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Realtors urged not to rush into EU

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Realtors urged not to rush into EU

Overseas property investors do not need to act hastily if they are considering transferring money to the eurozone.

According to Marc Da-Silva, editorial director at International Estate Agent Today, there are unlikely to be significant upwards movements in house prices in the financial bloc.

He noted that the Spanish market in particular looks quite fragile right now, which means house prices in the country are likely to fall in the next few months.

Similar conditions are apparent in Portugal, Mr Da-Silva stated, before pointing out that even France is starting to show signs of being hit by the eurozone debt crisis.

The expert stated that since this trend is likely to continue for several months, there is no "major rush" for foreign nationals to a buy a home in a country that uses the single European currency.

Mr Da-Silva also noted that the financial turmoil in the region means sterling is increasing in value against the euro.

He described this as an "added bonus" for investors from the UK, stating it "is really a win-win situation" for British buyers right now.

Nevertheless, Mr Da-Silva stated that while there is no need to rush, this does not mean they should delay either. Prospective buyers were encouraged to bear future scenarios in mind when they are negotiating a price for a residence they have firmly in mind.

"If you have found the right property in the right location – the dream place – then there is no need to necessarily hold off," Mr Da-Silva said.

He was speaking after figures from Rightmove Overseas revealed that a record number of searches were carried out on its website during May 2012. Some 3.2 million searches for properties in other countries were recorded last month, with Spain proving especially popular. Portugal and Italy also attracted lots of attention, along with many of the Greek islands and parts of Turkey.

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