Recovery Will Be a 'Drawn Out Process'

Despite being in a much improved position compared to two years previously, overseas property market still have a long way to go before they recover fully, Overseas Property Professional has reported. Speaking to the news provider, Robin Wilson, head of overseas at Rightmove, has claimed that buyers are returning to the market....

Despite being in a much improved position compared to two years previously, overseas property market still have a long way to go before they recover fully, Overseas Property Professional has reported. Speaking to the news provider, Robin Wilson, head of overseas at Rightmove, has claimed that buyers are returning to the market.

However, Mr Wilson believes that the investment environment is now different, with many potential purchasers much more cautious than before the global economic crisis. As such, the real estate expert explained that the entire buying process is now a longer more drawn out affair.

"Our data shows traditional lifestyle destinations are recovering much faster than more exotic investment locations [for example] searches for Spain are only 12 per cent down on 2008 compared to the UAE [which are] down nearly 80 per cent," he told the news provider. "Memories and headlines of bad experiences purchasing abroad are still fresh."

- Friday 08 October 2010

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