As 2010 draws to a close, attentions are turning to the best locations to invest in property in 2011. So where are experts predicting will be the best property investment hotspots for the coming year?
The last year has been one of mixed fortunes with traditional second home destinations such as Spain, Italy and Greece still feeling the harsh effects of the economic downturn whilst other mostly non-Eurozone countries such as Brazil, Turkey and Egypt flourished.
Istanbul could be an excellent place to buy property in 2011 with plans for a third airport for Turkey’s capital approved.
The Silivri district on the European side of the city will house the site for the new airport which is expected to have a capacity several times that of the main airport Ataturk International. Ataturk International saw almost 30 million arrivals in 2009, and 2010 saw a 13% increase in this number in the first four months alone. On the other side of the city, Sabiha Gökçen airport is popular with budget airlines with over 11 milion passengers expected to pass through the airport this year.
According to some property experts, Albania will be the property market to watch in 2011.
Known as the land of the eagle, 2011 will be the year for Albania. Located in South Eastern Europe, just 45 miles across the Strait of Otranto from Italy, Albania looks set to spread its wings and realise its potential as an exciting, new and lucrative second home market say the real estate and financial experts of the Lalzit Bay Resort & Spa.
According to latest figures, Paris ranks the single most popular location in France accounting for over 15% of homes owed by Britons.
Statistics compiled by INSEE (National Institute for Statistics and Economic Studies in France) from the country’s most recent census show that 20,500 of the 135,000 Britons living in France have their permanent home in or close to the Capital.
Paris has also been voted the 2nd ‘favourite holiday destination’ for 2011 in the Frommer’s travel guidebook series global poll.
Many property investors are put off by buying property in Spain because of the problems with some properties in recent years and the large, crowded expat community. However there are still some hidden property gems in Spain and the country should not be overlooked.
Many overseas property investors have traditionally looked to Southern Spain when investing in Spanish property. However Northern Spain is starting to gain in popularity because it is a world away from the built-up, owercrowded areas in the South and is full of spectacular scenery, a laidback, friendly culture and fantastic food.
With China looking to limit Chinese property investors with a raft of new legislations, Chinese investors are now looking abroad to expand their property portfolios.
13 local Chinese governments have so far introduced new policies to reduce the number of properties a family can buy. Initial deposits have also increased meaning the initial cost of buying investment properties has gone up.
In a move to help curb soaring real estate prices in China, the State Council has ordered that banks insist new property purchasers have at least a 30% deposit on their property. The finance ministry has also revealed that some tax breaks aimed at encouraging housing purchases may be scaled back.
These announcements are in addition to those made in April and are aimed at bringing Chinese real estate prices down to more affordable levels.