The pound traded in a wide range at the end of last week, after some abysmal UK retail sales figures dampened expectations for the next Bank of England (BoE) rate hike.
2021 has had both the coronavirus pandemic and Brexit related issues as a driving force to not make any spur of the moment decisions when buying property at home or away, especially with renewed lockdowns across the globe, but as the tide begins to turn and many issues facing potential buyers begin to subside, those opportunities reopen.
At Currencies Direct we’ve compiled an outlook into the 2022 property hotspots that we thing you should know about:
The Algarve, PortugalWhilst Portugal has long been known as a favourite for expats looking for a change from the daily grind, the country’s most southern region, the Algarve, has seen a 36.7% rise in demand for property since 2019.
It comes as no surprise, the picturesque beaches and low lying cliffs say all you need to know about the region which acts as a backdrop to over four million tourists a year, so whether you’re buying for yourself or to rent, the region is always has people looking for somewhere to live (or stay!). Currently a villa in the region can sell for as low as €235,000 though a more median price hits the €300,000 level.
Occitanie, FranceHeading north to France, the region of Occitanie not only offers the sandy beaches that Portugal does but also more mountainous areas to explore and live in. Being in the south of France, you many expect the area to be overpriced and out of reach, but that’s far from the truth.
Whilst your own classic château would still look to set you back at least €750,000 a large townhouse in the area sells for around the €339,200 mark. So if an abundance of wine and cheese is calling your name Occitanie may be the perfect location.
Oregon, USAA hikers dream, the north western state in the US is full to the brim of national parks and trails, alongside rising house prices. Portland, the state’s largest city has seen house prices rise 14% in the last year, owing to the coronavirus pandemic.
Though larger houses in Oregon sell for at least over $500,000, it’s not uncommon to find property marketed for $350,000, in Oregon it’s all about the location. Living in the larger cities is of course more expensive but also more convenient. However, if you’re ready to embrace the more rural lifestyle commonly portrayed in American films, prices can be a lot more attractive.
‘The Countryside’, UKFor many, the coronavirus pandemic and rise of working from home has shown that many people who work in cities in the UK simply don’t need to live there, and in turn many have looked towards the benefits the countryside can offer.
A more relaxed way of living, a sense of peace and tranquillity and tight-knit communities has seen more rural locations in the UK become hotspots. Monmouthshire, Yorkshire and Devon and Cornwall have all seen demand jump for property which doesn’t look to subside anytime soon.
What’s more, countryside areas are often cheaper than those in city areas but that’s not to say they haven’t been affected by an increase in prices. It’s estimated that rural areas have seen a 20.8% increase in house prices over the course of the last five years – so get buying soon!
Whilst this outlook only covers a small list of areas to keep an eye on in 2022, it’s expected that the global recovery from the coronavirus pandemic will open up even more countries and hotspots for investors to indulge in. It's clear that the pandemic has changed the way we live and the areas that we want to live in, though cities remain desirable for their centrality, rural areas look to come out on top and become the new hotspots for 2022.