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"A booming market
Recent global economic problems, have seriously impacted the trends for overseas purchasing says Louise Reynolds
The
increasingly, interrelated nature of the banking systems around the world, will
influence access to funding, and more accessible information via mobile
technology and social media help share overseas property-buying experiences and
shape the nature of Overseas property purchases in 2011
New build vs off-plan
Given that many developed property markets, such as
Spain, have high levels of property stock, the trend for 2011 is for buyers to
seek out ready-built, properties and resale properties,
with established facilities, to minimise risk.
Mortgage type
Choosing
the bank a buyer deals with, could be as important as choosing the country to
buy in. Banks with low exposure to weaker economies and bad debt, may offer
keener mortgage rates for foreign national buyers. The
currency of the mortgage will be more of an important factor and buyers will
think more carefully about whether they opt for a Euro, Swiss Franc, or local
currency mortgage.
Increasing access to overseas, property-related
information, enabling checks on the reputation of developers, or agents and to monitor what’s
happening in a chosen property market, will help buyers in 2011. This may lead some novice,
overseas property buyers becoming overly confident, simply because they can
access lots of information on-line. A good overseas property agent, who
can guide through the local buying process and prompt on what needs to be done.
More
demanding property buyers
Along with the economic downturn, news
emanating from many overseas destinations of price drops (e.g. Spain - property
prices are down on the Costa del Sol, 20% since 2005 according to the Bank of
Spain) has helped shape buyer expectations. 2011 will continue to be the year of
bargain-hunters, although many will realise the really cheap properties, or
bank repossessions, are not all of “holiday home” quality, or in the right
location. So headline prices will continue to stimulate interest, but the
reality may not always match up to buyer expectations.
Cost-savvy buyers and owners
As
Government budget cuts bite, many Overseas property buyers will continue to seek ways of keeping costs
down. Alternatives to buying outright could become more popular. For example, we
could see more people buying leaseback properties, which combine holiday
home ownership, with hassle-free maintenance and income generation . examples
of this are in Morocco
Popular
countries
Spain
still has all the same attractions it used to have, in spite of the challenges
it has faced with its economy and pockets of surplus property stock. So people
still want to buy Spanish property for: the warm climate, easy accessibility
and the enviable Mediterranean lifestyle. It will continue to prove popular in
2011 as people seek to snap up bargains Turkey will
become more prominent, as a holiday home destination and property investment
location. In some respects it is becoming the “new Bulgaria”, in as much as it
offers keenly-priced, holiday home property along its varied coastline, but
also investment property in its city, Istanbul. Morocco
will raise its profile on the World stage in 2011 as an emerging holiday home
destination, with its combination of beautiful coastal development on the
Mediterranean and Atlantic coastlines and its city centre attractions in
Marrakech and Tangier."
As Featured in London Homes & Property February 2011
Property Venture®, is an
independent, European property expert, who helps people buy holiday homes
and investment property in Europe and the Mediterranean, more easily and safely
than they can on their own, because they offer grounded common-sense advice.
Their focus is mainly:
Spain property, Turkey property, Poland
property, Morocco property, Cyprus
property, Bulgaria property and Montenegro property. They are overseas members of the
professional body: National Association of Estate Agents, the NAEA. This means
they have been subjected to the membership criteria and have signed up to the
professional code of conduct, established to help potential buyers or
investors, buy overseas property with confidence. Featured or Mentioned in: Sunday Times,
Times Online, Daily Mail, Mail on Sunday, Independent on Sunday, Homes
Magazine, HSBC Liquid Magazine, Easyjet Magazine, London Homes & Property,
A Place in the Sun, The Telegraph
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