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Home ›  Poll Archive ›  With housing markets in much of Europe crashing, where would you expect prices to go up most?

With housing markets in much of Europe crashing, where would you expect prices to go up most?

The housing market slowdown that started in the second half of 2007 has led to price falls in many countries in 2008. The Baltic property bubble has burst; Ireland, Spain and the UK are heading rapidly down.

Savvy property investors are now searching for other opportunities for capital appreciation; there are several options.

After getting rid of the excess baggage called Serbia, Montenegro is in a midst of a real estate boom. Foreign buyers are drawn to the Adriatic coastal areas, particularly the towns of Sveti Stefan and Budva. Driven mainly by Russian and British buyers, real estate agents report price increases of more than 20% annually over the past two years. Some agents report that prices of coastal properties doubled within a year or two. Property prices are still very low and substantial gains can still be realized.

Montenegro is already using the euro as its currency. It was recognized as a Potential Candidate Country in 2007 and may join the EU earlier than Serbia.

Albania, on the other hand, is the property market’s latest darling. It has miles and miles of beautiful and pristine coasts along the Adriatic Sea. Tirana, the capital, is in the midst of a construction boom with the airport set for a major upgrading. Once isolated due to the corrupt and inept government led by the communist party, the current administration vows to work on the integration of Albania into Nato and the EU.

Despite the latest hiccups on foreign land ownership and political uncertainty, Turkey is still one of Europe’s best bets. Prices are still low along much of the Mediterranean Coast and the Black Sea, and yields are quite good in major cities. Turkey has the seventh largest economy in Europe.

Turkey applied for EU membership in 1987 and was recognized as a candidate country only in 1999. Several problems hinder Turkey’s accession to the EU, including restrictions on freedom of expression, the active role of the military, and Turkey’s occupation of North Cyprus, not to mention Europe’s increasing worries about Muslim economic migrants.

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