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INDUSTRY INTERNATIONAL BUYER NEWS
www.opp.org.uk
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JULY 2009
EUROPE
Global prices
Y
Cash-rich investors seek out European deals
keep falling
British buyers are leading a return to
A minority of the world’s property
Europe’s discounted property markets,
markets are defying the global
INDUSTR
as foreign exchange brokers report an
recession, according to Knight
increase in the number of cash-rich
Frank’s latest Global House Price
investors – despite the sterling’s low
Index.
value.
Most countries in the survey saw
International broker World First has
house prices fall in the last year
seen a 50% increase in British people
and in the first quarter of 2009. The
buying property in Europe in the past
most dramatic falls were seen in
month. “Things are certainly picking
Dubai and Singapore where prices
up,” said World First’s head of private
decreased by 40.0% and 16.2% re-
clients Elisabeth Dobson (pictured). “We
spectively in the first three months
PEOPLE
have seen increased interest in France,
of the year.
Spain, Portugal and Italy over the last
However, several markets
few months.”
continued to grow, indicating
World First revealed the number of
possible signs of recovery and that
investors from outside the euro zone
the downturn has yet to affect
had also increased in the last three
every part of the world. Thailand
months. “There have been quite a few
saw a 1.0% decrease overall but
Australians buying in France, US clients Seine buyers
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Australian investors have become more visible in the French market
prices rose by 2.7% in Q1 of this
TION
buying in Germany and Scandinavians
year. Israel showed the highest
buying in Spain,” said Dobson. enough credit for what they’re doing. However, not all brokers have seen
year-on-year growth with a 10.9%
They’re buying into an asset that is fairly the same increased interest in foreign
increase in prices, including a 2.6%
Sterling rally valued: it’s not really about the currency property. David Lamb, head of treasury
DESTINA
rise in Q1.
Sterling has seen a small rally to around rate,” he said. services at No 1 Currency, said he had
“Not all countries have gone
€1.18 in the last few weeks after a seen more UK interest in the dollar.
down at the same time and by the
record low at the start of the year. Investing wisely “The activity upswing has been much
same degree,” Nick Barnes, Knight
However, Mark O’Sullivan, director of “People are trying to invest wisely and less tangible in the euro zone. The rate
Frank’s head of international re-
dealing at Currencies Direct – which overseas property gives leverage when of $1.50 was a trigger for people and a
search, told OPP. “We don’t buy the
has also seen increased UK interest stocks and savings aren’t making money. similar level of €1.20 would be expected
view that the first in to the reces-
in European property – told OPP the Clients are realising that they can go to for the euro. Ideally, people are hoping
sion will be the first out. You have
exchange rate was not necessarily France and get 30% off a property and to hold out for a few more months.”
to look at the individual countries’
the cause of the increased transfer of still be paying the same or even less
economies and structures.”
money. “Our clients probably don’t get than when the rate was €1.50.” p38 Marina resort focus
BUSINESS
UK & IRELAND
Buyers ‘holding back’ at auctions
Auctions of distressed property are and places like Cape Verde have gone
encouraging increased interest in very quiet.”
OPER
international markets but many buyers
VEL
are still cautious about parting with Too many bargains
their money, according to overseas However, buyers are still hesitating
DE
auctioneers. when it comes to making a bid,
“We’ve had a huge amount of according to auctioneers. “It’s easy to
interest from people seeking overseas get people to go on viewings but they
bargains,” said Ann Collins of Irish see so much they get confused,” said
company
Property-Auctions.ie, which Collins. “There is a huge amount of
organises auctions in countries around bargains but many people think prices
the world. The website is regularly will drop further and no matter what Lot on the market
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Auctions are becoming busier as interest in distressed grows
TING
attracting between 150 and 180 visits a you tell them they are still waiting.”
day, even without external advertising. Spanish-based firm Direct Auctions often the sellers have to come down caught on to the idea,” she said. “As
ARKE
Buyer interest tends to be from has seen numbers start to drop off, from their asking prices. The market well as people from the UK we get Irish,
M
people seeking a holiday home in leaving only the most serious buyers isn’t dead by any means but things will Dutch and even Russians and Eastern
the well-established markets of Spain actually making purchases, according continue like this for a long time.” Europeans.”
and the USA, said Collins. “Nothing is to owner Inez Rix (pictured). “It’s very Rix’s sales rely on English-speaking
shifting in Bulgaria or Eastern Europe much a buyers’ market,” she said. “Most bidders. “The Spanish haven’t really p50 Below Market Value deals
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