Should You Wait to Buy Property Abroad?
In the current climate, many investors are uncertain whether to invest in overseas property and when a sense of normalcy will return to the market.
Whilst it is still technically possible to buy property both in the UK and abroad, assuming the relevant parties are open for business, it is likely that the process will be more difficult than usual. Aside from being a particularly uncertain time for large financial investments, it has been reported that in most popular investment destinations, banks aren’t offering payment holidays to foreign buyers, instead, choosing to help their own countries’ citizens first.
Another major hurdle to consider is that the foreign currency exchange markets are particularly volatile right now, meaning that what you can get for your money could drastically vary from day to day.
Once the COVID-19 crisis has passed, which it will eventually, potential investors could test the market by comparing forex broker reviews and making a small investment on their chosen trading platform, looking for levels of volatility, before committing to spending a much larger sum on a property.
The key right now is to be patient and vigilant. Property investment takes time, and the certainty of a slow, but steady increase in value, is something that simply can’t be guaranteed at the moment.