The overseas property industry seems set for a bright future according to predictions from a recent study. The appetite for property abroad seems set to continue with the British and Irish Buyers firmly behind the wheel. In fact the study carried out by Datamonitor has predicted that ownership is set to almost double over the next five years.
British and Irish citizens now own 3.81 million properties overseas, excluding time share and fractional ownership, according to the firm.
Overseas Property Portal Homesgofast.com CEO Nicholas Marr ‘Buying overseas property is a life long goal for many buyers. Combine this with overseas property investors who are seeking better growth and cheaper property prices you can see why property overseas is so attractive. Emerging markets have become more accessible and foreign governments are keen to attract inward investment. Our experience shows that Irish overseas buyers are leading the way as they tend to be more adventurous than their British counterparts. The age and types of buyers are also changing. Overseas property buyers cross all types of people and income groups. The age of our buyers are now getting younger with a larger percentage of 20- 30 year olds seeking property abroad than 3 years ago’
The study valued the overseas property market in 2006 at £44.4bn, with UK and Irish based estate agents forecasting the market to continue to grow at an annual rate of over 13% between now and 2012, almost doubling the size of the market.
