British people seeking to buy a property in the European Union should not be downhearted by the referendum decision that the UK should leave, according to overseas real estate experts.
Those who are looking to purchase a holiday home overseas, for example, are likely to see that owning a property in the EU will only be marginally more complex than it is currently, according to Andy Bridge, managing director of A Place in the Sun.
He pointed out that citizens of the United States, Canada, Russia and many other nationalities own properties throughout Europe, so while it may become slightly more complex for British buyers than currently, they are not going to be prevented from owning property in Europe.
The Austrian housing market is quite strong, with the total number of residential property sales last year up nearly 17 percent over the previous year, according to a May analysis by the Austrian National Bank. In the fourth quarter of 2015, sales prices rose nearly 8 percent over the same period in 2014.
In Vienna, what had been robust price growth slowed to about 4 percent in the fourth quarter, but since 2010, prices in the capital city have risen by more than 50 percent, lately driven by sales of new condominiums, the report said. Outside Vienna, prices have increased by 30 percent during that period.
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, the latest index report says.
Val d’Isere and Meribel in France have seen the biggest annual growth in property prices with a rise of 5.8% and 4.5% respectively, according to the 2015 Ski Property Index from international real estate firm Knight Frank.
The recovery in the Alpine residential real estate market, led by the ultra-prime resorts, has spread to the rest of the region with infrastructure investment spurring new development, according to a new report.
British buyers are returning as a weak euro poses buying opportunities in France, Austria and Italy but a strong Swiss franc has made property in Switzerland more expensive for foreign buyers, says the report from Savills World Research and Alpine Homes.
The European commercial property investment market has continued to gain positive momentum, with transaction volumes reaching €104.9 billion in the first half of 2015.
This was a 29% increase on the same period of 2014 and investment volumes for 2015 are forecast to reach €230 billion, which would make it comfortably the best year since the market peak of 2007.
The pound rose to its highest rate against the euro since November 2007 on Thursday, climbing to €1.4350 at one point.
The euro fell against both the pound and the dollar as markets assessed potential interest rate moves over the next few months.
The European Central Bank is expected to maintain its loose monetary policy for some time to come.
However, markets are now waiting for rate rises in the UK and US.
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