Portuguese Government Still Predicting more than 3 percent Contraction in 2009

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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Italy Property Gains Popularity in "Noticeable Trend"

Italian properties have climbed two places to sixth most popular in property portal Property Abroad's top ten in the past two weeks. Liam Bailey, chief market analyst for the upcoming portal gave his views on the reasons for Italy property's rising popularity:

"The main reason for the rising popularity of Italian property is that it is a secure and stable established market, that hasn't seen massive growth for a good few years, but also hasn't seen any major drops since the credit crunch began. In uncertain times it seems property investors and holiday home buyers are ever-more keen to play it safe."

"This is a noticeable trend, he added "just as 2 years ago when investor and consumer confidence was high and finance was easy to obtain, the established markets like Italy and France began to lose popularity against emerging markets like Ukraine and Bulgaria -- because the latter offered a much higher potential gain. Now as consumer confidence drops, established markets like Cyprus, Italy and France are regaining their positions as most popular for overseas property purchasers."

Property Abroad have some excellent property in Italy, including a fantastic 2-storey Abruzzo property in need of complete restoration for just £7,432. This property offers the keen private or professional developer massive potential profit if they are willing to spend the necessary time. Property Abroad have many other bargain Italian properties in need of restoration.

Property Abroad also have a property in Campania for just under £30k. Factored into the price of the 1 bedroom villa is some minor interior and exterior restoration work where needed, electricity, plumbing, and telephone wiring, plus basic furnishing to permit immediate use of the property (including bed, table, chairs, kitchen and bathroom).

For those with a bigger budget, possibly looking for a luxury holiday home, Property Abroad's Les Calvert reccommended The Pizzo Beach Club, a development of studios, apartments, penthouses and villas starting from just £57,500. The development is located in Pizzo, in the Vibo Valentia region of Calabria. Les said:

"The location of these properties makes them ideal as either investments or holiday homes; the former because of the range of amenities on and around the resort including an excellent beach nearby, and the later because Calabria has been noted as a hot emerging market for a good few months now."

Property Abroad have over 900 Italian properties , visit the site to find out more.

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French Property Market to Remain Stable

It has been revealed that the overseas property hotspots in Southern France are seeing demand from overseas property buyers continue to outstrip supply. The French National Estate Agents Federation (FNEAF) reports that French property prices overall rose by 7.1% in 2006, 3.8% in 2007 and 1.7% in the 12 months up to July 2008 – making it one of the few places in the world that has seen continual price rises throughout the credit-crunch.

Liam Bailey, chief market analyst for upcoming property portal Property Abroad had this to say of the revelation:

“ France has seen such continued – if steady – increases in property values, mainly because it never really became swept up in the overseas investment boom. In the last 2-3 years thousands of savvy people with a pound to spare decided to put their money into overseas property, but did so, mainly in off-plan properties in emerging markets where prices were incredibly low, and the opportunity presented itself for immediate high-level gains and incredible rental yields. France never exactly offered an abundance of these properties, and so has and will remain to be one of the favorite places for people [especially Brits] buying a resale property as a holiday home.”

The locations noted as being continually successful in terms of overseas purchasers by the FNEAF were, particularly Cannes joined by its Southern France neighbors: Cap Ferrat, Mougins and St Tropez.

Property Abroad have some excellent properties in Southern France, including fantastic one and two bedroom apartments in central Cannes, just a short walk from the areas best known Palm Beach. The apartments, over five floors start at just €282,000 and have terraces overlooking the beach.

Property Abroad have French properties in all regions, visit the site to find out more.

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New Flights to Boost Faro Property Market

Now may be the time to add the Algarve to the list of destinations worthy of consideration for property investment, as it has been revealed that Faro airport in the Algarve region of Portugal is set to receive flights from three more British airports. Low-cost airline Easyjet will run flights from Glasgow, Liverpool and the East Midlands airports, alongside the existing flights from Dublin, Stansted and Shannon.

Liam Bailey, chief market analyst of upcoming overseas property portal Property Abroad, gave his views on how the new flights could affect the property market:
"Obviously anything that boosts tourism in a region -- especially a top tourism destination like the Algarve -- is going to be good news for the property market, as we have seen so many times before. Increased tourism means increases in the usage of rental properties; this will put an almost instant increase on the value of Algarve properties in popular tourism areas -- especially Faro. "
"But it is likely to have an even bigger impact on the Algarve property market," continued Bailey, "because of the amount of people that -- fed up with package holidays -- are currently arranging their own holiday accommodation, and taking advantage of budget flights. As this wave increases rental yields on Faro and Algarve property, as well as boosting the local economy, Algarve, and especially Faro property prices are set to see an above average rise of 10%-15% per year over the next 5-10 years."

Surprisingly, Algarve property, especially in Faro, can still be purchased relatively cheaply, given that the Algarve is one of Europe's foremost holiday destinations.
Property Abroad has almost 3000 properties in the Algarve from as little as £44,000. Les Calvert Property Abroad's director picked out his best property for those on a limited budget and his favourite property for those putting the ultimate in luxury before price.

"For those making an investment or buying a holiday property on a tight budget, we currently have an absolutely gorgeous 1 bedroom apartment priced at £44,722, and not far from the airport in the Algarve's Faro. The 70sqm apartment has a balcony, comes with a fully equipped kitchen and is in a new building with an elevator. We also have another bargain apartment in Faro, and to roughly the same specs just a little bit more expensive at £44,891, because it has excellent ocean views."

"For those with a little bit more to spend on their ultimate luxury property," Les continued. "We have an absolutely mind-blowing 3 bedroom villa in Faro's Tavira. The size of the balcony is almost as breathtaking as the ocean views stretching as far as the horizon, from where seems like almost directly below it. Such an incredible villa will set you back, £220,220, but given that similar properties are going for over £1million in more established parts of the Algarve, this property has real money making potential as the new flights give Faro's tourism a new lease of life."

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Bulgarian Property Value Increases

Those who invest in property in Bulgaria could be set to see a high rate of capital appreciation. According to recent figures from the National Statistical Institute, the cost of residential property increased by three per cent in the third quarter of 2008, the Sofia Echo reports.

Dobrich was one location that demonstrated a significant rate of growth, with an increase of nine per cent on the previous quarter. Plovdiv fared even better with values shooting up by 11 per cent within three months, demonstrating that metropolitan areas of the country could be particularly good for investors. Those who have already purchased a property in the area, or are doing so at the moment may find that their second home is worth considerably more than it was originally purchased for.

On average the eastern European country saw an increase of three per cent in the third quarter of 2008. According to Bridging Finance, investors are increasingly looking to purchase holiday homes and investment properties in Bulgaria, reports the Manchester Evening News.

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Lifestyle buyers advised to enter rental market

Holiday home owners who are feeling the pinch in the current financial climate have been encouraged to let out their properties.

According to Shelter Offshore, the income generated from rental yields could help cover the cost of looking after a foreign residence.

Therefore, it has suggested that people who feeling the effects of the credit crunch consider easing the financial burden by opening their doors to tenants.

The online portal said the holiday market could be particularly lucrative, as rental accommodation is still in high demand.

Shelter Offshore commented: "Renting out your property can be a practical way to reap some financial rewards for having a lovely place in the sun."

The website added that using a property to generate money would effectively mean it is paying for itself.

This comes after DirectHolidayBookings.co.uk said a growing number of holiday home owners are already turning to the rental market.

Managing director Andrew Gibson said these people are using the rental yields to supplement their main income.

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