Reseach
The first step that any individual considering purchasing a property overseas must take is to thoroughly research the country where he or she intends to buy. What is the political situation like? How stable is the local legal environment? How strong is the economy? How robust is the local currency? Individuals should know what sort of risks, if any, are associated with purchasing in their country of choice, and just as importantly, fully understand what legal restrictions surround foreigners purchasing homes, working and residing in their country of choice. Northern Cyprus, for example, is one foreign market where the residential property market has been booming, and as such has attracted many foreign property buyers. However, when IAP researched the market for its client base, it found that a large proportion of the cheaper property – the “best deals” – in fact suffered from disputed title, a fact that could have disastrous legal and financial ramifications down the road for any foreigner buyer.
