Spain still number one for UK property investors
|Sunday, 05 October 2008|
Spain is still the most popular place abroad for British property investors but emerging markets are closing the gap, according to a new report.
France is a close second to Spain and between them the two countries account for one in three purchases (29) although interest in these markets has declined slightly since last year, the report compiled by Conti Financial Services found.
Dubai and Cape Verde are both showing signs of becoming more popular. Dubai has moved from ninth to seventh place in popularity and although Cape Verde does not make the top ten this year it is quickly establishing itself as a contender accounting for 3% of enquiries in the last two months alone.
'Spain and France are still leading the pack, albeit with a narrowing margin, and it's not difficult to see why. Low interest rates and the introduction of new property ownership laws are enabling the property market in Dubai to thrive and this is reflected in the levels of interest it's experiencing,' said Simon Conn, sales and marketing director at Conti Financial Services.
Other established European markets such as Cyprus, Portugal and Italy are seeing constant or slightly diminishing levels of interest, Germany is bucking the trend, with a 3% increase in enquiries over the last year.
'It offers investors an ideal opportunity to benefit from low prices, a stable economy and intensive building projects in Berlin and other cities, following the reunification of east and west. Germany also has a low proportion of owner-occupiers, so its property market offers attractive long-term rental streams from stable tenants with full-time employment,' the report says.
Despite the credit crunch the US has also seen an increase in interest for property investors. 'The weak dollar and plummeting property prices make property in the US more affordable for UK buyers and there are plenty of bargains to be had. It's no wonder that enquiries are up on last year,' the report adds.
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