Brits look for property bargains in Europes worst hit countries

Brits looking to buy property in Europe are heading to the countries most hard hit by the recent global financial crisis.

New research from a leading foreign exchange specialist published in the Daily Telegraph found that eight out of ten Brits are heading to Greece, Spain, Ireland, Italy and Portugal to buy foreign homes.  Buyers are increasingly snapping up property bargains in the countries hardest hit by the recent recession.

‘PIIGS’ countries attracting British property buyers

Several European countries have been hit hard by the recession with Portugal, Greece and Ireland all benefiting from EU bailouts.  A recent survey by foreign exchange specialist currencies.co.uk found that 82 per cent of Brits looking to buy overseas property in the next year are heading to these three countries as well as Italy and Spain, collectively known as the ‘PIIGS’ nations.

Analyst Stephen Hughes says: “We’ve seen a big increase in inquiries for most of the PIIGS nations, the only exception being Greece. Of these countries, Spain has been the most popular by quite a way, and while interest is still behind that in France, the evidence suggests that interest in Spain is growing much faster.”

Enquiries for property in Italy and Spain on the rise

Currencies.co.uk report that enquiries about properties in Spain have increased by 27 per cent in the first quarter of 2011 compared with the same time twelve months ago, while enquiries about buying property in Italy are up by around 20 per cent.

Buyers with the cash available to spend are picking up the best property bargains in Italy and Spain, according to the foreign exchange company.

Mr Hughes said: “Those best positioned to take advantage of the current situation are cash-rich buyers who don’t need to worry about sorting out a mortgage and the associated currency arrangements. It would be wrong to think of these as ‘impulse buys’. These are people who can spot a bargain and move quickly.”