There was renewed interest in America last month as the country took top spot in TheMoveChannel.com's ‘Top of the Props' chart…
The land of freedom had been a little too free with its lending over the last few years and that allied with the collapse of the investment bank, Lehman Brothers, has fuelled global credit concerns.
But potential buyers are beginning to show interest again in the States, as the country climbs three places into pole position. With prices across the country falling, more purchasers are taking advantage of favourable negotiating conditions, especially in markets that have been severely affected by the credit crunch such as Florida , Nevada and California.
Other old favourites also did well in the charts in August, with Europe being best represented by France in second.
Middle Eastern Promises
Latin America's current hotspot, Brazil , was a non mover in third while the United Arab Emirates (UAE) climbed one place to fourth as the country's popularity continues to grow.
The UAE property market has been very active recently, mainly in Dubai, where a number of projects are in development; there are tax advantages, great climate and high quality of life; all of which are attracting more international investors.
There's no wonder that many are relocating to Dubai and the population is expected to top four million by 2020.
Making the Most of a Bad Situation
The increasing interest in American properties has been a recent trend, where many investors are taking advantage of a market that is in recession and house prices that are falling swiftly.
Many developers, desperate to sell units, are offering financial incentives to make their projects more attractive to potential purchasers; while homeowners are letting their properties go for well under the asking price.
According to information from the National Association of Realtors (NAR), the volume of homes sold across some parts of the States has increased following a record decline in US house prices.
The NAR reports that the average price of a property successfully sold in the USA has fallen by 9.5 per cent over the past year to £112,364, the largest price decline on records dating back to 1999.
The Move Channel Director, Dan Johnson, commented on events across the Atlantic. "Just last week I was speaking to a broker in Miami who had a number of units discounted by as much as 40 per cent from their original price.
"It's not just the developers that are keen for deals either – there are quite a large number of bulk buy investors with floors, blocks or portfolios of units, who are now in a position where they need to complete and can't get the finance that was once available.
"They face a simple choice – foreclosure or fire sale, of which the latter tends to be more palatable. This is a phenomenon that is occurring all across the states, but is most acute in places like Florida, where there has been a high level of supply coming on to the market in recent years," added Mr. Johnson.
Search for Property in the USA
If you are looking for property in America for sale, why not check out TheMoveChannel.com USA, which has a large number of listings from American estate agents and developers selling properties in the area: http://usa.themovechannel.com/
Photo by Esparta