It seems everyone at the moment is packing up and moving to another country or investing in properties abroad. So we decided that for this week’s Friday Five we would find the most popular places abroad to buy a property.
By renting out a property abroad it could be a great way to make some extra income and have a holiday home for a couple of weeks a year. Research is always key when buying any property and there are many additional costs that may not be thought about e.g. landlord insurance, but our top five should help you narrow down which country to invest in.
5. Florida
According to the Case Shiller Index property prices resemble those that were seen in 2004 in the South. Many still think there is a further fall in the property market here but demand will soon outweigh supply and this will force prices back up. Buying in the near future means you will get the most for your money while still having a great choice of properties to look at and not having too many buyers competing for the same properties. This means a great price which in turn will provide a great margin on rental income.
4. Italy
The people that love buying in Italy are the Americans and the Brits. In the last few months sellers in Italy have lowered their asking prices. They were a little behind the rest of Europe but investors were looking for cheaper property and were looking elsewhere but now Italians have started to lower their prices, it is becoming a popular place to buy. Another benefit of buying in Italy as well as the other European countries is the strength of the pound against the euro so a good exchange rate is to be had.
3. Portugal
Property prices in Portugal have declined but not as much as those in other European countries. This is because they have battled against the effects of the troubled housing market in Spain. There are many up and coming areas on the Atlantic coast which is proving to be very popular with holiday makers and those relocating. Prices here are on the rise but so is the popularity so there would be no problem letting a villa here.
2. France
The second best place to buy a home abroad is France. Now seems to be the perfect time to buy because prices are predicted to fall by up to 5 per cent which means the prices could be as low as they were in 2005. Another boost for investors looking to buy in France is that the President has scrapped his proposal to tax second properties. As Spain is just around the corner and many experiencing financial difficulties, more and more Brits are heading to France. This makes it the perfect place to rent out a lovely French home.
1. Spain
Spain is first on the list. This is because there is a huge expat community in Spain which is great if you aren’t particularly familiar with the language. There was a huge boom in golf front properties in 2000 and now many of these properties are becoming available again. Many of these lie with the banks so a great bargain is to be had and they will rent out for a great price. Brits feel Spain is a home away from home making this a very popular choice.