With January and February over and the promise of spring very soon (we hope), key trends in the overseas property markets are emerging. Some come as no surprise, while others are a little bit more intriguing.
Winter 2009-10 has seen increased demand in ski chalets across Europe and North America. The French Alps still remains the most popular place to own a chalet being close the resorts of Val d’Isere, Tignes, Les Arcs, La Plagne and La Rosiere.
In the Rightmove Overseas Search Report for February the biggest percentage search increase for overseas homes were for Alentejo, Portugal. Tuscany, The Costas, Mainland Greece, Florida and the Punjab made up the top 10. In total searches on the site were up 54% year on year showing encouraging signs in the international property market.
But where in the world will overseas property be most in demand this year? These are a few of our predictions, but let us know what you think too.
Portugal is becoming increasingly popular with Northern Europeans who wish to retire in the country. While the native Portuguese migrate to the towns and cities, those from outside the country who retire tend to choose quiet surroundings in order to relax and soak up the sun. Over the years the Alentejo region of Portugal has seen a steady increase in Northern Europeans settling in the villages of the region. The predicted fall in the euro against sterling will ensure some great house prices near to world renowned golf courses and will not lead you into some of the problems experienced by some in Spain.
Turkey is reaping the rewards of being located just outside the eurozone in terms of property investment. The country’s property market is creating interest in Northern European tourists who have typically holidayed in the region over the past five years and seen what can be bought for their money. The dominance of sterling against the Turkish lira and some of the most beautiful views across the Aegean Sea are creating demand. As demand grows vendors are dropping their prices. Property in Turkey now is now, on average, 11% lower than during the worst of the recession. Istanbul is the capital of culture 2010 meaning that investment properties within the city is causing demand to outweigh supply.
France is always a popular choice among those who are moving to the country to retire, or those who relocate for a better way of life. It is estimated that 250,000 Brits currently own a second home in France and this does not include those who have relocated. The South of France is particularly popular with those looking for investment properties or those who have relocated, one of the places most in demand is Nice and the surrounding areas, which constantly pushes up the price of property. In addition, France is also set to be a popular winter property hotspot in winter 2010-11 as individuals seek a chalet in the Alps.
Property in Italy has held up well against an uncertain euro which has seen prices plummet in Spain. The reason is that Italy has never seen the mass influx of pensioners from Northern Europe that can be seen in Iberia and along the Costas meaning it has never been overdeveloped. Tuscany is a very popular region in order to relocate or buy a second home as it is seen as a traditional Italian region. Hundreds of thousands of individuals are attracted to Italian property ever year due to the beauty and laid back culture of the country.
Other potential property hotspots are in Abu Dhabi, Australia – especially Perth, Florida and the Caribbean.
Properties from Portugal, France, St Kitts and Thailand can be found on our website www.wealthandlivingmagazine.com/propertyofthemonth.
