No one can deny that the effects of the global recession on the local and international housing market. However in the current climate, declining property prices create opportunities for the canny buyer, and striking whilst the market value is low gives buyers a unique chance to catch prime property before it bounces back in value. With the recent Forbes 10 best places to live list, both Knight Frank with their Prime International Residential Index (PIRI) and UK Property Journalist, Marc Da-Silva battled it out to decipher which cities, locations and countries they think are the best investment hotspots of 2010.
In no particular order here are the top five locations / cities to invest in 2010; All are in excellent and desirable locations, have had the fastest falling property markets and are thought to see a strong recovery in the coming years.
No surprises that Dublin is included on the Top 5 City Investment list for 2010 as markets that have suffered the greatest drop in prices and now are now seen as some of the best investment locations.
Property prices in the coastal Emirates fell by 45% last year, making Dubai a lot more affordable than it used to be. The luxury and architectural lavishness of Dubai make the city centre one of the most desirable hot spots of the Middle East.
While much of mainland Europe has had mixed results with its fluctuating property prices the Algarve has faired worse than most areas. Property prices are down 30% on average, which makes this beautiful part of southern Portugal an ideal holiday home investment.
If the Algarve isn’t sunny enough for you then you could consider Barbados instead. With fewer people taking holidays last year to the idyllic island interest in property has declined. Prices there are now 20% cheaper than last year which is consider “superb value for money on a tourist trap that’s guaranteed to attract holidaymakers all year round.”
Along with London, Paris and Tokyo, New York is one of the most expensive cities in the world to live; a dip in property prices in New York is a rare event and one to be seized with open arms. With a 12% drop in property prices in the 12 months up to January 2010, New York property has never been so attractive to the cash-rich investor.
If you don’t want to be tied down to a particular location / city, UK Property Journalist, Marc Da-Silva has created his top 10 overseas country investment list for 2010 and has pinpointed where he thinks the best value for money property investments are;
- Abu Dhabi
- South Africa