International
Tu r n i n g
the tide
St Tropez: traditional
Despite the impact of Sterling’s decline, Savills
markets like the French
Riviera are still proving
International Residential department is seeing renewed
popular, despite the
economic downturn
confidence in the popularity of second home locations
fter the international typically where prices have been reduced.”
A
r
esidential market almost A key challenge over the last six
ground to a halt late in 2008 months has been the impact of exchange
and early in 2009, activity rates, with Sterling falling against the
has started to pick up again. Savills has Euro, US Dollar and Swiss Franc. Prices
experienced a significant increase in of property in the Eurozone effectively
enquiries over spring, and these are now increased by 25 per cent over the course
transforming into offers and sales. of 2008, which inevitably deterred buyers
“There is a definite feeling that who didn’t already have funds in Euros.
people have waited long enough through “Another challenge has been the lack
the stormy economic period and now of mortgage availability abroad, but the
want to get on with buying and selling,” banks are now starting to lend again and
says Charles Weston-Baker, of Savills with the current low interest rates this
International Residential department. will have a positive impact on sales,” says
“The properties currently selling are Weston-Baker.
those that represent excellent value,
Funds and flexibility
“The majority of enquiries we are
Property hotspot | Portugal
receiving are from cash buyers with funds
and flexibility, who are looking to take
advantage of investment opportunities in
areas where prices have fallen. In some
markets, prices have fallen by as much
Quinta do Lago, Algarve
as 50 per cent with plenty of excellent
This handsome and grand house opportunities available.”
sits on an exceptionally large plot
One market where this is particularly
in an area with superb facilities.
The house is perfectly laid out as
evident is Florida. Prices in some areas
a wonderful family holiday home.
of the south west have fallen by 50 per
cent and this, combined with interest
Price: €4.5 million
rates at historic lows, has resulted in sales
Contact: Joanna Leverett
+44 (0)20 7016 3811
transactions starting to rise again.
jleverett@savills.com Portugal’s Quinta do Lago is an area
that has weathered the global property
112 savills ultimate property collection
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