Romania, the home of Dracula, has been revealed as the best place to make money from overseas property. It topped a list of the 20 best places to make money from overseas property whose upper reaches were dominated by former Eastern bloc countries.
Poland, Slovakia, Slovenia, Hungary and the Baltic Tigers of Estonia, Latvia and Lithuania all featured in the top ten of the list compiled for A Place in the Sun: 20 Best Places to Make Money. The Channel 4 show presented by property expert Amanda Lamb commissioned statistics from a leading accountancy firm to predict how quickly countries’ economies are expected to grow. The ranking takes into account where house prices are over or under-valued at the moment and factors in how much money can be made by renting out a property.
Romania came out top of the list for profit from overseas property because while houses can currently be bought for as little as £5,000, prices are expected to increase by 30 per cent in 2006 as the country prepares for EU accession next year. Over the next ten years, property prices in Romania are predicted to increase by 414 per cent.
Second on the list is Poland where returns over the next ten years are expected to be 393 per cent, while returns on the Baltic States, in fourth place, are expected to be 356 per cent. Portugal, in third place, is the highest placed western European country with predicted returns of 360 per cent, and completing the top five is Sweden with returns of 352 per cent. Old favourites such as France, in 17th place, and Spain, in 19th place, were languishing well down the list, but are still likely to be popular with Brits because they offer a more certain environment in which to invest. “People are always asking me where the best place to buy property abroad is,” said Amanda Lamb.
“The answer depends on whether you’re looking for a holiday home, a pure property investment or a combination of the two. But one thing’s for sure making money from property has never been so important to so many of us. ‘This year’s 20 Best is really interesting because it focuses purely on where you could make the most money from buying property abroad.’ A Place in the Sun’s 20 best places to make money from buying overseas property
4. Baltic Tigers (Estonia, Latvia, Lithuania)
13. Czech Republic