The overriding reason that Brits buy foreign property is to use it as a holiday home. Thatââ¬â¢s the result of new research from a leading currency exchange who found that most people buying property in Cyprus, France, Spain and other European countries were doing so in order to benefit from it themselves.
Nearly half of Brits buy overseas property as a holiday home
The recent study from Smart Currency Exchange found that nearly half of the people it surveyed about buying property overseas were looking at buying a holiday home for their own use.
Director of Finance Online reported that a quarter of respondents were looking at purchasing a foreign property in order to emigrate or retire whilst just seven per cent were looking to buy a property abroad purely as an investment.
Charles Purdy, director of Smart Currency Exchange, said: “Anyone thinking of buying overseas needs to go in with their eyes open and doing as much research as possible into the property purchase system and also into intelligent currency strategies that can help cut the cost and remove risk from cross-border transactions.”
Buying overseas property to live in
The survey shows that almost half of Brits buying property in Spain, France or other European countries are doing so as they want to use it for their own holidays. If you are considering buying an overseas home it is therefore vital that you do plenty of research.
For example, you will need to ensure that the property is easily accessible from the UK through regular air routes. It is also worth speaking to a reputable local solicitor or estate agent to establish what property taxes are payable and whether there are any unusual foreign laws that you may not be aware of.
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