You're right, The Spanish deserted Caves years ago and they are now regarded as a cost effective alternative to a home in Spain by Brits. I've stayed in reformed caves and they are quite impressive, done out to a very high standard as you can tell from the pictures, hopefully.
All utilities, title deeds etc are dealt with by the developer so what you get is a legalised ready to move into cave home. Obviously as normal we would recommend using an independent solicitor for peace of mind.
I'm not sure quite honestly if cave house dwelling would suit everyone. In general the bedrooms are to the back and bereft of natural light, however the living areas are usually to e very high standard and benefit from natural light. In the summer they are beautifully cool.
As for being risky, well as with any home if the right procedures are followed then all should be well.
