London is no longer a magnet for real estate investors, now that the credit crunch has put the brakes on easy lending and threatened the fortunes of the financial sector.
According to the latest annual real estate trends survey from PriceWaterhouseCoopers and the Urban Land Institute, which collates opinions from 485 industry professionals, London has fallen out of the top 10 European cities for both investment and development prospects for the first time.
The British capital was ranked 15th out of 27 European cities for investment prospects, while for development prospects it was ranked 13th. Last year, London made second place for investment and fourth place for development.
Moscow and Istanbul are now the new darlings of the sector, ranked first and second respectively for both investment and development prospects. Whereas London is facing a slump similar to America’s, with house prices declining and consumer confidence down, Russia and Turkey offer strong economic growth prospects and buying opportunities across residential, office and retail.
Currently there is a real appetite for emerging markets, with high oil prices boosting Russian spending power in particular. And even as Western markets suffer from an end to the days of cheap credit, some of the survey respondents believed it would help bring distorted real estate markets back to normal. (forbes.com)
Anyway, I visited my friends in Krakow (Poland) and as it turned out they had started new tourism projects because of promisin possibilites created by the fast growing tourism sector. I don`t know the exact idea of it but domains names suggest that it will be reffered to Cracows apartments and some kind of city guides and the best Polish conference venues. So it you are planning to visit Kracow ( which is awesome, by the way ) or Poland I am obliged to recommend sites:d: