2005/Buying Overseas:. . . our appetite for buying abroad is as strong as ever - although this year, many investors returned to traditional markets like France, writes Kate McMorrow.

The stampede to invest overseas continues unabated, although there are signs that people are becoming "exhibitioned-out". Hardly a week went by in 2005 without exhortations to visit stands set up in halls and hotels throughout the country.

Irish buyers are still expecting some return for their investment, and leasebacks performed strongly in 2005, particularly in France, where these are government-backed and a fairly safe bet.

This need for safety and security prompted a noticeable upturn in the popularity of old favourites like Spain, France and Portugal this year. Splash Properties created a run on Newlyn Developments' smart new scheme in Vilamoura on Portugal's Algarve and HOK's overseas division also had "a decent run" with Pestana Golf Resort in Carvoeiro, Madeira.

The Irish are continuing to shy away from renovation projects in France, unlike their UK counterparts, says Heather Gleeson of Irish-based VEF. People are looking at countries like Turkey and Bulgaria, then coming back to France as a safer place, says Gleeson.

"The leaseback market is not yet saturated, but there is more flexibility now and more focus on quality developments inland - softer developments with an emphasis on services."

Access was a key influence this year - Languedoc was VEF's number one location in 2005, mainly because of Ryanair's newly-launched route from Dublin to Carcassonne. Aer Lingus's direct flights to Marseilles gave a boost to Irish investors looking in western Provençe.

While Spain's Costa del Sol took a beating and the market was glutted with re-sales, around the corner in Murcia, things were slowly hotting up.

This location has been designated as a tourist destination by the government, which is anxious to avoid the high-rise mistakes of earlier years. Access is generally through Alicante, although a new airport is planned.

Negative publicity is affecting sales throughout southern Spain, however, and you can still buy a two-bed apartment close to the sea in Costa Calida for about €118,000. Overseas Property Investments and Tom McGrath Overseas are two of the Irish agents selling in this area.

Around Barcelona on the Costa Calida is another top spot with Irish buyers. Galicia, Santander in the north and the Costa de la Luz are relatively unspoiled so far and could be worth a down-the-road punt.

Adventurous buyers are moving into the less accessible Alpujarras region about an hour from Seville, where ravishing white villages streel down scented hillsides and the term 'the new Tuscany' is on everyone's lips. Read Chris Stewart's wonderful Driving Over Lemons to get a sense of the complications of living here before buying.

Buyers prepared to gamble on rising values turned towards Eastern Europe, with old favourites like Croatia and Hungary continuing to thrive. The Irish office of Adriatic Riviera claims to have put the north Croatia area of Istria on the map property-wise.

Croatia is close to Italy, with a near-perfect summer climate and beautiful coastline. Prices have risen, but you can still buy a two-bedroom apartment for €120,000 and a full-blown villa with pool for around €200,000 through Adriatic.

Emerging Eastern European destinations included Montenegro, Turkey, Slovenia, and Poland. Investment in less stable economies like Bulgaria and Romania were mostly at corporate level, although a few intrepid private punters put down deposits.

It's very much a case of "buyer beware" in countries with weak or unstable economies, warns John Mulligan of Overseas Property Investments, whose company handles property in Hungary, Spain and France. Mulligan goes on to query why developers who promise their properties will go up by 25 per cent in a year don't simply wait and take this profit for themselves.

"These are all stable economies where buyers can't go drastically wrong. People with dreams assume they are getting a good deal and they may be, but at the end of the day they should make an informed decision. Buyers who committed to Bulgaria can't rent their properties because this market is mainly hotel-based.

Germany was the surprise choice for many Irish investors this year. The draw was apartments in restored city centre buildings at affordable prices. Ready-rented buildings were popular in Berlin, where there is a danger of over-supply.

Frankfurt firm AllGrund has been surprised at the large numbers of Irish investors flying over to view. One Irish client brought his friend and each bought a small apartment in the city. Another bought a house with offices on the ground floor. An entire family came over last month, all wanting to buy.

Greece has a sizeable Irish population and second homes here are still good value. Two-bedroom villas were selling through Leptos Estates in Santorini from €165,000, while a renovated stone villa in Crete could be bought for €245,000 through Crete Property Consultants.

Turkey, for years a popular holiday spot with the Irish, is experiencing a minor boom in overseas property sales. People are friendly, properties cheap and sun guaranteed. Dublin solicitor and overseas property agent Tom McGrath, who is now "doing the legals" for properties in Kusadasi, forecasts an upsurge in Turkish property values over the run-up to EU entry.

Cyprus has always had an Irish fan club. English is widely spoken, the season is long and property transactions are relatively straightforward in the Greek-controlled south. Prices have risen steadily since EU entry and new holiday developments are everywhere. You can still buy re-sale apartments from €70,000 in good locations like Agia Napa and Limassol, however, and these seem the best value.

With the Canaries over-run with tourists and the average person in the street buying in St Tropez and Puerto Banus, discerning Irish buyers are searching out new and unspoiled locations further afield. Two upmarket resorts in St Lucia which were launched this year were inundated with Irish enquiries.

South Africa slowed and prices are rising, while China continued to interest investors. Cape Verde, a former Portuguese colony of 10 islands off the coast of Africa, is the latest property hotspot. Clonakilty-based Tom Sheehy is selling two-bed apartments from €120,000 at Paradise Beach on the island of Sal, while Tom McGrath Overseas Properties and Daphne L Kaye are marketing the Santiago Golf Resort on another island, with prices from €710,000 for high-spec four-bedroom villas.

HOK had strong demand for apartments in Toronto earlier this year. Prices from €155,000 for one-beds, a smart fit-out and the safety factor of investing in a sound western economy were the main incentives, says Stephanie Patterson of HOK.

The next big thing? Bets are on that Brazil is about to take off as an overseas property location. It's a long flight and, while foreigners can own property, there are restrictions on permanent residency. But the beaches are divine and the country apparently surprisingly safe, apart from big cities.