'Wait until markets fall' before buying property

 

Individuals considering emmigrating, or purchasing a second home abroad should hold off on buying property in Europe for as long as possible, as prices are likely to dip in many countries.

According to founder of PropertyJournalist.com Marc Da Silva, forecasts suggest values will fall in nations that are currently experiencing debt problems, such as Greece, Spain, Italy and Portugal.

"They are all suffering with weak economies [and] an oversupply of property," he remarked, adding the euro is also potentially overvalued.

Figures from PrimeLocation.com show interest in property in these four countries dropped by 24 per cent between the first and second quarter of 2011, indicating buyers are holding off from making purchases until they need to.

"I can see a situation where they are going to continue to fall - and in some cases, even plummet - for at least another couple of years," Mr Da Silva said, adding the housing market in Spain is currently ideal for those seeking cheap property.

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