Euro crisis 'could lead to property bargains'

The economic problems in Europe could produce "fantastic bargains" for investors looking to make an international money transfer and purchase property abroad.

This is according to editor at the BuyAssociation Paul Collins, who explained people who are "willing to commit to the market" could find they secure a home at a low price.

However, the expert warned that "this has to be tempered with the realisation of additional potential changes that can come along".

It was noted buying a property overseas is very different to investing in the UK and people need to be aware of this when considering entering the housing sector outside of Britain.

"Any kind of investment carries some element of risk, so as always the best advice is to make sure you have protected yourself from risks as far as you possibly can," Mr Collins commented.

The specialist described how the current economic climate could lead to negative moves in the property market, as well as positive ones.

Mr Collins claimed that while low house prices is an upside of a weak economy in nations such as Greece, Italy and Spain, individuals could find themselves on the losing side of new government policies.

"We have ... seen how pressure from the rest of Europe can force governments into policy changes which may have an impact on those buying property overseas," he stated.

For example, Mr Collins described how investors could find they are forced to pay higher property taxes in the future as governments look to boost their income in order to cover debt repayments.

His comments follow a recent report from Assetz, which advised people the economic problems in Europe will see a reduction in the number of mortgages available and this is expected to continue for several years.

Posted by Thomas Smith

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