So what will it be – a riad in Morocco, a poolside home on the Cape, or maybe
a buy-to-let in Albania? Our foreign property habits are changing; just a
few years ago, a gîte in France or a villa in Chianti-shire
seemed about as exotic as it got. These days, nowhere in the world is too
distant – or too unlikely – a target for the growing army of British
property buyers.
Whether it is a holiday home, a place to retire to, an investment to
supplement a pension – or, increasingly, a mixture of all three – some
800,000 of us now own a home abroad. Even concerns about the environmental
consequences of air travel look unlikely to put anything more than a small
dent in the upward curve.
So, if you want to join the overseas-property-owning classes – or add another
flat or house to an existing portfolio – where should you buy? Much of your
choice is down to personal taste, of course, but this special edition of
Home will help you make an informed decision, highlighting the best places
across the world to buy a dream home by the sea, a rural hide-away or a
property in the increasing number of ski destinations that have added golf
courses and other sports facilities, and rebranded themselves “all-season”
resorts.
But don’t imagine that buying a foreign holiday home will be all plain
sailing. As our columnist Kevin McCloud reports on page 13, dealing with
planners in Italy can be like descending into Dante’s Inferno.
The experiences of a British couple who bought in Spain, only to find a bridge
built yards from their dream villa, provide a salutary warning about the
perils of buying off-plan. What about that dream of selling up in Britain
and opening a B&B in France? Read on page 30 about the experience of one
British woman who did just that, before rushing back across the Channel.
Perhaps because of our love of the new, much of the attention over the past
years has been focused on the so-called emerging markets – in central and
eastern Europe, and more exotic destinations beyond, from Brazil and
Argen-tina, in the west, to Thailand and the Philippines, in the east. New
names, such as Bosnia, Ukraine and Mongolia, are being added as fast as
enterprising British agents can source properties there and set up websites
to flog them. Iraq, anyone? Come back in a couple of years – but in the
meantime, might Afghanistan be worth a punt?
From a pure investment point of view, many of these destinations certainly
make sense: former communist countries take the top four places in the
latest edition of Knight Frank’s Global House Price index published last
week. Riga, the Latvian capital, again leads the pack, with prices up an
annual 61.2% in the first quarter of this year, against 44.8% a year
earlier.
Property analysts expect prices in Latvia, and in its neighbours, Estonia and
Lithuania (in second and fourth places, respectively, in the index), to
continue rising at a fast pace, thanks to the blistering performance of
their economies, which have been growing at near Chinese rates. Slovakia,
which has embraced tax-cutting and free-market policies similar to those in
the Baltic states, is also doing well.
Poland, too, is proving increasingly popular with investors. Despite the
perception that most of the country’s population is seeking work in Britain,
there are plenty of countrymen back home keen to leave their crumbling
communist-era blocks for something more sophisticated. Mamdom (www.mamdom.com),
a leading Polish property portal – it means “my house”, since you ask –
reports that the market is cooling in Cracow, a favourite with foreign
buyers, but says prices in Warsaw, the capital, and cities such as Poznan
and Lodz look set to continue growing.
Cyprus and Malta – which joined the European Union, along with Poland and
seven other former communist countries, in 2004 – are also proving
attractive to British buyers. So, too, is Croatia, which is expected to
become a member in 2009.
Morocco, meanwhile, is rapidly turning into a cut-price alternative to Spain
as that country’s developers cross the Strait of Gibraltar. But while the
traditional riad and even new-builds in Marrakesh and Fez remain a good bet,
there could be oversupply on the coast, warns John Howell, a senior partner
in the International Law Partnership. “There are some nice places, but the
developers are basically doing the same kind of thing they did in Spain,
plus a few Arab twinkles, and selling them for the prices they got in
Torrevieja 15 years ago,” he says. “The problem is that thousands are coming
along at the same time.”
A potential glut looms even more alarmingly in Bulgaria, the most
enthusiastically hyped of all the emerging markets. Although the country is
placed third in the Knight Frank index – with prices up an annual 22.6% in
the first quarter of this year – experts predict a spate of distress sales
as speculators find they are unable to “flip” on their properties, while
those hoping to rent them out struggle to find enough tenants to pay the
mortgage.
Things are looking much sunnier in the Caribbean, even if the Cricket World
Cup this spring may not have given the boost to prices that some had
expected. The recent decline in the US dollar – in which properties there
are priced – to almost two to the pound has reduced the cost of homes on the
islands.
Don’t just think Barbados, though: St Lucia, one of the larger Windward
Islands, has long been described as “the next big thing”; prices there are
60% lower than in Barbados, but rising fast. Or what about Grenada, the
largest of the Grenadine chain, which benefits from frequent scheduled
flights to Britain?
With its year-round season, the Caribbean is also ideal for fractional
ownership – a 21st-century form of timeshare, under which you buy a stake in
a property, but get a share of the title, and so benefit from any capital
gain if its price rises.
The weaker dollar, of course, has also added to the attractiveness of America,
where the bursting of the property bubble has led to sharp falls in prices,
especially in those parts of Florida traditionally popular with British
buyers. The question is whether to buy now or hold off for a few more months
in the hope that things will become even cheaper. Either way, be sure to
drive a hard bargain.
Not exotic enough? How about buying a slice of a game reserve in South Africa?
Bill Blevins, managing director of Blevins Franks International, an
independent firm providing tax and investment advice, did just that. Five
years ago, he paid £60,000 for a site on a game reserve in Hoedspruit, near
the entrance to the Kruger National Park, and spent another £150,000
building an eight-bed lodge there. “The property is now worth at least
£500,000 and I am looking at buying something similar in the Limpopo-Lipadi
nature reserve, in Botswana,” he says.
Despite the lure of such exotic destinations, don’t ignore old western
European favourites, especially if you are looking for a bolt hole within
easy reach of home. The majority of the most attractive spots on the
Mediterranean coast are less than two hours by plane from Britain and,
thanks to improvements in the European rail network – including the
upgrading, this November, of the Channel tunnel link – are now more easily
accessible by rail.
“People are getting distracted by far-away locations, and we do question how
suitable they are for holiday homes,” says Stuart Law, chief executive of
Assetz, a property investment group. “Brazil looks very attractive when you
see it in the exhibitions, but you are not going to be flying there for a
long weekend.”
They would be far better off, says Law, buying in France, which has seen year after
year of strong capital gains – often running into double digits – and still
offers good rental returns, especially in Nice, Cannes and other perennially
popular holiday spots on the Côte d’Azur. Prices have also risen strongly in
Paris.
He believes that Spain, too, remains a good buy, despite concerns about the
long-term health of the country’s property market, prompted by last month’s
sharp fall in the value of shares of leading developers. Indeed, with the
latter keen to shift stock, it could be the perfect time to demand discounts
of as much as 20% on asking prices. “Nothing has really changed to detract
from Spain,” Law adds. “The sun still shines and it is still an attractive
place to have a holiday home.”
The appeal of such destinations is borne out by the figures: according to data
compiled by Knight Frank, a house that cost £100,000 in France in 1997 would
cost £245,000 today; the same house in Spain would be £312,700. The British
property market did even better than both.
The Italian market, by contrast, has performed less strongly, due largely to
the continuing weakness of the country’s economy: the equivalent figure
there is just over £170,000. This means, however, that those ready to look
beyond Chiantishire and other parts of Tuscany most popular with British and
other northern European buyers can still find bargains. In parts of northern
Tuscany and Liguria, for example, it is still possible to find country
properties – albeit often in need of modernisation – for less than £100,000.
Although unlikely to figure on most people’s list of top 10 holiday
destinations, Germany has also become more popular with British investors
since it first appeared on their radar screens 18 or so months ago.
Attention has hitherto been concentrated largely on Berlin, where a
tradition of renting rather than buying means high-quality tenants and some
of the highest yields in Europe. Prices, which fell during much of the
1990s, may at last be starting to rise, thanks to the upturn in the German
economy.
Other German cities, such as Munich or Leipzig, could also prove attractive
places to invest, while buyers looking for a country house near a lake or in
the mountains will be surprised how far their money will go in Bavaria or in
the Black Forest, in the southwest of the country. Unlikely? Given the speed
at which things are going, bauern-hof (farmhouse) could soon take its
place in the property-buyer’s vocabulary alongside finca, riad and gîte. Now
there’s exotic.
The knowledge
Should I buy a new or an existing property?
New properties, often sold off-plan (that is, still under construction), are
usually touted as the hassle-free choice, but employ a good, local
English-speaking lawyer who you are sure is independent of the developers to
check the paperwork to make sure the building turns out as promised. Buying
an existing property, especially one to do up, can be more satisfying, but
don’t underestimate the difficulties. It’s hard enough dealing with builders
at home – just think what is it like doing so hundreds of miles away.
How do I pay for it? Remortgaging at home used to be the only option, but it
can make sense to borrow in the country in which you are buying. Rates will
also be lower in eurozone countries such as France or Spain, and even parts
of eastern Europe, than in the UK. Either approach local banks directly or
use a broker such as Fidentia Group (www.fidentiagroup.com)
or Conti Financial Services (www.mortgagesoverseas.com).
Will my property pay for itself?
With interest rates on the rise across much of the world, it will be difficult
to cover all your costs through letting out your property, especially if you
buy somewhere where the rental season is limited and you nab the best weeks
yourself. So, be realistic when you do your sums. If you choose well, you
should make capital gains, but be patient: it’s not as easy as it may seem
to make a quick profit.
What about taxes?
If you rent out your property, you will have to pay tax on the proceeds in
most countries, although you will normally be able to offset mortgage
interest and other costs against your income. HM Revenue & Customs will
also be entitled to a cut, and has threatened a clampdown on tax dodgers.
(An amnesty announced last month gives anyone who thinks they have underpaid
until June 22 to come clean.) You will also face paying capital-gains tax on
any profit made when you sell. You will need an accountant to guide you
through the maze.
Ones to watch
Brazil: The northeast coast, six hours’ flight from the UK, is good for
cheap beachfront property
Cape Verde: The jury is still out – infrastructure is poor and there
are concerns about overdevelopment
Germany: High rental yields make Berlin popular with investors;
property elsewhere is also cheap
Poland: Prices are rising strongly, confirming its appeal to investors
Spain: Haggle and you could get 20% off some new developments on the
costas
USA: A weak dollar and a market in crisis make for bargains
Why it is not mentioned about India? Sunny Beaches, friendly people, educated & english speaking majority, more or less safe, secure. Southern state of Kerala, Bangalore (Karnataka) are some of safest places. More details, browse www.indiaproperties.com
www.keralarealestate.com
www.majicbricks.com
Jacob, Doha, Qatar
I'm amazed that not Portugal was mentioned in the article at all. Portugal/ Lisbon is only a short flight away from London with many daily flights, a stable country with fantastic opportunities on Lisbon Coast -in Cascais Estoril, Blue Coast - Troia only 35min from the airport on a paradis peninsula
Angelica Heldt, Cascais, Portugal
It's true that Germans don't often buy, they rent but they barter hard for cheap rents & good property in cities with high employment & lots of tenants (and Berlin isn't one of these) is not always cheap. Properties don't sell quickly either. Fantastic country though & it is no.1 on my holiday list.
Alex, Durham, UK
Where does Portugal feature in all this ? I am amazed that people continue to forget about this fantastic country . Granted property prices are high in the most popular regions such as the Algarve yet upcoming regions such as the Silver Coast offer fantastic choices in property at realistic prices .
Colm Wilkinson, Lisbon, Portugal
i've been in cape verde a week ago to see property in the santiago island and was amazed with the quality of one of the developments - as opposed to the local brit developer who's offering a really cheap product. i am buying for a quarter of the price of the canary islands.
Simon Burke, London,
Does anyone know what the market is like in Switzerland? Not the famous resorts but smaller less well known ski resorts in central switzerland???
ross, glasgow,
You can not get more cheap and cheerfull than Albanian property market in Europe, the second suniest state in Europe with about 300 days of sun, where prices start from £ 30 000 in coastal towns of Velipoje-Shengjin-Durres-Vlore-Saranda.
Lec Neli, London, Albania
Everyone thinks Italy is expensive, we have an estate agency with over 350 properties under £40,000 but no-one mentions what excellent values there are in some parts of Italy.
nikki, pescara, italy
Love Cyprus. Cyprus has been lagging in the tourism stakes just lately, but with new EU status, expect to see many millions of Euros being invested in infrastructure and facilities. two new airports currently being built and the eastern end (Larnaca/Agia Napa/Protaras) is ripe for expansion.
dave, lincoln,
Never hear a word either about Turkey. !
Try the Turkey Herald its packed with information.your stories, experiences of life or holidays in Turkey. Istanbul seen through the eyes of a non-Turk, a foreigner. Sailing in Turkey,Turkish golf breaks,There is no-where quite like Turkey. www.turkeyherald.com
Major, Kusadas, Turkey
Agree 100% on Austria - the property market has suffered for years as its traditional market of German buyers dried up - but now lots of new buyers (Dutch, Russians, Brits) are stepping in to take their place. Go to top resorts Kaprun, Saalbach & Zell Am See, or for good outsider Gasteinertal.
Jonathan, Ruislip, UK
Germany seems to be a good bet taking into account that it is weathering the economic downturn. Due to the fact that they have not yet experienced a housing boom gives it some of the cheapest property anywhere in Western Europe. Unemployment is falling with major development in cities like Hamburg
Steven Major, London,
Well, I'm going to give a boost to a true gem not mentioned yet, the Lake Chapala area of Mexico. Air access from the UK is probably not that easy, but still I think not bad. My wife and I have a place there, and we and all our fellow 'snowbirds' refer to it as our little paradise. The area (in a low mountainous region) was rated by National Geographic as either the best or the second best climate in the world. The winter months see more-or-less constant temperatures of about 26C and invariable sunny skies. A really nice casa will cost around 100,000 pounds, and the cost of services, eating out (lots of great restaurants) etc. is VERY low by UK standards. Personal safety is second to nowhere, and the locals are very friendly to the many Canadian, American and (relatively few) Brits. It's really no problem if you speak little or no Spanish, but great fun to try. We all joke about slamming the door shut now that we're there, but there's room for a few more no doubt.
Jim McLaughlin, Calgary, Canada
There are excellent opportunities in the Caribbean as you mention in your article - St Lucia certainly one to watch!
Have a look at http://www.7thheavenproperties.com
Rob, London, UK
The bottom line is - buy a place you want to live in, somewhere you want to live. Relying on growth to sell and buy again is too risky. We've heard all the "hot spot" tips before - the Spanish Costa were touted as that not so long ago. I even heard Romania being touted as the best place for investment -but I wouldn't want to live there, it's depressing & corrupt - dire!
We bought in the Canaries - great year-round climate, great beaches, good infrastructure, solid economy, close to UK with lots of cheap charter flights. We got a place we want to live in (eventually) with great views close to the beach but also close to the main town. Just be sensible. A friend broke a bone in Cape Verde & had a nightmare experience with their "healthcare" so think beyond the $$$.
Wen, London, UK
20%? You must be joking!
Estate agents now use 'distressed sales' as a marketing tool for foreign buyers who haven't done their homework.
Phil in London (see above) is telling the truth.
Buy based on €/m2 of the build size stated on the title and don't let them kid you that a big garden is worth any more.
Build cost inclusive of everything except the plot are €1k/m2 so don't offer more than €1300-€1800/m2 for a villa and a lot less for apartments.
Prices will continue to dive in 2008/09 and will then take possibly 5 years to start to show any capital appreciation.
These figures are for the very best areas in Costa del Sol, other areas are worth considerably less.
Best to first rent and stay for a while to get a feel for the area and decide if you really want to own a property with all the attendant hassle abroad.
Remember £200k cash today can earn up to £13k/annum in a bank account. A months rent of a villa out of the high season can cost €600-€1200/month so do the arithmetic.
DiJit, Glasgow,
Temperate summers, lovely snow-rich winters, fantastic infrastructure, virtually crime-free (I leave the key in my car and never lock the door to the house), high-tech and sparsely populated. More than 10,000 lakes so if you like living by water - and who doesn't - this is a winner.
Universally excellent English and one of the healthiest climates in Europe. And the prices are very reasonable also (ridiculously cheap in fact outside the big cities).
Where - Sweden. 2 hrs from London with Ryanair for about £20 return. Google swedish cottage/summer house/villa.
But don't go telling everyone as the prices will only jump for the rest of us.....
Jim, Stockholm, Sweden
Would all potential purchasers of overseas property ,please, remember that people speak a foreign language abroad. The British are notorious for being unwilling to master another language and, therefore, if you can't master French you should, probably, avoid Poland. Actually, maybe you should avoid the continent and buy in Blackpool.
Marc, Paris,
If you want a bargain, look no further than southern Spain.
I bought a 3 bed 3 bath townhouse (off plan) nearly 4 years ago, and can't sell it for cost price (i.e. pre-construction). Fantastic price, fantastic location - but just no buyers. Anyone interested?...
Phil, London,
I think by far the best property market today in Europe is in Albania. I.ve come to think of this because almost every other property market ia mature and overprised where Albanian propperty market is very cheap but growing faster, in particular the coast of Albania. The country of Albania is the second suniest country in Europe after Spain, it is virgin in the sens that is not overbuild as the rest of Europe and last but very importantly there is not tax on property sale or income, it is taxfree and the yield is quite high, baring in mind that it is in Europe on the northern border of Greece.
L Nelushi, London, United Kingdom
Malta is the best. The population are the friendliest on the planet, and the British all love their way of life - which is just like home. Everyone speaks English, and the sun shines most days.
Property prices are cheaper than in the UK and mortagages are freely available. They join the Euro on 1st January 2008 so interest rates will be lower than in the UK.
France Scicluna, Bromley, UK
And no mention of Dubai where there is no tax on capital gains, high rental yields and 120% cpg in some areas!!!
Manu, Marbella, Spain
I've just been checking out Mexico as a possible retirement option. On a retirement visa you have to prove USD$1,000 per month income but that's the end of it, as far as I can ascertain.
Many of the other correspondents are young, or investors. I'm a retiree about to be managing on a very small income. Europe seems out of my league but I'be interested to hear if anyone has ideas for other locations.
Lindsay , Odiham, UK
I heard Hermanus in South Africa is ripe with opportunity
Andrew, London, UK
One could always choose to stay in the UK..and invest in Mosques...
Theresa Tucker, Southamton, uk
As a former UK resident I have bought in NZ, Canada,and the USA.. around 15 years spent between the three, all three deals went through without ANY problems or stress. LTS to live in Europe.
Having sailed around the world and visiting over 70 countries I don't think Europe has a lot to offer of late.
i Foster, cloudburst, TOW
Thinking of buying abroad? My advice is don't. What no one ever tells you is how difficult it is to sell up again and extract your capital investment with or without the associated capital gains. And if you don't speak the native tongue sufficiently well to dissect that country's legislation you are forever at the mercy of solicitors who may, or may not, be working towards your best interests, but will always be lining their pockets. If you value your blood pressure, rent a villa instead. Life is too short.
A Carter, London,
Annual percentage increases can sometimes come from the prices that the Developer releases for later phases. This is not always reality, try selling flipping the property back to the original Developer at a profit for you ut a discount to hsi/her current prices !.
Annual gains on paper are just that, does Brazil, etc, have a resale market ?
Phil, Cheshire,
what nabout greece .I was on holiday in rhodes 3rd time and i love it there 10% growth i believe.
gilbert grossett, broughty ferry , tayside scotland
little Uruguay, the Switzerland of South America, is also certainly worth a look. Homes in the glam resort of Punta del Este, where many European expats spent the Northern hemisphere winter, are still inexpensive.. A very reliable property adviser there is an ex-Londoner who runs the property consultancy business,
www.uruguayproperty.com
James Brewster, Chester,
Yes! the article is correct! 6 hours to Brazil!!! it does mention NORTHEAST!!!! obviously, you don't have 6 hours to Rio de Janeiro which is much more south. The question would be, which airline flies direct from UK to northeast Brazil.
Maria Eugenia, Chester,
Bunty, Castlbar, Ireland asked why the West is so anti turkey? Beats me!!! The 1st reason to come to mind would be religion. I guess Turkey just needs to find out how Dubai and possibly Morocco, have gone about it.
I have come across some really fantastic deals in Malaysia, Thailand & Phillipines. I would love to invest, but much too faint hearted - the distance and memories of the tsunami, cripples me evertime i think about it.
Has anyone invested???
Yinka, London,
I just bought my second apartment in Venezuela- ok I'm pretty aggresive. The first has gone up 6x in price in $ over the last 4 years and thel oan in bolivars is peanuts- 10%fixed for the term with inflation at 30% p.a. The second has gone up 30% since I put the deposit down- in local currency and the local currency has devalued 15% in the last few months so my loan is running quite nicely. Definatly a roller coaster- anyone interested - not for widows n orphans- but try Margarita- or what the hell Merida venezuela- try www.tuinmueble.com
brazil is 16 hours! venezuela around 12
oscar, london,
Brazil 6 hours flight from the UK? Come on!
Mick, London,
Why do people come on here and indignantly quote, "I'm glad you didn't mention (insert where they've bought), that leaves it unspoilt for the rest of us"! Surely you have just raised its profile?
Another favourite is, "Get in while you can this place I've bought is by far the best because..."
Its like a competition for you sad people all hoping to be the next Donald Trump. Why can't you just be happy with where you've bought? When I buy abroad it will be for one of three reasons;
1) I like spending leisure time there
2) I will retire there
3) I will be working there
David, Lincoln, UK
Arizona. Endless sun, gorgeous countryside, and distress sales are just beginning. Does a nice 2-bedroom desert getaway with mountain views for 60.000 pounds sound enticing?
TC, Green Valley, AZ
No mention of St Barths in the French Caribbean, or of Mustique in St Vincent and the Grenadines? Please update your listing.
James, Bridgetown, Barbados
As a real estate agent I think what ever area you choose you should always consider liquidity.
Who can you sell it to if you needed to get out?
Is there an end user market?
Does any one actually want to retire to, live or work where you are buying? What would be theri budget?
Even in smallish area like the Costa del Sol, some areas are extremely popular why others just 10 minutes away seem impossible to sell.
Gary Stevenson, Marbella, Spain
So glad you didn't mention the western Algarve, we can have this paradise to ourselves.
Jose, Lagos,
Why do you think Bulgaria looks gloomy? People entered the market there in 2002-2003. Is there any other East European country with both warm sea and ski resorts? Affordable. It is simple - sq.m. in Bansko goes still for 1200-2000 EU (resales start just now) , in the French ski resorts - 6000 EU. The snow is the same - white powder from December to end April. On top they started building signature golf courses on the Black sea (Nicklaus, Garry Player, Ian Woosnam) and in the ski resorts (Bansko). They build a lot but do have a tourist industry, well needs improvement
John, London, UK
Having just returned from the Cape Verde islands , over development could be a problem as some developers are constructing anywhere between 600- 900 unit resorts. This is true on the island of Sal.
Boa Vista, another island has a small resort of 47 units, but there are 2 larger off plan resorts near by. However the pure white sandy beach stretches enough for these 3 resorts to be close to one another.
The estate agents and developers are saying that the Cape Verdean government does not want to exploit their beautiful land and that there are tighter building regulations now. The weather is perfect year rpound as it is on the same latitude as Barbados-----with only a 5+ flying time vs. a 10 hr. flight. The islands are known as the European Caribbean.
Sal has 2 medical clinics,one Spanish the other German and a hospital is being built. In Boa Vista a hospital already exists and they are building a new one.
Deborah, Molesey, Surrey
Still the cheapest well kept secret is Flanders coast
good connections to the UK ,appartmens with seaview or a house within walking distance from the beach costs often less than in France and in winter there are all these beautiful cities to visit like brussel brugge gent antwerp.Most People speak english wich is handy also.
yvon, Gauteng,
Samantha, Hereford, UK. I wish you luck geniunely.
But few Italians (ignoring those with Calabrian roots and hence family connections) would buy there.
Things can take ages unless you know someone, its disorganised and probably the one of the worst run regions of italy next to Campania. Thats forgetting the organised crime, not mafia its called something else.
Its cheap for a reason...
terry, london,
No mention of Calabria in southern Italy in the list either?
Underpriced and as yet overlooked, yet this is a stunning part of the world and it gives you all the security of already being a member of the EU. As long as you use a good English speaking lawyer, we've found buying off-plan here has been straightforward.
Samantha, Hereford, UK
Thank goodness overseas property columns overlook Turkey.
Those of us who have bought and spend tıme here know that for climate,wonderful Turkish people, quality of life at two thirds the cost of UK, and above all excellent building quality hassle free with 20% growth know our secret is safe.
Roy Perry, Nottingham, UK
Never hear a word either about Turkey.
A real gem and none of the buying problems that Bulgaria has or some of the other former communist countries.
Why is the 'West' so anti Turkey?
Bunty, Castlbar, Ireland
Why no mention of Mexico?
We bought property in Playa del Carmen two years ago. The first year we spent about six months in the UK and six months here. Last year we moved here permanently.
In these two years we have seen our investment appreciate 90%. The market is booming.
Yet, property prices are still lower than many other prime seaside resorts around the world. Especially so as the dollar is so weak. The infrastructure is in place, Services are excellent and an equal living standard is much less expensive than in the UK.
The downside is the bureaucracy and the mañana attitude. However, one can and does accept this in exchange for the life style.
Philip Young, Playa del Carmen, Mexico
Well, I'm in Riga at the moment about to sell my off plan flat which I've had for just a month.
Don't always believe what the stats say when they talk about prices here going through the roof-there is oversupply here & banks are no longer willing to lend to foreigners at enticing rates/high LTV's as they can see the market struggling with all the buy to lets....
Good luck
Nic, Southend, UK
Not heard mention of the Atlantic Provinces of Canada. Only 5-6 hours from the UK, English speaking and houses and land for the price of a garden shed from Argos.
Harvey, Nottingham, UK
Does the word pop ring a bell. The bubble is now global and when it goes, it's going to be big.
The Weasel, Cape Town,
Knight Franks GHP index may look enticing but how many of these investors have actually cashed in and sold their properties. Its only worth what the market will pay not what an agent speculates. How many 2 bed appts are for sale in the costas and who really thinks france needs more gites?
Ade, Kent,
Actually, "mamdom" (or rather mam dom) means "I have a house" - since you ask : )
Joanna, Poznań,
Kaprun. The Austrians like the brits. Speak to Erwin at Taffeisenbank. He will help you with a mortgage, introduce you to the architect, developer etc.
simon jeffs, Marlow, Bucks
I think Austrian prices in key resorts are set to rocket.
New properties in Kaprun have gone from 300EU per sq metre to 450EU per sq metre in one year. Anything new is being snapped up. Why? Prices are still very low. There is massive investment in skiing infrastructure and Kaprun is getting Spa town status and there is massive investment in a Spa.
Get in while you can.
simon jeffs, Marlow, Bucks