Country: Bulgaria; Croatia; Cyprus; Estonia; Finland; France; Iceland; Norway; Portugal; Portugal; Russia; Spain; Sweden; Switzerland; Turkey
3 July 2009
Overseas property markets across the globe have worsened, and no country has escaped unharmed from the global financial turmoil - although the scale of the impact varies from country to country. While there remains much uncertainty in the global economy, price falls recorded around the world do represent a once-in-a-generation opportunity to cash-in on property in Spain, French property, Portugal property, USA property, among others.
Portugal is now the most popular place to buy a home overseas, based on country page views, and property views, on Homes Overseas. Billions of pounds are being invested into the ever-popular Algarve property sector, along with Lisbon property, Silver Coast property, Northern Portugal, as well as property in Madeira and Porto Santo. The Portugal property options are endless.
Demand for property in Spain has dipped in recent months, following a string of woes; property scandals, corruption, a stringent oversupply of homes, dodgy legislation, such as Valencia’s ‘land grab’ law. However, the country’s distressed market means there are now some great opportunities available, with significant price reductions being made.
Falling prices and interest rates in the French property market is attracting greater demand for homes. The latest French estate agents association FNAIM report shows that average house prices have fallen 11.2 per cent year-on-year, whilst the average price of apartments has dropped by 8.4 per cent, causing prices to fall back to levels last recorded at the end of 2004. FNAIM project that average prices for property in France will depreciate by a further 5% to 10% this year, before they start to recover again.
The Bulgaria property market boom is now well and truly over. Sales levels are down up to 40% year-on-year, as a consequence of greater interest rates, a lack of liquidity and more stringent lending conditions, while the average price of a new-build home has fallen by around 30% on an annual basis. Property in Sofia City remains the best investment bet. But in general, we expect further price falls this year.
Property in Iceland has experienced a sharp property downturn. The market has virtually ground to a halt, amid a national economic collapse.
Property prices are falling across Scandinavia. Values in Norway, the world’s third largest exporter of oil, and Denmark, are down by seven to eight per cent year-on-year. Finland and Sweden are the region’s best performing markets, although activity and prices have dipped, albeit at a slower pace, so far.
The BuySell Home Price Index shows that overall property price in the Cyprus property market slowed from 19.2% in 2007 to just 2.8% in 2008. Further Cyprus property price falls nationwide are widely anticipated this year. However, economically the International Monetary Fund has named Cyprus as one of the few nations that should enjoy growth this year. The Cypriot economy is projected to grow by 0.3% this year and 2.1% next year, and this should benefit the housing market.
Property in Switzerland is holding up well, particularly at the luxury end of the market, buoyed by the country’s decision to open its doors to ‘residence de tourisme’ style investments, making it easier for foreigners to purchase Swiss properties. Prices have generally edged upwards.
The Russian property sector has slowed, along with the economy. However, property in St Petersburg remains relatively attractive, particularly the new-build division.
The Croatia property market remains most active in Istria County – the so-called ‘new Tuscany’ – while the southern Dubrovnik region remains the most desirable place to own property. Property in Brac and property in Hvar are also popular options for people looking to buy on tranquil Mediterranean islands. The country has hopes of joining the EU and NATO over the next few years and is regaining a reputation as a desirable holiday destination.
Following several years of robust capital growth, property prices across much of the Baltic States are undergoing a severe price correction that could be long lasting. Over the past year, the price of property in Estonia plummeted by 25% to 30% and Lithuania, while the price falls in Latvia, have been even greater.
A recent report from the Post Office named Turkey as one of the world’s most affordable places for Brits’ to visit, and buy Turkey property, due to sterling’s strength against the Turkish lira. The country’s popularity as a holiday home destination continues to swell. The best prospects for capital growth are in property in Istanbul, while demand is high for property in Antalya City, as well as Bodrum property, among others.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
See Also: Portugal, Algarve, Lisbon, Silver Coast, Madeira, Spain, France, Bulgaria, Sofia, Iceland, Cyprus, Switzerland, Russia, Croatia, Estonia, Turkey, Istanbul, Antalya, Bodrum
Price: €20,000
Type: House
Bedrooms: 4
This Property has been restored to the highest standard and retains many of its original rustic features; its located in a very clean and up-market area of Central Portugal.
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Price: £17,914
Type: Apartment
Bedrooms: 1
This Avant-garde hotel occupies a priveleged position at the top of panoramic cliffs overlooking the Atlantic Ocean and the 18th hole of the Sir Nick Faldo designed gold course as well as the clubhouse.
Type: Apartments
The avant-garde hotel occupies a privileged position at the top of panoramic cliffs overlooking both the Atlantic Ocean and the 18th hole of the Sir Nick Faldo designed golf course as well as the clubhouse.
Price: €35,000
Type: Detached House
Bedrooms: 2
A detached house in need of modernizing set in a village location in Central Portugal.It’s within a 10 minute drive to the town of Mortagua with all facilities including a railway link to Coimbra, Lisbon and Porto.220
Type: Land
A very nice area of land south facing with wide open views across the open countryside. It’s set in a very quiet position on the edge of a popular village and area.
Price: €39,000
The main attraction with this property is its location, the views are outstanding.The majority of the building will need to be reconstructed but with the potential of its position it would make a lovely home in Central Portugal.220
Bedrooms: 3
Nice quiet position for this detached house.It’s in need of restoration – all structurally sound but in need of internal divisions to be replaced.<
Price: €43,500
Set in the heart of the forest this property has an outstanding position.At the head of a valley it has unspoiled views which can only be appreciated when you see them.
Price: €45,000
Rustic house to restore in a village setting with views of the river and barrage.It has recently had a new roof and is structurally sound but does require internal restoration.
This restoration project is just on the edge of a small village, in a peaceful setting, not far from a thriving working town.
Price: £125,600
Bedrooms: 3 Baths: 2 - 1 ensuite
Kitchens with cupboards, hob/oven, fridge/freezer, washing machine, dishwasher. Pool, gardens, tennis courts.
Price: £195,200
Bedrooms: 3 Baths: 3 - 2 ensuite
200sqm open plan living. Polished stone floors. Private balcony, terrace & garage. Sea & garden views. Communal pool.
Price: €125,000
20 yrs old, peaceful location, Caramulo Mountains views. Large, flat garden with pine forest, orange trees, vines.
Price: Fractional Freehold from €40,000
Price: Outright ownership from €250,000
Each Vigia luxury property development boasts an exceptional location: stunning western Algarve. Various purchasing methods available.
Prices from: €244,000
Semi detached, 200sq m, 2 ensuites, aircon, large balcony, bay views, fitted kitchen, garden area & garage.
Price: £316,000
Bedrooms: 3 Bathrooms: 3
Minutes from Obidos castle. Fittings: exotic ceramics, granite, fully fitted kitchens, private pool & Jacuzzi.
