World league table shows property values declined most in Spain and Greece
According to estate agency Knight Frank the prices of property in the Euro crisis hit nations of Greece and Spain has fallen sharply over the past year.
Austerity wracked nations known as the PIIGS all saw declines with Spain having a decline of -7.9%, Portugal -6.9%, Italy -4.1%, Ireland -3% and Greece with a big decline of -11.8%. The fall in property values is good news for expats hoping to buy their dream home abroad but is not good for those hoping to sell their properties without making big losses.
Expats hoping to buy property in Spain need to be particularly careful as new laws that require residents to declare any overseas assets worth more than €50,000 come into force over the coming months.
For buyers meanwhile it is a good time to invest in a property. Due to the ongoing economic uncertainty however we suggest that it would be best if wanting a long term investment as hopefully over time the economic situation should improve.
To help make your foreign property purchase expats should use a foreign exchange company particularly if you have to make regular transfers to pay a foreign mortgage. With TorFX, for example, you can quickly and easily set up a regular overseas payment scheme, taking all the stress and hassle out of transfers.
Here is the full league table: