The rising number of owners trying to get out of their timeshares nowadays may serve as a warning to the potential owners regarding the disadvantages of such vacation property. However, there is more to watch out for than these disadvantages. If one is planning to own or planning to get rid of his/her timeshare, he/she should be more cautious regarding possible scams.
In Costa del Sol, a region in the south of Spain which is known as a tourist destination, the most notorious of all scams are timeshare swindles. By offering a holiday home which is typically a one-week period every year, these timeshare schemes grew extremely popular during the 90s. But the hidden charges and unforeseen loopholes of such properties often brought the original dreams of a Costa del Sol getaway paradise crashing down.
Timesharing was practically invented in Spain, then, it took off massively in the Canary Islands and on the costas in the 1980s. Just under four years ago, one of the biggest ever police operations were launched against Costa del Sol timeshare scams. The record-breaking campaign resulted in the arrest of eight people who jointly ran some 30 companies.
Reportedly, up to 15,000 Britons were victims of the gang run by a South African timeshare operator which raked in 18 million euros over five years. On the other hand, the group which is based in Fuengirola and Mijas, was estimated to have accounted for 90 per cent of all timeshare fraud on the Costa del Sol.
Timeshare scams may often victimize those potential owners or current owners trying to get rid of such properties. That’s why some owners hire a reliable timeshare transfer company such as the Transfer Smart to get rid of such property. And for those who are planning to own such property in Costa del Sol, beware as there are another dozen or more bogus timeshare companies which are still around.