Overseas property buyers 'largely unfazed' by eurozone crisis

Friday, August 24, 2012

Overseas property buyers 'largely unfazed' by eurozone crisis

Overseas property hunters are 'largely unfazed' by the recession according to a survey by The Overseas Guides Company, which has revealed that 36% of people have not changed their approach to buying abroad, and a further 42%, while describing themselves as 'more wary', also haven't altered their decision.

Only 16% of those surveyed by the company said they had decided to defer buying until the global economic situation improves, with the remaining 4% stating that they were looking at alternative destinations including emerging markets rather than at countries in the Eurozone.

The same survey reveals that more than 70% of prospective overseas property buyers will buy outright without a mortgage. 73% of those making the move will rely on pensions and/or investments to support themselves financially.

“The evidence paints a clear picture of today's typical overseas buyer – a financially self-sufficient retired or semi-retired person looking for a discounted home abroad where they can enjoy a better way of life than in the UK,” comments Richard Way, Editor of The Overseas Guides Company.

“Not having to rely on employment or financial support, whether it be mortgages, loans or benefits, in their new country means this group of buyers are practically immune to the typical knock-on effects of the debt crisis affecting the local populations of many countries in the Eurozone. And with the exchange rate the most favourable it has been for Brits for around four years, they realise now is a good time to take advantage of sterling's buying power in the Eurozone.” he added.

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