INTERNATIONAL
A glimmer of sunshine Andrea Kirkby checks out the overseas markets. D
espite the profound economic uncertainties that still affect the world’s stock markets and real estate sector, British
buyers are still looking for sun, sea and sand – though their priorities have changed since the days when Bulgarian beach resorts and islands in Dubai were the next big things. Traditional markets are back, with
many of the ‘hot’ markets of the last decade sidelined by oversupply or other problems. Egypt, for instance, has been damaged by political unrest, with even jolly Morocco suffering from the impact of the Arab revolutions. Investors are concerned with
avoiding risk, rather than making huge returns. That explains the appeal of Cannes, says Charles Williams of Terresens. It is, “low risk, a good and established location – it has always been incredibly popular, the place where more
foreigners buy than anywhere else.” It has business as well as tourist demand, and it’s not driven by overseas buyers; domestic demand is strong, as Charles points out, “The French themselves are the biggest tourists in their own country.” Yet by purchasing properties in Le
Cannet, the business district, rather than on the Croisette, investors can get in at the bottom of the market. Studio apartments cost EUR
CANNES FRANCE
Cannes, low risk, popular and dead smart too.
150,000, and offer a 4.25 percent yield, under the French government leaseback scheme. The one fly in the ointment is
finance, which is tight. But as Charles Williams points out, it is still available; “The French banks have never lent irresponsibly, so we still have interesting finance available; 80 to 85 per cent is still readily available with a good interest rate, and 100 per cent can be available for a client with a strong profile who meets the tight affordability criteria.”
SOLID CRETE The Mediterranean continues to draw British buyers despite economic crisis. Crete, for instance, remains popular, accounting for over 85 per cent of Greek properties sold to overseas buyers, according to Mike Saunders, MD of developer Snobby Homes. Property prices on
36 JULY 2011 PROPERTYdrum
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