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International real estate experts are predicting another strong year of growth in property prices in certain European counties in 2007, with Malta expected to see some of the fastest rising prices.
Knight Frank, an international property consultancy, has compiled a list of seven markets likely to see double-digit growth or more next year. These include Croatia, Cyprus, Estonia, Poland, Romania, the Slovak Republic and Turkey.
In Malta prices are expected to rise by 12.5%.
Commenting on the report, estate agent Tribune Properties told investmentoffshore.com that the predictions for the Maltese market are not surprising, with low-cost flights bringing more tourists and potential home buyers to the island.
“You only need to look at how property prices have increased elsewhere in Europe where the low cost carriers are flying to understand that there is a reasonable chance of Malta being part of that trend,” the company stated.
Tribune sees Malta and Cyprus as having the most sustainable property markets in the medium- and long-term, as these are regarded as mainstream destinations by the UK property-buying public, which forms the largest segment of holiday and investment home buyers in the two islands.
“We often speak to UK buyers who have whittled down their choice to Malta and Cyprus, and both islands have seen inward investment from property buyers for some time now,” Tribune said.
“Turkey has also seen quite a few buyers as the prices are normally lower, and there is still some countries in Europe who might oppose Turkey joining the EU, which often is a catalyst to property investment. Croatia, Poland, Estonia, Romania and the Slovak Republic are fairly new to the game, where prices are considerably cheaper.”
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