European city investments to emerge in 2012, says Property Ventures
Emerging European cities will prove fertile ground for overseas property investors according to a new investment guide.
“There are people still active in the usual destinations such as Spain and Turkey, but city destinations are also coming up,” Louise Reynolds, director at independent Property Venture, told OPP.
Krakow, Warsaw, Istanbul and Limassol in particular stand out according to Property Ventures in its ‘Overseas Property Investment Guide: Which European City is worth investing in for 2012?’ report.
“Poland has been coming up quietly and is a success story,” Reynolds added. “It has benefited from EU funding and infrastructure support.”
Regarding Turkey, Property Ventures says: “In Istanbul, yields can be as high as 7%-10% and capital growth in excess of the national growth figure of 7%.”
“It has attracted visitors interested in history and culture throughout the ages, as it occupies a unique spot, where East meets West, where Europe meets Asia, divided only by the Bosphorous river.”
And despite the bleak outlook for Cyprus as a whole, Reynolds is confident that Limassol can provide resilience.
“Cyprus is struggling due to its exposure to Greek debt,” Reynolds told OPP. “However Limassol is not like some struggling coastal resorts. It has a very international flavour and has a huge Russian presence, which is still buying. 2012 will also see the opening of the huge Limassol Marina development.”