Buying property abroad: top European locations for 2011
Here’s the lowdown on the top European property locations for 2011.
The outlook for the UK property market remains uncertain, which means many potential property investors are looking for alternative destinations. Here’s the lowdown on the top European property locations for 2011 - once you’ve sorted out a mortgage if you need one and chosen your location, research local property laws and regulations, and investigate international money transfer and local solicitors.
Poland has a diverse landscape, coastline on the Baltic, historic cities and landmarks, national parks and competitive house prices. Industry experts are tipping the country for rapid growth in the next couple of years. As well as being an EU member, the country has seen a huge amount of international business interest and over EUR 70 million of European funding.
Whilst Spain suffers on the European property market with a 50% reduction in property prices since 2007, its close neighbour is bucking the trend. The Algarve has always been a popular tourist destination and was quick to respond to the market slump in Spain, when owners reduced prices in order to sell. Recent reports suggest that the top end of the market is the place to purchase.
Already one of the fastest growing locations on the European property market, Albania is expected to receive a further boost from new low-cost flights direct from the UK. Located opposite the heel of Italy, Albania boasts Adriatic and Ionian coastlines, tectonic lakes, unspoilt nature reserves, and was voted number one in Lonely Planets Top Ten Countries to Visit for 2011.
The economic climate in Greece is not all bad news; the island of Evia has retained a good level of interest from the international property market whilst the mainland economic difficulties have ensured that prices have remained reasonable, meaning that a small corner of traditional Greece is still within financial reach for foreign property investors.
Still an economical option, the Turkish property and tourist market is starting to climb, whilst a new airport in Istanbul should open up travel and trade even further, and EU membership negotiations continue to be reviewed. Foreign cash can stretch far on the local market, despite the demand outstripping current supply.
Source:'The Guardian and A Place in the Sun.