Colordarcy shames the five worst property markets of 2011

“2011 will not go down in history as one of the more successful years for residential property investors,” Colordarcy managing director Loxley McKenzie told OPP this week. And to underline the point he has compiled a list of the 5-worst places in which to invest.

Ireland is his number one disaster zone. “It seems that ‘the luck of the Irish has finally deserted them,” says the investment consultancy boss.

“Once the envy of the world, when the Irish property market boomed between 2000 and 2006, the sheer scale of their downward spiral becomes apparent when you recognise that apartment prices fuelled by yet another painful 15% fall in 2011 are now down by a massive 60% from their peak.”

McKenzie cannot see things turning around quickly there either. “For a property market to be of interest to savvy investors,” he told OPP, “it needs certain qualities in order to make it viable such as a stable economy, good capital growth prospects, a reliable rental market and accessibility to mortgage finance.”

Source: OPP.org.uk