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30th June 2022
INCREASE IN VACATION RENTAL SCAMS: TIPS TO PROTECT YOURSELF FROM FRAUDS
30th June 2023Madrid and Andalusia account for 53% of vacation rental scams in Spain, according to the Ministry of the Interior. The Official College and Association of Real Estate Agencies and Agents of Madrid (COAPIMADRID - AIM) has provided essential advice to avoid falling into deception and fraud, both in vacation rentals and in any real estate transaction.
According to the statistics from the Statistical Crime System (SEC), there were 1,550 cases of vacation rental scams in Spain in 2022. Madrid (241 cases) and Andalusia (581 cases) accounted for 53% of these incidents. Even when including vacation rental scams abroad (74 cases), Madrid and Andalusia still lead, encompassing 50.61% of the total 1,624 cases.
Common types of scams include fake advertisements by owners on the internet, requests for false financial information in rental ads, offers of non-existent housing in promotions with access to mortgages or other financial solutions. This highlights the lack of regulation in Law 12/2023 for the Right to Housing, which generates legal insecurity and harms consumers and users of the real estate market.
Tips to avoid vacation rental scams:
- Exercise caution with messages containing suspicious links and do not fully trust ads on well-known online platforms.
- Conduct communications and payments through secure websites or platforms.
- Verify the identity of the interlocutor and be wary of urgent tones from the host.
- Be suspicious of offers that seem too good to be true.
- Consult with recognizable and accredited real estate professionals.
- It is important to follow these guidelines to protect oneself from scams and enjoy a safe vacation rental experience.