Today two things I had thought to be true about overseas property, were confirmed to be true.
A: I had been watching and reading, and surmising that rental rates had not fallen as fast as prices have, thus rental yields would mostly have improved around the world.
Today Invesco confirmed that rental yields across Europe were running higher than their long term averages.
B: from various sources and events -- not least the fact that investment oriented destinations began to dominate the top 10’s of various overseas property portals -- I had reckoned that the number of investors actively purchasing overseas real estate had increased in the final quarter of last year.
Today, the Royal Institute of Chartered Surveyors confirmed that indeed the number of people buying overseas property as an investment as oppose to a lifestyle choice had indeed increased in the final quarter of last year.
Now, if my other big predictions come true, that 2010 will be a good year for overseas property, and that sales will increase from February, it will be even better.
In fact, now that you mention it (yes, I know you didn’t but…) one of them already has. According to an article in Overseas Property Professional an agent in Sharm El Sheikh has been selling Sharm property to overseas buyers at a rate of 1 per day since the beginning of the year.
So, watch this space for the next big prediction, in fact… why wait: in 2010, I am forecasting a resurgence in the resort markets of Koh Samui and Phuket.
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