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The Hollywood effect

Catherine Deshayes

Everyone wants their fifteen minutes of fame, and overseas property markets are now being boosted by the locations chosen by Hollywood filmmakers.

According to the Property Investor Show, which is being held on the 19^th to the 21^st September at ExCel, London, idyllic scenery featured in films is attracting interest from UK buyers, looking to secure a property in blockbuster locations. 

The top three areas tipped to do well as they hit the big screen in the coming months are Spain, Panama and Australia.

The film Vicky Cristina Barcelona - filmed in Spain

Starring Scarlet Johansson and Penelope Cruz, Woody Allen's newest film is set in Spain.  Filmed in Avilés, Barcelona and Oviedo the love-triangle story of a Spanish painter and two American tourists showcases the country's traditional and often overlooked beauty.

The Spanish property market has seen some turbulence, yet it is still the most popular country for UK investors and with prices around 30% lower than a year ago, the country offers real opportunities to buyers - it is just a case of finding the best ones.

The film Quantum of Solace - filmed in Panama

Action-hero Daniel Craig will return to cinemas as 007 in the newest Bond film, ‘Quantum of Solace.'  Last year, the Homebuyer Show reported that Montenegro, where James Bond played a famous high-stakes game of poker in ‘Casino Royale', was set to see some of the greatest house price rises. 

Investors who took a chance on the country have seen strong returns, with prices set to increase by 15-20% per year.

Montenegro is now a spill-over destination for investment capital in booming property markets elsewhere in Western and Eastern Europe, as a result rental yields could reach as much as 24% in Podgoritsa, where Craig's first Bond was filmed.

Now, Bond is set to hit Panama, where much of the new movie has been filmed, featuring scenes in Panama City and Colōn on the Caribbean coast. 

Investment in Panama is already growing, as a result of a stable economy, estimated to have grown 8.1%² in 2007, and increasing property prices, which are expected to rise by over 12% next year.

The film Australia - filmed in...you guessed it...Australia

Period film ‘Australia' stars Nicole Kidman as an English aristocrat in the Outback at the start of World War Two. 

In conjunction with the film's release, Tourism Australia will launch an international campaign ‘See the Movie, See the Country,' which is set to boost the number of visitors to Australia, as well as rental demand and property prices.

Australia has a strong rental market, representing 29% of dwellings, with the buy-to-let sector offering 9% rental returns and capital appreciation averaging 10%, in 2007.

Nick Clark, Managing Director of the Property Investor Show, says, "Films really bring places to the attention of the general public, capturing their imagination, and allowing them to view countries in a different light. 

"Whether it's the stunning scenery, or a certain lifestyle that people are attracted to, countries and cities featured on the big screen, which many would not have considered investing in before, draw in both tourists and investors thus boosting house prices and rental yields," Mr Clark added.

To browse properties for sale in Spain, Panama and Australia, log onto www.themovechannel.com