Insurance News Archive

Property investors looking closer to home

Property investors are increasingly considering options closer to home when looking to buy a house, according to BuyAssociation.

The property editor of the website, Paul Collins, said he believes the rocketing price of fuel will mean people prefer to stay closer to where they live when choosing a second home to invest in.

"We may see that the price of air travel will go up for the next 12 months," Mr Collins commented, saying that people may start to invest in property which they can reach easily by train or car instead of by plane.

According to research conducted by the Global Property Guide, house prices worldwide are falling and during the year to end of quarter one 2008, they dropped by 13.2 per cent in Ireland, 5.8 per cent in Luxembourg, 4.3 per cent in Portugal and 4.9 per cent in Malta.

In total, property prices went up in 13 countries and fell in 21, according to the report.

02 Jul 2008