The current economic climate has affected many overseas property markets. It has also affected investors, large and small, who have already bought or are looking to purchase property abroad.
The United States
The US, particularly Florida, has a high volume of properties that have been repossessed and has been badly hit by the economic recession. Investors looking for property abroad at a great price should look at the UK market closely, as there are some good deals to be had at the moment. Investors spending the same amount of budget that they were intending to pre-recessional times, and buying US property overseas that have been repossessed and are just crying out for buyers, can find even greater deals on high-end, luxury properties, recouping their return on investment over the long-term.
Investors should think about their preferred location and where they want to buy overseas property more for a maximum return. Repossessed property is much more affordable now in top locations that were once at a premium. If land is for sale at a good price, then snap it up, because when the overseas property market does get back on track again, you can either sell on or develop the land and make a large profit in doing so, just by waiting and biding your time. Also a prime location will always sell, so purchasing coastal overseas property, or luxury locations is always a positive move.
United Arab Emirates
The United Arab Emirates market has recessed in terms of growth dramatically over the last year, with Dubai being severely affected. Dubai property has declined in value and investors have pulled out of the market completely. But whilst some markets have shrunk, other potential overseas property markets are creeping up in popularity and growth, such as Egypt and Morocco in Africa and Brazil in South America.
Overseas property in Europe
Spain
Buying property abroad in Spain has really hit the headlines in a negative way, with developers deserting their customers and leaving properties and developments unfinished, corruption, land-grab legal wrangles and the oversupply of property. Overseas property investors who want to invest or purchase a second home at the moment can get excellent deals on property in Spain as there is an oversupply of property and prices have fallen, therefore sellers are opting to sell for lower prices.
It is also very important that investors who would like to purchase property in Spain buy from a reputable agent or developer that they have researched thoroughly and do not part with money until they have seen the property in question. They should also talk with other purchasers and perhaps more importantly visit the development in Spain themselves.
France
There is a similar position with the overseas property market in France that has also been hit by falling house prices over the last year. This drop in prices, however, is a great opportunity for investors looking to buy property abroad in France, and with the additional help of falling interest rates which is creating even greater demand on the property market.
Sellers in France, if they can, should ride out the market situation at the moment and wait until the property prices have bottomed out and start to recover.
Portugal
Portugal is creeping up as a potentially good market to buy property overseas for the UK investor. For UK holidaymakers, Portugal has always been a popular destination and now it is seen as ideal for good value, reasonably priced property. Portugal has an agreeable climate, is easy and fast to get to by plane and has wonderful coastal areas. It is also very popular for golf and a number of properties are part of luxury golf complexes.
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By Tailored Home's Peter Aps.
Property Overseas is discussed in more detail at Tailored Home:
http://www.tailoredhome.net/OverseasProperty/tabid/700/Default.aspx
