This may be the best opportunity in decades to buy property abroad – for buyers with strong nerves and liquid capital.
The recession not only hit the US, but also internationally. Specific areas abroad for-instance in Spain, are hit by the global recession harder than others. Property prices from Barcelona to the Balearic Islands are expected to drop for more than 35 %. Russians and Saudi princes are leaving the Mediterranean, Marbella and Malaga and many exclusive homes are for sale. The economic downturn has left many home owners struggling to keep up with mortgage payments in dozens of European countries.
This recession is opening up a gold mine for well-funded property buyers and gradually enticing investors back into the real estate market. A strengthened Dollar, double-digit price declines and high inventory levels make a overseas purchase more affordable for Americans than ever.
If you have any questions about European real estate or you are just starting the process to look for an European property, you might want to check out our website or give us a call.
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© Flavia Westerwelle