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21/03/07 - Property Markets to Watch in 2007 |
When investing in an overseas property for financial return,
you have to rely on numbers, facts and instinct. The factors you must consider are rental potential, growth
potential and current price when looking into the possibility of buying a home abroad. Rightmove advise against
allowing yourself to become sentimental about the property, as a good investment or ‘hotspot’ may not necessarily be
somewhere you yourself would like to live.
With these key investment factors in mind, Rightmove Overseas selects their top 5 overseas summer hotspots for 2007!
1. Morocco
Morocco is becoming one of the fastest growing destinations among holidaymakers and overseas property investors
alike. And it's easy to see why: Lush gardens, olive groves and palm trees coupled with medieval alleyways and
aromatic souk market stalls, all add to the heady atmosphere of this exotic, vibrant and colourful destination.
During the summer of 2006 flight bookings to Marrakech rose by an incredible 295% compared to the previous year.
“Flight fares to Morocco have dropped dramatically”, comments Justin Figgins, Head of Group Strategy at Rightmove.
“This makes the destination a more attractive investment prospect for those looking to cast their nets further a
field in search of a holiday home that is a little out of the ordinary.”
Average property prices in Morocco currently range between £100,000 and £125,000; however, the market caters for
budgets of just £50,000 as well as luxury multi-million pound properties.
2. Dubai
Rightmove Overseas believe Dubai to be the ultimate city destination! The epitome of luxury and glamour, Dubai is an
exciting, majestic and distinctive city offering some of the finest and most opulent properties in the world. With
highly ambitious tourist developments underway and more international businesses setting up bases in Dubai, there is
no reason to believe that the desert state’s time has passed, Rightmove Overseas claim.
3. Cyprus
The legendary birthplace of Aphrodite, Cyprus offers an extraordinary quality of life. Rightmove Overseas currently
list almost 3,000 Cypriot properties in some of the most popular destinations on the island including Paphos,
Larnaca and Limassol. With its Mediterranean climate and relatively inexpensive cost of living, an increasing number
of overseas property investors are turning their eyes on the island. Buy-to-lets in Cyprus are currently providing
particularly strong rental returns. Cyprus' full adoption of the Euro in January 2008 will undoubtedly make the
island an even more attractive investment.
“A buy to let investment in Cyprus is still a great venture,” says Justin. “With tourism booming and the reputation
Cyprus has for attracting repeat and loyal visitors, rental demand continues to outstrip supply.”
4. Hungary
Hungary’s capital, Budapest, home to fascinating and eclectic architecture, grand old coffee houses and Turkish
baths, is an emerging location on the property market map. Summer in Budapest sees an influx of tourists and in the
autumn the cultural season starts, offering the city’s great Opera House, National Theatre and the Franz Liszt Music
Academy. The city’s lively nightlife, tasty gastronomy and beautifully ornate properties are causing more investors
to turn their eyes on the city.
5. The Caribbean
The pristine sandy beaches, clear waters, laidback lifestyle and year round sunshine alone would be enough to entice
anyone to buy property in the Caribbean. But on top of this the potential to make fantastic returns offered by the
region's holiday buy-to-let market are really attracting investors to this stunning part of the world. Between
September and November of this year, thousands of visitors are expected to flock to the Caribbean for the 2007
Cricket World Cup creating a boom in property sales and making the Caribbean one of the overseas property hotspots
of 2007.
Rightmove Overseas provides clickable maps, country guides, pod casts and national radio station shows for all of
our top ten destinations and many of our other 70 countries, ensuring that the user is provided with as much help
and guidance needed when researching latest hotspots and buying their overseas properties.
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