Even in February 1million Brits were looking for overseas property….
Posted by jamesdearsley on March 26, 2009
I have just read a really good article on OPP about the state of the market in the UK. Seems that despite all the bad press the Brits still have an insatiable appetite for properties abroad. See article link here
Certainly this is what we have seen from our own statistics and website hits. The UK market is starting to show some signs of recovery – broadly based on the signs in the UK domestic market with interest increasing for the last 3-4 months in a row.
We have also found similar findings with regard interest in Non EU countries i.e. Turkey and the US specifically in our case. However, even in a tight market, Spain is still remaining supreme with us as well as the figures reported from primelocation.com. With the proximity to the UK, and other European destinations for that matter, and the 320 days of sunshine every year, clients are looking at Spain as the perfect place to wait out for the market to return.
From my own personal opinoin I doubt this pattern will ever change either. In the European property market we often see new countries come in that seem to be a slight fashion for a time with huge capital growth reported. A classic example of this is Estonia which, a couple of years ago, was leading the tables in capital growth rates. However, we all see this month that RICS reported it as having the largets decrease in Europe.
This is where the firm favourites of Spain, France and Italy come into their own. They are such established and relatively stable markets, with an infrastructure that all buyers know and feel comfortable with, that these markets will always be the top performers.
Best wishes all.