Is it the time to buy overseas?
Interesting article examines housing market possible recovery.
Now is the time to buy overseas property. This has been a popular line for the last 2 years, one that was harder than many thought it would be to sell in 2009, but has been getting a lot easier for the last 12-18 months. With many reports of markets bottoming, could 2012 be the first year of the real global property recovery?
Dubai property crashed, Spanish property crashed, American property crashed, British property crashed, and there were many more crashes around the world, if none as dramatic as the aforementioned trio. Immediately bargains became available in those markets, but it didn't immediately become the right time to buy property there for foreigners.
In Spain, more property had been built during the boom than in France, Germany and Italy put together and now with no one buying there were millions of homes in overstock. At the same time Spain's problem with corruption in the property market was taking centre stage as millions of Brits joined buyers from around the world in having their properties taken away because they had been illegally built for one reason or another.
With between 2 and 3 years of falling and stagnating prices, investors are giving reports of bottom more benefit from doubt than they have before. This is opening up possibilities, and research is finding opportunities. All the signs say point to 2012 being the first year of the real global property recovery.