Traditional destinations like Spain likely to benefit from the economic climate

An increasing number of property investors are returning to traditional and established destinations in light of the current economic climate.

A new survey conducted by HomeAway.co.uk has revealed that this coming year the property market is likely to be dominated by "cash-rich, lifestyle buyers" looking to capitalise on lower prices in popular destinations.

Among the countries likely to benefit from this influx of investors is Spain, where huge discounts and reduced prices are giving canny buyers the opportunity to pick up a bargain.

Charles Weston-Baker, head of Savills International, said: "In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots."

Meanwhile, the HomeAway survey also found that the attraction of overseas property is still present for many individuals, with a fifth of those questioned claiming that they planned to make additional purchases in the future.

The National Association of Estate Agents International recently suggested individuals looking to buy property in Spain should do so in the early part of 2010.

Istanbul leads the way in new developments

Istanbul continues to lead when it comes to property developments, a new report has claimed.

According to Turkish news source Hurriyet Daily News, for the second year in a row a joint study by PricewaterHouseCoopers and the Urban Land Institute (ULI) has found Turkey's largest city to lead the way in terms of development expectations for the coming year.

Furthermore, the city ranked in the top five for real estate purchase expectations.

The news provider quoted Firuz Soyuer, board member at ULI Turkey, as saying that Istanbul stood as one of the top areas for development.

"We will probably see bigger portfolios. Investors might also look toward different areas to spread risk. Maybe shopping streets will come to the fore again," he predicted.

"International investors are still wary toward investing in logistics. Meanwhile, hotels in Istanbul still do not number many. Thus, we will see an increase in the supply of four-star hotels on the Anatolian side especially."

Property investors looking to the country may wish to consider property in Bodrum, as three low-cost airlines have all announced plans to increase the number of flights to the region.

US house prices rise despite increase in distressed properties

Property investors in the US may be interested in news that house prices in the country experienced a five per cent rise in value during February, compared with last year.

According to the latest data from the Clear Capital Home Data Index, the property market managed to withstand the introduction of an increasing number of foreclosed properties entering the market.

Alex Villacorta, senior statistician at Clear Capital, commented on the findings, saying that there had been an increase in the number of distressed properties becoming available.

"If the increase in demand that preceded the end of the last tax credit is any indication, home prices may dip only slightly into negative territory before getting an added boost before the April tax credit deadline," he explained.

Meanwhile, some of the regions that witnessed the greatest growth in value were Providence and Rhode Island, where prices increased by 6.1 per cent.

A recent report by Barclays Capital predicted that the US property market would begin to stabilise soon.

France could be an investment hotspot this year

French property is likely to be at the forefront of the minds of many investors this year, with foreign buyers looking to capitalise on the popularity of eurozone destinations.

According to a survey conducted by HomeAway.co.uk and Savills, there will be a resurgence in wealthy lifestyle buyers, purchasing property with cash.

Established markets such as France are likely to be the beneficiaries of the property buyers as many shy away from more risky markets in light of the economic climate.

Courtney Wylie, general manager at HomeAway Holiday-Rentals, commented: "Traditional holiday hotspots are among the top-performing destinations … with places like the Cote d'Azur, Malaga Province, the Balearics and the Algarve all being great options for reliable rental returns.

"For anyone hoping to rent, it is essential to research the tourist market first, particularly when considering emerging markets. Access to the destination should also be considered."

International Property Magazine recently placed France at the top of its Quality of Life Index for the fifth year in a row.

Portugal property is attracting a growing amount of interest

Portugal's property market is attracting an increasing amount of interest from potential investors, it has been claimed.

Overseas housing news website Property Community has reported that property portal Infinito Real has seen a 17 per cent month-on-month rise in the number of enquires about the country within the last quarter.

The website reports that this growth can be attributed to the fact the country is not overcrowded like some of its close competitors and also to its recent positive press coverage surrounding its economy.

Stephen Anderson, managing director of Infinito Real, told the news provider that a number of factors had contributed towards Portugal's growing popularity.

He continued: "We have seen that a number of buyers who postponed their plans in 2009 are now ready to move which has created a backlog of buyers wanting to move as soon as possible.

"The small increase in the exchange rate from almost £1 to €1 throughout most of 2009 … has had a profound effect."

Earlier this year, the European Commission predicted that Portugal's economy would fare better in 2010 than previously expected, potentially growing by 0.3 per cent.

Property tax increases 'will not stop demand' in Thailand

Thailand's housing market is unlikely to be affected by the government's decision not to renew its property tax breaks, it has been claimed.

According to a report by Overseas Property Professional (OPP), property developer CB Richard Ellis is confident that the removal of the incentive is not going to affect international sales within the country.

The developer believes that the housing market is now strong enough to stand alone without needing to attract investors.

CB Richard Ellis's executive director for Thailand, James Pitchon, explained to OPP that the incentives did not include projects due to be finished after March 2010.

He continued: "In the Bangkok market, Thai buyers dominate the market and the removal of incentives will have little affect on foreign demand because it is already limited.

"In the resort markets, many projects are sold on a leasehold basis and leasehold sales did not benefit from tax incentives so again we see little impact on foreign demand from the removal of incentives."

Some developers within the country have claimed that the tax rises could result in a reduction in profits.

The International Valuation Standards Council recently introduced new guidelines aimed at making Thailand's property market more transparent.

Low prices and reductions drawing canny investors back to Spain

Now is the time for property investors to take advantage of low prices in the Spanish rental property market, it has been suggested.

According to Savills Select Resorts, an increasing number of luxury properties in the country are being purchased by investors capitalising of discounted homes in the favoured destination.

Savills are quick to point out that many developers are offering attractive financing options to tempt buyers back to the market.

They say: "Exquisite Spanish homes that were unaffordable less than a year ago are now being snapped up by canny investors and lifestyle buyers taking advantage of the lower prices and massive reductions being offered by developers."

Among the more popular destinations are new developments in Marbella on the Costa del Sol.

The La Floresta de la Mairena is the first new project in the region for three years, something that Savills says reflects the increasing demand now being seen in the market.

Furthermore, the National Association of Estate Agents International recently recommended that buyers invest early in the country to take advantage of bargain properties.

Thai property set for price increases

The Thai property market is bracing itself for price increases at the end of March after government officials decided that they would not be renewing tax breaks.

According to a report on Property Wire, the decision was made after news that the country's economy was in recovery and many developers are now running at a profit was released.

Incentives including reductions in property transfer fees and lower mortgage registration costs have helped to boost sales in 2009 by as much as seven per cent.

It will mean that the current transfer tax - set at 0.01 per cent - will rise to two per cent while mortgage registration fees will increase from 0.01 per cent to one per cent.

The news may be of interest to individuals looking to purchase property in the Asian country, who will have to move quickly to take advantage of the reduced costs.

Land & Houses, the country's largest developer, explained that the changes would result in single figure, rather than double figure growth for the coming year.

The International Valuation Standards Council recently introduced guidelines that will make the Thai property market more transparent.

US market stabilising but appreciation not predicted for a while

Individuals with a property interest in the US will be encouraged by news that falling real estate values in the country are slowly levelling out.

According to a report published by Barclays Capital, there will only be another four or five per cent drop in prices before the market begins to stabilise.

However, the paper warns that significant appreciation is unlikely to occur within the next few years.

It praises the US government's efforts to slow the rate of foreclosures as helping to ensure prices did not go into free-fall.

The report adds: "Home prices do seem a little cheap, using fundamental metrics like price/rent and price/income ratios, but not extremely so.

"Thus, a meaningful rise in prices would need big changes on both the technical and fundamental fronts."

Individuals looking to make a long-term investment may wish to consider looking across the Atlantic, where numerous foreclosed properties could present them with a bargain.

Warren Buffet recently predicted that the US property market would be in recovery within the next year.

Bulgaria could adopt the euro by 2013

Bulgaria could become a eurozone destination as soon as 2013, some analysts have predicted.

According to a report by Novinite, the European parliament president Jerzy Buzek has said he would welcome Bulgaria into the European Union, after meeting with the country's prime minister last month.

"Bulgaria has the opportunity to become member of the eurozone in 2013. I would welcome this kind of development," Novinite reported Mr Buzek as saying.

The news is sure to interest individuals with a property interest in the country or those looking to buy there in the future, as it means property in the country will benefit from the introduction of a stable economy.

One requirement that the European Union enforces before adoption of the currency is that budget deficits must be within three per cent of GDP.

The announcement comes at an ideal time, as many analysts are expressing concerns that the Greek debt crisis could spill-over to the destination.

Bulgaria was recently named as one of the best destinations for investment in 2010 by overseas investment company Property Venture.

Dominican Republic to benefit from insecurity in the EU

Growing fears from European investors about inflation and currency devaluation will have a positive affect on the Dominican Republic property market, it has been claimed.

According to property portal Property Abroad, the Caribbean destination is set to see an increase in the number of investors looking to put their money into assets like houses.

The portal states: "The Caribbean is a favourite with these buyers because it is seen as being one of the few regions that has remained largely insulated from the global financial infrastructure."

It goes on to explain that because property prices in the country are relatively low it will attract a new breed of buyer with slightly less cash and a desire to invest their savings.

Furthermore, new government guidelines alongside a growing tourism market make the island an ideal place to rent and even witness gains in property value.

Last October, British Airways increased the number of flights which it offered to the country to keep up with increasing demand from holidaymakers.

Turkish property is "undervalued"

Istanbul is an attractive proposition for property investors who will be able to return a good profit on their original outlay, it has been claimed.

According to a report in the Belfast Telegraph, demand for housing in the country is growing and the fact that property is relatively cheap is spurring potential investors on.

David Richardson, of Property Sun Turkey, told the paper: "Property prices are undervalued so there's an opportunity to make good money in Istanbul - up to 40 per cent profit - in the next two years for a well-chosen off-plan investment.

"But for most foreigners, I'd recommend a medium-term, five-year investment strategy as capital gains tax is nil after that period."

Potential house buyers will be able to take advantage of the fact the Turkey is currently a non-eurozone destination and as such can benefit from a favourable exchange rate between the Turkish lira and GBP.

Furthermore, the tourism industry in Turkey is expected to experience significant growth in the next few years, research company RNCOS has claimed.

Melbourne stars in property transactions

Rapid recovery and rising house prices make Australian property a safe investment, it has been claimed.

The Real Estate Institute of Victoria (REIV) revealed that the largest number of weekly transactions ever had been recorded in Melbourne last month where property sales accumulated over one billion AUD.

David Airey, president of the Real Estate Institute of Australia (REIA), said that it was reflective of the fact that Melbourne was a strong market in the country.

Furthermore, he added that in general, property prices were strong and continuing to grow and as such further increases were to be expected during this quarter.

"The property market in all Australian capital cities has had a rapid recovery from mid-2009 on, and noticeably in Melbourne and Sydney with property prices rising quite significantly over that six-month period," he said.

Mr Airey cited the recent news that nationwide the country had seen house prices go up by around 12 per cent in 2009 as a good reason to invest.

Meanwhile, the Australian Bureau of Statistics revealed that Australia saw a record number of arrivals and departures to the country last year.

Northern Brazil popular with investors

North-eastern Brazil has massive growth potential for individuals looking to invest in the country, it has been claimed.

According to an article on Overseas Property Professional (OPP), an increasing number of agents are focusing their efforts on property in the north-eastern region.

The property information website cites the area's popularity with tourists and a growing middle class as reasons for its popularity.

Samantha Gore, sales and marketing manager for property agent UV10, explained to OPP: "Although the area has traditionally been poorer, a disproportionate number of people are moving from low to middle-income groups.

"It's got very high growth potential and there's more space to develop in somewhere like Natal than in Rio."

Furthermore, the Getulio Vargas Foundation has reported that the country's middle class has grown to 49 per cent of the total population, a figure which is sure to interest potential property investors looking to rent high-quality property.

Brazil has been chosen to host the 2014 football World Cup and the 2016 Olympic Games.

Economic recovery boosting Malaysian property market

Speedy

Turkish developer offers investors the deposit choice

One Turkish developer has introduced an original deposit scheme for its customers in an attempt to combat the financial crisis.

Signature International has launched a 'pay what you like' payment plan at one of its best resorts in the popular region of Bodrum.

It means that customers will be given the choice as to the size of deposit they put down and the period of time over which they have to pay it.

Daniel Dias, spokesman for Signature International, explained: "We're conscious of the challenges posed by the current financial climate and try to eliminate any worries clients may have.

"Some are cash-rich and want to pay a large upfront deposit, others prefer to spread the load as thinly as possible. In every individual case, we should have it covered."

Furthermore, investors need not worry about getting a steady flow of tourists to their properties after three low-cost airlines announced that they would be implementing new flights to Bodrum this year.

Pegasus Airlines, Easyjet and Monarch will all be flying new services to the country during 2010, highlighting the growing popularity of the non-eurozone destination.

UAE property market recovery to start in 2011

The real estate market in the UAE is poised for recovery during 2011, it has been claimed.

According to one of the largest developers in Dubai, Deyaar, the property market has reached the bottom in the emirate and is ready to begin posting a steady recovery.

Markus Giebel, Deyaar chief executive, said: "In my personal opinion Dubai will see a recovery in year three, by which I mean 2011."

Mr Giebel did not speculate on whether the property market would go up or down in 2010, but he remained confident that recovery would start the following year.

"Dubai's fundamentals are still strong. If you believe in Dubai, you should believe in Dubai's real estate sector. Because if Dubai is healthy, then the real estate sector will be as well," he added.

Meanwhile, property developer Asteco has reported that there has been a shift in the type of buyers purchasing property in the UAE.

Since the economic downturn, many investors have been avoiding the property market, but now British lifestyle buyers are taking their place.

US lead the way in distressed property listings

The number of distressed properties on the market is expected to continue to grow in 2010, with the US leading the way, according to a new report.

Figures, published by the Royal Institution of Chartered Surveyors (RICS) Global Distressed Property Monitor, show that during the fourth quarter 70 per cent of countries examined reported an increase in distressed sales.

Such findings may suggest that those keen on buying a property in the US will still have plenty of chances to pick up a foreclosed bargain.

Oliver Gilmartin, RICS senior economist, said: "It is the major real estate markets of the world, namely the US and Japan, where agents expect the strongest growth in distressed sales in the first quarter of 2010.

"With longer term borrowing costs set to move upwards over the course of 2010, there is the risk of a renewed increase in distressed property listings."

The rise in foreclosures within the US can be attributed to the economic climate and rising unemployment in the country.

Australian property market continues to post price gains

The Australian property market continued to grow last month with new statistics revealing that prices increased on average by two per cent.

Figures released by RP Data reveal that over the course of the last year there has been a 12 per cent growth in house value.

Tim Lawless, RP Data's national research director, said that indicators for the coming year suggested that the market would remain in a healthy condition.

He pointed to the increased levels of auctions and clearances, as well as the number of new property available compared to last year.

"[While] we don't expect the same level of capital gains to be recorded in 2010 as we saw in 2009, the initial signs are that the Australian residential property market remains in a very good state of health," he said.

Leading the way in terms of price gains was Darwin, boasting a 4.6 per cent rise, closely followed by Canberra and Melbourne, which both posted 4.3 per cent increases.

Former Take That band member Robbie Williams joined the rising number of Brit's buying property in the country earlier this year.

Lifestyle buyers grabbing bargains in Italy

Astute investors can take advantage of the current economic climate and slump in property demand to grab themselves a bargain, it has been noted.

According to a report in British newspaper the Daily Telegraph, many individuals are returning to traditional European destinations as properties requiring long-haul flights have fallen in popularity.

One such country seeing an increase in interest in its property market is Italy.

Gemma Bruce, of estate agency GK Italian Property, told the news provider that an increasing amount of lifestyle buyers were taking advantage of cheap housing in Italy.

She explained: "We're seeing prices at their lowest since the downturn started. Buyers are desperate to sell and fear the market will take longer than expected to improve, so are prepared to accept very low offers."

Earlier this year, A Place in the Sun predicted that Italy would be one of the top ten destinations for foreign property investment in 2010.

According to a survey by estate agents Savills, around 430,000 holiday homes worldwide are owed by Brits.

Turkey to become centre for education, art and commerce

Real estate in Turkey is set to receive a further boost after news emerged that plans were underway to transform the cities of Istanbul and Ankara into leading education, art and commerce destinations.

According to a report by Turkish newspaper Today's Zaman, the country is looking to establish itself as a leading authority on the subjects in the hope of attracting more foreign and local property purchasers.

Metin Guvener, CEO of London-based Property Dimensions, told the paper: "If you look at large conglomerates in Turkey today, they are starting to provide these acquisition services.

"They are attempting to capture this new market because universities are better, art is better and cultural activities have become more widespread, exemplified by Istanbul becoming the European Capital of Culture this year."

However, Mr Guvener warned that current legal requirements present difficulties for individuals looking to buy property in the country.

Another Turkish city which is looking like a good investment prospect is Bodrum, as three low-cost airlines have all announced plans to increase the number of flights to the region.

Spanish regions posting house price increases

Evidence of the property market in Spain beginning to stabilise can be seen by slight house price increases in the south-eastern city of Murcia, it has been claimed.

According to Facilismo.com, house prices in the region have risen by 0.24 per cent during January, making it one of a select few areas to note housing market augmentation.

Other areas to record growth include Valencia with 0.11 per cent, Cantabria at 0.09 per cent and the Basque Country, which posted a 0.06 per cent gain.

Chris Mercer, director of Mercers real estate agent, said: "This shows a comforting trend towards a stabilisation of the market and the prospect of further price rises, at least in Murcia, over forthcoming months.

"I'm adamant that this market is the most price sensitive I have seen in 27 years dealing in Spanish rental property and this is why Murcia is emerging strongly."

Murcia is the seventh largest city in the country by population and boasts a thriving agricultural industry.

French Alps good for investment

An apartment in the French Alps could represent a good investment opportunity for overseas buyers this year, it has been claimed.

Estate agent Knight Frank has released its top recommendations for investment in France during 2010 and Chamonix is expected to fare well.

The property portal says that it has experienced an increased demand for houses in the region and as such prices have remained relatively stable.

Paul Humphreys, head of Knight Frank's French department, explained that property prices in Chamonix have now become more affordable.

He continued: "The snow has again been good and despite the last two years in the financial world, the skiing season has been busy in 2008-09 and 2009-10 so far, giving a good basis for both a lifestyle and investment purchase.

"Those areas where prices have reduced, sales volumes will increase while demand for property in the prime locations will underpin price stability in these areas."

France was recently awarded the top spot in International Property Magazine's Quality of Life Index for the fifth year in a row.

Tourism industry supportive of flood clean up in Madeira

Individuals with a property interest in the Portuguese archipelago of Madeira may be interested in news that work has begun to repair damage sustained by the island after flash floods caused widespread devastation.

According to a report by Overseas Property Professional (OPP), the tourism districts of Estrada Monumental and Lido are back operating at their usual capacity, with the airport and harbour both still open.

John Ward, of developer Morgan Forbes, said that the island's reputation would be further cemented if the clear up was swift.

He explained to OPP: "Tourism is affected by how quickly you can respond to this kind of event.

"If things can be turned around in four or five weeks it will put the scale of the problem into perspective. This definitely isn't going to set the island back more than that."

Madeira is a popular year-round resort, famed for its wine, flowers and embroidery artists.

Investors advised to "wait" in the US

Investors looking to buy property in the US should wait until the market hits rock bottom, it has been claimed.

Andrew Bartlett, owner of Andrew Bartlett Florida, has made the comments in light of the recent Standard and Poor's house price index for the country, which shows that there was a 0.2 per cent fall in house prices last December.

Falling house prices combined with an unfavourable exchange rate have meant investors have been staying away from the market in recent months and Mr Bartlett believes this trend could continue.

He said: "The bottom line is that there is a hell of a lot of inventory on the market and in that sort of situation I can't see how prices are going to necessarily increase very quickly.

"I'm not certain that any one area is necessarily going to go up any more than any other area at the moment."
However, despite his comments A Place in the Sun recently recommended Florida as being the second best destination for foreign investment in 2010.

Further praise for the property market in Brazil

An increasing amount of property experts are tipping the Brazilian property market to be the best destination for overseas investment in 2010.

The latest portal to add its recommendation is Property Abroad, which has highlighted the top three reasons why investors should consider heading to the South American destination.

Firstly, prices in the country are on the rise, yet they are still among the lowest in the world and represent a real bargain in comparison to developed markets.

The portal also sights the massive economic growth which the country is predicted to experience in the next few years, citing the recent discovery of oil as a catalyst for further growth and rising affluence among its citizens.

Finally, the forthcoming 2010 football World Cup and 2016 Olympic Games are likely to boost tourism to the country, with rental yields and property prices expected to rise as a result.

Rio de Janeiro will become the first South American city to host an Olympic Games when it does so in six years time.

New guidelines to increase transparency in Thai property market

Property investors in Thailand are set to benefit from the introduction of new guidance which aims to make the market more transparent.

The new guidance was issued by the International Valuation Standards Council and has been welcomed by property developers within the region.

Simon Landy, executive chairman of Colliers International Thailand, believes that it is a step in the right direction and will bring clarity to house valuation.

He explained: "This new guideline will provide an internationally-recognised benchmark which will assist in bringing transparency and clarity to valuations of incomplete property assets.

"With the anticipated level of merger and acquisition activity in international markets over the next few years, more certainty is required in the way these values are established."

Last year, Patima Jeerapaet, of Colliers Thailand, said during an interview with ScandAsia that he was lobbying the country's government to increase the length of leases overseas investors can take out.

If successful it could act to encourage individuals looking to buy overseas homes in the country.

History and culture draw tourists to Egypt

Middle Eastern countries such as Egypt attract an increasing amount of return visitors, it has been claimed.

In news that is likely to interest individuals with property in the region, Tom Hall, travel editor at Lonely Planet, has said that the culture and history of places like Egypt is drawing tourists.

He explained: "Middle Eastern countries do have a strong pull for European travellers because they do offer an adventure, genuine hospitality and incredible history.

"We have seen people going to Turkey and Egypt more and more and once people have had a taste of Middle Eastern culture they tend to want to do more."

According to a report by Global Property Guide, the Egyptian property market is likely to witness "considerable movement" in the coming year.

Meanwhile, tourism to the country's northern shores received a boost after Thomson Airways announced it was launching direct flights to the area from Manchester, Gatwick and Durham Tees Valley airports.

Egyptian property market has been given a positive outlook

A new report has predicted "healthy long-term prospects" for the property market in Egypt, it has been announced.

The report, published by Markaz, has said that the lack of mid-price real estate in the country could lead to an overall increase in housing prices.

It looks at the country's economic cycle dating back to 1986, forecasting annual increases of six per cent until 2014-15.

Income growth is cited as the main factor in buoying the real estate market, with more individuals in better paid jobs supporting the rising demand for property.

"After going through the moderate impact of the economic slowdown, Egypt's real estate sector is expected to provide healthy long-term prospects in all of its sub-segments," the report claims.

Earlier this year, real estate and investment firm Jones Lang LaSalle claimed that Cairo's housing market was benefiting from its location and a growing economy.

It also said increasing demand for property was being fuelled by the fact that there is a major shortage of houses.

Airlines capitalise on Turkey's popularity

Individuals with a property interest in the Turkish resort of Bodrum will be encouraged by news that three low-cost airlines have all announced plans to fly to the destination this year.

Pegasus Airlines, Easyjet and Monarch will all be flying new services to the country during 2010, highlighting the growing popularity of the non-eurozone destination.

According to an article on Easier.com, the weak GBP is forcing many holidaymakers and property investors to stay away from traditional eurozone countries and as such Turkey has emerged as a new favourite.

Travel Association ABTA reported that it had seen a 25 per cent increase in bookings to the area during 2009 and all three airlines have responded to the demand.

Earlier this year, Turkey was tipped to be one of the top five destinations for property investment in 2010 by A Place in the Sun.

Bodrum is a port town in south-western Turkey with a warm Mediterranean climate.

Warm Australian climate tempts investors

More investors are looking to escape to warmer climates as confidence returns to the international markets, it has been suggested.

The claims come after property portal Primelocation reported a 134 per cent increase in the number of overseas real estate searches conducted on its website during January.

According to the statistics, Australia saw a surge of interest, while Switzerland - with its colder climate - dropped off the list.

Ann Wright, international development manager of Primelocation, believes that the results show two emerging themes for investors.

"The strong performance of countries in the lower half of the list suggests that a renewed sense of confidence is now beginning to filter through and the market is less dependent on top-end buyers," she said.

"Secondly, as a blanket of snow covered Britain, potential buyers focused their attention on warmer destinations as an antidote to the mid-winter blues."

Last month, Australian Property Monitors reported that house prices in the country rose by 12.1 per cent over the course of the year, making real estate growth its strongest since 2003.

Low prices make Turkey a desirable option for investors

Property buyers need to remain cautious when looking for overseas investment opportunities, it has been claimed.

Adam Samuel, director of property resource Nubricks.com, has given the warning following figures, released earlier this month by Primelocation, showing that overall foreign property searches increased by134 per cent during the course of 2009.

The portal reported that popular destinations included Spain, France and the United States, alongside emerging destinations such as Turkey, fared well.

Mr Samuel explained that although property searches had increased, it would pay to remain careful.

"We need to be cautious about what that means in terms of actual recovery. A lot more people are looking at what is available and considering where to invest."

He went on to discuss the increasing demand for property in Turkey, claiming that "relatively low" prices and the availability of bargain real estate in the country helped attract investors.

Earlier this year, A Place in the Sun predicted that Turkey would be one of the top five locations for property investment in 2010.

Lifestyle buyers returning to the UAE

There has been a shift in the type of buyers purchasing property in one development in the UAE, it has been announced.

Since the economic downturn, many investors have been avoiding the property market in the emirate, but now one developer has reported that British lifestyle buyers are taking their place.

At the Oceana Residence, developer Asteco recorded AED60 million worth of sales last month.

Ian Hollingdale, Asteco's head of the development project, explained that the majority of investors were Brits.

He continued: "Prior to the downturn, many sales were made to investors who were primarily using their purchase as an investment vehicle.

"Now investors are also end-users, buying into a family-focused resort lifestyle. Of course some owners will rent out their apartments when they are not in use, but the buyers' sentiment has changed."

Earlier this year, a Sales and Price Index for Dubai was launched. It represents the emirate's first accurate property index and will help to bring transparency to the market.

Timing crucial for Brazilian property investment

Timing is crucial for individuals looking to invest in the Brazilian property market, it has been claimed.

Property investment company Obelisk has recommended potential buyers add to their housing portfolios at the beginning of the country's property boom to avoid paying high prices.

A strong economy, huge supply of natural resources and growing middle class citizenship are cited as reasons that Brazil is now one of the most exciting emerging markets, with the 2014 World Cup and 2016 Olympic Games acting as further testament to its potential.

The director of the Brazilian Tourist Office in the UK and Ireland, Glauco Chris Fuzinatto, told Halifax International that now is the time to invest in the South American country.

He said: "People who want to invest in Brazil are going to have to invest quite quickly because there has been a huge investment in the infrastructure so the housing prices are starting to get high."

One of the most popular locations for buyers could be Rio after it became the first South American city to be chosen to host the Olympic Games.

Egypt poised for property market recovery

The Egyptian housing market could be poised for a recovery in 2010, according to property experts.

A report by Global Property Guide has claimed that there is likely to be "considerable movement" in the Egyptian property market during the coming year with new construction projects and continuing economic development at the forefront of the recovery.

It states that despite a disappointing year for the country's market in 2009, which saw a massive fall in demand, recovery is likely to be on the cards.

The website has recommended three hotspots for prospective buyers - Cairo, the Red Sea, and the Mediterranean Coast - offering the best opportunities thanks to continued development and good transport links.

Furthermore, the northern shores of Egypt are to become more accessible this summer as Thomson Airways launches direct flights to the area from Manchester and Gatwick airports.

The travel carrier has already announced that it is increasing the number of flights it offers to Egypt from Durham Tees Valley airport.

Portugal offers a "unique experience"

Individuals with property in Portugal will be boosted by claims that the country offers travellers a "unique experience", while remaining good value.

The comments come after the country was named as one of the top five destinations that will see a growth in popularity this year by online travel agent sunshine.co.uk.

An increase in the number of tourists shunning Spain and booking holidays to the Mediterranean destination was also seen by the website.

A spokesperson for cheapflights.co.uk highlighted the potential of Portugal, saying: "Portugal does offer a unique experience. From the cultural highlights of Lisbon to the mountainous coastline of the Algarve, Portugal's bustling cities, gorgeous scenery and lively culture make for an excellent holiday."

Furthermore, they pointed out that travel to the country is becoming more affordable thanks to a strengthening GBP.

Meanwhile, overseas property investors will be pleased by the results of the Wanderlust and AITO travel survey, which shows that overall, people are more positive in their travel plans for the coming year.

Estonian economy set for growth

Investors looking to buy property in Estonia may be interested in news that Swedish banking group SEB has predicted economic growth to occur in the country in the next two years.

The reports could mean that Estonia may be eligible to adopt the euro in the maybe by 2011.

Reuters reported the bank as saying: "After falling by 14 per cent last year, Estonia's GDP will grow by two per cent in 2010 and five per cent in 2011.

"Our Estonia forecast assumes that in May or June, the country will get the green light to join the euro zone in 2011."

These new figures dwarf the previous prediction made be the banking group, who said last November that the economy would contract 0.3 per cent in 2010 before growing by four per cent the following year.

Under current European Union (EU) rules, any country wanting to join must reduce its budget deficit to within three per cent of its GDP.

If the country is able to meet the EU requirements it is likely to provide it with economic stability, something that would help make it more desirable for potential investors.

'Canny investors' will take advantage of Spanish market

The Spanish property market will provide investors with some "fantastic opportunities" later this year, it has been claimed.

Despite still being in a relatively poor condition, the real estate market in the country will present careful and astute buyers with some bargain properties.

According to Mark Stucklin, head of spanishpropertyinsight.com, the weak economy could mean buyers are able to make a shrewd investment purchase in the popular European destination.

He explained: "In this year and next year, there are going to be some fantastic opportunities to buy really great quality property at a great price - taking advantage of this depressed market. That is what the canny buyers will be doing."

Mr Stucklin recommended buyers stick to prime locations when it came to buying property, taking advantage of prices which "are basically back to where they were eight to ten years ago".

Earlier this year, A Place in the Sun predicted that Spain was the best destination for property investment in 2010, despite figures from the Instituto Nacional de Estadistica revealing that the economy had decreased by 0.1 per cent and remained in recession.

US is gaining in popularity for tourists

Individuals with property in the United States will be encouraged by news that the country is seeing an increase in tourism.

According to online travel agent sunshine.co.uk, bookings to the country have almost doubled on the website.

Stella Clery-Ackland, UK representative of the United States Travel Association, backed up the news, saying: "The US has always been the most popular long-haul holiday destination for UK travellers.

"The country is attracting increased visitors seeking soft adventure, heritage and cultural experiences."

She added that popular locations included old favourites such as Florida and New York, as well as emerging destinations like Utah, Missouri, Louisiana and Texas, which have seen "double-digit visitor growth".

Those wanting to invest in the US may be able to take advantage of a large number of cheap foreclosed properties available.

Meanwhile, it is not just the US which could see a surge in visitor numbers as a travel survey published by Wanderlust and AITO found that people are generally more positive about their travel plans in the coming year.

Economic downturn highlights Turkey's strong economy

The economic downturn has had a positive impact on the Turkish property market, it has been claimed.

According to a report on Write About Property, Turkish property agent Spot Blue has highlighted the encouraging affect the financial crisis has had upon revealing the country's economic potential.

Julian Walker, of Spot Blue, explains to the website that before the downturn, Turkey attracted mainly lifestyle buyers who had holidayed in the region, while investors seemed keen to wait until the country was granted EU entry before parting with their money.

He continued: "The credit crunch has not only widened this audience by making the Turkish lira a much more attractive currency than the euro and accelerating growth in tourism from Britain, but has also led to economic news taking centre stage, which has highlighted the economic potential of Turkey."

This has led to an increase in both the number of overseas property investors and lifestyle buyers, he claimed.

According to research company RNCOS, Turkey's tourism industry will experience significant growth in the coming years.

Developers in the UAE focus on sustainability

The UAE has received a glowing report about the prospects of its economy in 2010 and in turn its investment potential.

Speaking ahead of their property exhibition for the region, Cityscape has given its backing to new real estate builds in the area.

Chris Speller, Cityscape group director, explained that developers in Abu Dhabi had placed sustainability, cost cutting and target delivery at the forefront of their new projects in the emirate and as such the location could represent a good investment option for individuals.

He continued: "Abu Dhabi officials expect the emirates' economy as a whole to grow by as much as four per cent this year."

The Cityscape conference will showcase more than 120 speakers representing the numerous investment companies and will focus its themes around transparency, investment strategy and project delivery.

Earlier this year, REDIN.com launched a Sales and Price Index for Dubai, the emirate's first accurate property index, with the aim of increasing transparency in the region's property market.

Miami seeks to boost foreign investment

The US city of Miami is hoping the weak USD combined with relatively cheap real estate prices will help to attract more overseas investors.

Overseas Property Professional (OPP) has reported that the Realtor Association of Greater Miami and the Beaches (RAMB) is launching a campaign to promote the region to international property buyers.

Last year, foreign investment helped boost sales in the area, with a 50 per cent year-on-year increase during the final quarter of 2009.

Theresa Kinney, chief executive of RAMB, told OPP that foreign sales made up about 30 per cent of the market.

Ms Kinney above explained that the campaign would help to increase this number further, both in Miami and other areas in the US.

"Currently, the local market is even more attractive to foreign buyers due to the weak USD, the wide selection of properties and relatively inexpensive real estate compared to other world-class cities," she added.

Meanwhile, Miami boasts the largest cruise ship ports in the world, with the terminal hosting over three million passengers and tourists in 2007.

Euro mortgages could save British investors thousands of pounds

An increasing number of British investors buying property in European countries, such as France, are beating the exchange rate by taking out mortgages in euros, it has been reported.

Overseas Property Professional (OPP) has stated that individuals can potentially make a saving of thousands of pounds by borrowing euros and waiting until the GBP strengthens before repaying the loans.

Mortgage broker International Private Finance has seen applications for mortgages in euros increase by 70 per cent during January, compared to last year.

Elisabeth Dobson, head of private clients at World First, explained to OPP: "As cheap rates are currently available, they are taking the long-term view that the euro will weaken against the pound and their European property will ultimately become cheaper to buy."

The National Association of Estate Agents International recently said that France is likely to benefit in 2010 from not having an overpriced housing market.

This will ensure that prices in the country are at their most affordable for many years.

Portuguese market is the 'safe option' for investors

The Portuguese property market has been described as one of the safest in Europe by one of the region's real estate agents.

According to a report on Property Wire, investors looking for a European safe-house should look no further than the Iberian nation and in the current economic climate individuals are able to get good value for their money.

Jim Edmeades, of Homes for Sale in Portugal, made the comments while attempting to dispel the myth that when buying property in the country investors often end up paying an additional ten to 15 per cent premium in fees and taxes.

The website reported him saying that market and holiday rentals remain buoyant and despite volatile currency markets, properties in Portugal continue to represent good value for money and ideal investment prospects.

"Whether you are looking for property for sale, a holiday rental or an overseas investment, the Portugal property market is still considered to be one of the safest markets in Europe."

The European Commission recently said that Portugal's economy will fare better in 2010 than previously believed, with growth of 0.3 per cent expected.

Florida's property market has great potential

Property investors should head over the Atlantic to take advantage of the "tremendous value" on offer in the Florida real estate market, it has been claimed.

Christopher Chadd, head of research at Property Frontiers, made the comments in light of a 2.3 per cent annual average increase in house prices in the country during January.

Data released by Clear Capital showed that - for the first time in 37 months - there was a national increase in the cost of real estate.

Mr Chadd said: "When the recession hit, Florida's real estate market was undoubtedly the worst affected. This means prices for real estate in the area have absolutely hit rock bottom.

"Investing in the market over the past year has not been the wisest option, [but] this is now changing."

However, Mr Chadd warned that potential buyers still needed to remain cautious and ensure they researched properties before parting with any money.

Earlier this year, A Place in the Sun predicted that Florida was going to be one of the primary destinations for foreign investment in 2010.

Cape Verde announces plans to expand port capabilities

Property investors in Cape Verde will be boosted by news that refurbishment and expansion work to its Porto Novo port is scheduled to start next May.

Macauhub reports that the expansion is set to be completed in two stages, the first of which includes extending the dock by 40 metres, building a new passenger terminal along with a car park and constructing other peripheral buildings.

Secondary plans have been outlined to widen the dock by a further 130 metres, to construct a road to link the port to the city of Porto Novo and introduce a fishing dock and numerous other lifestyle features.

The news is likely to be of interest to those with property in the archipelago as it should help to increase tourism numbers in the region.

Earlier this year, the Daily Mail, one of the UK's leading newspapers, said investors to the islands were reaping the rewards of their patience.

This was due to a 22 per cent rise in tourism compared with the previous year and new airports and ferry services likely to increase this figure further in the future.

Eurozone property markets boosted by falling value of the euro

The current strength of the euro is having big implications on the property markets in eurozone countries such as Spain, it has been reported.

According to an article in British newspaper the Daily Telegraph, the recent fall in strength of the euro has led to an increasing amount of Brits looking to purchase overseas property.

The slight strengthening of the GBP combined with low mortgage rates and falling house prices on the Continent is seen as an attractive proposition by many.

Claire Nessling, operations director at Conti Financial Services, told the news provider that it had seen an increase in the number of individuals looking for foreign mortgages.

She explained: "[Investors] are already looking to capitalise on low interest rates overseas and cheaper house prices and that is the driving force.

"If the euro dips a bit that will only encourage them more."

The latest Post Office Holiday Money Report said that Spain is the cheapest destination for Brits to visit in the eurozone.

Foreclosures easing in the US

New figures released show that the number of foreclosures in the US has eased in recent months.

The statistics, released by RealtyTrac, demonstrate a ten per cent fall in the number of foreclosed properties in the country during January, but experts are still predicting concern for the coming months.

James Saccacio, chief executive of RealtyTrac, said: "January foreclosure numbers are exhibiting a pattern very similar to a year ago.

"If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans."

Such findings would suggest that individuals keen on buying a property in the US and looking to get their hands on a bargain may have to move fast as the repossessions market eases.

RealtyTrac's end of year report showed that foreclosures in the country had reached a record high at the end of 2009.

The rise in repossessions can be attributed to the economic climate and rising unemployment in the country.

Delay to ban cash purchases in Bulgaria likely to present investors with bargain properties

Property investors should act quickly to take advantage of the delay banning cash purchases in Bulgaria, it has been claimed.

House Sales Bulgaria has said that prospective buyers in the country will be able to get their hands on bargain properties in the next few months before the property law is ratified.

The law - which is based upon the system used in France - aims to add transparency to the housing market, as well as increasing civic revenue, which can be poured back into infrastructure and help boost property sales in the country.

But due to the Bulgarian parliament's failure to pass the law before Christmas, it is unlikely that it will come into effect until May or June of 2010.

Something which House Sales Bulgaria believes will be of benefit to buyers, the organisation states that many home sellers who wish to receive part-payment for their properties in cash are likely to reduce prices in order to do so.

Overseas investment company Property Venture recently named Bulgaria as one of its top investment choices for the UK buyer in 2010.

Housing market expected to stabilise in France during 2010

Property prices in France are expected to stabilise during 2010, according to the latest statistics.

A report by overseas housing network website Property Community shows that the latest housing data for the country highlights that values have fallen in consecutive years.

The figures released by FNAIM, France's real estate agency, show that over the course of 2009 prices fell nationally by 4.9 per cent.

A year ago the organisation was predicting a ten per cent fall in prices, more than double the actual figure.

However, the agency is predicting a more positive year, saying that the market should stabilise and some areas could see a three per cent increase in prices.

FNAIM president Rene Pallinourt cites the availability of cheaper loans and more consumer confidence as being the main drivers behind the market.

However, he warned that although France appears to be recovering well from the economic crisis, many people in the country still remain "downbeat".

International Property Magazine recently placed France at the top of its Quality of Life Index for the fifth year in a row.