‘Don’t panic on overseas properties’

"If you’ve got the cash and you can buy now, you can get fantastic bargains," he said.

"You don’t buy properties when the market is on the way up – you buy when you’re near the bottom of the market. And if we’re not at the bottom now, we’re close to it.

"If you’re buying for investment and take a mid to long-term view – five to 10 years – then you should see healthy returns."

Way said there were five key points for people thinking of climbing on the overseas property ladder to consider:

1 Look into forward contracts for your cash: consider fixing your currency conversion rate to fix the price of your property;
2 Take care with purchasing off-plan: only buy property that’s completed, or from established developers;
3 Get independent legal advice: always use a lawyer (ideally not the one the developers recommend);
4 Be prepared to haggle: there’s no harm putting in a sneaky offer;
5 Watch your wallet: budget for your purchase carefully – now is not the time to overstretch yourself financially.

* A Place In The Sun Live property exhibition takes place at Earls Court 2, London from 3–5 April.

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0 thoughts on “‘Don’t panic on overseas properties’

  1. stewart andersen

    Richard Way is quite right. I remember the problems back in 1990/1991 when people were predicting doom and gloom and the end of the world but these things are cyclical. The reality was that the overseas property market came back and those who had held their nerve, bought correctly and taken the right financial and legal advice, ended up owning properties that increased in value and which they could enjoy, rent out or use for retirement.