US destinations tipped as good buyer locations

The current world economic climate is a favourable time to build up an overseas property portfolio, it has been suggested.

Business Week tipped the US as one good country for this, stating: "From European hot spots in Croatia and Montenegro to less exotic investments in Florida and the south-west US, now may be the right time to buy."

The publication quoted head of international residential investment at Savills Charles Weston-Baker as stating that wherever good deals are available, investors are snapping up "bargains".

Among the places in the US where transactions have been rising is Orlando, where the Orlando Sentinel recently noted that half of these were cut-price deals that were either foreclosed or short sold, which is where banks are willing to accept a price below the value of the mortgage.

Orlando Association of Realtors figures for February this year showed the number of transactions for that month to be up 28.1 per cent since a year earlier.