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Mediterranean Property Market Shifts From Relocation to Investment for Spring - 12 March 2010

Emigration season is ending, while it seems investment season has only begun in the overseas property world.

Online property search numbers for February show that vacation hot spots in the Mediterranean like Portugal and Tuscany were up by an average 25 percent, while places usually favored for permanent relocation like New Zealand, Australia and Canada had declined.

Experts say that early spring is about the time that investors begin thinking about where they’ll spend their summers. And with the economy slowly rebounding, investors are becoming less fearful about buying second homes and investment properties than they were a year ago.

Much of the Mediterranean is already showing promise of recovery. Spain’s Ministry of Housing recently announced that sales are on the rise in the Mediterranean country for the first time in three years—up 4.1 percent in the fourth quarter of 2009 compared to the same time a year prior. Airlines and travel agencies are also reporting a rise in travel booked to Portugal and Turkey, most likely a reflection of the great deals they’re offering to stimulate tourism and foreign investment interest. Several airliners have recently increased their number of flights from the UK to Turkey—one by 17 more flights a week—while another has added flights from Liverpool, Bristol and London Stansted during summer months.

Even with the pound weakening as of late, Brits are still Mediterranean realtors’ target investors. Property experts are optimistic that interest and sales will only increase this month and throughout April.

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