Seeking Property Deals?

By Mark Scott

By As the world grapples with the ongoing recession, this might not seem like the best time to jump into real estate. But for those willing to invest for the long term, 2009 could be the year to pick up property bargains worldwide. The severe contraction in credit has left developers with thousands of homes, apartments, and chalets on their books. To move this costly inventory, they've had to slash prices by up to 60%, offering huge discounts to potential buyers. Adding to the bonanza, the dollar's renewed strength against other currencies means properties in far-flung places have now become more affordable for U.S. buyers. No doubt, the global recession adds further risk to any investment, but there still are good deals to be had for courageous investors.

Click on to see which of the world's real estate markets offer the best investment opportunities in the current downturn.

Caption data provided by Savills; property examples from various sources