The US credit crunch has proved worrisome to many investors throughout the past year. Early reports from the both the National Association of Estate Agents International and the Federation of Overseas Property Developers, Agents and Consultants, though, suggest that few are continually worried. In fact, most expect the overseas property market to continue to grow throughout 2008.
A number of indicators point toward increased investor participation in the upcoming year. Foreign Currency Direct is just one example of this growth. A company that deals specifically with purchasing overseas properties, they should be experiencing quite a slowdown right now. Instead, Spokesman Robin Haynes said, "We're experiencing a good level of interest at the moment. Overall we saw an 8.2 per cent increase in the number of overseas property transactions in the fourth quarter of 2007 compared with 2006."
Financial services giant Baydonhill is another good example of the growth in the market. While their customers are primarily British investors, they have suggested that the sheer diversity of buyers, from those looking for retirement homes to those simply wanting a piece of the property pie, will continue to drive the market.
The growth in many areas is still expected to suffer the way of the credit crunch, other areas are predicted to remain popular. James Gonzalez, Market Analyst at Obelisk, recently commented "More and more property buyers are being motivated by the emerging markets, knowing that the returns are far greater than in the more traditional destinations. Eastern Europe is clearly in the forefront for overseas property investment." Other property hotspots for the upcoming year include Northern France, Cyprus, and Cape Verde.
