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London ( Reuters)
ESTABLISHED property markets such as Cyprus Britain and France, will be the hotspots of 2007, while emerging destinations, such as Bulgaria and Croatia, are expected to cool, according to property specialist Assetz. |
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The British property market looks set to perform particularly well during the next 12 months, largely on account of a continued imbalance between supply and demand.
Other western European destinations, such as France and Cyprus are also poised to providing strong competition to emerging destinations at considerably lower risk, Assetz said.
London is expected to lead British growth, with prices in the prime central locations of Belgravia, Knightsbridge and Mayfair set to double within the next decade.
France should see growth of 8% during 2007, and Cyprus 10%, Assetz predicts.
The Cypriot property market is also poised to perform well in 2008, when it adopts the euro.
Then, it will have to cut interest rates to the currently-lower euro rate, making borrowing cheaper.
Investors in Spain, Turkey and Poland will also fare well, the property firm predicts.
Economic growth in eastern Europe will keep capital gains in some newer European Union members, such as Poland, above 20% during 2007, Assetz says.
" The Cyprus Weekly" January 5-11, 2007
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