They may have been selling these flats to outsiders because of little local interest though. But that was when they should of slashed prices and only gone for a minor profit.
In general, property developers target private investors looking for easy money. Men and women in smart suits seduce them with glossy brochures, and convince them to buy 1 or more apartments. So many of these investors sign on the dotted line, having never even visited the property they're buying. The property developer handles everything for them, such as finding tenants, collecting rent, carrying out repairs.
More money than sense.
A fool and his money are easily parted.
No such thing as a free lunch.
Sounds too good to be true.
Now that it's all gone wrong, lots of these buy-to-let apartments are being repossessed and sold for a lot less than the original price. Even those in Jersey have done nothing but fall in value since they were built.
I don't have much sympathy for people who think they can earn a good living whilst doing absolutely nothing, other than attending hairdressing appointments, going to the gym, and other pointless activities.