The latest reports show that those looking to invest in overseas property should look to Eastern Europe where properties in Estonia, Turkey and Bulgaria are showing promising price-growth while much of Western Europe struggles. On top of this the pound has risen slightly against the Euro – if this trend continues it will encourage more British property investors to look to Europe for the best places to buy property.
Should I invest in property in Turkey?
Turkey has been thriving in Europe for quite some time and its real estate market is no exception. The memories of Turkey’s political and economic instability now sit firmly in the past with steady economic growth aided by clever financial policies and structural reforms put in place by the government. The country’s GDP rose to US$736 billion in 2010, increased from US$36 billion in just eight years. One of the main factors for this growth is tourism, which has enjoyed a marked increase. But it’s not just tourism driving forward the Turkey property market; Istanbul is establishing itself as a cultural and business hub, marking itself out as the fastest-growing city last year. Property in Istanbul is becoming more desirable, with the Global Property Guide setting Turkey apart as the most attractive property market to invest in. Turkey’s secret-status may be slipping, with the country’s clear success in the property market getting hard to hide, but with this trend looking set to continue, Turkey still offers a great place to buy investment real estate.
Should I invest in Estonian Real Estate?
Estonia is showing impressive growth while much of Europe continues to struggle from the economic recession: statistics released by the Estonian government show 8% growth in the country’s GDP in the first quarter of 2011. Much of this economic growth is due the rise in manufacturing and exportation of goods. Furthermore the trend is likely to continue with experts predicting growth of around 5.9% in the next year. And it’s not just the Estonian economy that is showing healthy growth; the Global Property Guide stated that the price of property in Estonia’s capital, Tallinn, rose by 2.5% last year, with construction showing particularly healthy growth. With the National Tourist Board recording that British visitors to Estonia reached record numbers so far this year, Estonia is certainly looking like a promising place to put down your cash and invest.
Should I invest in property in Bulgaria?
Another eastern-European country which is showing real promise is Bulgaria, with its property market also showing healthy signs of improvement over 2011 so far. Although Bulgaria’s political past and place in Europe means it hasn’t enjoyed the investment-status that the Balkans have, this could well be about to change. Statistics from property agencies in the country show that sales and prices are beginning to see a slow increase, with a 27% increase in sales in the first six months of 2011. This suggests that now could be a good time to invest in property before the market fully recovers, which is still being held down by unemployment and frozen wages within the country. If you are looking to invest in Bulgarian property look to the cities, as Sofia, Bourgas, Plovdiv and Varna are showing the quickest signs of improvement, in particular Sofia which sits on the Black Sea coast and accounts for 40% of the sales in the country. Not a sure-fire winner, Bulgaria’s status is still subdued, but this could mean the perfect time to snap up a property-deal while prices stay low.