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US is most popular destination for Brits to buy abroad outside Europe

Figures just released show that the US has been ranked the most popular destination outside Europe and third overall for Brits to buy property overseas in 2007, with 9.7% of British buyers purchasing in the United States.

These findings have also been supported from across the pond with the National Association of Realtors (NAR) finding that the US is still a popular choice of destination for those buying abroad with 26% of the 4,000 US agents surveyed in the period of May 2007 to May 2008 claiming to have dealt with international clients, half of whom purchased a property.

Interestingly, the AIPP figure has also seen an increase of 2.2% on the 2006 figure of 8.5%, which given the widely publicized US sub-prime mortgage crisis will come as a surprise to some. This healthy growth of interest from Britons in the US market has in part been aided by the strengthening of the Euro with many buyers taking the decision to buy outside of the Euro-zone but also by additional government incentives as in the Mississippi area affected by Hurricane Katrina in 2005.

"It is this type of real estate investment that is not only regenerating a community but also proving popular with property investors who see that there is more to the US market than the luxury condominiums and vacation villas of Florida" comments Danny Silver, Principal of Property Direct America.