Buying abroad has become ‘a reality for many’

Wednesday, April 25, 2012

Buying abroad has become ‘a reality for many’

Buying property abroad has now become an achievable dream for many Brits according to overseas property expert James Price, Head of International Residential Development at Knight Frank.

Commenting on the continued appetite for overseas property among Brit buyers, Price said: "Brits will continue to buy second homes in the sun; it has become a reality for so many rather than the dream it once was for all but a few”

Price also highlighted his company's findings that the recession had made buyers less interested in investment and more focused on purchasing a home somewhere they enjoyed spending time.

While the boom years saw buyers flock to emerging markets in the hope of making quick returns, the majority of buyers are now realising that the property is a longer term investment and considering guaranteed sunshine and a high quality of life as the major motivations behind a purchase.

According to recent figures from currency exchange company HiFX, France is currently the most popular destination among Brits who are requesting finance to purchase an overseas property, based on the number of customers they have had approach them.

The country was the first choice of 35 per cent of people in the UK during March, while 16 per cent looked towards Spain.

According to the company, non-European countries also attracted lots of interest last month, with the US and Australia proving appealing to many, along with New Zealand. Indeed, these nations ranked ahead of some established European markets such as Germany and Italy.

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