Credit crunch 'creates property opportunities'
Prospective property investors have been advised to use the economic downturn to their advantage if possible.
According to A Place in the Sun magazine, there is a "silver lining" to the current crisis in financial markets – property prices in many desirable overseas locations are falling steadily.
Consequently, buyers with cash at the ready could be poised to secure a good-value investment in countries such as France, Spain and Portugal, the publication states.
It claims that dramatically reduced prices can currently be found in off-plan developments and "upmarket villas" around Europe, as agents adjust to the new market situation.
Financial problems in the UK are not expected to have a significant impact on the appetite for overseas property among Britons, as many are hoping to buy a home abroad to escape the economic gloom of their native country.
"With the UK economy in turmoil, the housing market plummeting and the hope of better job opportunities abroad, more and more Brits are considering emigrating," Mark Bodega of currency specialist HiFX commented recently.
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