Areas of Europe popular with holiday home buyers could see property prices fall by ten per cent or more in the year ahead, according to overseas property specialists Tribune Properties.
2005 saw the first signs of a property slow down, and even the reverse of sharp gains in holiday home prices over recent years in Spain and Portugal.
With owners unable to sell their property likely to drop their asking prices in 2006 to secure a sale, buyers will be in their strongest negotiating position since the mid to late 1980s when prices dropped by nearly a third on the Spanish Costas.
Europes worst drought in living memory had an affect on the markets in Spain and Portugal earlier this year, with many would be buyers wondering if they would be able to use their pool in years to come, with consequential rentals possibly tailing off.
Some buyers rely on renting their holiday home out as they take out a mortgage to buy, says Roger Munns of Tribune Properties, and if they cant rely on this it creates doubt as to whether to buy or not. Some buyers were taking the view that they should wait to see what happens.
But it isnt just the possibility of more...
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