Overseas opportunities for homebuyers
Predicting a market hugely dependent on the strength of the sterling, the Association said:
- Purchasers will be looking for ‘less risky’ investments and in particular towards the more stable markets such as France and Italy but for the very best bargains you may wish to try Spain or Turkey
- Property prices will remain stable within the first quarter of the year so purchasers are advised to make a cash offer by March if they want to secure a bargain in any of these countries.
- Balance of supply and demand will stabilise once house prices pick up and the pound strengthens against the Euro.
Linda Travella, spokesman for Italy at NAEA International said: “For the first quarter of 2010 the number of international buyers is expected to remain low and therefore offers are more likely to be accepted making it a very good time to purchase an overseas property. However by late spring, property prices are expected to increase by 3-5%. Key areas to invest in include Tuscany, Le Marche and the Lakes of Maggiore & Garda, where good deals can be found if you buy sensibly.”
Des Rowson, spokesperson for Spain at NAEA International said: “House prices are expected to increase steadily to around 3% by the first half of the year as the cheaper end of the market dries up. So if you are thinking of purchasing a property, do so in the early part of 2010.”
Richard Edgar, spokesperson for Turkey and the Caribbean at NAEA International said: “In Turkey bargains are to be had as developers try to encourage sales with significant discounts particularly for cash buyers and this trend will continue through 2010 in an attempt to mop up excess stock. There is a glut of unsold properties providing some genuine and excellent bargains particularly on completed projects where developers are keen to clear remaining stock, with some offers of up to 40% discount for cash buyers.”