Overseas Property Focus
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| Added 26/08/08 | ||||
| American estate agents report rise in overseas interest | ||||
Figures just released show that the US has been ranked the most popular destination outside Europe and third overall for Brits to buy property overseas in 2007, with 9.7 percent of British buyers purchasing in the United States. These findings have also been supported from across the pond with the National Association of Realtors (NAR) finding that the US is still a popular choice of destination for those buying abroad with 26 percent of the 4,000 US agents surveyed in the period of May 2007 to May 2008 claiming to have dealt with international clients, half of whom purchased a property. The AIPP figure has also seen an increase of 2.2 percent on the 2006 figure of 8.5 percent, which given the widely publicised US sub-prime mortgage crisis will come as a surprise to some. This growth in interest from Britons in the US market has in part been aided by the strengthening of the Euro with many buyers taking the decision to buy outside of the Euro-zone but also by additional government incentives as in the Mississippi area affected by Hurricane Katrina in 2005. “It is this type of real estate investment that is not only regenerating a community but also proving popular with property investors who see that there is more to the US market than the luxury condominiums and vacation villas of Florida,” said Danny Silver, Principal of Property Direct America. Bayside Park, within the GO ZONE (Gulf Opportunity Zone) in the Mississippi Delta, where property prices start from £79,200 / $159,900, is one such example of a project which has received investment from British buyers in 2008. They have a 90 percent loan to value mortgage available and GO Zone financial and tax incentives being offered with government support.
This often means a relentless search for a region which most people wouldn’t bother with, but being able to recognise the signs that point to the fact that someday soon its property and/or tourist potential is going to take off. Property Showrooms believes it is possible to take a pretty good stab at this, by looking at factors and events which have happened in other countries such as Brazil, Panama, Morocco, and Dubai in the past, and applying it to new areas. The company’s spokesperson said: “A country very much on the economic upturn is Estonia, a Baltic country in northern Europe, with Finland to the north, Sweden to the west, and a border with Russia to the east. “Known for its lakes (more than 1,400) Estonia has a relatively mild climate despite its northern position. “So why is it worth looking at in terms of property investment? Well, investors have being eyeing up the country since it achieved independence from Russia in 1991 and gained EU membership in 2004. It has one of the fastest growing economies in the Euro zone - 12 percent in 2007 - with adoption of Euro coins widely predicted for 2010 or soon after. “It also has an excellent coastline, with the seaside resort of Parnu attracting most of the attention, and its capital, the historic city of Tallinn, also a popular destination. “Getting there is becoming easier every day, with direct flights now available from cities like London, Amsterdam, Brussels, Barcelona, Stockholm, and Prague. Once there, the city of Tallinn is only four kilometres away. You can also travel to Estonia by ferry from Helsinki. “Estonia is as good a bet as any for future prosperity.” |
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