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Struggling FTBs should forget buying in the UK and head overseas, claims one company…
This is the view of Oliver Hickey, UK Sales Director of Profile Europe (UK) Ltd, who states: “The UK economy now in the doldrums and with little chance of a dramatic u-turn in the distant future, investing into overseas property is becoming ever more popular. Unlike the UK market, many overseas markets are still emerging and are therefore at their most productive.
New figures from the Halifax Building Society show that UK house prices fell in March by 2.5%, their biggest monthly fall since September 1992. This downward turn means that properties in the UK are now worth just 1.1% more than they were a year ago.
Further devaluation of UK property is almost inevitable, due to vastly over inflated property prices, with estimates of between 20% and 50% applying to most properties. The only winners in the foreseeable future will be selected overseas property markets which are displaying dramatic upward trends and providing investors with rich rental rewards.
Tremendous growth
Mr Hickey added: “Dubai in particular is displaying tremendous growth even at such an early stage in its growth cycle. With an ever increasing population and tourist numbers continuing to eclipse previous years and commercial properties running at 98% occupancy, Dubai has a lot to offer and looks set dominate the overseas property investment market for the coming years.
”Another benefit to the Dubai market place is that mortgages are still relatively new. Therefore most investment since 2000 has been mortgage free and property prices have not been driven down like other credit crunch hit countries.
“Dubai has benefited greatly as a result of credit free investment and investors realise that this now offers the perfect platform for continued success.
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