Interest in overseas property hots up

Tuesday, September 21, 2010

Interest in overseas property hots up

Interest in buying property abroad is now at its highest level since April of this year, according to fresh research from UK-based estate agent Worldwide Property.

In its monthly confidence tracker survey the company reveals that 72 per cent of people who responded believe that right now is a good time to invest in homes overseas.

Properties in USA, properties in Brazil, homes in the Caribbean and properties in Spain were named as the most popular destinations in which to buy property abroad.

When questioned about interest rates, over half of respondents – 54 per cent - were of the opinion that interest rates will not increase over the next 12 months. If accurate, this would mean that mortgage borrowing rates are likely to remain roughly the same, particularly for those people remortgaging their homes in the UK in order to finance an overseas property purchase.

Commenting on the figures, Kevin Wilkes, managing director of the Worldwide Property Group, said: “Once again we see mounting evidence of people's belief that interest rates will remain low for quite some time.

“It is also welcome news that Brazil has been ranked highly by the respondents of this survey. The country offers some incredible opportunities and we have seen interest and subsequent sales of property here rise sharply in recent months.”


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