Overseas Property Investment Robust for 2008

Property investors’ confidence in the overseas property markets continues and is set to maintain strong purchase levels during 2008.

Early reports from the National Association of Estate Agents International and the Federation of Overseas Property Developers, Agents and Consultants shows consumer confidence remains unaffected, following the news of the US credit crunch.

According to both organisations, properties in established destinations remain popular, with the trend expected to continue well into 2008. Currency exchange specialists, Foreign Currency Direct, reinforce this view adding supporting figures quoting an 8.2% increase in currency transactions during the last quarter of 2007, in comparison to Q4 2006 figures.

James Gonzalez, Market Analyst at Obelisk comments, “The diverse types of buyers of overseas property investment range from pure profit to lifestyle, both young and old, all driving the consistent demand for overseas property investment.”

“More and more property buyers are being motivated by the emerging markets, knowing that the returns are far greater than in the more traditional destinations. Eastern Europe is clearly in the forefront for overseas property investment.”

According to the latest figures, Bulgaria property prices rose by a massive 30.6% by the end of quarter 3 2007, registering the highest increase in the world in 2007.

The Eastern European markets have reported little or no impact from the US sub-prime crisis with the European Central Bank (ECB) recently confirming consumer borrowing is continuing at a steady growth rate. Financial analysts forecast an early 2008 cut in interest rates, further adding to the robust appeal of the area.

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