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Huge growth predicted for Lithuania
The Baltic states offer the greatest profit potential, according to property experts.
A 2007 capital value growth forecast carried out by property consultants Knight Frank showed huge potential for housing profits from nations recently acceded to the European Union.
Lithuania showed the greatest capacity for profitable investment - a 20 per cent growth in housing market prices is predicted for 2007 – with Latvia in second place with a predicted 17.5 per cent growth.
Liam Bailey, head of residential research at Knight Frank, said EU membership and freedom from Soviet rule had directly stimulated the housing boom in eastern Europe:
"Soviet-era buildings have been comprehensively spruced up and new properties built to much higher specifications, also boosting prices."
Mr Bailey also advised potential investors to consider growth potential as well as bargain prices:
"Too many people look to invest in the top growth location [like Latvia] assuming that growth will continue."
Recent figures showed Lithuania's first quarter GDP had risen to 7.1 per cent, largely due to increased construction.
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