In its IPI 2007 report a panel of industry experts identified a need for the public to be further educated about the buying process of international properties and contracts which clearly explain commissions.
The panel also made recommendations in seven key areas of concern including financial guarantees, transparency, payment terms, commissions, consumer protection, IFA protection and legislation.
The group concluded that the industry would be best served through tough self-regulation and called for a code of ethics and standards to be adopted by trade bodies, their members and the industry as a whole.
International Property Investment Expo show manager Siobhan McAfee says in the past three years the international property market has become an increasingly attractive investment vehicle.
She says: “This trend looks set to continue with research indicating that 35 per cent of IFAs will be giving overseas property advice within the next three years.”