Now is the time for some lateral thinking by First-Time Buyers. Getting on the property ladder might be easier abroad than in the UK. With prices starting at £40,000 for studio apartments in towns and cities, such as Istanbul, this means some buyers can buy Istanbul apartments with cash and dispense with the mortgage application altogether, enabling them to get on the property ladder.
Property Abroad- where should first-time overseas buyers consider?
There could be a polarisation in the market. The traditional destinations which will always attract buyers because of their enduring appeal of sun, sea, sand, welcoming hospitality in the likes of Spain. In addition, in an effort to get the most for their money, buyers will become more adventurous in where they buy, piqued by what some of the safer havens in Europe have to offer.
So for those who enjoy skiing and active sports, which might eat up quite a bit of a holiday budget, being able to pursue the same active sports, but for less money, might seem attractive. Lesser-known resorts might become more attractive, for example Zakopane in the Polish Tatras is well known by the locals and other bordering nationalities, but not so much by the Brits. Zakopane represents a great value-for-money destination in which to buy a ski holiday home. The cost of living is also cheaper than some of the higher profile cities in Poland, like Krakow or Warsaw and certainly less than many high-profile, continental, ski resorts. This ski property in Polish Tatra mountains is worth a look
Fractional ownership property abroad-worthy of consideration?
It seems that a retrenchment to old-fashioned “saving-money-until-you-can- afford-to-buy-it” philosophy will be prevalent. Or for those who might not be able to achieve this, concepts such as fractional ownership will become more popular. Once, a concept that was marred by pushy “time-share” sales people.
The idea of paying a proportionate amount of costs for proportionate usage, chimes well. Many property buyers will be more attuned to the fact that second homes tend to get used between 10-40 days each year, but owners pay costs for 365 days each year. And for first-time overseas buyers, it enables buying into a property abroad at a low price threshold, but yet benefiting from any uplift in capital appreciation that still happens in countries like Turkey. So a Turkey property giving in excess of 50% returns over 5 years with a clear exit strategy and some personal usage might sound too good to be true.
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Property Venture® is an award-winning, UK-based agency for overseas property who helps people buy investment property and holiday homes in Europe, more easily and safely than they can on their own, because we offer grounded common-sense advice.
The focus is mainly greater Europe: Poland property, UK investments, Spain property, Turkey property, Cyprus property
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Tags: First Time Overseas Buyer, First-time buyer, Fractional ownership, International finance, investment property, Istanbul, Poland, Property ladder, Safe-haven, ski property, Zakopane