Galway investors in Tenerife fear ruin

Date Published: 16-Apr-2009

HUNDREDS of foreign property investors from Galway and the West could be facing financial ruin after running into a series of problems with their overseas purchases.

It is understood that up to 500 people from the West may be involved in the purchase of more than 200 apartments in a number of developments on the Canarian island of Tenerife through the Oranmore-based sales agency Global Group Ireland.

Worried investors have claimed they have been left out-of-pocket when they stopped receiving rent from their ‘guaranteed rental income’ purchases, while others say they have paid deposits, but nothing has become of their purchases on the holiday island.

Under European law, they face having…