Estate agents give their predictions for 2010

The National Association of Estate Agents International has revealed its predictions for the global property market over the next 12 months.

Predicting a market hugely dependent on the strength of the sterling, the Association said:

1) “Purchasers will be looking for ‘less risky’ investments and in particular towards the more stable markets such as France and Italy but for the very best bargains you may wish to try Spain or Turkey.”
2) “Property prices will remain stable within the first quarter of the year so purchasers are advised to make a cash offer by March if they want to secure a bargain in any of these countries.”
3) “Balance of supply and demand will stabilise once house prices pick up and the pound strengthens against the Euro.”

Linda Travella, spokesman for Italy at NAEA International says:

“After a slow start to the year, the last quarter of 2009 saw sales and interest returning to the international market, with Italy being considered a safer investment than many other markets around the world. As always, the strength of the pound will have a significant bearing on the quality and quantity of sales and this year it looks to stay at the same strength.”

“Even though the UK appears to have fallen behind other economies in the race out of recession and economic recovery, sterling has held pretty firm against the single European currency, trading two to three cents either side of 1.10 during the second half of last year.”

“For the first quarter of 2010 the number of international buyers is expected to remain low and therefore offers are more likely to be accepted making it a very good time to purchase an overseas property. However by late spring, property prices are expected to increase by 3-5%. Key areas to invest in include Tuscany, Le Marche and the Lakes of Maggiore & Garda, where good deals can be found if you buy sensibly.”