Overseas investment positive in 2008

Thursday, 10 January 2008 12:00 AM

A number of overseas investment hotspots will remain attractive to UK buyers during 2008, according to property experts Olive Tree.

Despite gathering storm clouds over the domestic market, the organisation remains "optimistic" over the future of the global property environment.

Areas - including Cape Verde, Canada and southern Crete - may all present interesting opportunities the coming year.

"As a company dealing with properties worldwide we have an overall view of the market place and can say that in general, 2007 was a good year and despite rhetoric about the market place in 2008, we feel optimistic, providing of course, you invest wisely," the company said in a statement.

Firstly, Cape Verde is now seen as first-rung winter sun destination - and is considerably closer than the Caribbean.

Sitting off the west coast of Africa, the ten islands which compose the archipelago are a five hours flight from the UK, and with year-round sunshine and no jetlag they are beginning to make their mark on the world stage.

There are also low prices on the island for new-build properties, an increasing number of flights and increasing tourist demand - all of which will boost investment potential during 2008.

"Rentals too should prove excellent as this is a year round destination due to its constant good weather and therefore empty periods can be avoided," said the Olive Tree statement.

Canada could prove to be another attractive destination over the next year.

The country has become popular with investors and keen skiers who are prepared to travel, with one ski resort, Fernie, attracting particular attention.

"This offers excellent rental potential with a wide choice of brand new properties close to the slopes," said Olive Tree.

Finally, southern Crete has the potential to become another world-class destination.

"This is an unspoilt and almost undiscovered part of the island but with a new airport opening shortly, at Sitia, which will give easy access to the Makriyialos region, we anticipate an upsurge in property prices," continued Olive Tree.

Finally, the weak dollar could encourage investment to a host of destinations with their currencies tied to the American greenback.

"Anything pegged to the dollar, such as Bahrain, created high interest from investors; this was in spite of the credit squeeze in the US.

"Mexico and other parts of South America are also pegged to the dollar so again, buying has been high in these areas compared to 2006," concluded the Olive Tree statement.

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