The recent upturn in Dublin property prices has led to a surprising increase in the numbers of Irish people considering investing in foreign property. However, international property resale consultant Extrasales is urging investors to consider all the facts first.
As property prices appear to be bottoming out across Bulgaria, Turkey, and Spain — some of the most popular investment destinations for Irish people — it may seem like an ideal time to purchase. However the likelihood of prices increasing in any of the primary resorts is a long way off.
“Property prices finally appear to have bottomed out in Turkey and Bulgaria,” said Colin Horan, managing director of Extrasales. “While this will be welcome news to anyone who invested in the boom times, the unfortunate reality is that these properties are still in negative equity and it is unlikely that they will ever return to their original market value.”
Other factors Horan urges would-be foreign property investors to consider include:
• Transport – airlines such as Ryanair and Aer Lingus have dropped a number of routes to regions across Europe since the economic downturn, making them difficult and costly to access.
• Hidden costs of purchasing – in addition to the cost of the property there are a number of additional costs investors need to be aware of including property surveying, legal fees, and travel costs.
• Hidden costs of owning – council fees, property management fees, water charges, and so on, can quickly add up, making it very difficult to yield a return on investment from the property
If you are considering selling an overseas property, contact www.Extrasales.ie for more advice.
