Overseas property buyers have been advised that there are bargains available to be purchased should they wish to expand their portfolios in the current economic climate.

According to a report from the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC), 2009 is likely to be a tough year for investors due to problems accessing new finance.

However, president of ULI Europe, the Middle East, Africa and India William Kistler stated that there are opportunities for investors who have cash at hand.

"With interest rates low and the market generally not overdeveloped, there are bargains available for those who are in a position to buy," he remarked.

John Forbes, real estate leader in Europe, the Middle East and Africa for PwC, agreed that investors with equity could be in a good position, but warned that those who purchased investments at the top of the market may struggle this year.

Meanwhile, the Bank of England’s monetary policy committee is due to announce the outcome of its two-day meeting tomorrow, with experts widely predicting that the interest rate will fall for the fifth consecutive month.

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