Hartlepool, United Kingdom (PressExposure) January 15, 2009 -- As expected by analysts the European Central Bank has cut interest rates by 0.5% to just 2.0%, on the back of reports that the Euro Zone's economic slowdown could get worse than was previously thought. If this is passed down to consumers, it could make property purchases in Europe even more appealing, according to overseas property portal Property Abroad.
Les Calvert Property Abroad director said that no one expects to make money over the short-term on property investment in Europe right now.
"Investors in European property are buying to hold, in the hope of making gains over the long-term after the global recovery," he said.
Calvert also said that most property investments are being made using cash at the moment, because finance is hard to obtain and because property prices are low, but that the rate could boost European property investment.
"The lower the interest rates get, and the ECB rate is expected to fall to 1% in the summer, then it may become more attractive to take finance on these properties, and may make property investment more accessible in Europe," he said.
But the real clincher is making finance more readily available; Les said that:
"With the European interest rate so low and falling property prices throughout Europe, there are enough people out there wanting to buy overseas property, that if finance was to be made more readily available it could stimulate a recovery in European property markets."
Property Abroad have thousands of properties in Europe, including affordable properties in Spain, luxury properties in Italy, excellent investment properties in Albania and bargain ski-properties in Bulgaria.
The portal is currently also responsible for advertising hundreds of repossessed properties in Spain. These properties are some of the best investment opportunities on the globe because they are being sold for anything up to 66% below their valuation price. For instance property abroad are advertising luxury villas in Marbella that have been valued at around 1.5million Euros, but are now being sold as repossessed properties for just 500,000 Euros. Find out more by visiting the site.
About Property Abroad
Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net.
Media enquiries should be directed to Liam Bailey of Write About Property on email@example.com