Turkey, Spain, Malta, Portugal, France, Greece and Bulgaria. For more information visit www.buyabroad.com or call 01234 401557.