London Homes and Property feature Property Venture's property advice
"A booming market
Recent global economic problems, have seriously impacted the trends for overseas purchasing says Louise Reynolds
The increasingly, interrelated nature of the banking systems around the world, will influence access to funding, and more accessible information via mobile technology and social media help share overseas property-buying experiences and shape the nature of Overseas property purchases in 2011
New build vs off-plan
Given that many developed property markets, such as Spain, have high levels of property stock, the trend for 2011 is for buyers to seek out ready-built, properties and resale properties, with established facilities, to minimise risk.
Choosing the bank a buyer deals with, could be as important as choosing the country to buy in. Banks with low exposure to weaker economies and bad debt, may offer keener mortgage rates for foreign national buyers.
The currency of the mortgage will be more of an important factor and buyers will think more carefully about whether they opt for a Euro, Swiss Franc, or local currency mortgage.
Access to information
Increasing access to overseas, property-related information, enabling checks on the reputation of developers, or agents and to monitor what’s happening in a chosen property market, will help buyers in 2011.
This may lead some novice, overseas property buyers becoming overly confident, simply because they can access lots of information on-line. A good overseas property agent, who can guide through the local buying process and prompt on what needs to be done.
More demanding property buyers
Along with the economic downturn, news emanating from many overseas destinations of price drops (e.g. Spain - property prices are down on the Costa del Sol, 20% since 2005 according to the Bank of Spain) has helped shape buyer expectations.
2011 will continue to be the year of bargain-hunters, although many will realise the really cheap properties, or bank repossessions, are not all of “holiday home” quality, or in the right location. So headline prices will continue to stimulate interest, but the reality may not always match up to buyer expectations.
Cost-savvy buyers and owners
As Government budget cuts bite, many Overseas property buyers will continue to seek ways of keeping costs down. Alternatives to buying outright could become more popular. For example, we could see more people buying leaseback properties, which combine holiday home ownership, with hassle-free maintenance and income generation . examples of this are in Morocco
Spain still has all the same attractions it used to have, in spite of the challenges it has faced with its economy and pockets of surplus property stock. So people still want to buy Spanish property for: the warm climate, easy accessibility and the enviable Mediterranean lifestyle. It will continue to prove popular in 2011 as people seek to snap up bargains
Turkey will become more prominent, as a holiday home destination and property investment location. In some respects it is becoming the “new Bulgaria”, in as much as it offers keenly-priced, holiday home property along its varied coastline, but also investment property in its city, Istanbul.
Morocco will raise its profile on the World stage in 2011 as an emerging holiday home destination, with its combination of beautiful coastal development on the Mediterranean and Atlantic coastlines and its city centre attractions in Marrakech and Tangier."
As Featured in London Homes & Property February 2011
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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
Featured or Mentioned in: The Sunday Times, The Times, The Daily Telegraph, Sunday Express, Daily Express, The Mail on Sunday, Daily Mail, The Independent on Sunday, The Independent, Evening Standard-Homes & Property, Homes Magazine, Property Wire, International Estate Agent Today, Property Overseas Today, Overseas Property Professional, HSBC Liquid Magazine, easyJet Magazine, London Homes & Property, A Place in the Sun, Buy Association