Spring 2010 to offer opportunities for property investors to buy overseas.

As global economies start to show signs of recovery in 2010, now may be the last chance for savvy investors to grab those property bargains which may not be around after Spring. A new report from the National Association of Estate Agents which looked at the European property market in 2010 has already predicted price rises by late spring.

Their key pointers for 2010 are;

* Buyers will be looking for “less risky” investments and in particular towards the more stable markets such as Italy.
* The “very best bargains” are likely to be in Turkey.
* Property prices will remain stable within the first quarter of the year so buyers are advised to make a cash offer by March if they want to secure a bargain in any of these countries.
* The supply / demand balance will stabilise once house prices pick up and the pound strengthens against the Euro.

Italy: Prices are expected to rise by late spring

Linda Travella, spokesman for Italy at NAEA International, comments:

“For the first quarter of 2010 the number of international buyers is expected to remain low and therefore offers are more likely to be accepted making it a very good time to purchase an overseas property. However by late spring, prices of property in Italy are expected to increase by 3-5 per cent”

Turkey: Bargains available in the short term.

Richard Edgar, spokesperson for Turkey and the Caribbean at NAEA International, commented:

“In Turkey, bargains are to be had as developers try to encourage sales with significant discounts particularly for cash buyers and this trend will continue through 2010 in an attempt to mop up excess stock. There is a glut of unsold properties providing some genuine and excellent bargains particularly on completed projects where developers are keen to clear remaining stock, with some offers of up to 40 per cent discount for cash buyers. Not surprisingly off plan sales and re-sales are proving very difficult and unless the project is exceptional we see little movement in these areas during 2010.”

According to research company RNCOS, Turkey’s tourism industry will see significant growth in the coming years. The growing tourism industry, favourable exchange rate and comparatively low priced property compared to other European locations, will make Turkey a favourite with the savvy investors this year.

Data released by Anna Aero shows that Turkey is the fastest growing tourist destination in the world, with a 9.4 per cent increase in flights from Britain in 2009. Over the past year the exchange rate has kept many investors away from expensive eurozone countries, while the Turkish Lira has remained weak against the GBP meaning there are opportunities for a bargain.

“In 2010 there are likely to be far more buyers active in the market, as tourism has seen growth,” the article states.”This is because of the massive increase in British tourism to Turkey, which has been put at around 20 to 25 per cent by the Association of British Travel Agents.”

Consult any of the experts at Novrealty for a chat about what we think will be the best locations to invest in Turkey or Italy this year.