Buy Abroad News

30 Mar 10

Coastal properties hardest hit in economic downturn

The value of beachfront second homes were hardest hit in the global property downturn in 2009, according to data from Knight Frank in their annual Wealth Report. It found uneven house prices dependent on geographical locations and property types, which saw the price of coastal holiday homes fall by 13.9% worldwide in 2009 and ski properties 12%, while it found that city centre property prices rose by 0.4%.

The recent figures are believed to be led by the understanding of buyers that smaller, city centre homes are a better investment, although it is expected that buyers will see the advantage in well located beachfront properties in 2011.