Spain is still the top overseas destination for Brits who purchase property abroad according to a recent report. The list of overseas destinations, compiled by Conti Financial Services, shows that France is closing the gap with Spain and new markets such as Dubai and Cape Verde Islands are quickly moving up.
Spain and France together account for 29 percent of enquiries to Conti for overseas mortgages, but interest in these countries is slipping as the newcomers become increasingly popular. Dubai has moved up the list from 9th place a year ago to 7th place now and has also seen an increase in the total number of enquiries. Cape Verde is not in the top ten, but has shown a dramatic increase in the number of enquiries indicating that more and more people are buying property on the islands off of Africa’s west coast.
Both Germany and the US have seen increases in the number of investors looking to buy from the UK over the past year. Germany is a solid market with great prices and has a very good rental market. The US, despite the financial turmoil, has been a bargain for European buyers with the exchange rates being so favorable.
Simon Conn, Sales and Marketing Director at Conti Financial Services, says: “Spain and France are still leading the pack, albeit with a narrowing margin, and it’s not difficult to see why. Affordable prices, low interest rates, easy access and great weather have all contributed to the attraction of these destinations, but their lead is being weakened as investors turn their attention to emerging markets. The strong euro has also taken its toll.”
Following France, Turkey comes in at number three on Conti’s list, then the US, Bulgaria and Cyprus. Dubai, at number seven, is followed by Portugal, Italy and Germany.
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