INTERNATIONAL


every night, buyers are fearful of euro breakdown and currency devaluation. Ray Withers believes they are


right to be cautious. “We would certainly tread very carefully in the eurozone in the short term,” he says. “Property investment is a long term play so short term economic growth risks are not as problematic as everyone thinks. But the issue remains the currency risk of the euro.” If the euro falls, property asset values will suffer. Greece is a particularly fraught


market in this regard, with many observers feeling it could be the first country to leave the eurozone. If that happens, the successor currency is likely to be heavily devalued. Even France, Ray Withers thinks, is “a watch and see”, though he likes Alpine ski property, and the leaseback scheme, because of France’s poor credit outlook and low economic growth. French bank Credit Agricole’s


forecasts of a 5-6 per cent price fall and eight per cent decline in volumes for 2012 appear to back him up. But not everyone is so gloomy. Trevor Leggett of Leggett Immobilier says that while 2011 saw good growth in Paris and the south; “If you take Paris and PACA (Provence-Alpes-Côte d’Azur) out of the equation it is clear that the regional market has not been so buoyant.” Brittany, for instance, saw a decline in prices of nearly five per cent last year, and overall, prices remain at similar levels to 2004-5. While Paris has been the big


performer, for British and other foreign buyers it’s the south of France that is the main draw. Andrew Hawkins, head of


Buyers simply need to pick the right market within Spain... and that is the Brit


orientated Costa del Sol.’ MARTYN BALL FINE & COUNTRY, SPAIN


Above: Spain the carnage isn’t


over but there are bargains to be had.


Below:


Switzerland, it’s chilly, but reassuringly expensive.


international at Chesterton Humberts, comments, “Nice all the way up to Marseille has always been a popular destination for people looking to buy a holiday home abroad, and there are no signs that this will change for now. The market is stable which removes the fears people have for buying property aboard.” Nor is this market reliant entirely on British buyers, with a mix of many nationalities buying there. He says, though, that while the


Cote d’Azur remains attractive, some buyers are moving their search further west, towards Marseille and Montpellier, where they can get more for their money.


Roddy Aris, international sales manager, Winkworth, says that buyers who look west of the Rhone, rather than in Provence and the Riviera, can get property 20 to 30 per cent cheaper, and still benefit from excellent infrastructure. Spain, too, sees mixed forecasts.


Ray Withers sees Spain as “one of the next bailout countries”, with high unemployment, 3 million empty homes, massive foreclosures, and prices still falling. As far as he’s concerned, the carnage isn’t over yet, and vultures should “hold off still”. But Martyn Ball, Director at Fine & Country Spain, says buyers simply need to pick the right market within Spain, and that’s the Brit-orientated Costa del Sol. The British market in Marbella is strong again, as buyers return from emerging markets to the tried and tested (and save on long-haul flights, too). He says there is “great value in the many opportunities in the upper quartile of the market” – luxury mansions are now available at 2004 and 2005 prices. Volumes of transactions have


fallen dramatically, though. Giles Beswick says his firm continues to sell in Spain, but “if we depended just on Spain for our business, we’d be exposed.” He aims not to depend on any single market, and Spain is a small one for his firm. Andrew Hawkins believes traditional holiday areas are now coming through well. Tuscany and Umbria are very popular at the


PROPERTYdrum MARCH 2012 41


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66