Buying abroad in traditional destinations ‘popular’ way to escape credit crunch

Buying property abroad is still considered a good financial investment despite the global credit crunch, it is claimed.

More and more UK investors are actually moving abroad too, attracted by a lower cost of living. And they still prefer traditional European destinations over emerging markets.

Despite everything that is going on with the credit crunch, investing in bricks and mortar is a good prospect as property does not depreciate to the same extent as stocks and shares, says Property specialist David Stanley Redfern.

The company said that lifestyle buyers in particular do not need to worry, as their property will 'almost definitely be a nice nest egg' for their family. 'All the signs point to the overseas property market continuing to remain incredibly strong for the foreseeable future,' a spokesman said.

Research confirms this view and shows that Spain and France are still popular, especially with UK investors. ShelterOffshore.com, claims Spain is currently one of the most popular destinations for older people from the UK who wish to relocate to another country.

A similar study by Currencies Direct, has found Spain is the country most Britons who want to retire to the sun want to buy into, followed by Portugal and France.

Many Scottish people would be willing to escape the credit crunch by moving to another country, it has been revealed.

It is the cost of living, in particular rising fuel costs, shopping bills and mortgage payments that are driving Brits abroad, according to the latest research. Financial giant Legal & General was surprised to find, for example, that 19 per cent of people in Scotland are prepared to relocate abroad because many are 'only just surviving' in the current economic climate.

Mark Wallace from the Taxpayer's Alliance commented that the trend is a 'shocking indication' of how inhospitable the UK has become to ordinary people.

Research from Robinsons International has also found that people from the UK are increasingly choosing to move abroad because they believe the cost of living is too high.

Low cost flights, attractive tax incentives and the domestic property price slump are other factors sited as reasons for moving abroad.