With things shaking up in the UK and property starting to take off again, we take a look at what will be in vogue overseas in 2014.
Off-plan buying abroad is in vogue again
In the past off-plan buying has worked in a rising market. The recent fall in many European property markets has meant the standard, off-plan investment, formula has not worked in the same way. This is where a buyer may acquire one or several properties, expecting to “flip” the contract, or sell it on, whilst never having to complete and pay stamp duty, or other completion-related expenses. This works where prices are on the up and demand is stimulated. In a falling market the pool of potential buyers can suddenly dry up and buyers have to be wary of being left to complete on purchases, they cannot afford.
However, now that the building industry dusts itself down and wakes up to renewed buyer demand, properties are being bought off-plan again in places like Poland and Turkey.
Property investment as a serious alternative to pensions
Property is increasingly being seen as the new pension in 2014. Pensions have suffered from a long reign of stealth taxation and many other forms of investment have fallen into disrepute along the way. Now with interest rates so low, simple savings are not paying out, nor are many pensions returning what they should. Investors are interested in exploring how to boost their pensions and investments with property, a more buoyant asset class, or to invest in property as part of a SIPP.
European property Buyer – be financially savvy
On the Finance and mortgage front, a new European law on mortgages seeks to harmonise mortgage regulation across Europe and may mean it is harder to get finance. The European Parliament has provisionally approved the Mortgage Credit Directive, which will require UK lenders to tighten up in certain areas, such as greater stringency on the quality of the mortgage repayment vehicle. This may make it more challenging for some people to get mortgages in 2014.
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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
On the Advisory Board and a Member of the Association of International Property Professionals (AIPP) the business has been vetted, approved and voluntarily commits to Industry Regulation and the Professional Code of Conduct. We are known for our quality customer service and non-pressurised approach to sales. Take a look at what our clients say
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Tags: investment property, off-plan, overseas banks, Overseas finance, overseas property agent, Poland, Spain, Turkey