Spain, Cyprus and Portugal could offer British buyers looking for a holiday home some bargains in 2016 with experts revealing that properties are starting at €50,000.
Some parts in Spain in particular currently offer some low priced properties that are not the wrecks usually associated with the bottom end of the market, according to Martin Dell, director of Spanish property portal Kyero.
Residential property prices in Cyprus appear to be stabilising but experts are divided on how the market will pan out over 2016.
The most up to date figures from the Cyprus Central Bank’s index covering the third quarter of 2015 shows that prices fell by 0.3%, consistent with the 0.4% and 1% falls during the previous quarters.
The residential property market in Cyprus is still struggling despite the island’s economy showing signs of stability in the third quarter of 2015, with sales volumes low.
Across Cyprus house prices fell by 0.5% and apartment prices by 0.4%, according to the latest index from the Royal Institution of Chartered Surveyors (RICS).
Home owners in Cyprus who have been affected by the country’s title deed fiasco over many decades are a step closer to the situation being resolved with hopes high of a recovery in the property market.
Laws to ensure that title deeds are passed directly to buyers must be in place by the end of this week as demanded by the European Union, the European Central Bank and the International Monetary Fund.
Failure to do so would mean that the country will not receive the next instalment of its €500 million euro crisis bailout and it will be welcome news for thousands who still have not received the deeds to their homes that were built years ago.
Commercial property investment activity in Europe reached its highest level since 2007, totalling €102.5 billion in the first half of 2015, the latest market analysis report shows.
The investment volume across the 16 participating countries was 25% up on the same period last year, according to the European Investment Briefing report from international real estate advisor Savills.
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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