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Sweden sweet for Brits - 12 March 2008

A new front has been opened up in the battle for the overseas property investment cash of British buyers with the release of the second phase of a year-round mountain resort development in Sweden.

While some people would contest whether Sweden could count as a year-round destination, buyers are more than happy to put their money into a development in a country that is famed more for its superior lifestyle than for the investment potential it offers buy-to-let speculators. The Secret Mountain resort in Central Sweden is planned to take up to eight years to complete, but according to the developer, is set to become one of the most desirable resort locations in Scandinavia.

The development is costing some £75 million to build, and will eventually accommodate over 2,000 people around the tranquil, 2km long Lake Svartåstjärnen. With direct access to the ski slopes which offer skiing from nursery level to black runs for the experts, the potential for winter sports is clear to see.

In the summer months, hiking, riding and rock climbing are all available on the doorstep of the resort, but in with the lake on-site, numerous options for water sports are also open to buyers. In addition, there are three championship golf courses nearby, one of which is just a few minutes’ walk from the development.

Although the summer season on Sweden is short, temperatures are still respectable enough to make outdoor activities enjoyable for a sustained part of the year. In many ways the climate of Sweden in the summer is quite similar to parts of Canada, and the similarities do not end there.

Sweden is known more as a lifestyle destination than one that would immediately spring to mind for investors – taxes can be high to pay for the extensive social security system in place in Sweden, and the law is heavily weighted towards tenants rather than landlords. The cost of living can also be higher than buyers who have considered Central and Eastern Europe would expect, but the decision to buy in Sweden is often motivated more by lifestyle than by profit.

Also, transaction costs in Sweden are low, and the economy is about as strong and stable as any in Europe, so the prospects for investors to at least retain their stake are superb. If that isn’t enough to make up your mind, perhaps the fact that each apartment comes with a sauna installed will help…

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