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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. Property in PortugalPortugal 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. Property in SpainDemand 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. Property in FranceFalling 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. Property in BulgariaThe 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 IcelandProperty in Iceland has experienced a sharp property downturn. The market has virtually ground to a halt, amid a national economic collapse. Property in ScandanaviaProperty 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. Property in CyprusThe 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 SwitzerlandProperty 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. Property in RussiaThe Russian property sector has slowed, along with the economy. However, property in St Petersburg remains relatively attractive, particularly the new-build division. Property in CroatiaThe 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. Property in EstoniaFollowing 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. Property in TurkeyA 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.
Marc Da-Silva
There's also a range of articles for you to read about buying property in Portugal:
As well as our overseas news stories affecting the property market in Portugal .
Or view our range of property for sale in Portugal.
See Also: Portugal, Algarve, Lisbon, Silver Coast, Madeira, Spain, France, Bulgaria, Sofia, Iceland, Cyprus, Switzerland, Russia, Croatia, Estonia, Turkey, Istanbul, Antalya, Bodrum
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.
Some properties in Portugal
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Price: €320,000
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Type: Apartment
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Bedrooms: 5
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NEW Rent2Buy Solution – Move now into the home of your dreams; buy it within five years – ask for details
This detached five bedroom villa plus a multipurpose room is situated in Minas - Serra, close to the town of Tomar in central Portugal.
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Price: €15,000
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Type: Land
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Plot with 1720 sq. metres located in a quiet area some 10 mins. from Matos. Approved project to build a villa with 185 sq. metres covered area. Details of the project can be seen on the photos.
· Gross area for construction: 210 sq.m.
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Price: €25,000
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Type: Cottage
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Bedrooms: 4
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Stone Cottage for rebuilt and plot with 600 sq. meters located in Mourolinho near Ferreira do Zêzere. Approved project to build a villa with 240 sq. meters covered area. Large plot for garden and planting with good views near a small river.220
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Price: €35,000
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Type: Land
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Plot with 1240 sq. metres located in a quiet area near the town of Tomar. Approved project to build a villa with 279 sq. metres covered area. Excellent views above the town Tomar. The property has a well with water.
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Price: €67,500
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Type: Studio
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Bedrooms: 1
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Excellent apartment, broad areas, excellent condition, near to the beach, with new kitchen and equipped. guaranteed profitability. AMAZING PRICE<
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Price: €67,500
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Type: Studio
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Studio situated in a private condominnium with garden, swimming pool and BBQ. In good conditions. Furnished and equipped.
Quiet area near the Falésia beach and Vilamoura Marina
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Price: €85,000
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Type: Apartment
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Bedrooms: 1
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EXCELLENT ONE BEDROOM APARTMENT REFURBISHED, WITH SEA VIEW. 50 mts FROM THE BEACH. QUARTEIRA LOCATED IN CENTER OF QUARTEIRA NEAR OF ALL SERVICES. NEW AND EQUIPPED KITCHENETTE, DOUBLE GLASS WINDOWS, NEW PLUMBING AND ELECTRICITY, FURNISHED.
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Price: €85,000
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Type: Apartment
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Bedrooms: 1
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Studio situated in residential development near Tavira. Transformed in one bedroom apartment, fully furnished and kitchenette equipped. Condominium with swimming pool. Good investment to holidays.
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