Hotspots for 2008

The UK’s domestic property market continues to suffer from high prices and the pressures from credit crises in overseas economies, for example in the US. However, the number of UK citizens seeking to buy property overseas shows no sign of a slowdown, and the smart investor always has an eye on emerging markets, where the best bargains for a swift return can be found. For people looking further afield than the traditional destinations such as Spain, France and Italy, Conti predicts the hotspots to watch in 2008 are:

Morocco

Although property in the North African state of Morocco has been available for foreigners to buy for a few years now, the developments are now starting to take shape and will be attracting tourists as well as investors in the near future. With the support of the well-liked King of Morocco, the developments feature golf and beach properties to rival much of what Spain has to offer, and flight times to the Mediterranean coast are around three hours with low-cost airlines. Morocco is seen as a progressive and democratic nation with established legal and property processes, so with good legal advice, there should hopefully be no issues with buying there.

Cape Verde

Billed as the closest Caribbean islands to mainland Europe, Cape Verde's property market has seen some impressive growth over recent years, both in the amount of building that is happening and in the tourist numbers visiting the island archipelago. A haven for watersports enthusiasts and beach bums alike, there are now direct flights from the UK to Cape Verde eliminating the need to go via Portugal. A range of beach, golf and eco resorts are being built for 'residential tourism', and tourism is set to continue to grow for some years to come.

Bulgaria

Over 250,000 UK tourists visit Bulgaria each year, and many of these are opting for a more permanent presence in the country, buying holiday homes in the Black Sea resorts, and an increasing number taking advantage of the relatively low prices of apartments in the ski resorts. Bulgaria is great value for money, and substantial investment has been made in resort development, significantly so in the mountainous regions to the south west, including over 40m Euros in the ski resort of Bansko alone. For increased investment opportunities, quality properties, including new golf courses around the coast, are now being built, and may provide even greater investment potential. With direct flights from the UK, and a relatively short flight time of just under three hours, Bulgaria has appeal for many buyers.

Greece

In Greece, areas to consider are either Athens or Thessaloniki. Both areas are well served by cheap airlines and enjoy a good climate during the summer. Athens has always been a top destination and the current new build property offers good investment and rental opportunities. In the north, Thessaloniki offers tourists the best of both worlds in terms of holiday attractions - great mountain walking in nearby Mount Vermio during the spring and summer months, with skiing during the winter, giving the potential of year round rental returns.

Italy – Lake Como

In and around Lake Como there are a number of new developments, each offering potential investment growth, given Lake Como is hugely popular with tourists throughout the year. Como is less than an hour’s drive from several airports, including Milan, and is an attractive destination all year round, with skiing in the winter, watersports in the summer, delightful scenery and historic towns. A short distance away from the most popular resorts, property can offer good value, and with property development around Como being very limited, there is a high demand for tourist rentals.