Assessment of distressed property markets compiled by website IPS

Assessment of distressed property markets compiled by website IPS

Many European property markets which have seen prices plummet in recent years could be good bets for overseas buyers but others should be left well alone, according to a new report from below market value specialists.
The United States, and Florida in particular, could be reaching the bottom of the market as prices are picking up in some areas. But IPS reckons it is a market only for experienced investors as prices vary so much depending on location.
Hungary is described as uncertain.
Greece is a high risk market at present even for experienced real estate investors, it points out.
Bulgaria, once the darling of overseas property investors has seen prices plummet in the capital, in the ski resorts and even on the coast where many British and Irish investors are trapped unable to sell.
It says that Portugal’s property market has been hit hard by the sovereign debt crisis.
Oversupply and the economy have put huge pressure on Spain’s property market, according to IPS. ‘It is now possible to buy a property below market value. If the banks are willing to lend then they must be confident this market has finally reached bottom in the more desirable coastal areas. Invest now if you want to grab a bargain in coastal areas. Properties are unlikely to get cheaper,’ says the report.