Whether you are considering retiring to a warmer country or thinking of buying a holiday apartment, looking for a house outside of the UK can seem a difficult task.
This blog is going to look into the areas that are growing in value and popularity.
According to Knight Frank, Hungary saw the largest property boom last year. Hungary's housing prices have grown more than any other European countries. In Kinght Frank House Price Index Q3 2019, the report conveyed how there had been a 12-month percentage change.
This is a huge increase to those selling in Hungary currently. For example, if 12 months ago your property in Hungary was valued at £100,000, it would now be valued at £115,400 according to these statistics.
where else in the world have house prices grown?
There have also been high increases for other European countries. Luxembourg came 2nd in the Knight Frank House Price Index Q3 2019 report. Luxembourg had a 12-month percentage change of 11.4%, 3rd was Croatia with 10.4%, Slovakia 4th with 9.7% and in fifth place came Lativa with a 9.0% change.
However, there isn't any guarantee that these countries will see another growth spurt like this.
At the bottom of the report sits Australia. Unfortunately, the country was the worst performing out of the fifty-six that Knight Frank tracked.
Australia saw the biggest decrease in their average property values. The drop in prices was recorded at -7.4%. But what does this mean? Well, if your property was worth £100,000 in Australia 12 months ago, it would not be worth £92,600.
Where else had a decrease in property value?
According to the property investors, just above Australia was Hong Kong. This was dramatic fall due to the country having a 15.7% increase in property value in 2018. However, due to political uncertainty there was a decrease of -1.5% in their 12-month change.
Other countries that were the worst performing were Morocco and Italy with a 12 month change of 0.2% and Lithuania with a decrease of -0.6%
Other frontrunners from previous reports have also taken a dip, such as Slovenia and Malta.
If you are wanting to buy a property abroad to make money, it is crucial to factor these risks. The growth of a market depends on a whole host of factors including political and economic issues. Some factors are unpredictable events that no one can prepare for.
What do I need to know before buying abroad?
If you are wanting to purchase abroad, there are a few things you'll need to do before. To find your dream abroad propety you could use:
- Developers Websites - there may be some new-builds coming up for sale
- Local Estate Agents - these will be dotted around near the area you are wanting to buy. Make sure to go in to find out tips on your local neighbourhood
- Online Property Portals - one of the easiest ways to look without flying over is by doing a search online; even Rightmove and Zoopla have areas on their websites you can use
- Exhibitions - going to shows such as A Place In The Sun Live can help you meet advisers, lawyers and developers that can help you purchase in the area you want.
How will Brexit impact purchasing property abroad?
With Brexit being more certain than ever now that the Withdrawal Agreement Bill has been agreed, the ins and outs of the exact effect is still unknown.
I need to sell quickly to move abroad
If you do need to try sell quickly, why not sell your property to us? We can get you moving in seven days. See how much your house is worth today.