Palmela real estate fraud victims demand legislative protection

A group representing approximately 145 homebuyers affected by an alleged real estate fraud in Palmela, Portugal, is demanding urgent legislative action from the Government and Parliament. The victims estimate their total losses at approximately 15 million euros.

The Group of Victims of Real Estate Fraud in Palmela has proposed five specific measures to safeguard future buyers. These include the mandatory electronic registration of promissory contracts with unique identification, the creation of a single accessible property registry (referred to as a ‘BI of the Property’), and the implementation of security mechanisms such as surety insurance to protect down payments and deposits made before the final deed.

The group has already brought the situation to the attention of the Presidency of the Republic, seeking to prevent similar losses in the purchase of properties off-plan.