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2007 overseas investment: blame it on the weather

19th December 2006 | back to article listings BACK    print this article PRINT

Property investment abroad is set to be big business next year and it appears that the top overseas hotspots are, as the name suggest, more likely to be in sunnier climes.

Meanwhile, those where the investment climate is not so amenable will be where there is not a bikini in sight.

Cyprus is tipped by Assetz to be one of the most profitable overseas investment destinations next year as currently prices are rising by a slow and steady 6.3 per cent for the year to date, according to BuySellCyprus.

The average house price now stands at CYP 91,213 (£105,347) and the country is expected to benefit from the increased stability and growth that comes with joining the euro, which it is scheduled to do from January 1st.

Commenting on the Mediterranean island's festive charm, Litsa Chrysostomou, marketing manager at BuySellCyprus, said: "While Christmas is an especially appealing time of year to live in Cyprus, the good weather year round, low crime rate, high standard yet low cost of living and tax benefits - especially for pensioners - all make Cyprus the ideal country to purchase a second home."

But Ross Elder, managing director of HolidayLettings.co.uk recommends Cyprus as a country which also offers quick returns on investment (ROI).

"If you are looking for a lower input and greater ROI, Cyprus' hopes of a tourism boom are geared around Turkey opening up routes to a port and airport to Cypriot traffic," he said.

"Greece and Cyprus are most commonly associated with package holiday trips, hence they offer potential for property and holiday home investment as this aspect has yet to be exploited there."

By contrast, countries with colder climates are likely to be much less amenable to property investors next year.

Parts of Austria and Switzerland, including some major ski locations, are closed to foreign investors representing a barrier to entry to a potential lucrative market.

Simon Malster, managing director of investorsinproperty.com, used the Austrian region of Tyrol as an example of a blockaded market.

"You can't buy in the Tyrol and I don’t think you will ever be able to buy in the Tyrol. They have a special exemption even though they are in the EU," he explained.

But he added that Switzerland's icy markets may be melting in the near future: "Switzerland is not completely open - they are talking about relaxing the rules on a federal level.

"Maybe that will come but at the moment there are still restrictions. That is really one of the things that makes it interesting."

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/3176.html. Alternatively, please see our full press release archive.

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