Outside the Eurozone
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Hürriyet Daily News
Oluşturulma Tarihi: Mart 06, 2009 00:00
ISTANBUL - Even though property prices may be dropping in Europe, there are countries where you can still find good-value property. The strength of the euro has put British buyers off destinations such as Spain and France. You get more for your money in Turkey when compared to them
House prices may be dropping across Europe, but the strength of the euro has put British buyers off destinations such as Spain and France. However, there are countries where you can still find good-value property, explained Laura Latham in The Independent on March 4.
"You get more for your money in Turkey, when compared to Spain or popular Greek resorts," says Janet Schofield of the Turkish specialists Nicholas Homes. "Prices haven't gone up lately, and there are definitely good deals, such as two-bedroom apartments from around 40,000 pounds and villas with pools for around 140,000 pounds."
Schofield said there was also increasing demand for rental property as holidaymakers shunned the Eurozone for cheaper destinations, which benefits owners who want to let their homes.
It's a similar story in Croatia, where the market has dipped due to global economic woes. "Sellers are having to reduce prices as there are less buyers," said Andrea Marston of Investment Group Croatia. "British vendors in particular can afford to drop as they're still better off when they convert their money into sterling. So it's worth negotiating."
Marston has properties on the attractive Dalmatian coast, ranging from 90,000 pounds for two bedrooms to three-bedroom villas with a pool for around 220,000. She claims it's better value than Spain, where buying cheap "often means you're a 10-minute drive from the sea, rather than a few minutes' walk".
Bulgaria has fallen out of favor recently, but the low cost of living means that tourism is expected to pick up. Despite sterling having lost value against the Bulgarian lev, prices are still reasonable, with apartments selling for as little as 30,000 pounds in ski resorts such as Borovets and Bansko, and on the Black Sea coast.
"A one-bedroom newly-built in the French Alps will start at 180,000 pounds, while one-bedrooms in our Bulgarian projects start at 35,500 pounds, with duplexes from 75,500," says Veneta Cornford of Zoldi. "Coastal properties start at around the same price. We're seeing a lot of interest in rentals, too."
Low prices can also still be found in Morocco, which is attracting buyers who have been priced out of Europe. Apartments costing from 25,000 pounds are in new purpose-built resorts on the Mediterranean coast around Tangier, but these areas are less popular than the cities.
Frances McKay of Francophiles says it's possible to find lovely riads for the price of a Spanish apartment. "Marrakech is popular, but has become expensive, though you can still find renovated riads with three or four bedrooms for 260,000 pounds, and nice one-bedroom apartments from 89,000 pounds," she says. "In Fez, we have traditional properties in need of updating from 50,000 pounds."
A few tips for bargain properties might be as follows:
*Be wary of buying cheap property through developers or agents with no track record.
*Check if your chosen agent or developer is a member of a professional organization, such as the Federation of Overseas Property Developers, Agents and Consultants (www.fopdac.com).
*Currency markets can be volatile, so it's worth changing money via a specialist broker to get the best rate.
"You get more for your money in Turkey, when compared to Spain or popular Greek resorts," says Janet Schofield of the Turkish specialists Nicholas Homes. "Prices haven't gone up lately, and there are definitely good deals, such as two-bedroom apartments from around 40,000 pounds and villas with pools for around 140,000 pounds."
Schofield said there was also increasing demand for rental property as holidaymakers shunned the Eurozone for cheaper destinations, which benefits owners who want to let their homes.
It's a similar story in Croatia, where the market has dipped due to global economic woes. "Sellers are having to reduce prices as there are less buyers," said Andrea Marston of Investment Group Croatia. "British vendors in particular can afford to drop as they're still better off when they convert their money into sterling. So it's worth negotiating."
Marston has properties on the attractive Dalmatian coast, ranging from 90,000 pounds for two bedrooms to three-bedroom villas with a pool for around 220,000. She claims it's better value than Spain, where buying cheap "often means you're a 10-minute drive from the sea, rather than a few minutes' walk".
Bulgaria has fallen out of favor recently, but the low cost of living means that tourism is expected to pick up. Despite sterling having lost value against the Bulgarian lev, prices are still reasonable, with apartments selling for as little as 30,000 pounds in ski resorts such as Borovets and Bansko, and on the Black Sea coast.
"A one-bedroom newly-built in the French Alps will start at 180,000 pounds, while one-bedrooms in our Bulgarian projects start at 35,500 pounds, with duplexes from 75,500," says Veneta Cornford of Zoldi. "Coastal properties start at around the same price. We're seeing a lot of interest in rentals, too."
Low prices can also still be found in Morocco, which is attracting buyers who have been priced out of Europe. Apartments costing from 25,000 pounds are in new purpose-built resorts on the Mediterranean coast around Tangier, but these areas are less popular than the cities.
Frances McKay of Francophiles says it's possible to find lovely riads for the price of a Spanish apartment. "Marrakech is popular, but has become expensive, though you can still find renovated riads with three or four bedrooms for 260,000 pounds, and nice one-bedroom apartments from 89,000 pounds," she says. "In Fez, we have traditional properties in need of updating from 50,000 pounds."
A few tips for bargain properties might be as follows:
*Be wary of buying cheap property through developers or agents with no track record.
*Check if your chosen agent or developer is a member of a professional organization, such as the Federation of Overseas Property Developers, Agents and Consultants (www.fopdac.com).
*Currency markets can be volatile, so it's worth changing money via a specialist broker to get the best rate.