Bulgaria Bargains

Posted on May 30, 2012 by Alice

Bulgarian property has seen significant falls in its value over the last few years. While that means it might not be the best choice of market for investors needing quick returns, it could be the perfect place to pick up a cheap piece of property. The cost of living is incredibly low too. Whether you’re after the beach life, mountain views or city culture, you’ll find it in Bulgaria. Wherever you buy, make sure you remember to get overseas property insurance in place once you have, to keep your property safe.

Beaches

Head to Bulgaria’s Black Sea coast for great value resorts in the sun. Sunny Beach is a fantastic family resort. It has a 6 km long beach and plenty of shops, bars and restaurants, built around a historic centre. Ozbor Beach and Golden Sands are similar, and there are plenty of smaller resorts too. If you want a more Bulgarian beach experience, the coastal towns further north tend to be the quieter ones. Or head a few kilometres back from the beach and buy in one of the hilltop villages.

Mountains

Bulgaria is a fast-growing ski destination, and the cheapest place in the world for British skiers to ski, once all costs including flights are taken into account. Its two major resorts are Bansko and Borovets, both of which have plenty of property available and are growing year-on-year. Both resorts have a summer season too – Bansko hosts a renowned jazz festival each year, for example.

Cities

Bulgaria’s cities are well worth considering too. The capital Sofia has a fascinating historic centre, a lively nightlife and a combination of eastern and western European culture. The city of Plodiv is built on seven hills, like Rome, and has its own Roman architecture too. It is also a thriving modern city with a busy cafe culture. If you want to combine the city with the beach, look at the Bourgas or the university city of Varna.

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French Property Market Stable

Posted on May 28, 2012 by Alice

There has been some speculation recently that the result of the French presidential election could cause instability in the country’s property market. No so, say experts like Danny Silver of the Villages Group (a property development company specialising in France). The country is likely to remain one of the most popular places in the world to buy property in, regardless of who is its president.

Property prices in France are stable, and while new president Francis Hollande may raise income tax this is unlikely to affect the property market, especially in the areas popular with overseas buyers. For British buyers the relative and growing strength of the pound against the Euro means that property in France is increasingly affordable too. If you’ve been thinking of buying in France, now could be a good time to do it. Chat to agents and see what they have to offer and remember to get overseas property insurance in place.

Not sure where to buy in France? Here are some ideas:

Ile de Re

The Ile de Re is a gorgeous little island that is linked to the mainland city of La Rochelle by bridge. The island is a holiday favourite with wealthy Parisians, giving it an upmarket feel. The island is almost completely flat, making it excellent cycling and exploring country, especially for kids. The island’s historic architecture is UNESCO protected.

Eymet, Dordogne

A long-time centre for British expats in France, Eymet is a great choice for those who want to move to an established British community. The medieval town centre is highly attractive, and the surrounding countryside is a gourmet food and wine lover’s heaven.

Bareges and La Mongie, Pyrenees

Together this pair of resorts was one of the first ski areas in France, and is the largest in the Pyrenees. The area is more affordable than the Alps, less crowded and you can buy in traditional villages, rather than purpose built modern ski resorts.

Montpellier

Montpellier is a modern, vibrant city in a great location, close to the Mediterranean coast. The city has a high student population, which keeps its nightlife buzzing until the early hours. Much of the centre is pedestrianised and transport is good, making it very liveable. And it has plenty of historic architecture and things to do without being a tourist trap.

Lille

This northern French city can be reached direct by Eurostar. It’s very close to the Belgian border, making day-trips to Bruges and other towns easy. Once grimy and industrial, modern Lille is an attractive commercial centre with lots of historic and cultural attractions.

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Cypriot Prices Rising

Posted on May 25, 2012 by Alice

The Cypriot property market is recovering from the downturn, which saw big drops in prices in many areas, especially those favoured by overseas buyers. Prices in coastal cities like Limassol and Pahpos, which attract large numbers of holiday makers as well as property buyers, fell steeply. Some properties halved in value. Areas in which most buyers are Cypriots saw much lower falls. However, foreign buyers are now being attracted back to Cyrpus, and prices are rising again. Now could be a good time to buy in Cyprus. Returns on holiday rentals on the island are not high– due to an oversupply of property – but if you want to own your own slice of Mediterranean sun, Cyprus could be a great choice.

Why Buy?

Cyprus has long been a popular choice for those who want to make a new life abroad. As a former British colony, there has long had a strong contingent of British people in Cyprus. In recent years, they have been joined by others, giving many areas a lively international feel. The island has plenty of history, with plenty of historic sites to visit. It has a great climate, with 333 days of sunshine each year. And it has some beautiful natural landscapes to enjoy – from long white sand beaches to rocky mountains.

Where to Buy?

Cyprus has some large and busy holiday resorts, and many overseas buyers head straight for them when looking to buy. Ayia Napa is the party centre, and a favourite with British holidaymakers. If you want to combine nightlife with culture and a genuinely Cypriot feel, then Limassol is a good choice. Coral Bay is ideal for those who like beaches and luxury. There are plenty of smaller resorts too, with great beaches all around the island. Or head inland and look for property in one of the gorgeous whitewashed villages in the hills. When you’ve found your dream Cypriot home, remember the practicalities. Make sure you get reliable surveys done before you commit to buying. Overseas contents insurance is a must, too.

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Beating the Swiss Restrictions

Posted on May 23, 2012 by Alice

Switzerland has long been a favourite destination with international buyers – or at least, with those who have cash to splash, as some Swiss property is among the most expensive in the world. Foreign buyers looking to get into Switzerland face restrictions on what and where they can buy designed in part to prevent foreign demand pushing prices up even further. Non-Swiss families can only own one property in Switzerland, can only live in their property for up to six months a year, and can only buy properties under 200 square metres. There are also restrictions on where foreigners can buy: only properties in designated ‘holiday zones’ are available to them.

New Limits

The Swiss government is further restricting property by limiting the number of ‘secondary residences’ – or holiday homes – in each town or village to 20% of the total. That means that there are likely to be many fewer holiday homes on the market in Switzerland after the law comes into effect in 2013. So, if you want to own your own slice of Switzerland, now might be the time to buy it.

Mountain Views

Switzerland is famous for its mountains, with good reason. Whether or not you are a fan of skiing, you will find it hard not to fall in love with Swiss Alps. In winter, they are home to some of the world’s best (and most exclusive) ski resorts, such as St Moritz, Verbier and Zermatt. In summer, the snow melts and the green mountain meadows and trails attract walkers, climbers, mountain bikers and adrenalin junkies. They also attract those who just want to enjoy the incredible views, Swiss culture and chocolate-box villages.

As buying in Switzerland can be complicated, it can be best to contact a specialist agency who can help you through the maze of legal restrictions. Remember too that you need to get overseas property insurance in place after you buy – Alpine winters can damage even the well-built of homes. Once the practicalities are arranged, you’ll be free to enjoy life on the mountain.

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Croatian Paradise

Posted on May 21, 2012 by Alice


From a war torn nation to a holiday paradise; the transformation in Croatia over the last decade has been remarkable. The country is now firmly on many holidaymakers’ lists when they are choosing where to jet off each summer, and for good reason. Croatia offers stunning beaches, ancient cities, traditional culture and a modern outlook. For those looking to buy, prices have dropped in recent years, but rental yields are still strong and there is little red-tape governing the rental market.

Where to Buy

Croatia’s property market is diverse: whether you want to buy in a modern resort or a traditional village, you will find plenty of options in the country. The Adriatic coast is the most popular holiday area, and home to the cities of Dubrovnik and Split. Both cities offer beaches, historic architecture, chic shopping and a buzzing nightlife.

All along the Istrian and Dalmatian coasts, you’ll find beautiful towns and villages of all sizes. There really is something to suit everyone. Porec is among the largest and most popular, and pioneered Croatian tourism. It has a strong cultural heritage, good shopping and nightlife, and some great walking and cycling, although it does lack beaches. Vodice has several beaches, and is a favourite with party people – whether they are looking for all-night clubbing or outdoor jazz concerts. Rabac is another lively resort, with a traditional fishing village at its heart. It has several beaches and while it is peaceful in winter, in summer it attracts music fans to its festivals.

Croatia’s inland is also worth considering, and the coast is rarely more than two hours drive away. The city of Zagreb is at its heart, with a medieval centre to rival those of Vienna and Prague, and lots to see and do. Much of Croatia’s inland is mountainous. Good value homes in mountain villages can be the perfect base for walking and mountain biking. There are also three small ski resorts, in Platak, Velika and Bjelolasica.

Croatia offers both tradition and modernity everywhere you go. Buying a home there means buying somewhere steeped in the past, but looking firmly to the future. If that sounds good, remember to get financial and legal advice before you buy, and take out holiday home insurance to make the most of your investment.

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Mountain Views, Ancient Cities and Rising Prices in Austria

Posted on May 18, 2012 by Alice

Austria is often overlooked by British property buyers searching for their dream home abroad, but there is more to the country than the usual Mozart and Sound of Music clichés. The country is dominated by its Alpine landscape, but it is just as good a summer destination as a winter one. Whether you want to explore the mountain peaks or take in the city culture, you will find plenty to interest you in Austria.

Austrian Property

Austria has some good quality property around, and unlike in much of Europe, prices are rising. Vienna has seen the sharpest rises in recent years, but prices have risen steadily in the rest of the country of the last few years too. They have been driven by a strong economy, government support, and a growing holiday home market. More and more overseas buyers are waking up to Austria and its good-value property.

Where to Buy?

The main choice in Austria is whether you want a home in one of its atmospheric cities, or whether you want to be up in the mountains, with their lakes and ski resorts. Vienna, the capital, is famous for its grand palaces, musical heritage and elegant feel. Salzburg is smaller, with a homely feel and a gorgeous setting. Innsbruck is Europe’s oldest city, nestled in the Alps.

It is easy to reach the slopes from Innsbruck, so a home there could give you the best of both worlds – the city has even hosted the Winter Olympics in the past. If you would rather be in a ski resort, look to the area around Salzburg, to resorts such as Saalbach and Kaprun. The Tyrol area is home to some of the better known resorts such as Kitzbuhel, but is expensive and there are restrictions on foreigners buying there. Buying in a ski resort can give you a very let-able winter home that will have solid occupancy from November to April, and a quiet retreat during the summer. If you are buying in the mountains, remember to factor in maintenance costs and good overseas building insurance, as the snow and ice can damage buildings.

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British Buyers Eye Up Euro Bargains

Posted on May 16, 2012 by Alice


British buyers are starting to look to the two countries that have been worst affected by the Euro crisis for cheap property. Greece and Ireland might not seem like the best places to buy property, but the crisis that has devastated both their housing markets has meant that for overseas buyers at least, there are some bargains to be had. Irish prices have halved since their 2007 peak. Greek prices have not seen falls on quite that scale, but they have been falling steadily since 2007 too. Combined with the pound’s rise against the Euro, low prices are tempting many to see whether they can fulfil their overseas property dreams in these markets.

Searching for Property

According to Rightmove Overseas, property searches for both Greece and Ireland have risen recently. While it pays for anyone thinking of buying in a troubled market to be cautious, there are good reasons why buying in either of these countries might not be the reckless move it would first seem. Buying in a distressed market as an investment might not be a wise move for individuals, although for big investors able to take a risk it could pay off. For those looking to buy a holiday or permanent home for their own use, buying in Greece or Ireland could be a good way to get a home at an affordable price.

Long-Term Benefits

Anyone buying in either of these markets should do so with the long-term in mind. That said, there are reasons for optimism, particularly in Ireland, and so the decision to buy could pay off financially too. Irish property is overvalued by up to a quarter, according to Ireland’s central bank. That means that if investor confidence returns, prices could see sudden, sharp rises. In Greece, prices continue to fall in much of the country, but are relatively stable in the holiday areas of the Greek islands: the areas that will most appeal to British buyers. Island prices have only dropped 1% in the last year, less than the falls in the UK over the same period. Greece’s political unrest, too, is largely confined to the mainland cities, rather than the island holiday resorts.

If you are thinking of moving abroad or buying a holiday home, Greece and Ireland could be better places to buy than you might think. Check local price trends before you buy, and make sure you get holiday home insurance to protect your new home.

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Investors See Big Returns in Portugal

Posted on May 14, 2012 by Alice


British buyers looking to invest in an overseas rental property should consider buying in Portugal. The market in Portugal is weak, with the most recent figures from March 2012 showing falling prices and sales. A large part of the reason for the market’s weakness is that those who would have chosen to buy in the past are unable to access finance. This is helping the rental market in the country, keeping tenant demand strong. The rental market is also likely to be boosted by a new law expected to be passed by the Portuguese Parliament later this month. The law will do away with restrictive rent laws that kept rents set low, and will lower landlords’ taxes.

Cities and Beaches

The best returns on Portugal property are likely to be in the main holiday area of the Algarve, and in the big cities of Lisbon and Porto. In the Algarve, you will find a very varied selection of properties, from traditional stone houses on cobbled streets in ancient fishing villages, to brand new apartments and villas. Some of the newer properties might appeal more to the holiday market, especially as they are likely to have swimming pools, but older properties offer character and if you are prepared to invest in renovations, can be turned into real dream homes. A good alternative to beachside properties in the Algarve is the Silver Coast, which lies just north of the Algarve. Once undiscovered, the area is still much quieter than the Algarve, but development and popularity there is rising, which is likely to push prices up in the coming years.

If you are keen to have an urban home, the capital, Lisbon is a great choice. The central areas such as the Barrio Alto and Alfama are full of fantastic character homes, close to all the city’s nightlife and cultural attractions. Some good quality newer properties, including exclusive apartment developments and family villas can be found outside the central areas. Porto is Portugal’s second city, and is a good alternative to Lisbon. It has all the same character and its own international airport, but is smaller and more relaxed than the capital. Wherever you choose to buy in Portugal, make sure you market your property well locally and online to get the best returns, and protect those returns with overseas property insurance.

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Turkish Market Opened Up

Posted on May 11, 2012 by Alice

The Turkish property market has received a boost this week from the Turkish parliament. The ‘reciprocity law’ had restricted the purchase of homes in Turkey to citizens of those countries that allowed Turkish citizens to buy in their countries on the same terms. This opens up the Turkish market to buyers from the Middle East, Russia and Central Asia. This is likely to mean that there is an influx of new buyers, pushing up prices. The change in the law is expected to bring around $5 billion dollars of investment cash into the country. Russian buyers in particular have come to be major players in some other markets, and so may come to play a major part in Turkey too.

British Bargains

What does this mean for British buyers and owners in Turkey? If prices are likely to rise soon, then this could be just the right time to snap up a bargain before they do. That said, there is no reason to panic: prices in Turkey are still low in most areas, and even if prices rise, it should still be possible to pick up a bargain home.

Turkey is an attractive place to buy for many reasons. For those thinking of moving overseas, the low living costs and year-round sunshine are a big draw, with costs only around half what they are in the UK. For those who want to use their property as a holiday home (whether to rent out, for their own use, or both), Turkey has plenty of choice of different kinds of resorts and regular budget flights from the UK. You’ll find big, busy resorts with plenty of bars if that’s your thing: take a look at Gumbet or Bodrum, or the fast-growing Altinkum. If you want a more Turkish experience, try the upmarket Kalkan, or Akyaka, a popular resort with Turkish holidaymakers.

As you would wherever you choose to buy overseas, it pays to take some sensible precautions when buying in Turkey. Remember to get covered with holiday home insurance and make sure you get solid legal and financial advice when buying.

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The Big Spanish Sell-Off

Posted on May 9, 2012 by InsureMyVilla


Spain’s property market has taken a battering over the last few years, with dropping prices and repossessions. Those who bought at the top of the market have seen their property’s value drop by as much as half in some cases, particularly in the popular holiday areas of the Costa del Sol and Costa Blanca, where many resorts have a considerable oversupply of property. This has presented a huge opportunity for bargain hunters, with bank-owned repossessed properties and ‘distressed’ properties (those still owned by the mortgagee but under imminent threat of repossession) being sold off cheaply.

Mortgages

As well as low prices, banks are offering some excellent mortgage deals on property that they own. Getting a mortgage in Spain for property not owned by the banks is difficult, with mortgage lending standing at only a quarter of its 2007 levels. However, banks are prepared to lend in order to get repossessed properties off their hands. Mortgages of over 100% are available on some properties, often on new resort developments where the bank has repossessed the whole development and needs to get rid of all the property on it.

Potential Pitfalls

There are some very tempting deals in Spain at the moment, but they should be approached with caution. Many of the best deals are in hard-to-sell properties in saturated markets. If they are hard to sell, they may well be hard to rent too. The market in Spain continues to fall, with prices on the Mediterranean coast down nearly 15% in the year to April 2012. If you want to buy as an investment, now might not be the best time.

Moving to Spain

If you want to move to Spain, then this could be the perfect time to pick up a bargain. You could pick up a property you would never otherwise have been able to afford, and get a mortgage much more easily than you would have thought. If the holiday resorts of the Mediterranean do not appeal, there are bargains a-plenty in the major cities too. When working out costs, make sure you remember to factor in overseas property insurance, local taxes and utility bills. Even with those costs included, you may find that your Spanish dream is much more achievable than you think.

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