By Alejandra Legarda

In recent years, reports of real estate scams have surged alarmingly in several countries, including Colombia and Mexico, where construction companies have been accused of selling housing projects that never materialize. These fraudulent practices have left thousands of people without homes and with significant financial losses, creating a crisis of confidence in the real estate sector and shattering dreams of homeownership.

Highlighted cases in Colombia reveal that construction companies have been reported for selling off-plan apartments at attractive prices, but after years of waiting, buyers have yet to receive their homes. Similar situations have been reported in Mexico, where companies have faced accusations of selling projects that were never built or were left unfinished.

The victims of these scams are often families who invest all their savings in purchasing a home. Construction companies frequently use deceptive tactics to lure buyers, offering low prices, flexible financing plans, and promises of quick delivery. However, once buyers sign contracts and make payments, construction is indefinitely delayed or never begins.

A common pattern in these scams is the lack of oversight and regulation in the real estate sector by the government, as seen in Colombia and Mexico. In many cases, construction companies operate without the necessary licenses or exploit legal loopholes to evade responsibility. Moreover, the lack of transparency in the management of financial resources by these companies exacerbates the situation, leaving buyers without legal recourse to recover their investments.

The summary of these complaints and journalistic reports paints a troubling picture: the proliferation of real estate scams is a problem affecting thousands of people and requires a strong response from the authorities. It is crucial that governments implement stricter regulations and oversight in the real estate sector to protect buyers and ensure that construction companies fulfill their obligations.

Meanwhile, consumers must be extremely cautious when investing in real estate projects. It is advisable to verify the reputation of the construction company, check the track record of previous projects, and ensure that the company has all necessary licenses and permits before signing any contracts. Prevention and information are key to avoiding these scams that, unfortunately, continue to affect many people in different parts of the world, with the dream of homeownership often being the ultimate loss.