Now you really can afford that dream property in Tenerife!
Property news has been somewhat discouraging over the past few months, but as the recession takes firm hold around the world, the value of property is dropping everywhere. A study released last week by the Global Property Guide, which monitors the international housing market, has found that property prices in 2008 fell everywhere.
If you’re worried about the state of the housing market in the UK, Spain and Tenerife, then take a look at the Latvian capital of Riga; the study found that prices fell by 37 per cent in 2008. Prices also fell drastically in Lithuania, with the average home in Vilnius dropping by 27 per cent.
Compared with the UK, where the drop last year was between 15 per cent and 18 per cent, the British plight doesn’t seem nearly as bad. A Spokesperson for the guide said, “It was a dismal year, but most worrying is that the downturn is still accelerating in the UK.”
Another survey by Knight Frank and the Royal Institution of Chartered Surveyors (RICS) published last week revealed a similarly gloomy picture.
But those with the money to invest should not feel disheartened by the figures, as there are bargains to be had. Right now, with house prices falling in some countries, there is an opportunity for people to buy in their dream location of Tenerife.
