Brits Return To Buying Property Abroad

Recently Rightmove , the leading property website in the UK issued some statistics on overseas property searches within their own websites.

It seems as if Brits are being encouraged by the recent drops in the Euro to consider purchasing property abroad. Given the state of the pound this is somewhat startling but may indicate an increasing “feelgood’ factor returning.

Over the past two years British newspapers have been full of articles showing the problems of Brits owning abroad, most particularly pensioners. One publication some months ago went so far as to say that some 4,000,000 Overseas Brits were being forced to consider returning to the British Isles because of the weakness of the pound. This situation was apparently being made worse by the fact that all seemed to be putting their foreign homes up for sale at the same time with a resultant glut. This was particularly true of popular areas in Spain.

Rightmove suggests that the most popular country for searches recently was Spain with 22%, France was second with 18% and the USA 3rd with 12%. Within Spain the top destinations seemed to be Minorca and then Marbella.

All the indications are that property prices have indeed fallen in popular destinations within Spain, France and Italy and with the positive exchange rate moves over the past year could attract some attention. However many experts suggest caution at this time, and a lot of research before considering buying.

Yes, Spain and other Mediterranean countries are wonderful destinations and great places to retire but caution is the watchword considering the volatile economic climate.

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Posted by Jackie Cooke on Jun 12 2010. Filed under Business, Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry