south koreans snap up canada property
News Posted On: 24 April 2009
The number of South Koreans buying homes in Canada doubled between June and July this year, and when figures are released for the final quarter similar increases are expected.
Liam Bailey, chief market analyst for the overseas property portal Property Abroad gave his views on the findings:
"Well, Canada has largely become the same as the U.S.; a buyer's market. The lack of developers with the facilities to give credit and loads of apartments unsold is bringing an abundance of bargain properties to the market.
That combined with the weakening dollar against the strengthening Euro, and there are very few reasons for Sterling backed investors to pick up one of these bargains, of course with the view of buying-to-hold.
Of course, cash-rich Korean's are only too willing and able to snap up Canadian property bargains during the credit-crunch, in the knowledge that they will make a big-profit, even if it takes several years to do so."
Property Abroad have some excellent Canadian properties, including many bargains throughout all the most popular regions of Canada.
In Quebec there is a one acre land-plot for an astonishing £22,500, and on the resort voted best in Quebec 8 years running. The developer is offering a wide-range of pre-designed chalets to build on the plots, building cost is around $100 per sq ft. Construction has already begun on some of the plots, and there is a show-chalet available.
The Rouge River development -- on the resort by the same name -- is located on the breathtaking Laurentian Mountain range in Quebec. Buyers are automatically granted fishing rights to the 100-milles of trout-filled river weaving its way through the resort, as well as use of the 100-mile bicycle track running along its banks. The Rouge River resort is a great attraction, and when building is complete immediate growth should be at least 30% on plots and chalets.
Ice-fishing is possible in winter when the bicycle-track becomes a cross-country ski trail, which also weaves its way through the woods up the mountainside away from the river, which compliment perfectly the world-class Alpine ski slopes in Mt-Tremblant , just a 30-minutes drive away, and Montreal just 90 minutes.
All this combines to give Rouge River properties incredible all-year-round rental potential, which when added to the low prices of the property compared to those surrounding it, translates to a rental yield of between 8 and 12% according to Liam Bailey.
Though the 2 bed chalet on Rouge River is currently the lowest priced Canada property on Property Abroad, they have many other properties that are currently priced far lower than they were last year, find out more by visiting the site.
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