Distressed
property sales are set to rise with demand, as buyers search for cheaper homes
around the world.
According to
new figures from RICS Global Distressed Property
Monitor, over 80 per
cent of the countries surveyed reported increased demand from investors. In
particular, Japan and Hungary saw increased demand for distressed property in
the second quarter of 2011, while other countries expected levels of distressed
property to rise in the third quarter.
In some
countries, such as the UK, the supply of distressed property is expected to
outstrip demand, as the number of properties rises at an even quicker rate.
However, as investors indicate increased interest, distressed property sales
should rise with demand.
Twice as
popular in America
In Floridaââ¬â¢s
Orange County, distressed property is selling at double the speed, with owners
selling foreclosures twice as fast as non-distressed homes. According to OCRegister.com, 42 percent of the overall
properties listed in the past 30 days were distressed.
Based on the
current estimated time taken to sell property, non-distressed homes would
theoretically be able to supply the market for another 4 months. Distressed
property sales, however, are predicted to last for less than half that amount
of time.
