The dream of owning a holiday home is one that many thousands of Britons have realised, often after many years of hard work. But investing in holiday properties as a ‘sleeping’ concern has also become very popular, with a good income to be made from properties that are in popular locations.
Sadly for one group of Northern Irish holiday property investors, however, the dream of making an income through a development of Spanish vacation properties turned sour.
A certain Eric Boyd, owner of a company called Dream Spanish Properties, took £480,000 from a number of investors since 2007, under the pretence that he would invest the cash in developing holiday homes in Spain. However, Mr Boyd used the money to keep his failing business afloat.
In a court hearing in Belfast Boyd was handed a two year custodial sentence, to be followed by two years on licence.
One of the 17 victims described the sentence as a “slap on the wrist,” while another said it was “too lenient.”
Prosecution lawyer Simon Reid said that his clients were not large institutional investors, but individuals who lost large sums of money.
In his defence, it was pointed out that Boyd could not overcome economic pressures following the crash of 2007. It was conceded that Boyd was “robbing Peter to pay Paul” with the money he took from his clients.
Fortunately the story of Eric Boyd is not a common one within the world of holiday home investments, but it does serve as reminder to be cautious when making an investment of this kind.
If you own a holiday property, make sure you have the peace of mind of holiday home insurance. Get a highly competitive quote today, from Click4Quote.com