How will the overseas property market change in 2018?
Considering investing in property and not sure if you should invest at home or abroad? Well, we’ve put together an overview of how property is performing around the globe.
The UK property market
Much has been written about the weakness of the UK property market in the aftermath of the Brexit vote, and a pound that’s not performing strongly, with fewer properties reportedly selling for more than their asking price, than was once the case.
In the City of London alone, prices fell by 5.6% over the year - the biggest fall in the UK apart from Aberdeenshire; and prices in other parts of London have been slowing down too. Though some North Western parts of the country have fared better, looking forward, the outcome of the Brexit negotiations is still uncertain. Some predictions suggest that any price rises forthcoming across the UK will be below inflation, meaning investors will have to wait some time to see a real growth in their investment.
Property around the globe
But what of the overseas market – is it time to invest abroad? With a change in government, investing in America has also been as an uncertain prospect; and property is mixed in its performance. It’s also been reported that real estate prices in the Middle East, Latin America, New Zealand and some parts of Asia are either falling or slowing in momentum.
Europe is a strong prospect
So some commentators have looked to the relative stability of property prices in Europe, as a safe haven for investors, as property prices continue to rise across most of Europe. A recent survey found that six of the ten strongest performing markets in the globe are in Europe, and prices rose in 18 of the 22 markets for which figures were available. Iceland, Ireland, Romania, Sweden and the Netherlands all have property markets that are performing well, with weaker growth reported in Spain, Switzerland and Finland for example. But are you looking to invest in sunny climes?
The strength of the Monaco property market
Though all investments can go up and down over time, when it comes to Monaco, the property has been seen to hold its value and indeed rise in worth – making it a steadfast investment over time. In fact, Monaco property has been recognised as the most valuable in the world, exceeding even that in Hong Kong at times.
Though new developments are being completed in Monaco, investors tend to hold on to property for the long term; and hence not a great deal of real state comes up for sale, and that property which does is in high demand. Buying in Monaco can be a challenge, so engage the services of a real estate agent that specialises in the area, to help you find the right property.
So there you have an overview of how the global property market is currently performing and how things look set to develop in 2018, with European property remaining a strong prospect for investors.