Overseas property back on track after difficult decade
Over the past decade, the landscape of the overseas property market has changed vastly.
But after a dire decade of falling and stalling prices, the market might have finally reset itself, according to Chris White, overseas property expert.
Founder of Ideal Homes International, White is based is Portugal where he said that after years of significant price falls the market is stable again.
“There were some tough years in the middle of the past decade, but it’s wonderful to see the Portuguese property market back on an even keel again now. Prices look set to rise at a comfortable rate over the next few years. I’d say capital growth of 3-5% per year should be achievable for those who invest in the market during 2016.”
This is supported by data from the RICS/Ci Portuguese Housing Market Survey, which predicted in August 2015 that prices would increase by roughly 5% a year over the next five years.
The gain in Spain
The Spanish market has been slower to recover, admitted White, but it has improved, although prices are still a way off the highs seen before the global financial crisis.
He explained: “Prices are rising in Spain, but many areas are still priced below their peak. There aren’t as many opportunities there as there were a year or two ago, but Spain is certainly still a good bet if you’re looking for a real estate market that has the potential to keep expanding over the next few years.”