Two of the countries most closely associated with the property crash across Europe now offer superb opportunities. Thatââ¬â¢s the view of delegates at the annual MIPIM property conference in Cannes, France.
CTV News reports that ââ¬ËIreland and Spain have dealt with their problems to such an extent they are attracting investors over other debt-laden countries like Greece, Italy and Portugal.ââ¬â¢ Keep reading to learn why now is a great time to invest in property in Spain and Ireland.
Ireland an attractive place to buy property
Ireland suffered arguably the biggest property crash in Europe with residential prices now around half of their 2007 peak. However, many experts believe it is a great time to buy in the country.
Pierre Cherki, global head of RREEF, the property investment arm of Deutsche Bank, said: ââ¬ÅThe Irish economy is at an interesting point in time to buy good assets after taking tough economic decisions early on.ââ¬Â
Pierre Vaquier, chief executive of Axa Real Estate, agrees: ââ¬ÅBoth Spain and Ireland are interesting investors but Ireland is more attractive as the necessary price drops have taken place.ââ¬Â
Joe Valente, head of research and strategy for the European real estate group at JP Morgan, said: ââ¬ÅWeââ¬â¢re looking at doing deals in Ireland and an awful lot of funds are doing the same.ââ¬Â
CTV News reports that ââ¬Ësince the crash, government austerity measures have led to a drop in Irelandââ¬â¢s borrowing costs and seen the country dodge the recent euro zone downgrades by the Standard & Poor's and Fitch rating agencies.ââ¬â¢
However, investors should still tread with caution. Thatââ¬â¢s the view of Christian Ulbrich, chief executive officer for the Europe, Middle East Africa region at global property consultancy Jones Lang LaSalle who believes that Europeââ¬â¢s continued debt crisis could still lead to further problems.
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Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.