Vacation-Condo Firm Relishes Credit Crunch

LONDON-The credit crunch and overall downturn in the economy is impacting firms overseas, but it is also leading to buying opportunities in overlooked markets, according to executives at David Stanley Redfern, a locally based vacation-condominium brokerage outfit.

Investment in vacation homes has tripled in the last year, says the managing director of the firm, which bears his name. DSR currently has 20,000 active investors in its database and specializes in properties in places such as Albania, Cambodia and Tunisia. The firm recently opened a new office in Russia and sells for 64 developments around the globe.

“The credit crunch is making people look at their finances more and decide what to do with their money to put them in a better financial position in the future,” Redfern says. “First-time buys have increased dramatically.”