News What awaits us abroad: Market Review
Global real estate markets are experiencing difficult times, in many countries, prices are falling, mortgage take difficult construction freeze. But Russian customers do not worry - experts believe that it is the best time to buy property abroad. Than the current market situation favorable to Russian buyers, who each year are increasingly enter foreign real estate markets? Quite simply, real estate has become more affordable, developers are willing to make substantial concessions. Now is not the seller chooses the buyer and the buyer - the seller.
The most active investors era of "pre-crisis" - the English, Irish, Americans and Canadians - have left the international real estate markets. They can no longer afford such a major purchase. Fell and domestic demand for property in some countries. Especially in those that do not issue credit, and prices in recent years have grown by leaps and bounds. Foreign retailers are interested precisely in the Russian buyer. After all, the Russians often pay the whole amount at once and not tied to loans.
Now the main reason for the acquisition of foreign real estate is to buy for yourself - it's "second home", an apartment for a family holiday by the sea. Specialists note that the preferences of Russians have changed during the crisis, even a year ago, the main reason for such a purchase was the possibility of profit: buy cheaper - sell higher. Today, Russia has become more picky buyer - for himself poor can not buy. Buyer's emphasis on the quality of an object, selects only the most attractive offers.
However, the "second home by the sea," the interest of Russians to foreign real estate does not end there. After all, today's situation is not as hard as it may seem. On foreign-square-meter can not earn fast, but you can buy and wait. The crisis will not last forever: in some countries, housing prices have ceased to decline, while in others the decline stopped after a year or two, but in some regions of Germany, Southern Italy and Cyprus, prices fall and did not intend. Experts predict that within three or four years, real estate price will rise again in most countries.
To summarize
What are the advantages of today international real estate markets for Russian buyers?
1) You go to the "buyer's market" rather than "seller's market." This provides great opportunities for choice and bargaining.
2) In many countries, prices have fallen, and real estate has become more accessible.
3) Long-term investments will not only allow you to enjoy their second home, but bring profits.
What to look for.
1) You should carefully choose the company-builder or a realtor, since not all market participants offer quality and reliable service.
2) When choosing a real estate property buyers are often guided by short-term emotions or blindly trust the loud and colorful advertisements. It is important to not buy something that is actively selling, but what is really needed. It is therefore necessary to thoroughly examine the market you are interested in and compare it with others.
Their assessments of the current state of the real estate markets and customers share how-to experts from different countries.
BULGARIA: Alex Malafeevsky, the company DreamHome
Construction continues. Most developers are building for their money, rather than loans. The crisis has not affected them.
Buyers also have a distinct advantage - the company started giving discounts of up to 20% installments of up to three years. These bonuses are offered not only affected by the crisis property developers, but also those who simply want to attract more customers in these difficult times. People with money have not gone away. Now they just need to understand that Bulgaria - it's interesting. Those developers who still have problems with financing, sell their systems, lowering the prices almost doubled.
Prices will drop slightly until the summer. Not at all facilities - those that were built this year, the objects of first-time builders, developers, who have taken credit. Properties on the sea begins to fall in price, as it always in demand. There developers are not dependent on credit. They can make a discount of 5-10%, but no more.
Most liquid area of 50-60 square objects. m, and the studio. They are easy to sell and rent. In addition, most Bulgarian companies also engage in property management. By agreement of purchase and they offer a lease agreement. Those studios are bought mainly for rent.
GREECE: Julia Smagin company "Albatros"
Crete - Greek real estate market flagship. Here, first of all there are some changes. Before other regions they began to offer discounts that are 40-50%. This is a "last minute" offers, which appear quickly - and just as quickly go away.
The size of discount depends on the state of the seller. Those who must pay off debt on loans, unable to wait long. They need to sell your property faster. They understand that the general background, when the average discount is 10-15%, must be something to stand out. With regard to real estate under construction, while the prices of construction materials and labor costs fell, the objects of "off-plan" while more expensive prefabricated houses and apartments.
Now on Crete can not count on a quick return on investment. Rentals can provide 5-8% per year. But to guarantee the rental market there. 2009 will be a disaster for tourism that can affect the rental market.
Now a good time to buy it for discounts. Even the prices shown here may be adjusted downward upon request. While this correction did not affect the entire market for this must go a month or two. As for the future rise in prices, the market will focus on Greece, Spain, the flagship resort real estate trends.
SPAIN: Denis Perkowski, company Runiga
The situation is favorable both for the Spaniards, and for non-residents. Over the past five months, prices on average fell to 40%. But the big "jump" has been made, and the market moves to its normal state, because earlier he was overheated. Especially in the region of Barcelona, where the prices were exorbitant.
Housing prices are high class decreased only 10-20%. This also applies to low-cost real estate. Judge for yourself: studio apartment for € 60 thousand may not be worth € 30 thousand, but € 55 thousand - well. But the objects for € 250-300 thousand now cost € 180-190 thousand, and in this segment is the most noticeable decline.
Now you can not only buy property in logical prices, but also get a discount. If you buy multiple items at once, you can count on bonuses. You can buy both for ourselves and for long-term investment. According to our estimates, if you buy now, then in three to five years is likely to not only get your money back, they can earn. We're not talking about wages since the boom, which accounted for 20-30% per annum. We're talking about 7-25% in five years.
ITALY: Mr Bogatov, the company VFI
Italian market remains relatively quiet situation: prices have not changed, but a decrease in demand - the number of transactions declined slightly. In southern Italy the situation is different - the prices there continue to grow. At this pay attention to the people of Northern Italy, who began buying real estate in the south. In Calabria, the demand is there, is a large number of transactions.
Russian buyers are active in this March. From December 2008 to February 2009, there was some decrease in activity caused by the appreciation of the euro against the ruble. People could not navigate, how much has changed ruble price of real estate. Now home sales rose Russians.
Calabria attracts Russian investment climate and low for the Western Mediterranean prices. Do not forget that Calabria is now - is, in our opinion, the only place in Western Europe, where property prices are rising. In 2008, the square footage of Calabria went up by 25%.
In Italy, safely buy real estate under construction. Attachments buyer protected by insurance companies. Therefore, the most interesting objects in the initial phase of construction - they are cheaper. The most liquid type of real estate - apartments medium price range. They can always sell or rent. One-bedroom apartments in Calabria (50 square meters. M) can be purchased at a price of € 50 thousand to 120 thousand € Double (60-80 square meters. M) - from € 90 thousand to 180 thousand €
This year, Southern Italy in terms of demand replace Spain. People wary of buying in a market where prices are falling. In Western Europe, alternative, affordable, not so much. Demand for property in Italy will grow.
Cyprus: Nicos Anastassiades, the company Kanika Developments
Despite the fact that Cyprus - a small island, a variety of real estate property is stunning - from economical apartments to luxury villas. By Price: Limassol can buy an apartment for € € 150 thousand, that's including taxes. Villa with land in the suburbs of Limassol will cost € 320 thousand
Demand for real estate Cyprus with the Russians is growing. One reason: a good attitude Cypriots to the Russians. In Limassol, for example, is home to 40-50 thousand Russian, there are three Russian schools, and many Russian shops, Russian television works, magazines and newspapers are published in Russian. We expect that at the end of May and in June the island comes a large number of Russian buyers. Buyers can be divided into two categories: the first - Moscow and St. Petersburg, the second - the city, rich in natural resources.
TURKEY: Zafer Bulut, company OKey
The crisis has affected the property market in Turkey, which has led to lower prices on the coast - in the range of 10-15%. But this decline, as in Spain, is not observed. Price per square meter in Turkey has always been a "real" and not overpriced. It corresponded to the quality and location of the object. "Bubble" in the property market in Turkey no one blew, respectively, nothing was to burst.
The Russians during the crisis continue to be interested in Turkish property, but their budget was reduced due to the devaluation of the ruble. If you look at the regions, the more buyers in Moscow, St. Petersburg, though the buyer is also active. Our company even wanted to open an office in the summer in St. Petersburg, but the crisis has brought about changes in these plans.
Helena Steiner, the company Alaydin Kontulari
Projections have the most favorable. Prior to the beginning of the season the price of Turkish square meters decreased but not significantly. Now, in season, our construction companies raised prices by an average of 7% on all objects. I suppose that some cheaper rent. But do not think that the real estate market in Turkey will be some serious changes.
Demand from the Russians did not change. The main buyers - from Moscow. St. Petersburg still small - 2-3%. Practical advice to Russian consumers: double check the documentation of all construction companies to which applying. Now on the market a lot of bankrupts who are trying to sell at any price their items. Be careful!
UK: Julia Epova, Estate Elite company
Property prices in England over recent years have significantly decreased. At the end of 2008 and sales fell. However, in early 2009 to the British interest began to grow square meters, including - from foreigners and Russians. It is not only due to decline in prices, but also the depreciation of the pound sterling.
The Russians are buying is active. These are Moscow, St. Petersburg, there is even an application from Siberia. The main purpose of the purchase - investment, but buying and housing for themselves. For example, in January, received requests for items worth £ 2-5 million is an apartment and townhouses in the heart of London. The demand for luxury properties in London is not reduced, and by the summer we expect it to increase.
British real estate has the potential to grow, so now comes the best time to buy. There are predictions that prices will fall in six months even more, which means that housing will become more accessible.
HUNGARY: Andrew Erdos, the company Westinvest
Real Estate Market in Hungary is in a peculiar stage of the brake, but the price decline is not observed. Stability due to the fact that prices were not inflated. A small correction to no one cause panic.
With regard to construction, new projects are almost no (anti-record reached 20 years ago), but those that have been initiated, being completed. The fact that this year will start a little project, good for investors, as well as a few years, demand will exceed supply, and those who buy now in order to further lease can expect to profit. However, rental prices are not very high.
In Hungary, it is possible to get a mortgage loan that is given to non-residents by 8-9% per annum for 20-30 years.
In Hungary, no bursting housing bubble - thanks to an efficient banking system, state subsidies and lack of "fashion in Hungary."
Russians have become more interested in the Hungarian real estate than three or four years ago. Most are interested in ready-made objects costing up to € 100 million (previously - € 150-200 million). The main buyers - from Moscow.
GERMANY: Victor Hettinger, the company "Hettinger-Finanz"
The crisis in Germany is not felt, especially in the west. There was no "bubble" prices are not "cheat", and now there is a steady growth of 3-5% per year. On the commercial real estate crisis in general not affected. Construction in the country does not stop, besides cheaper building materials. If you look at the future, we expect price stability.
The Russians became interested in cheaper facilities than before - from € 150 thousand to 300 thousand € This is usually flat. The purpose of such a purchase - or "second home" or investment. The main buyers - from Moscow. In the near future the Russian demand for German real estate does not change.
Practical advice: better to take a ready-made objects, for example, than to build yourself. German quality speaks for itself. Liquid real estate can be purchased at a price of € 150 thousand to 200 thousand €
FINLAND: Teemu Helppolaynen, the company YIT
Finland is experiencing a crisis peacefully. This is largely due to the fact that already had the experience of survival in difficult times of crisis of the early 1990s. Today, the situation on the Finnish market is unchanged, with a projected price collapse does not occur. In our view, it is unlikely, because the cost of construction is high - € 1,5-2 thousand per square meter. m. If the price reduction occurs, it will affect non-liquid objects. Well located home is not cheaper, because such facilities in Finland, enough buyers, including Russians. Also expected to increase prices for land, presumably, no more than 10%.
Demand among Russians in the Finnish real estate unusually high. The reason for strong demand from the Russians is cheap land and the Finnish high-quality infrastructure. Previously, buyers from Russia were mainly represented by the North-West, but now the Finnish real estate actively buy and Muscovites. Today in Finland, many Russians live permanently. Your fellow countrymen become not only "giving abroad," but apartments in major cities and ski and golf resorts.
EGYPT: Vladimir Malkov, the company CHEDA
In Egypt, only cheaper unattractive property. On the first line of the sea prices are still rising by an average of 5%. If it were not for the global financial crisis, the price increase would have been faster. The volume of transactions in the upper price segment of the increases and decreases in the bottom. The Egyptian elite housing is several times cheaper than in other resort countries, which creates favorable conditions for investment.
As for the construction, the situation is controversial: some projects were put on hold, others continue to actively build and sell, and some companies are even starting new construction. In the future, we expect the continuation of this trend: cheaper segment will be cheaper, the cost of housing and middle-class will remain stable.
Demand from the Russians is growing, although the number of transactions has not increased because the buyer is still trying to sort out the current economic situation. Most Russian buyers Egyptian real estate - the inhabitants of St. Petersburg, Moscow, Yekaterinburg, Nizhny Novgorod. Presented and other regions: for example, we have customers from Kamchatka.
Note the investor: the rental market, especially in the first line of the sea, has been used since the influx of tourists from the hotels do not. Studio apartment in private secure complex costs between € 25 thousand If within walking distance of the object is all that is necessary for the tourist - a great beach area and a vibrant nightlife, this housing will be popular with people wanting to rent.
Your property in Egypt requires the knowledge and skills, because of strict legislation is not there, so you must be very careful when choosing a company with which you are working on the stage of legal registration.
ISRAEL: Stanislav Zingel, the company Gordon Rock
Investment in Israeli real estate today is very beneficial. This confirms the high level of interest from the French, British and Americans. Russians are among the foreign buyers until the fourth. One of the major advantages of the market of Israel - low interest rates, central bank, is 0.75%.
Especially interesting to buy apartments for their subsequent lease. In Beer Sheva yield two-bedroom apartment from the rental of 8.9% per year. At the three-you can earn 6.07% per annum, four-room - 5%. In Haifa yield two-bedroom apartment will be 7.6% per year, two-bedroom - 6.17%, four-room - 5.3%. In south Tel Aviv - from 3.3 to 4.7%. In Jerusalem - from 4 to 5.3%.
Among Russians, the most active - the inhabitants of the two capitals. They account for about 60% of the "Russian" purchases in Israel. Where do they buy? 40% of transactions fell on Tel-Aviv and surroundings, 30% of transactions accounted for Netanya and suburbs, 10% - in Eilat, the other 10% bought in Haifa and northern Israel, 5% of transactions accounted for Jerusalem, another 5% - in the southern areas of Israel. What to buy? We believe that in 2009, interest among the Russians will be distributed as follows: 80% buy apartments, 15% - townhouses and homes, 5% - commercial real estate and apartment hotels. According to the forecasts of our company, in 2009, more than two thousand Russians acquire real estate in Israel.
CHINA: Elena Zhuravleva, the company "China without Borders"
The decline in property prices in China was, but not serious. In some areas they have already started to grow again. Construction in China is not associated with the loans, it is "real money". The main buyers of Chinese real estate - the Japanese and Koreans. Also of interest is often the Malays, the people of Singapore and Kazakhstan.
The Russians are interested in the objects closer to the Russian border, in business centers - Hong Kong and Shanghai, at the resorts - for example, on Hainan Island. The purpose of such purchases - to save their money, buying a home in the resort, and investments. The main buyers from Russia - from Moscow, then the people of St. Petersburg. In general, interest on the part of Russians increased.
The minimum for purchases in China need to have $ 60 thousand, or even better - from $ 120 thousand main advantage of the Chinese real estate - an excellent price-quality performance.
PANAMA: A Novel Muhovikov, the company Paradise Panama
The volume of sales of real estate in Panama fell slightly in response to the crisis. It is connected with the departure of investors from the United States and Canada. The prices for luxury housing, "dipped" and middle-class housing is not cheaper. Moreover, the apartment that cost $ 100K, now priced at $ 106-107 thousand decreased (and will be reduced) cost of living in Panama - the prices of essential commodities, petrol, electricity. Our forecast: luxury housing will continue to become cheaper, and economy-class real estate to appreciate by 5-7% per year.
Demand from the Russians remained stable. In St. Petersburg, Panama real estate information is small, and consumers in times less than in Moscow. In the popular resort area of the country - the province of Chiriqui - live Americans, our compatriots there are quite boring. In this regard, they're going to Panama, the capital of the republic, and buy real estate from $ 100 thousand to $ 300-400 thousand main purpose of the purchase - investment, but about 30% of Russian buyers fall in love with this country and remain here to live.
Please note that buying real estate in Panama for $ 300 thousand, you can qualify for a second citizenship. For this reason, in this price segment of the housing demand. I would advise to buy three apartments for $ 100 thousand, and not one for $ 300 thousand, as the apartments for $ 100 thousand high-quality, amount of investment will also be eligible for citizenship. You can rent two apartments, and a third live. {linkr: bookmarks; size: small; text: nn; separator: +; badges: * }
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