Property Venture is the latest company to produce a list of destinations it predicts will offer the top overseas property choices for Fly to let investors in 2010.

“Like any other investment, putting your money into property involves a balance between risk and reward,” said director Louise Reynolds.

“While we have witnessed property prices overseas coming down in many countries and areas, we know, not all countries have been affected to the same degree, or all the areas within a country.

“With some major economies around the world struggling to shake off the recession, investors might be wondering where to find an attractive overseas property market, or whether such a thing still exists at all.

“Poland, Spain, Morocco, Cyprus, Bulgaria and Montenegro all offer attractive options but the diverse nature of each country and specific regions have their own pitfalls, if not researched properly.

“The fear of the unknown overseas market is enough to put many buyers off, the prospect of buying overseas without understanding the culture, language or idiosyncrasies of the country is a daunting challenge.

“Drawing on the expertise of an overseas property consultant can make the process far more effective, and by advising buyers of the pitfalls upfront, there are no unnecessary surprises”.

Property Venture’s Hot Spots list is as follows:

Poland
• Achieved positive economic growth in the second quarter of 2009, with Gross Domestic Product (GDP) rising to 1.4 percent year-on-year in quarter two.
• Has attracted major blue chip firms to invest in the country, including P&G-Gillette, Microsoft, Dell, Ikea, Siemens Bosch, Coca Cola, Daewoo, Unilever.
• Has received substantial EU funding to invest in the infrastructure of the country.

Morocco
• Easily accessible from the UK, and matches investors’ expectations with a steady economy and healthy property market.
• Government-led reforms have strengthened the country’s economic position and allowed it to sail through the global financial crisis relatively unscathed.
• Investment in infrastructure, property and tourism has diversified the economy, while policies to control prices have restricted inflation.
• British buyers, have the added advantage of a favourable exchange rate into Moroccan Dirhams, giving sterling real buying power.

Spain
• Around 1.6 million apartments and houses are on the market, (over 300,000 under construction and a further 1.1 million with planning permission that must legally be built within two years).
• Of these properties the ratio of holiday homes to resident worker homes vary, but as much 50 percent of the total of unsold stock, could be for the holiday home market.

Bulgaria
• After impressive growth between 2005 and 2007, the property market started to level off at the end of 2008 and fall in 2009. GDP growth in Bulgaria is expected to slow in the next year.
• Lower loan to values are being offered, which has affected demand and most of the buyers came from the countries hardest hit by the crisis, such as the UK and Ireland.

Montenegro
• The Montenegrin economy has achieved impressive results over the past several years.
• The Government has ambitions for a number of government tenders in forthcoming months, including tender for the development of Montenegro’s longest beach in Ulcinj.
• Tourism revenues account for a quarter of GDP, although tourist numbers declined in summer 2009 amid a collapse of the Russian economy, which for a long time represented a key Montenegrin target market.

Cyprus
• Cyprus has weathered the worldwide economic recession considerably better than Europe, despite some recent sluggishness.
• The president of the Republic has been in talks with the leader of the Turkish Cypriot community over the past year and the negotiations seem to be at a critical point. There is the prospect that the political problems of the island might be solved, although this will not happen overnight.
• The Greek Cypriot government is pushing ahead with its plans to upgrade tourism facilities in the southern part of the island.
• Cyprus property market remains reasonably robust. Although growth – unsurprisingly – slowed in 2008, the market is broadly-based and therefore well-placed to cope with the global economic crisis.

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