The year 2016 brings in blessings for many and crises for some. For investors looking at new real estate investment, here are five places in different corners of the world that you should be looking at this year. After all, with the dollar being so strong at present and the euro so weak, it's high time to look at the foreign real estate market scene.
Buenos Aires, Argentina
Buenos Aires is a good place to start an apartment. The country, and the city itself, is one of the most fascinating places to visit and a tourist destination. Argentina's economy, although it can be wild one, should not put you off from thinking of investing in its real estate market. Right now, Buenos Aires' real estate prices are among the lowest in South America. An average house there now is being sold for $181 per square foot.
According to an article on myRealtyTimes, David Sutton, CEO at the Alvear Group, said "Argentina's future economic outlook is promising... There is no reason why Buenos Aires, in a relatively short time from now, will not reach real estate values comparable to the Brazilian market and even surpass them."
London, UK
A report by the Royal Institution of Chartered Surveyors indicates that 2016 is going to see an average rise of 5 percent in property prices across London and it has been predicted by some reputable agents that house prices will rise by up to 50 percent across the UK over the next decade, with the average price rising from £280,000 to £419,000 by 2025.
The article indicated that London house prices are set to double to an average of £931,000, according to the National Association of Estate Agents forecast. It was also mentioned that the average cost of renting a home will rise by 27 percent.
The residential market in Mayfair is one to keep your eye on this year as it is currently seeing its most exciting decade for nearly a century. It was mentioned that "properties don't sit around for long in London, so you need to act fast."
Barcelona, Spain
Barcelona is the 14th most liveable city in the world, according to the lifestyle magazine Monocle, and it has also been ranked the 15th safest city in the world, according to The Economist, which makes Barcelona the fourth safest city in Europe, following Stockholm, Amsterdam and Zurich.
This year is the best time to invest in property in Barcelona. Barcelona's economic potential lead the Bank of Spain to revise its 2015 growth rate forecast upward to 2.8 percent, which would make Spain one of Europe's best performing economies. An average growth rate of 6.6 percent in 2016 for residential investment has been estimated.
Barcelona's house prices are at their lowest right now, following seven years of declines. This has led to an increase in sales. The International demand for property in Barcelona is also on the rise due to property markets becoming more global.
Istanbul, Turkey
Sixty percent of Turkey's growing population now is under the age of 30, the large majority of which are working, which has an extremely positive impact on economic growth. With a young population, low unemployment rates and a fast growing economy, it is only natural that the demand for residential property would increase.
The country celebrates about 350,000 weddings in a year and with high employment rates, these young couples want to and can afford to own a property of their own. The article mentioned that right now, there are many rundown and inhabitable properties around Turkey that need rebuilding or renovating, which means that older generations are looking for new buildings, further supporting the construction boom.
The economy in Turkey has been growing at a rate of more than 5 percent annually for the past decade and is expected to grow at a rate of 5.2 percent through 2016 and 2017.
Properties in Istanbul remain a bargain, despite these sensational rates of appreciation, with prices starting at about $1,000 a square meter on the real estate market.
Lisbon, Portugal
The capital of Portual, Lisbon, is the most affordable capital in Western Europe. According to International Living editor Glynna Prentice, "Lisbon is a place where you can enjoy a European lifestyle at Latin American prices, with history, romance, astonishing hospitality, and a seaside location to boot."
This year is the best time to buy property in Europe, especially if you're converting from the American Dollar. The Euro has fallen against the American Dollar by about 20 percent over the last year and 10 percent against the British Pound.
Property in Portugal is extremely inexpensive, with a one-bedroom, renovated apartment averaging at €100,000, some of the lowest prices for property in European city centers.
