(EMAILWIRE.COM, March 07, 2009 ) Having nabbed the top spot in JanuaryÂ’s investment property watch, Egypt was nowhere to be seen on the top ten list for February. Instead, the USA grabbed first place on TheMoveChannel.comÂ’s list, which charts the level of interest in certain properties and countries from visitors to the site...
USA: on top of the world
Much has been written about the demise of the American property market and its saviour in the form of new President Barack Obama.
Although the country has been suffering through one of its biggest slumps in living memory, with foreclosed homes popping up left, right and centre, foreign cash buyers are still eager to cash in on the cheaper prices and snap up a bargain.
The property which generated the most interest on the site this month is located in the industrial city of Detroit in Michigan, which has been at the forefront of the economic turmoil facing America.
A city massively dependent on the car manufacturing industry, Detroit was flooded with cheap credit and people on very low wages were offered enormous loans to buy their own homes, which they had little chance of ever being able to repay.
When the credit crunch hit, these new home owners quickly fell into negative equity and their homes were foreclosed – and the city is now covered with a rash of boarded up properties.
However, the dire state of the Detroit property market does mean that there are bargains to be had for international cash buyers, who can currently pick up a lot of house for their money. Homes that have been repossessed by the banks can be snapped up at very low prices.
Runner up: United Arab Emirates
One of the most celebrated reasons to invest in the UAE is the lack of income or capital gains tax and the lack of tax on rental property.
However, the emirates also offer many other strong reasons to invest, including one of the worldÂ’s fastest growing tourism industries, a strong infrastructure, ever growing population and excellent climate.
The best known emirate is undoubtedly Dubai, but others are now getting in on the act, and, whilst each have their own economic attributes, they all have similar tax-free investment advantages to Dubai.
Emirates such as Ajman, Abu Dhabi, Sharjah and Fujairah are starting to become extremely popular with overseas investors, as prices remain lower than in Dubai.
Crown jewels: investing in the Bahamas
Most people assume that owning a property in the Bahamas will cost the earth, but there are options out there that are affordable to the average Joe homebuyer.
Famous for its stunning white beaches and tropical climate, the Bahamas are seen by many as one of the ultimate luxury holiday destinations. The islands are hugely popular with honeymooners and much of the accommodation on the island is high end luxury, designed for people with deep pockets.
However, there are opportunities to snap up a home here without breaking the bank. As the Bahamas is such a tourist hotspot, any property you do purchase should offer a strong rental return.
It has also never been easier for non-Bahamians to own Bahamian property. The 1993 International Persons Landholding Act allows foreigners the right to purchase a home or vacant land and foreign nationals are actively encouraged to acquire residential properties there.
There are even special incentives to build on family islands such as Long island.
Dan Johnson, Director of TheMoveChannel.com, said, “Investing in the Bahamas represents a great opportunity as it is the world’s leading offshore financial centre, with over 400 financial institutions.
“The Bahamas also benefits from its own stock exchange and a tax-free economy, not to mention an ever growing tourism industry,” he added.
Other movers and shakers
Brazil grabbed the bronze medal whilst Germany showed its face at number four on the Investment Property Watch chart, followed by another appearance by the USA.
Old favourite Italy nabbed seventh place, swiftly followed by Turkey and Spain in eighth and ninth places respectively.
Finishing off the list was another appearance by Italy, proving that whilst the traditional favourites may fall lower on the list, they will likely never fall truly out of favour.
TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.
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