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Buying a Home Overseas

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More and more people are "cashing in their chips" and leaving Great Britain when the going is good. With Sterling performing phenomenally well on the international currency markets there has never been a more tempting time to sell that three bedroom semi in Stevenage and buy a villa on a dreamy coastline. The price of properties in Bulgaria will come as a pleasant surprise  to British sunseekers looking to get away from the perpetual clouds of home.  Bulgaria enjoys some of the finest sunshine in Europe, not to mention great  skiing conditions in the winter. Neighbouring Romania is not as popular a destination for investors, but the price of properties in Romania is still rising  every year as more and more people become aware of the bargains presented.

The most popular destinations for British property investors remain France, Italy and Spain. The cost of property in Spain has risen almost as sharply in the last twenty years as the cost of property in the UK and investors are now looking away from the traditional destinations in their search for a slice of the Latin lifestyle. More and more young Britons are looking at Barcelona, Bilbao,  Madrid and Seville as potential locations to purchase a weekend flat. This  said, the cost of property in Barcelona and Madrid is not far short of that in London. As an example, asking prices for property in Barcelona rose by 8.2% in 2006, down from 15.2% in 2005, and 18.3% in 2004.

Intrepid investors are spending their money further afield than ever before. British investment in property in Brazil, for example, is at an all time high, while  demand for properties in Dubai is growing year on year as people see the tremendous rental returns and investment growth on offer in the Emirate State.

When looking for a property overseas it is important to take into account a number of factors. Firstly, why are you buying the property? Generally, this falls  into one of three categories. Firstly, people buy abroad with a view to starting a new life overseas. Often, they will do this at retirement age after selling up in  the UK. Secondly, many people are attracted to the idea of having a holiday home overseas, which will also gain value during its lifetime and can be sold at the right time. Finally, an increasing number of people are looking at foreign property purely in investment terms. Having seen the small fortunes made in the UK by canny (or lucky) property investors, the thought of buying a property in Morocco, renting it out and then collecting a tidy sum after a number of years is understandably appealing.

Whatever your motivation, there has never been a better time to invest overseas.

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