Investors 'returning to second homes'

Wednesday March 4th , 2009

Property buyers looking for holiday homes are returning to the market as prices in many countries fall, it has been claimed.

Sought-after destinations such as the French Riviera, Tuscany in Italy and the Caribbean are becoming potentially more affordable as a result of such price falls.

Alexander Kraft, chief executive officer of Sotheby's International Realty in France, said: "There are more properties coming onto the market in top destinations than we have seen for a very long time. There are good deals to be found."

He noted that many high-end properties in the south of France are staying on the market for longer.

"Lots of sellers are getting flexible with prices, and owners, especially those from emerging economies, are willing to make a deal like maybe they would not have in the past," he explained.

Casa Travella's Linda Travella, an expert on Italian sales and purchase for 22 years, recently noted that the upper end of Italy's property market remains healthy, despite the economic downturn.
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