According to an article in World Property Channel.com, property markets around the world have been recovering over the last five years, but it highlights a new report from Savills which views getaway locations as giving the best growth over the next five years. The report is called Spotlight on Prime Residential Retreats.
During the economic downturn popular hotspots such as South Africa, the Caribbean, the Mediterranean and the Alps were all hit hard, but last year saw the turning point for these types of markets due to a renewed demand for leisure property. It’s anticipated that these types of locations will continue to see price growth of up to 10% this year, and prices could return to their former peaks by 2019. The recovery will be led by popular locations such as the Caribbean, Tuscany and the Balearics.
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There are several reasons for this recovery, as it’s partially due to the fact that prime city properties are becoming more valuable, and as a result buyers are actively seeking out alternative real estate markets. Low interest rates in Europe continue to make overseas property loans more affordable, even though lending requirements are stricter. In addition some locations such as …read more