Icelandic property 'may be a shrewd purchase'

People considering buying property abroad - a move which could be funded by an international money transfer - could benefit from looking to Iceland for inspiration, it has been suggested.

In recent days, Olli Rehn, the European Union's (EU) enlargement commissioner, said the country may apply to join to the 27-member organisation as soon as next year.

Up until now, the country has preferred to remain outside the EU, but some are advocating its entry as a result of the ongoing effects of the credit crunch.

Commenting on the news, an editorial post on online resource Homes Overseas explains that in the past, when a country has joined the EU, it has traditionally been a beneficial move for its property market, as well as its wider economy.

"EU entry should offer Iceland's ailing economy, currency and residential property market, a timely boost," it adds, explaining that the government of Iceland has already reached an agreement with the International Monetary Fund on a stabilisation scheme.