A New Initiative Protecting UK Buyers Investing In Property Overseas
The Association of International Property Professionals (AIPP) held its launch meeting of its initiative aimed at protecting potential property buyers from the UK at Westminister in the House of Commons was supported by David Amess MP and invited afpop, Portugal’s largest foreign residents’ Association also.
The idea is to create an All Party Parliamentary Group (APPG), which would address consumer protection issues in the foreign property sales industry.
afpop CEO Michael Reeve explained: “I met the new Managing Director of AIPP, Peter Robinson, in Vilamoura last year, where we discussed the issues experienced by UK nationals when buying property abroad and also after the purchase is complete and they begin their new lives in a foreign country. Of course the AIPP has interests all around the world, but as Portugal is the third largest market in Europe, the experiences of property owners here are of significant interest to AIPP and I was delighted to have been invited to be a part of the meeting in Westminster.”
“AIPP is taking the initiative to review the oversees property industry (from a UK buyer perspective), with the aim to identify areas that can be improved to enable a more transparent, safer and professional cross-border transaction and make appropriate conclusions and recommendations.
Peter Robinson says of afpop’s involvement in the process, “The AIPP, based in Westminster, London is perfectly situated both geographically, and by purpose, to gather the widest collective views on how British owners of a foreign property, as well as potential buyers, fare in today’s market place and ask MP’s to address the issues arising. Many owners divide their time between a UK and foreign property and afpop are ideally situated to work with the AIPP in gathering and communicating British owners’ interests to the APPG now being set-up. I am delighted to welcome afpop’s contribution to this new initiative. Having spoken to our Parliamentary advisor today, feedback from our event has been very positive and they anticipate the setting up of the APPG (with its minimum requirement of 20 MP’s) before Christmas. Of course there are thousands of people in Portugal and many hundreds of thousands across the world, who will be affected by this and afpop Members account for a small percentage of the total, but the AIPP initiative will need information and commentary from many such groups in order to get a fuller picture of the issues involved. We are keen to play a part in helping to gather that information.”
For more information about the AIPP and its aims you can visit their website www.aipp.org.uk