It may seem a bit of a stretch (and somewhat opportunistic) to link the recent eruption of Eyjafjallajokull (pronounced “ay-yah-FYAH’-plah-yer-kuh-duhl”) in Southern Iceland to real estate.
With its ash cloud spraying many miles into the air causing havoc to air travelers in the region, which of course reverberated throughout the world, the might of mother nature has made property investors particularly in Britain, Europe and the US think twice about their dependence on air travel and thus the location of their second/vacation homes.
British real estate portal Primelocation, however, recently reported a huge shift in the locations most sought after following the eruption, and unsurprisingly the changes boiled down to where air travel was less important.
For the British, the most obvious choice is France, which is easily accessible these days by both ferry and the Channel Tunnel, together with the high-speed trains on the European side (and increasingly the British).
Spain is also easily accessible by ferry, as are Belgium, the Netherlands and Germany.
For those that already live in North America, little will change. Their most popular second-home markets outside of the US are the Caribbean, Mexico and other South American hot-spots.
We think, however, as with most things, this sudden urgency will quickly dissipate with the ash cloud, and the lure of cheap and convenient air travel will soon entice British and European property buyers to look further afield.