Photo credit: Marcin Kowalski
Property in Poland is proving popular as people avoid the Eurozone, new research has revealed.
The debt crisis continues to worry the continent, but property buyers are still investing in real estate abroad – particularly in Poland, where interest has risen significantly in recent months. According to Rightmove and Moneycorp, searches for property in Poland “soared by almost 60%” in August, as buyers turned away from more debt-affected property markets, such as Portugal.
Poland has been planning to adopt the Euro for several years, but in 2010 cooled its intentions to join the single currency, along with the Czech Republic, in response to Greece's growing deficit. Separate from the Euro, Poland’s economy grew 4.3 per cent from 2010 in the second quarter of 2011, keeping the country optimistic in its struggle to meet the EU’s deficit limit of 3 per cent within the next year.
Poland joins Turkey as a non-Euro economy experiencing positive growth, as Turkish tourism and buy-to-let investment led to Beylikduzu in Istanbul being recommended for investment by Global Property Guide last week.
But all is not lost for the Eurozone countries, with bargain prices in Spain seeing purchases double over the summer, according to data from World First. Interest also remains strong in homes in Germany and France, which Moneycorp suggests is because the two countries have “led the way in addressing the debt crisis”.
Indeed, cautious buyers are still snapping up property across the continent, with August seeing an overall increase in interest in property worldwide, adds the report. But with Poland heralded as the latest property hotspot for Brits, smart investors are proving that sometimes it pays to say “no” to the Euro.
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