'British Still buying Overseas'
Strong and diverse demand from British buyers will keep overseas markets busy in 2008, says new research.
Despite a general slowdown in property markets worldwide, UK buyers will keep on buying abroad in 2008, says NAEA International (incorporating the Federation of Overseas Property Developers, Agents, and Consultants).
Financial services company, Foreign Currency Direct, they note, reported an 8.2 per cent increase in overseas property transactions in Q4 2007 compared to Q4 2006, an indication that demand from British buyers is still there.
And it's the different motivations behind their purchases that will keep demand alive, according to Vanessa Bird of financial services company Baydonhill: "There has been considerable nervousness over the economy recently, but we believe that the majority of the established markets will remain robust over the next 12 months.
"The key is the diverse selection of buyers who look to purchase in these destinations, from second home owners to those relocating for retirement.
"The huge variety present here – in terms of age, financial circumstances and motivation for buying – is the driver behind the constant supply of purchasers."
Where's Hot In 2008
Established markets such as France, Portugal, Italy and Cyprus are tipped for success over the course of the year, and even the reportedly overheated markets of Spain and North America could still woo sun-hungry Brits.
Robin Haynes of Foreign Currency Direct comments: "With all its bad press we know that Spanish property is taking longer to sell than normal, but British buyers are still in love with the idea of a place on the Costas. Indeed, we sent more payments to Spain in 2007 than in 2006".
"Meanwhile, with property prices having fallen in the USA and the dollar at its lowest level against the pound since the 1980s, interest is escalating again in the Florida market."