Major Price Falls in Overseas Properties Unlikely, Expert Claims
If you’re hoping for a major drop in the price of property abroad, you could be in for a long wait. That’s the claim made by one overseas property expert, who believes that UK buyers have high expectations that property prices in foreign climes will fall, but are going to be disappointed when they don’t.
“The current credit crunch is giving the UK buying public expectations of dramatic price reductions, but this is a misconception with the overseas high end market,” said Serge Cowan, managing director of Unique Living.
“The world is a big place, the UK market - although important - is not essential, so buyers holding back or expecting major price falls in overseas property hot spots (marketing at £500,000 or above) are going to be disappointed.”
Instead of pinning your hopes on unrealistic aims, Serge suggests that buyers would be wise to look to regions where growth is still strong. “Even though they may lose on the conversion, they gain on the capital growth,” he explains.
One region he highlights as being a good example of an area where there are prices for all budgets, plus steady capital growth and good possibilities for renting is the French Riviera. The Cannes Film Festival and the Monte Carlo Grand Prix alone bring a multitude of wealthy people desperate for accommodation.”
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