Corporate foreign exchange news

Overseas property 'is down in price'

Wednesday, 09 September 2009 10:09:57 GMT

UK residents saving up for property abroad could find that market trends are bringing holiday homes within budget.
Figures from property search portal Nestoria indicate falling prices on the continent in some of the most popular tourist hotspots.
Benidorm has posted a marginal decline in asking prices of around one per cent.
However, other destinations have become more affordable, with Majorca prices down by four per cent, Ibiza six per cent cheaper to buy in and Tenerife properties down by seven per cent.
This compares with the domestic market, where properties have increased in price in recent months.
Nestoria figures show that Thurso, in the Scottish Highlands, is now 45 per cent more expensive to buy in, while South Hams in Devon is up 16 per cent year-on-year.
Geoff O'Neill, owner of the Coastal Property Search South Hams branch, comments on the trend that holiday homes can seem "a good investment" to investors when prices are down.ADNFCR-2522-ID-19352103-ADNFCR
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