As the housing market cools in Britain, investors are starting to pack their bags and look for bargains overseas... According to a survey carried out by the organisers of the Property Investor Show, 55 per cent now believe that overseas property is a better buy-to-let bet that bricks and mortar in Blighty - up from 25 per cent last year. The percentage planning to buy in the next year is also up - from 16 per cent last year to 22 per cent this year.
While rental income and capital gains (60 per cent) are the main reasons for buying abroad, the prospect of better weather (58 per cent), and a better quality of life (42 per cent) were also cited as major motivators.
One fifth plan to buy a retirement home, 15 per cent are keen to buy a home that will allow them to indulge their sporting passions - sailing, golf, skiing and the like - and 10 per cent are looking for a healthier lifestyle. Why Buy Abroad?… Fresh Pastures
Investors are also becoming more adventurous. The expansion of the European Union in May this year together with more relaxed regulations on overseas ownership have opened up countries such as Cyprus to property investors.
And with the stockmarket and pension funds failing many people, investors are also keen to put their money into all sorts of new ventures overseas. Nick Clark, Managing Director of Homebuyer Events, who organise the Property Investor Show, says:
"Despite the long-term popularity of property in overseas locations such as Spain and France, there are still plenty of good investment opportunities in overseas property. "We are seeing continually increasing interest in this sector as the UK residential market slows and overseas schemes develop. For example, investors can now become involved in commercial property in Shanghai or corporate let apartments in Budapest as well as the more traditional holiday homes and villas in the Mediterranean."