There was once a time when buying a property abroad, say in Spain was an indulgence of a wealthy few. Now we can't turn on our televisions or open a newspaper without finding growing numbers of buyers of all incomes and backgrounds heading to more exotic climes than the UK.
Countries such as Spain, France and Portugal have always been popular but with emerging markets now springing up all over the world Brits are finding that it doesn't take much capital to invest in property overseas.The UK property market is a significant factor. Many owners have found themselves sitting on ever-growing piles of equity in recent years; others find themselves stuck on the property ladder, wondering why bother to go through the disruption of moving when they can only afford something similar to their current home. A growing band seem to be opting for permanent relocation, citing dissatisfaction with UK living, but others want a chance to find themselves a sunny holiday home, with the plus of it paying its way in rental income.
The number of Britons owning a property abroad is set to soar, according to Saga.
Currently 1.38 million Britons own a property abroad. This figure is set to rise to 3.12 million by 2008.
Spain itself has some one million foreign property owners. About twenty per cent of these foreigners live, more or less, permanently in Spain. The remainder purchased their property to enjoy their holidays, or as an investment for the future.
The British weather appears to be the main reason, with people who own a property abroad admitting they do so to escape to sunnier climates. Spain has long been a popular place, but visitors are increasingly turning to the facinating idea of owning a property far removed from the high rise developements lining the Costa del Sol.
March is the start of peak period in our industry and agencies across Spain are preparing for the influx of purchasers.
The difference between 2006 compared with 2005 was the speed in which purchasers were making their decisions when choosing a property, gone are the days of spending two weeks searching the countryside for that special dream home, price rises over the past few years have dictated that, if you wait too long you loose your first choice and no one wants to settle for second choice when it comes to their home abroad.
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