Where should you buy property abroad in 2020?

With so many of us looking into buying a holiday home, or relocating to a sunnier place, is 2020 going to be the year to buy abroad? And if so, where?

Last year, most exchange rates either slightly increased or stayed round about the same, with people wondering if Brexit would happen.

Well, Brexit has happened, and exchange rates have started to improve. We suspect countries like Germany and Holland, who have been reluctant to lend in sterling will now open up.
In some countries and regions, there have been authorities that have tried to control foreign purchasers. This has been to protect any locals from being priced out of the market. An example country of this is Canada. Areas of Canada have started putting in restrictions to some of their states.

Those who are considering buying abroad need to be aware. Every country is different, so buying may include other costs that have not been factored in yet. These costs may be around covering legal fees or any government taxes. For example, in France and a few other European countries, 10-12% of the purchase price need to cover any legal fees or government fees.

Cyprus and Greece
Down in the sunnier area of Europe, tourism has started to increase, especially for Cyprus and Greece. With this, has come an increase in those interested in buying a property in either country. But, there continues to be issues in each country with borrowing money due to their difficult economic pasts.

Within the country, properties continue to have new-builds built and they are being purchased. The country has also mapped out potential areas for there to be developments. Even though most mortgages available are around 80%-85% loan-to-value, there are better lending options such as loans of 70% or less.

As many of us may already know, areas around the Algarve, the capital of Lisbon and the Silver Coast continue to be popular for foreign buyers. The Mortgages are similar to France with most mortgages giving up to 80% loan-to-value. Although, there are still better lending terms that can be available for loans under 70%.

The country continues to flourish with Tusciany and Umbria becoming more so popular. In Italy, mortgages are generally offered at a maximum of 60% loan-to-value; however in some cases this can go up to 70%.

Spain continues to be a popular country with many new developments being built. There are mortgages on offer for up to 70% of the loan-to-value; But like other European destinations, you can find better lending terms on loans that have 60% or less.

The information supplied by Home Search Overseas is for guidelines only, you must always do your own research and use the services of an independent overseas Real Estate Lawyer.