downturn well. Only a short drive west making it potentially one of the most
of Faro airport, the golfing and beach exciting property destinations in the
Focus on
resort is a popular choice for British world. There are indications that 2009
and Irish buyers and has enjoyed will see the arrival of the first freehold
Traditional holiday
consistent growth over the last 20 resort on the island,” observes Weston-
home markets
years. Prices have remained stable Baker. Moreover, the new ‘open-skies’
here during the last six months. agreement with the US is set to further
Venice is another market that is fuel demand.
Joanna
faring well. “In the last month we
Leverett
have had properties sell at or above Stabilisation in Asia
Savills International
the asking price,” says Weston-Baker. In Asia, while occupier markets continue
Department
“In general, Italy has not experienced their relentless retrenchment, some
the same levels of credit crisis as other sales markets have shown evidence of
“Over the last six months we have
European markets.” stabilisation. Mirroring what has occurred
seen a return to traditional second
In the Alps, resort sales remain healthy, in the equity markets, prices in some
home markets as investors shy
with the industry growing. In particular, regional economies recorded modest
away from emerging markets, such
there has been significant growth in gains in the first quarter and
as Bulgaria and Romania, where
tourism outside winter, fuelling demand a return of volume after a depressed
fingers have been burnt.
and resulting in double-digit rental yields. end to last year. While it is still too
“The French Riviera remains
early to tell whether this is the
popular due to its accessibility,
Ones to watch beginning of a longer-term upward
climate, restaurants and shopping.
Although traditional second home trend, a return of volumes offers some
Similarly, the market has held firm in
destinations are proving popular, Weston- hope for the sector.
the Balearic islands, Quinta do Lago
Baker is still keeping a close watch on “The investment appetite that
in Portugal and Barbados. In April,
‘emerging markets’, such as Montenegro. does exist is focused on Japan and
Savills completed three deals in
“It is an interesting residential market Australia, where distress is beginning
Barbados in just one week.
and has a flourishing potential for second to give rise to opportunity, particularly
“Buyers have confidence in
homes. Montenegro, like its higher profile in the debt markets,” says Simon Smith,
established locations and more
neighbour Croatia, possesses areas of of Savills Hong Kong. “In China,
than ever we are seeing the
outstanding natural beauty as well as an expectations of further easing,
importance of high-quality property
attractive coastline. especially on the policy front, are
in the very best locations. Anything
“After years of isolation, Cuba is finally causing some investors to defer
secondary is struggling.”
set for a cultural and economic boom, committing funds.” n
savills ultimate property collection 113
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