Spanish property is ‘taking longer to sell’
Spanish property is taking "longer to sell" while the property markets in "more exotic" countries like Brazil are "burgeoning", according to industry experts.
Robin Haynes of Foreign Currency Direct made the comments following recent research that revealed an 8.2 per cent increase in the number of overseas property transactions in the last quarter of 2007, compared with 2006.
He said: "With all its bad press we know Spanish property is taking longer to sell than normal."
Fellow property expert, Vanessa Bird, of foreign currency exchange firm Baydonhill backed up Haynes’ comments, adding that British investors are becoming increasingly diverse in the locations they are buying property.
She also highlighted Brazil and eastern European countries as emerging property markets with potential for investors.
"The challenge for these markets is to go beyond the two-to-three year popularity span which so many are experiencing," Ms Bird explained.
Over the past five years property prices in Brazil have increased by over 20 per cent and in 2006 some areas in the north-east of the country exceeded this rate of increase.
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