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Second home in the sun?

Property prices in Europe are continuing to drop which figures from estate agents suggest this could be the perfect time to buy a second home abroad.

Properties in Spain have fallen by almost 8% and homes in Portugal by 7%. Greece is the cheapest place to buy a home as the country continues to struggle in its sixth year of recession – falling a massive 12% last year – and ranking last in a 2013 global house index.

Negative growth in property prices has been recorded in 20 countries – all of these in Europe apart from Japan and South Korea.

However, countries outside of Europe have seen an increase – by the likes of Hong Kong rising 28% and in America where they rose by 10.2%. The average property price increased worldwide by 6.6%.

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