BUYING INTO CONDOMINIUM / FRACTIONAL OWNERSHIP?...LACK OF GOVERNMENT CONTROL DOES NOT PROTECT THE CONSUMER !
BUYING PROPERTY IN MADEIRA INTO CONDOMINIUM / FRACTIONAL OWNERSHIP ?
In a recent survey conducted by DECO PROTESTE (The Portuguese Association for consumer protection) 2 out of 3 consumers reported condominium management problems. In mainland Portugal as well as Madeira Island administration of condominiums is not regulated by the Government.
Deco Protest has received many consumer complaints relative to bad management with reports of conflicting interests, fraud and tax evasions. Before buying property in Madeira, be it an apartment, a villa or a closed condominium, make sure that the agent you are working with obtains a condominium report so that you may verify you are not buying into a condominium with problems. Make enquiries by speaking to neighbours close by; you may also wish to check that the condominium company of the property is legally registered by verifying their presence on www.irn.mj.pt .