My Property Abroad

London Tops The Property Hit Parade For Serious Investors

2010-01-20T07:39:00.000-08:00

London came out top of the international property pops for commercial real estate investment according the Association of Foreign Investors in Real Estate (AFIRE). Nearly 200 members, who together own property worth $842 billion internationally were asked to rate investing in cities and countries.

In the city stakes London' easily came out top, a massive 31 points ahead of second-place Washington, and 40 points in front of third placed New York. London's great leap forward was dramatic – in 2008 it only rated a close second.

AFIRE investors saw prices having already bottomed in London, while in the US further declines were expected before prices turned up. Or as James Fetgatter, AFIRE chief executive, put it :

"London currently offers investors the advantage of a "re-priced" market."

On a country basis, despite the possible price dip to come, the United States with 44 per cent was again voted "most stable and secure real estate investment environment."

Germany came second with 21 percent of the vote, reminiscent of a forgotten Eurovision song contest...

"The financial crisis of the past year has obviously affected investors' perceptions of U.S. real estate as 'stable and secure,'" said Fetgatter. "However, it is also apparent that opportunity lies within this instability since the U.S., along with the UK, show substantially higher scoring for expected capital appreciation."

While just over half said the United States - where prices are off more than 40 per cent from all time highs - would likely afford best price appreciation going forward, the UK came a creditable second, perhaps surprisingly beating China, which has had a roaring 2009.

The type of property most favoured by investors was housing estates and flats, with other more business-oriented construction and property seen as somewhat less rewarding. It would appear the pro's are once again expecting housing to lead the recovery in 2010.

Meanwhile data released by Rightmove this week showed UK housing up for the year, in line with reports from the Halifax and Nationwide.

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Cyprus Property Sales to Foreigners Increasing

2009-12-15T03:45:00.000-08:00

Foreign buys of property in Cyprus saw a shock increase last month, up from 117 the month before to 158.

This is not the first time sales have risen on the month, nor is it the highest number of monthly sales this year, but what is significant is the size of the increase at this time of year when sales traditionally slide off.

It is highly unlikely to be a pure coincidence that this rise in sales against the season comes as the government and Cypriot legal institutions have been working hard to resolve the problems over Cyprus title deeds and have begun to make some headway. Firstly with Cypriot lawyers revealing how buyers could cut out the middleman and get their own deeds from the land registry, and more recently with the Cypriot government enacting legislation to allow them to do this without going through the courts.

It is also no coincidence that Cyprus should start to benefit from the recent increases in British demand for overseas property.

Cyprus has been named as the site of the second Euro Disney world, which will boost tourism to the region surrounding the chosen site massively.

The Cyprus government also gave permission to build 14 new golf courses on the island; permission was granted last year and construction has started on one of the courses. Golf represents a massive portion of why Brits choose Cyprus property and new courses can only boost tourism and the property market.

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UK Commercial Property Posts Record Monthly Increase In November

2009-12-10T03:15:00.000-08:00

A respected barometer of UK property prices, the CB Richard Ellis Monthly Index (CBRE), came in at a figure that must have startled most observers, many of whom were warning that commercial property was going to be 'the next shoe to drop'.

Completely confounding the pessimists, the investment returns on British commercial property surged in November by the biggest amount since records began nine years ago.

The monthly rise in mean value of 2.7 percent was the fifth straight increase in a row according to the CBRE.

Values have been from a depressed level since July, when they hit a low of negative 44 percent compared with the bubble heights reached in mid-2007. However since then the rebound has been sustained and steady, with this months figures suggesting accelerating growth.

"The strength and depth of current investor demand seems destined to lead to a continuation of the very strong returns seen in recent months into next year," said David Wylie, head of Economics and Forecasting at CBRE.

Nevertheless there are still plenty of investors worried that Britain's commercial property market, second in Europe only to that of Germany, may not be able to sustain its present rate of growth. Concern is rising that a short-lived sector recovery is in store if values rise too far ahead of the general economy and rents .

"However, the prospect of more significant increases in supply coming through, and the generally weak rental growth outlook, may act as a brake on the strength of the recent recovery," David added.

Retail warehouses, up 4 percent, and shopping centres, up 3.9 percent, led the November surge. On the negative side, the ongoing decline in average rental values continued, with rents falling by 0.3 percent in November. However the rate of decline was lower than in October, suggesting rents may be stabilising.

Though rental income was down 9.3 percent from a year ago, a CBRE consultant pointed out that total return on sector investment, taking into account rental income and capital growth, managed to rise to a record 3.4 percent for the month of November.

Last week the major UK mortgage lender Nationwide reported that British domestic property also rose last month - by 0.5 percent.

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Montenegro to Benefiit Most from Visa Free Travel Extension

2009-12-02T06:30:00.000-08:00

The EU has agreed that residents of Montenegro, Serbia and Macedonia should be permitted to travel visa-free throughout the EU, after the European Commission suggested it last month. Visa-restrictions for the three will be lifted on December 19th.

The EU has kept visa-restrictions in place for Albania and Bosnia-Herzegovina, but it is hoped that visa-free travel can be extended to them in due course, when they have met the necessary requirements as part of the EC roadmap.

All three nations will undoubtedly see economic benefits from the move, through increased tourism and easier trade with EU nations. However, Montenegro is likely to see the biggest benefit.

Serbia and Macedonia are both landlocked, and now that it is not a visa job, residents from both countries, will undoubtedly make trips to the gorgeous Montenegrin coast. The same goes for residents of all EU countries.

Montenegro is known as one of the most beautiful places in the world, and with some of the best beaches in Europe. So much so that it attracted the likes of Prince Charles and singer Lulu in its heyday during the 80s. EU members being allowed to holiday in Montenegro visa-free will undoubtedly boost tourism significantly.

It will also boost foreign property investment in the country. Montenegro had grown into a highly popular destination among foreign property buyers in 2006 and 2007, but demand has plummeted during the downturn. Now that things are beginning to recover, the fact that people can travel to Montenegro for an inspection trip without having to go to the hassle of obtaining the correct visa, will undoubtedly assist in increased activity in the property market.

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Canada Biggest Jump in New Home Prices Since Jan08

2009-11-17T05:38:00.000-08:00

New data released yesterday (Thursday) by the federal agency Statistics Canada (Statscan) showed new home prices rising in September faster than at any time since the beginning of 2008. The positive reading of 0.5 percent surprised market observers and is yet another in a string of recent indicators reflecting on the country's strong housing market.

As a result the year-on-year decline in prices eased from 3.1 percent in August to 2.7 percent in September.

Vancouver and Ottawa-Gatineau lead the way with 1.4 percent and 1 percent rises respectively while Windsor, Ontario recorded the biggest decline. Statscan said the jump in the new housing price index was largely due to improving market conditions and consumer confidence.

n the same month permits for housing construction jumped 9.4 percent and the federal housing agency CMHC is looking for a 26 percent rise next year in Toronto.Stewart Hall, markets strategist at HSBC Canada said sales were above pre-crisis peak levels, citing pent-up demand and rock-bottom interest rates as market drivers. Writing to clients he reported "Real estate has been the economic surprise of 2009....Today's new home price data seems to be pointing to an inflection point."

Thomson Reuters noted that the 0.5 percent rise beat the forecast of every single one of 15 analysts polled.

However housing market buoyancy is not yet reflected in other sectors of the economy, with some recent data questioning a wider economic recovery, and throwing into doubt the Bank of Canada's prediction of 2 percent annual growth in the third quarter.

Exports are expected to be weak, and a second Thomson Reuters poll is predicting a merchandise trade deficit of C$1.75 billion in September. We will soon see if the trade figures, due out later today, will follow housing and surprise to the upside. Even weakness in this sector could add to house-buying momentum if it persuades the Canadian Central Bank to delay interest rate rises.

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Top 10 most Popular Overseas Property Destinations in October

2009-11-17T05:30:00.000-08:00

It is amazing the difference that the foreign exchange rate currently makes to the popularity of an overseas property destination. In October Turkey property became the third most popular with those searching for property on Property Abroad.com -- a climb of 3 places on the previous month.

It is surely no coincidence that the pound spent most of October really weak against the Euro, and strong against the Turkish Lira -- especially when you look at previously monthly charts showing the same results.

America and Spain held their positions in 1st and 2nd, and Greece retained its position in 4th. This left France down two places as 5th most popular in October.

Germany is another surprise; climbing two places to steal 6th most popular in October, putting Portugal back to 7th after being 5th most popular in September.

But the biggest surprise has to be the return of Canada to the chart in a very respectable 8th position. Canada has always been one of the favourite locations for Brits to emigrate, but because of the recent positive data on the Canadian housing market, this has to be considered as signalling increasing interest in Canada property from foreign investors.

Finally Cyprus held the same 9th position as in September, and Italy was in 10th having fallen back 3 places from being 7th most popular in September. The full results -- with September's position in brackets -- are as follows.

America (1)
Spain (2)
Turkey (6)
Greece (4)
France (3)
Germany (8)
Portugal (5)
Canada (NE)
Cyprus (9)
Italy (7)

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Spanish Property Market has Hit Bottom Debate Over Recovery

2009-10-30T05:12:00.000-07:00

The Spanish property market has hit bottom, but prices are unlikely to see any growth until 2011 according to a partner of the Knight Frank estate agency.

"If you put a home on the market at a 35 percent discount to highs from three years ago, and partially-financed, prices are going to stay at these levels until 2011," Prieto told Reuters in an interview.

But for sales to go ahead, properties need to be located in prime areas within cities' metropolitan circles.

"If you're trying to sell somewhere like Valdeluz or Sesena, 100 kilometres outside of Madrid, forget it. Properties on the coast or with these kinds of setbacks are going to be stalled for years," Prieto said.

We disagree about 1 thing, the coastal properties. Spain continues to be one of the most popular destinations with British buyers of overseas property. The fact that prices have fallen and bargains can now be found is unlikely to do anything to change that fact.

British buyer numbers are increasing in overseas property markets around the world. Spain has been slow to see the real benefit of this because of the repossessions problem, and because people are trying to wait just long enough to buy out the market -- as in to buy a property at the lowest price possible.

When this waiting period is over, and/or when credit conditions improve it is likely that the coastal areas that have not been overdeveloped will recover quite strongly based on increasing foreign demand.

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Spain House Prices and Sales Stabilising

2009-10-16T03:30:00.000-07:00

Released on Tuesday, National Statistics Institute data showed the number of houses sold in Spain fell 8.2 percent in August, after rising for the previous three months.

On a yearly basis sales were down for the 20 th consecutive month. Here we see what is called by market analysts 'divergence' – where there is a discrepancy in the market direction shown by two indicators. Often such a technical anomaly is indicative of an imminent trend change.

The report went on to state that the year-on year volume drop of 9.9% in August (34,019 homes sold) compared with a year-on-year decline of 20.3 percent in July, and a record 47.6 percent drop in April. In other words the rate of annual volume decline is slowing. Of course making predictions is difficult, especially about the future. However it may well be that, now into the last quarter of the year, we will see sales volume stabilise, judging by these data points.

On Thursday a Spanish Housing Ministry reported annual house prices also fell – by 7.8 percent in the third quarter, up slightly from a record 8.2 percent fall in the second. Another survey by the private surveyors Tinsa came in with an 8.3 percent year-on-year fall in September compared to a 8.9 percent fall in August.

However the SHM also reported that the drop between quarters was much less, 0.9 percent compared to 1.9 percent last time. Once again, after steep falls, prices are levelling off, with a drop of under 3% over the past 6 months.

A recent poll showed that Spanish and foreign-based economists expect prices to fall on average to fall 32 percent from their 2007 peak. However, in markets, expectation is often the mother of disappointment. The global slump has lead to a collapse in new developments in Spain, meaning that supply of new homes could tighten going forward. Coupled with the divergence noted earlier in the article we could easily see Spanish property prices recovering as we move into the new year.

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UK RICS report The Party is not Over

2009-10-13T02:09:00.001-07:00

With the conference season over, it seems party leaders have done nothing to unsettle international confidence. The credit ratings agency Moody's Investors Service, in an interview with Reuters on Monday, indicated that past 3 weeks of political posturing had reinforced Britain's triple-A rating.

As the 175-billion-pound rescue package by the Bank of England feeds into the economy, Britain is beginning to emerge from the steepest recession in decades.

While analysts believe the Bank is close to withdrawing quantitative easing (QE) opinion is divided over exactly when. Gordon Brown, speaking to a business audience this week showed he was wary of reducing QE too soon. Then again he would say that with a general election looming.

Meanwhile the stimulus package continues to feed through to house price recovery.

The latest Royal Institution of Chartered Surveyors survey for England and Wales released on Tuesday showed house prices rising at their fastest rate since the credit crunch began more than two years ago.

22 percent more RICS surveyors reported rises than falls in the last quarter, the highest reading since the credit crunch began.

This reinforces recent reports by the major mortgage lenders showing the falls of last year are being reversed by record low interest rates and a continuing tight supply of property for sale.

The RICS survey showed demand continues to outstrip supply in the real estate market, helping the key forward indicator ratio of sales versus inventory to rise for a ninth consecutive month to its highest level since December 2007. Unsurprisingly the majority of surveyors questioned expected the current upward trend to continue through the next quarter.

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Top 10 most Popular Overseas Property Destinations in September

2009-10-13T02:03:00.000-07:00

The latest edition of Property Abroad’s monthly top of the props has shown what a lot of industry data has shown in recent months; that buyers are increasingly favouring established markets. In September there was increases in popularity for Spain, Portugal, Greece and Germany.

Firstly, America continues to hold 1st place. Spain regained the second position it lost to France in August, France slipped back one into the 3rd place Spain held in August.

Turkey lost 4th place to Greece, which rose 1 place from being 5th most popular in August. Turkey slipped back to sixth place, with Portugal cheekily snatching 5th having held 7th last month.

Italy slipped back one place from 6th in August to 7th in September, possibly on reports that Italian property prices still have some room to fall.

Germany entered the chart in 8th place. This is most likely because Germany represents the pinnacle of a safe, stable established market. German property values have held throughout the crunch. This also reflects investors move toward buying based on rental income rather than capital growth.

Unfortunately for Cyprus, Germany’s entry into the chart knocked it back one place into 9th position. Egypt, also a new entry into the chart took 10th place. Australia, a new entry in 9th position last month was knocked back out again.

The top 10 most popular countries with those searching for overseas property on the Property Abroad.com portal in September were:

America
Spain
France
Greece
Portugal
Turkey
Italy
Germany
Cyprus
Egypt

And last month:

America
France
Spain
Turkey
Greece
Italy
Portugal
Cyprus
Australia
Germany

British Speaking Commonwealth Countries May Raise Interest Rates

2009-10-07T13:47:00.000-07:00

Technically Australia has managed to avoid recession altogether, seeing a contraction in its economy only for one solitary final quarter of 2008. Therefore it came as no surprise on Tuesday when Australia's central bank hiked its main interest rate to 3.25% from 3%, becoming the first G20 nation to do so.

In an upbeat economic assessment released to coincide with the rate increase, the bank noted house prices and mortgage lending were both growing at a solid pace. Confirmation of this assessment came today (Wednesday) when positive Australian housing and construction data added to the evidence of economic recovery. Strong demand for homes in the past year has been due to strong population growth and 50-year-low mortgage lending rates.

As the global economy bounces back, Australia is front-running the recovery. It is the only country in the developed world to show economic growth in the first half of 2009. While in the United States and Britain house prices were falling as financial and economic crisis unfolded, Australian house prices held up remarkably well, rising 4.2 percent in March-June.

The housing market accounted for 27 percent of all loans issued in August, and an increase in commitments by home-buyers saw investment lending surge 7.6 percent this month.

New build home construction loans rose 4.6 percent in the same time period, up 69 percent from a year ago and a nalysts now think that pent-up demand for housing and a growing population will foster a housing construction boom into 2010.

Such positive data backs the view that the Reserve Bank of Australia (RBA) will keep lifting interest rates in coming months from 'emergency' low levels. David de Garis, senior economist at National Australia Bank agreed with this view, saying 'Overall, this adds to the litany of other hard economic evidence that the recovery is well and truly emerging and there is absolutely nothing in this report to dissuade the RBA from lifting the cash rate again in November'

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House Prices Still Rising As Banks Increase Lending For Property

2009-10-07T13:43:00.000-07:00

New figures from the Halifax released today show UK house prices rising for the third consecutive month in September, the first quarterly increase for two years. Increased demand and a lack of supply were cited as key to the rise.

Courageously hedging his bets Halifax housing economist Martin Ellis noted this 'could change and "constrain" prices in the coming months given the economic climate.' according to a new BBC report.

The Halifax said that while prices in the three months to September increased by 2.8% compared with the previous quarter to £163,533 the annual rate of change showed a drop of 7.4%.

Meanwhile the Land Registry recently said that house prices in England and Wales dropped 9.4% since August 2008 bringing the average home price to £155,968.

Both of these reports contrast with the Nationwide who said last week that prices in September had returned to the same level seen a year earlier.

However, there is general agreement that low interest rates and fewer properties on the market have been supporting the recent recovery in prices. Furthermore it seems the credit squeeze may be over.

Even as Brits cut back on consumer debt, as we reported last week, property lending is rising. Figures from the Bank of England show mortgage approvals have risen through most of the year. And a recent survey published today summarises “The international real estate lending market has improved in the second half of 2009, with more banks willing to lend sums over 20 million pounds on British commercial property”.

UK house price chart

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Bulgaria property market shows signs of bottoming

2009-09-14T13:27:00.000-07:00

Reports are circulating of a Bulgaria property market bottoming out, after price falls that started at the beginning of the year slowed in the second quarter.

In our opinion, it is highly likely that Bulgarian property prices will endure a period of stability, and possibly even growth in the near term. This is because demand is starting to rise again for overseas property, and markets, like Bulgaria are proving to be among the favourites because they offer cheap property that has fallen further in price due to the international downturn.

Of course, Bulgaria still faces problems of over-supply in the most popular locations, i.e. Bansko. But in this, the credit crunch has actually benefited Bulgaria, because it has given birth to a new type of property investor, the type that does their own research and finds the best locations, rather than just following the herding masses to the most popular areas.

For this reason, people aren't just saying, ah Bulgaria isn't good because of the over-supply, they are saying: yes Bansko does look a little crowded with similar properties, and that is pushing down prices, but let's look around and see if we can find the next Bansko and make a killing as it becomes popular, or looking for a place that may never be "popular" but where stable demand will give them stable rental returns and impressive growth over the long-term.

In that respect, the Bulgarian property market could end up doing better during its recovery than it did before the fall.

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Egyptian Property Highlighted as Investment of the Future

2009-08-24T14:03:00.000-07:00

Egypt has been highlighted as an overseas property hot-spot of the future, according to an article on the Overseas Property Mall blog.

In the article, well known property expert Liam Bailey said that while Egypt property prices are quite capable of growing very quickly over the short and the long-term, the unfair distribution of wealth in the country means there is very little demand from within the largely impoverished local population and this leaves property in Egypt investors at the mercy of foreign buyers.

The Egyptian government is busy trying to improve the situation though, now that their efforts to increase foreign investment inflows have paid off and require less of the government's attention.

In my opinion there is a good chance that Egypt can improve the distribution of wealth in the country, because they have plenty of economic growth to work with.

Even as the world endures one of the worst global recessions in almost a century, the International Monetary Fund is forecasting 3.6% growth in the Egyptian economy this year. Though this is much slower than the 7% averaged in recent years it is still impressive in the current climate. Growth is then forecast to slow to 3% next year, with inflation being brought down to a much more respectable 8.5%, from over 16% this year.

On top of that, to offset any doubts about whether Egypt can bring more of its population out of poverty, are the low property prices in the country and the exceptional rental yields this makes possible.

2 bedroom apartments near the beach in Hurghada can be bought off plan for less than £20,000, and rented out for £385.00 per week. This gives a 25% gross rental yield on 10 weeks occupancy.

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Portuguese Government Still Predicting more than 3 percent Contraction in 2009

2009-08-24T13:59:00.000-07:00

Portugal was one of several countries to see a growth in GDP in the second quarter. The 0.3% growth sparked hopes that its recession may be over, along with much of Europe.

However, yesterday the Portuguese government announced that it was not changing its forecast for 2009 of a 3.4% contraction overall for the year.

France and Germany made the headlines when they both saw GDP growth of 0.3% on the previous quarter. The headlines surrounded the fact that this may suggest that the European economic recovery is well under-way. So it is surprising that the Portuguese government expects Portugal's economy to fall back into negative growth -- one must wonder if they know something we do not.

Portugal's economy has become service orientated since it joined the European Economic Community in 1986, and has been growing in popularity as a destination for overseas property buyers and investors ever since the first signs of over-development began to emerge in Spain's most popular areas.

According to Liam Bailey a sector specialist SEO copywriter, lifestyle buyers are very much prevalent in the market.

"Portugal is not exactly a hot emerging market so it is often over-looked by pure investors, but it is very much one of the favourites in Europe with lifestyle buyers and holiday home investors," he said.

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Top 10 most popular overseas property destinations in July

2009-08-07T06:24:00.000-07:00

America has taken top spot for the second month running in the Property Abroad.com top 10 most popular destinations with those searching for overseas property on the site.

Spain has now been relegated into second position for 2 months running; holding 2nd place again in July.

In fact the chart is the same as last month's until you get to position 5, with Greece and France holding the same 3rd and 4th place respectively in July as they did in June.

The first change is that Portugal and Turkey have switched places, with Portugal climbing 3 places to steal 5th place from Turkey in July, while Turkey has fallen back 3 places to take the 8th position held last month by Portugal. Portal director Les Calvert said of the change:

"This is undoubtedly because the British Pound has continued to strengthen against the Euro, whilst the Turkish Lira has been regaining some ground against Sterling. This confirms our suspicions last month that the weak Lira was behind Turkey's popularity."

Italy and Greece were 6th and 7th most popular in July, the same positions they held in June, and finally India and Bulgaria have swapped places; with India being 9th most popular in July, and Bulgaria 10th most popular.

The full results of the top 10 are as follows:

America
Spain
Greece
France
Portugal
Italy
Cyprus
Turkey
India
Bulgaria

And last month:

America
Spain
France
Greece
Turkey
Italy
Cyprus
Portugal
Bulgaria
India

Northern Cyprus - a buyers dream

2009-08-04T03:19:00.000-07:00

We have just arrived back from Northern Cyprus following a one week fact finding mission in which we visited many of the new and existing property developments in Northern Cyprus.

We were very impressed with the quality and choice of properties for sale in Northern Cyprus not to mention the unbelieveable prices of some of the properties including resale properties.

Apartments for sale in Northern Cyprus start from as little as £24,000 for a 2 bedroomed apartment with mountain and sea views. We looked at a 5 bedroomed villa with large swimming pool and outside terraces including a seperate outdoor building that was currently being used as a granny flat on a donum of land for a mere £240,000 - what a bargain.

Prices in Northern Cyprus have a long way to go before they can catch up with their southern partners but I think obviously this will not happen until reunification or twin state status is applied to the island.

It's a great shame because the Northern Cypriots are a very friendly people and the area is beautiful with some magnificent properties and views.

If you are considering buying a property in Northern Cyprus then ensure that you use a lawyer and check that the title deeds are pre 1974 or if you are building on land ensure it is virgin land (never been built on before) other than that - I personally would have no hesitation on buying property in the north of Cyprus.

Steady property values can be found in portugal

2009-07-31T13:17:00.000-07:00

Investors considering buying property abroad might wish to consider a purchase in Portugal where values are relatively steady, it has been claimed.

According to Nick Barnes, a partner in residential research at real estate firm Knight Barnes, the overall value of real estate in the Iberian nations has risen by between three and four per cent annually for six years.

He told the New York Times that the country has never offered particularly high growth with regards to values.

This was attributed to the limited number of overseas investors buying property in Portugal and the "relative lack of wealth" in the country.

However, he commented: "It's slow, steady stuff, which is arguably more sustainable."

The expert claimed that buyers of property abroad in Portugal could expect to pay an average of €1,180 (£1,020) per sq m.

Mr Barnes explained that there has not been a major property boom in Portugal of the kind seen in Spain.

However, this has meant that the country's real estate market has been not experienced the huge bust that hit the sector in the neighbouring nation.

Portugal's stability was also highlighted recently by the Guardian, which cited figures from Global Property Guide indicating that in the Algarve there was only a decline in prices of 4.4 per cent in the year up to September 2008.

French property prices drop two per cent

2009-07-31T13:11:00.000-07:00

The cost of buying property in France has only fallen by about two per cent, according to recent figures.

Data released by Century 21, the country's largest network of estate agents, revealed that over the 20,500 transactions in the last six months, there was only an average decline in prices of 2.12 per cent compared to the same period the year before.

While the number of transactions in the second half of 2008 fell by more than one-quarter, during the first six months of 2009, the number of purchases rose by 23 per cent, reports French Property News.

Laurent Vimont, president of Century 21, attributed the renewed activity in the sector to the low interest rates available in the country, claiming they had "breathed new life into the market".

The findings are consistent with the trends identified by the Federation Nationale de l'Immoblilier (FNAIM), which said prices in the country are remaining relatively steady despite the economic downturn.

This could be encouraging news for those considering buying property in France in the near future as their purchases are unlikely to depreciate significantly in value.

According to the FNAIM, there is likely to be a "soft landing" rather than a massive crash in the French property market.

Homes Overseas recently claimed that the resilience of France's residential property market is due to the long-term lending policies in the country.

Places to visit in Lyon

2009-07-22T14:35:00.000-07:00

Visitors to the Rhone Alpes region will find plenty to do in Lyon, the second largest metropolitan area in France after the capital.

The old town is a United Nations Educational, Scientific and Cultural Organisation World Heritage site and features magical courtyards and alleyways as well as stunning monuments.

Those who buy property in the city will be able to explore the numerous restaurants in the town, of which there are more than 1,500, according to France Guide.

Architecturally, the city is beautiful with some fantastic old buildings throughout - about 300 of which are illuminated each night.

Those who visit the city should make sure they do not miss out on a trip to the Maison de la Danse, where the finest choreographic arts are on display.

Some 400 dance companies - ranging from modern to classical - have performed at the venue over the last 15 years, according to 10best.com.

While checking out the cultural richness of the town, those who own property in Lyon might wish to visit the National Opera House of Lyon, which seats 1,200 people.

Those who need greenery and plantlife will not be short of places to visit in the city.

The Jardin des Plantes is a popular destination for horticulturalists, with its greenhouses and exotic plants, while the Jardin du Rosaire is ideal for a leisurely evening stroll through beautiful surroundings.

Activities and places to visit in Palma

2009-07-22T14:31:00.000-07:00

Holidaymakers and those who buy property in Palma will find they are rarely at a loose end in the Majorcan capital.

With fantastic tapas, fascinating monuments, ancient architecture, stunning weather and a vibrant nightlife, the city is a perfect location for a visit or long-term stay.

At some point, those staying in Palma must indulge in a trip to Abaco, a restaurant described by the World Travel Guide as "gloriously over-the-top".

It is set in the courtyard of a 17th-century palace and diners eat by candlight to the sounds of tropical birds in the nearby gardens and the scent of massive bouquets of fresh flowers.

Those looking for a less extravagant activity might wish to wander through the older part of the town, which is filled with patios, courtyards and walkways.

Culture-lovers will relish discovering the numerous monuments, museums and art galleries that proliferate the city.

Notable among these is the Museu de Majorca - which houses many archaeological artefacts found on the island - and the Castell de Bellver, a circular castle constructed about 700 years ago.

After a day seeking out the sights of the city and an evening sampling the culinary delights of the Abaco or one of the many tapas bars, visitors to Palma might be ready to make a night of it.

The El Terreno area is one of the liveliest areas of the city, with clubs, pubs bars and discos to suit a variety of tastes.

Prices down and demand up in Spain

2009-07-17T04:54:00.000-07:00

The cost of property in Spain has declined but the desire to buy property in the country has risen, new data suggests.

Recent figures from real estate agents Look & Find, which has offices across the country, showed that since the start of 2008, prices have fallen by 30 per cent, reports Spanish Property Insight.

In the 12 months leading up to January 2009, prices dropped by 25 per cent on average.

This coupled with the five per cent decline this year takes the cost of property in the Iberian nation down to the levels seen during 2004, Look & Find noted.

However, as prices have fallen, the demand for property in Spain has risen.

A spokesperson for the real estate firm told the Spanish press: "Demand that has been contained for more than a year and a half is now starting to grow again."

Major metropolitan areas, such as Seville, Barcelona and Madrid were identified as areas of particular interest to buyers.

It is at these destinations "where prices per square metre had reached the highest levels and where housing affordability was the most difficult", the company claimed.This comes after Titan Properties asserted that there has been a 20 per cent decline in property prices along the western Costa de la Luz, reports Fly-2let.com.

US Repossessions hit record levels

2009-07-16T07:34:00.000-07:00

Repossessions in the USA have hit an all time high adding to signs that the recession in the US housing market is deepening.

In the first half of 2009 almost 1.5 million US properties were at some stage of repossession proceedings according to RealtyTrac Inc.

This figure represents a 15 percent increase on the same period in the previous year and now means that 1 in 84 US home owners have received some form of repossession order.

Speaking on the recent figures Les Calvert of the Property-Abroad.com Group who specialise in the worldwide property market said:

"There have been reports recently that the US housing market may be close to bottoming, and that may be true. However, it is impossible to get a true picture until the full depth of the repossession crisis are known, and rising repossessions will also prevent any recovery."

Property prices in some of the major US city areas had dropped by up to 18 percent in April compared to last year according to the S&P/Case-Shiller index.

The loss of another 1,000 jobs at Harley Davidson adds to the jobless figure in a recession that has already left almost 6.5 million Americans out of work.

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Fractional Ownership a Winner

2009-07-16T07:21:00.000-07:00

The current financial turmoil of the overseas property market has been fairly evident in the downturn of overseas property sales of late.

This resulting downturn has forced property developers to look at other ways and methods of selling their properties including fractional ownership.

Commenting on the subject Les Calvert of the Property-Abroad.com group said,

"the growing market of fractional ownership should not be confused or even compared to timeshare, fractional ownership is fast becoming popular with overseas buyers who are looking to share the risk and cost of owning an overseas property".

Fractional Ownership is different to Timeshare in that you actually own part of the deeds of the property and not just an allotted time period. In addition the resale value of fractional properties will grow with the value of of the property whereas timeshares tend to decrease.

Fractional properties can be split anyway to suit buyers who very often are a group of family, friends or indeed investors.

Prices for fractional ownership can vary depending on the development and the number of fractional buyers.

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Top 10 overseas property destinations in June

2009-07-11T00:42:00.000-07:00

The results are in for the Property Abroad.com monthly look at the most popular choices of those searching for property on the site in June. There are only a few changes from last month, but there is also a shocker or two in there.

The first change is America climbing one place to take number 1 spot from Spain, which is now in second. This continues the trend of America's rising popularity, on the back of the price drops American property has seen, the Pound strengthening against the dollar and reports that the American property market may be close to bottoming.

France and Greece have also swapped places, with France climbing one place to take 3rd, knocking Greece into 4th.

Cyprus fell back 2 places into 7th place, moving Turkey and Italy both up one place to take 5th and 6th respectively from 6th and 7th behind Cyprus last month.

Portugal remained 8th most popular in June as it had been in May, but 9th and 10th changed majorly. Egypt and Canada, which had only entered the top 10 last month in 9th and 10th place, have gone again to be replaced by Bulgaria and India.

Bulgaria isn't such a shock it comes and goes from the top 10, having lost some of the popularity it regained at the beginning of the year, it seems to be clawing it back a little once again. India however is a new one on the top 10, which is a resounding signal that all is not lost in terms of faith in emerging marker property investment.

The full results of the top 10 most popular in June were as follows:

America
Spain
France
Greece
Turkey
Italy
Cyprus
Portugal
Bulgaria
India

Compared to last month:

Spain
America
Greece
France
Cyprus
Turkey
Italy
Portugal
Egypt
Canada

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