European Property Boosted by Credit-Crunch

Overseas property news is currently filled with Spain. One report released by the airline Monarch said that Cyprus, the Canary Islands and Malaga are currently their most popular destinations and that Spain is in fact more popular on the whole, this is particularly good news when you consider that Monarch also revealed that 43% more people have booked summer flights than this time last year.

Monarch also announced that 77% of respondents to a poll on the company website said the credit crunch would not reduce the number of flights they would go on next year, although 41% said they were looking to reduce costs.

Other Spanish news headlined Property Squeeze Hits Costa Teguise, concerned a popular location in Lanzarote that is beginning to be hit by the global situation. Meanwhile, other news told how Fuerteventura remains to be massively popular with tourists.

Liam Bailey, chief market analyst for overseas property portal Property Abroad gave us his views on what the latest news means for the various property markets:

“It is no shock to me that people plan to continue holidaying through the credit-crunch, in fact those that can afford it will tend to holiday more because of the considerable stress the current situation brings. This will be of benefit to the conventional European holiday hotspots including Spain, Turkey and up-coming Cyprus; because it will mean the holiday rental markets will remain strong.

“Just how much of a benefit it will be,” continued Bailey, “depends on how long the “credit-crunch” lasts; most people had made their holiday plans before the problems became severe and aren’t changing them. But if the problems continue three or four years down the line, then more and more people may pull-in-their-belts and holiday in Europe only – as I said, I can’t see many people, except the worst affected stopping holidaying altogether. However, more Britain’s may decide to holiday in the UK a few years down the line, which could boost holiday rentals in some of Britain’s holiday hotspots.”

Property Abroad have some excellent overseas property throughout all Europe’s holiday hotspots, including: property in Spain from £29,000, property in Cyprus from £31,000 and property in Turkey from £16,000.

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Property Abroad Reveals Top-Ten Locations

Up and coming overseas property portal has revealed that America has become the second most popular both in terms of properties being viewed and properties being enquired about. Another surprise in figures released by Property Abroad is that Spain remains the most popular country in the world with those looking to buy overseas property. According to Property Abroad's traffic and enquiry figures, the top ten most popular destinations for those looking at buying overseas property is as follows:

Spain
America
Cyprus
Portugal
Turkey
France
Brazil
Italy
Greece
Cape Verde

Liam Bailey, Property Abroad's chief market analyst gave his thoughts on the figures:

"I know some people will be surprised by America being the second most popular country with those seeking an overseas property purchase, but not me. A few months back I saw the trend beginning, when A Place in the sun magazine listed America as climbing 7 places to 4th most popular in their overseas property survey. This was then because of American property prices plummeting at the same time as the dollar crumbled against the pound making American property purchase a particularly financially sound move. It seems this trend has not been affected by the two currencies going in the opposite direction. I suspect America has remained popular despite the currency u-turn, is because many American markets have bottomed out and are predicted to have v-shaped recoveries, investors are therefore buying while prices are low and planning to reap the profits."

"Another reason for America's popularity:" continued Bailey, "is the fact that many developers facing bankruptcy are currently slapping massive discounts on their properties to obtain quick sales, setting shrewd purchasers up for great profits when the market's they purchase bargains in recover -- which is inevitable if unpredictable. One thing I am surprised about however is Spain being number one most popular; surprised more by the fact that it shows there are still masses of British people looking at buying overseas property. Other than that, my guess would have had Turkey in 3rd, Cyprus in 4th and Portugal in 5th, and the rest is pretty much par for the course."

Find out more about the hottest overseas property locations in the world.

Read more Overseas Property News

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Investment Property in Cyprus

This islands nation has been the toast of the British investor for decades. Cyprus is, indeed, an attractive country as well as a popular real estate investment destination offering property for sale in Cyprus to the many investors looking to acquire their own piece of Cyprus. With all year round sunshine, Cyprus rocks to the tunes of visitors from all over the world flocking in to this tiny Mediterranean island.

Moreover, there’s no such time as ‘lean period’ as regards to the influx of tourists in the country is concerned. Miles and miles of pristine beaches in the country ensure there is no shortage of activities to be indulged in by the visitors at any time of the year. Overall, Cyprus is like a pocket-sized dynamo for the real estate investors all across Europe.

Property Investment Opportunities in Cyprus

Since the country joined the European Union (EU) in 2004, the fortunes of Cyprus real estate are on an upswing. Not only with holiday-seekers, but second home buyers now are also flocking to the country mainly due to the excellent climate and large English-speaking population. Although Cypriot Greek is the preferred language here, the majority of people understand and speak English with considerable ease and as a bonus they also drive on the same side of the road as the UK.

Cyprus has no shortage of investment property opportunities all across the country. However, the hottest regions from the property investment point of view include property and areas like:

apartments in Paphos,
Larnaca property
Limassol apartments
North Cyprus Property

and many more regions including Protaras, Kyrenia, and Famagusta. These places have witnessed maximum activity in terms of real estate transactions over the past few years. Investors have shown tremendous faith in these areas due to their potential to offer high returns. Moreover, these are either tourist spots or in proximity to the hotspots of the country. Therefore, you can easily expect a consistent rental income from vacation properties in these towns.

The prices of real estate in Cyprus are on a lower pedestal compared to the UK real estate prices. Apartments in Larnaca are available from £100K, and a separate dwelling (residential home) can be yours for £250K. The Paphos region is comparatively cheaper than Larnaca and Northern Cyprus has properties well below £50K.

The range of properties available for investment purposes in Cyprus include villas, mansions, residential homes, and holiday property. All of these properties are in great demand from the domestic as well as international investors. However, the membership of the EU brings in a large number of European investors into the countries real estate portfolio. Therefore, there’s an added incentive for British investors, having an opportunity to share the neighbourhood with fellow countrymen and other Europeans!

The rollicking property scenario in Cyprus is as much attributable to the long coastline as it is to the vine-blessed mountainous region, which is famous for its Cypriot wine. The country has a certain degree of historical significance also and you can visit the remnants of Roman and Greek civilization spread all across the country. The capital city of Nicosia is particularly popular among the real estate investors in Cyprus due to its ultra modern lifestyle and easy accessibility to the leading business and commercial centres in the country.

Cyprus is also a strategic base for several nations. This is the reason that Turkey is a part of the North Coast of the country. Though the area is disputed and awaiting settlement, it doesn’t flare up into any kind of violent turmoil. Peace despite serious situation here is also a contributing factor for the investors interest in the area.

Administrative Convenience in investing in Cyprus

The government of Cyprus is in an overdrive in order to promote property investment climate in the country. The laws, bylaws, rules and regulations concerning real estate in the country are already on an easing road. While investing in Cyprus, make sure you are always on the lookout for VAT-exempt properties and strike really outrageous bargains on some of the prime properties in the country. Banks and financial institutions are also trying their best to make loans more lucrative and accessible for small investors.

Cyprus follows common rules and principles for real estate investment that are adding to the English legal system. The understanding of the UK property laws come in handy if you are planning to invest in Cyprus.

Cyprus is in a developmental mode, and this gives rise to certain economic disparities in the country. Additionally, Cyprus has one of the lowest average salaries in Europe, which acts as a double-edged sword. On the one-hand, it brings lots of employment opportunities in the country, also, there is an ever-growing gulf between the rich and poor. Though poverty is not a very big issue at present, the government hopes to address it before it escalates out of hand.

Cyprus is considered to be one of the easiest countries to invest with not many hurdles for foreign investors. However, it will still be advisable if you hire a local attorney to handle all the legal and administrative paperwork in order to peacefully own and enjoy a Cypriot property.

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