Apparently more wealthy Europeans are looking for property overseas, especially those from the Netherlands, Norway and Germany. This is quite a change as previously the market has been dominated by Asian and Middle Eastern investors.
An international real estate search agency, Quintessentially Estates has seen an increase of 50% on searches compared to the same time last year. They feel that this increase in interest could be due to the low interest rates throughout the Eurozone, and the current turmoil on the stock markets which is causing many to turn to property as it has traditionally been seen as a safe haven, and is always good for the long-term investor.
One of the most popular countries for investors is France, which is always popular for second home buyers. However beleaguered Portugal, Greece and Italy are also proving popular, with investors hoping for a real bargain in spite of the risk that property prices here could fall in the near future. Brazil is also becoming more popular as its economy continues to thrive, and the Caribbean and Indian Ocean are also top of many people’s wish lists.
Although European buyers are increasing, American and British buyers are holding back, and this is probably due in no small part to their economic troubles and the weakness of their currency. British buyers are intending to look at property outside the Eurozone, while Americans are more likely to concentrate on their home markets where prices have declined by up to 50% in some states.
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