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.
Total investment volume into European commercial real estate in the first quarter of 2016 reached €36.8 billion, some 30% lower than the same period last year, the latest research shows.
However, several European countries analysed in the report from international real estate firm Savills are seeing increasing investment activity this year. Italy with growth of 54%, Sweden up 33%, Poland up 15%, the Benelux countries up 12% and Finland up 479%, have all performed well. The report says that the data shows that investor appetite is healthy for quality assets in markets with strong fundamentals.
In terms of sectors, industrial has gained ground, increasing by around 19% year on year. This was driven mainly by transactions in the logistics and distribution sector in the UK, Germany, Sweden, Spain and the Netherlands, which accounted for more than 80% of the total activity.
A total of €64.5 billion was invested in European commercial property in the final quarter of 2015, which took volumes for the full year to €238.5 billion, a 25% increase on 2014.
However, the fourth quarter total was only slightly up, by 0.5%, on the same quarter of 2014, indicating that investment growth lost a little momentum towards the end of the year, according to the latest European quarterly commercial property outlook report from Knight Frank.
However, it shows that increases in investment activity were widespread in 2015, with the core markets of the UK, Germany and France all seeing transactions rise by more than 20%.
The prime residential property market in Italy has turned a corner with viewings and sales increasing in 2015, new research shows.
The weak euro and a growing realisation that prices are at, or close to, their floor has boosted buyer confidence, according to a new analysis from international real estate firm Knight Frank.
Across key second home destinations price performance has converged with annual growth ranging from 2.1% in Venice) to a fall of 3% in Sardinia in 2015.
The report says that market confidence is strengthening and residential sales increased by 7% in 2015 and the outlook is helped by the fact that Italy’s consumer confidence index is up 39% since its low in 2012.
Milan, with a population of about 1.3 million people, is the second-largest city in Italy, after Rome, and is a capital of fashion and design. The most sought-after properties are renovated historic apartments, mostly dating from the 19th and early 20th centuries, in the central districts of Brera and the neighboring Quadrilatero della Moda, or the fashion quarter.
The level of investment into European commercial real estate continues to grow with €62 billion invested in the third quarter of 2015, up 18% on the same period in 2014.
France experienced the most noteworthy increase with investment activity of over €7 billion, almost double that of the same quarter in 2014, according to figures from CBRE.
Global house prices have increased by a median of 4.7% year on year led by Hong Kong, Turkey, Ireland, Sweden and Australia, a new international report shows.
Overall prices have increased in 21 of the 26 countries tracked by the Economist House Price Index but growth does vary from nation to nation.
The growth is topped by Hong Kong with annual price growth of 20.8%, followed by Turkey with a rise of 18,8%, Ireland up 13.4%, Sweden up 10.3% and Australia up 7.5%.
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 Dolomites, a mountain range that is part of the Southern Alps, are tucked into the northeastern corner of Italy on the Austrian border. Since 2009 the area has been a Unesco World Heritage site — and as the citation notes, it features “some of the most beautiful mountain landscapes anywhere, with vertical walls, sheer cliffs and a high density of narrow, deep and long valleys.”
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