There are some exceptional bargains in this current market place and those savvy enough or financially able to purchase, are getting some phenomenal homes, claims Serge Cowan, the MD of Unique Living.

He said: “The property industry calls homes that have been reduced ‘distressed sales’ but I think this is something of a mis-description from our perspective in the luxury market, as the owner is often not distressed, merely wishing to buy something else, either bigger or in an alternative location.

“We call properties that have been reduced in value SNIPs – Secure Now- Increase Pending.”

Unique Living deals in properties in locations all over the world but has found that the South of France market place is pretty solid as demand continues to outweigh supply. These are established homes in unique locations, such as Cannes and its neighbours, Cap Ferrat, Mougins and St Tropez.

The French National Estate Agents Federation is reporting that French property prices overall are rising and show 7.1 percent in 2006, 3.8 percent in 2007 and 12 months up to July 2008 at 1.7 percent.

Cowan continued: “Homes throughout Europe last year sold at their peak and I have heard reports of some being overvalued. These homes were purchased on a huge surge of optimism and some homes carried heavy borrowing around the world. This year, to be frank, prices are at their optimum for selling at 2006 prices”.
So where can you buy a SNIP?

The Algarve is a popular area where there has been strong investment in recent years as this part of Portugal continues to grow in popularity and its Government promotes facilities for high end visitors and investors.

You can get a seven bedroom, nine bathroom detached villa in Alcalar with private pool 10 minutes from the Penina Golf Course and hotel for €1,490,000 after it was recently reduced by €310,000.

Cyprus, always much loved by the British, is going through a metamorphosis. The Government is looking at increasing interest from big spenders.

The Cyprus Finance Minister states that the country will enjoy growth of 3.7 percent next year along with full employment and a significant decrease in inflation.

Cowan concluded: “Without a doubt the market places across Southern Europe have been affected, but we are already beginning to see a settlement in some market place; enquiries we do receive are serious, seemingly unfazed by the current markets.

“Being completely honest we feel that a return to the level of business we were enjoying in 2007 will take at least a year.

“Having said that, 12 months ago one would never have believed the prices of homes currently available and for those astute enough to purchase, for lifestyle, investment or both, they need to buy a SNIP now as they won’t be there forever.”

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