Countries in the euro zone are currently facing a peculiar time indeed, with worries over the Greek debt just one of a few dilemmas. Various analysts had been expecting the euro to decrease in value due to last week’s news that Greece has been downgraded by the ratings agencies and is likely to go in to a temporary default.
The strange thing is that this news has sparked interest in the property buying market over in Greece and Rightmove Overseas report that searches for properties in Greece have increased by 21.7% on their website.
The situation in Portugal with the recent Royal Institution of Chartered Surveyors/ Ci Portuguese Housing Market survey showed that weakening demand is continuing to depress the residential property market. There is, however, one piece of good news; it seems prices are falling at a slower pace. Portugal is facing a harsh economic climate and has joined Ireland and Greece in needing a bailout from the European Union and the International Monetary Fund; pessimistic reports also state Spain and Italy could be next, let’s hope not!
You may be wondering what effect this information is having on the UK and international property markets? Well, prices just might go down before they rise, which means it could be difficult to tell if the prices are currently rock bottom but if you are looking for a home abroad, or for holiday usage, now is one of the better climates to buy in as prices are fairly low. However, if you are looking to sell your property on, in the short term, then it’s not such a grand idea.
Seen time and time again, long term property prices in these countries will eventually climb; if you’re purchasing for profit be prepared to wait at least 10 years or so.
Still attracting a lot of international buyers to the UK property market is the weak Sterling and London has seen a trend of international buyers rapidly increasing.
The UK market is a confusing place; an abundance of indices and analysis reports speak of London as being a completely individual market with prices rising at astonishing rates while the East side of London was expected to see similar increases, due to the so-called ‘Olympic effect’ which was predicted to increase property prices by similar rates, have only seen slight increases.
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sourced: www.propertywire.com
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