Property bargains 'can still be found in Europe'

Individuals planning to make international money transfers and purchase a home overseas have been advised on the best places to invest in 2012.

Below Market Value property specialist IPS explained how there are still several places in Europe that offer a coastal retreat without large expenses.

Despite the recent eurozone economic crisis, southern Spain was noted as a having plenty to offer property investors.

Paul Collins from the BuyAssociation recently claimed the eurozone crisis could lead to great bargains for investors.

Construction is soon to begin on expanding the marina in Marbella, which will lead to the introduction of new transportation links, restaurants, shops and hotels.

However, currently, property prices remain at around 20 to 30 per cent below the original asking price, IPS reported, meaning now is the time to invest in housing in the area as values are predicted to increase considerably once the marina development is complete.

Murcia was also noted as a safe investment bet, as housing prices stand at 62 per cent below the national average and are likely to increase as the opening of the new Paramount Pictures Theme Park in 2015 attracts millions of visitors each year.

Elsewhere in Europe, Mugla in Turkey was described as a great place to invest as it is not only situated on an attractive coastline, but also it is currently only open to investors from certain nations.

However, later this year, the Turkish government is expected to relax restrictions and 89 new countries will be eligible to enter the property market, meaning demand will increase significantly.

Director of IPS Jon Ainge commented: "Who knows how long this window of opportunity will remain open? It is hard to call a market bottom, but properties in prime locations will hold their value and offer good long-term prospects as well as a place to get away from it all."

Posted by Sarah Pitton

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