If you’re interested in purchasing real estate around the world, now is the time to do it. House prices have been sinking for quite awhile, and though that is not good for sellers, it is good news for buyers interested in committing to a sound investment over the next ten or more years.
According to Global Property Guide (globalpropertyguide.com), there has been a 15 to 18 % drop in house prices in the UK, which raises the eyebrows of potential foreign and at home investors.
Nick Barnes, who is the head of international research at Knight Frank, states that now is the time for those interested in buying their dream home in their dream location. In some highly sought after locations, house prices have decreased up to 40%.
The consensus is that despite falling prices now, investors are optimistic that the property market value of homes will make a steady increase over the next ten to fifteen years.
Some of the hot spots for potential purchases are France, Spain, and Italy.
In France, the hot spots are Normandy, Brittany, the Dordogne, and the Cote d’Azur. A 7.5% drop in house prices last year makes France a great choice for many British buyers overseas.
According to Mark Stucklin, head of Spanishpropertyinsight.com, house prices in Spain have dropped at least 20%, making it a prime time to look for investment opportunities. Many newly built properties, even on the beach, sit empty just waiting for occupants. Some prices have been slashed up to 40% in attempts to sell.
Italy is seeing price cuts as well. Tuscany is a favored vacation and living area and prices have not dropped dramatically, but they have decreased enough to take notice. Northern Tuscany, the Lakes region, and Venice have all seen prices cut up to about 20%.
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