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Ten to beat the credit crunch

Top ten properties under £50,000

BuyAssociation.co.uk Property Editor Paul Collins finds ten properties in different parts of the world to escape the credit crisis without breaking the bank.

Introduction

As the economy in the UK continues to slow down and confidence in the domestic property market gets worse and worse, the temptation is to cash in on assets and get out of the country for good, in search of a simpler life where the latest movements of the stock markets or house prices don’t trigger panic.

The development of the overseas property market has seen prices grow to such an extent that now it is rare to find a bargain price for anything but the most run-down of renovation projects or some obscure corner of the world. While it is true that it is harder to find the bargain properties that everyone desires, there are still a surprising number of new and old properties that can be found without the need for a huge second mortgage. In fact, some of the properties outlined below will be within reach of some buyers without the need for finance.

So here are our ten properties to avoid the credit crunch, all of which cost less than £50,000.

Brazil

Much has been made of the investment potential of buying property in Brazil in the past couple of years, but the country is also now emerging as a destination for those who are looking for a more permanent base abroad. Not only is the lifestyle enviable, and the climate in the North East as desirable as any part of the Caribbean, but there is none of the overcrowding and claustrophobia that is sometimes the case in Latin American resorts. GEM Estates is selling apartments on the Ma-Noa Park resort just outside Maracajaú. The village is known for its superb diving opportunities while the park itself is centred on leisure facilities, with a water park and pitches and courts on-site for almost any sport you could wish – including the Brazilian staples of football and beach volleyball. One bedroom apartments are available from €56,340 (£44,560), with completion scheduled for 2009.

Dominican Republic, Caribbean

OK, so you don’t get a whole property in the Caribbean for under £50,000, but the reality of the overseas property market is that most people use their home abroad a couple of times a year, and then it lies empty for long periods. In this new off-plan development in the Dominican Republic, cabanas in the Buccament Bay resort are on offer for just £25,000 for a sixteenth share of the freehold. The fractional ownership scheme allows for a professionally-managed property to be owned by a number of different buyers, and in this case gives each shareholder three weeks’ personal use of the property per year. This also allows access to all of the facilities of the hotel leisure complex. If you are not going to be able to use your full allocation of time in the property, you could encourage friends and family to take it up, or even agree with the other owners to rent it out. Harlequin Property is also offering finance options on this development, making Caribbean paradise a distinct possibility.

More pages

Page 1: Top ten properties under £50,000
Page 2: Albania
Page 3: Cape Verde

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