THERE was a time when everyone had a nightmare holiday story. Now, with the huge Irish investment in overseas property, the horror story can just as likely be about the foreign dream home that wasn't.
No planning permission, leaky roofs, and a distant 'sea view' that turns out to be waves of those infamous plastic vegetable tunnels, are among some of the worst stories from investors in too big a rush to buy. Sometimes it seems people are so dazzled by the year-round sunshine that they forget all of the things they would consider if buying at home.
The obvious thing to remember on foot of that is that the legal and buying property system in most of those desired countries is quite different to that of Ireland and the UK.
The key then to a smooth, hassle-free purchase is enlisting the services of an independent lawyer, says Carla O'Farrell-Byrne, co-director of Irish company Bluca Properties Limited. That advice especially holds if you are considering the emerging markets such as Bulgaria and Slovakia.
?At the end of the day, every property you buy, whether at home or abroad, is an investment. While there is still good capital appreciation in the more familiar places such as Spain and Portugal, Irish investors are increasingly looking further afield.
?Wherever they set their sights, they should choose an agent that gives a personalised search to find their ideal property. The price of any property is always a good indicator of what they are getting."
Among the newer destinations offered by Bluca Properties are Bulgaria, where a one-bed apartment on Sunny Beach costs from 45,864, and Dubai where two-bed apartments in the Arabian Crowne development are priced from 261,444.
One of the countries where the difference in the legal and buying system differs radically from anywhere else is France.
Irish people have been big investors in the south and south west of France in recent years, attracted by prices which, until recently, seemed so much lower than similar properties here.
Marc Wilson, together with Nice-based agent Martha Saavedra of Home on Riviera, aim to take some of the mystery out of that process this month with a 'property surgery' event in the Mespil Hotel, Dublin, all day today from 10am to 9pm.
This is an appointmentonly event of one-to-one meetings, and visitors will also be able to view a range of properties, from studios, apartments and villas, to buy on the French Riviera.
While it's a region associated with luxury prices, an example of the affordability in some areas is a recently sold one-bed studio in St Paul en Vence for 66,000.
Wilson's advice is that people shouldn't rush into a purchase, and buy the very best you can afford, but within reason of course. The big difference with buying in France is that it's a nation that can be overly protective, compared to the very open market elsewhere. It seems like most of Spain is for sale, and there's no guarantee against waking up some morning and finding there's a motorway being built in your back garden.
That's highly unlikely to happen in France, and all that bureaucracy can actually work in your favour."
To find out more on the process of buying abroad, use the websites and contact numbers below.
Home on Riviera 0033 493 82 29 51 www. homeonriviera. com Bluca Properties 01-815 7375 www. blucaproperties. com
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