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Cash rich foreign buyers are today the most important players in the overseas property market. All the talk of cash rich foreign buyers is with reference to buyers in China, Russia, Latin America and the Middle East. What many people fail to realize is a lot of cash rich foreign buyers who invest in overseas property come from mature markets such as the UK, USA, Canada, Switzerland, Sweden, etc.
That’s why those who are looking to sell overseas properties in Europe will need to target buyers from developed countries just as well as they target those from emerging nations. It is important to use a twin-pronged approach when marketing an overseas property to cash rich foreign buyers – one for the mature markets and another for the emerging markets.
Regardless of which country they are from, cash rich, high net worth foreign buyers share a few things in common. One, they are snapping up overseas property in Europe like there is no tomorrow. They are buying land, high end apartments and villas and more. They are buying luxury properties across Europe as well as vineyards and ski chalets.
Most cash rich foreign buyers are focused on a select group of countries. Their favourite overseas property destinations are Spain, France, Italy, Portugal, Bulgaria, Cyprus, Turkey and Greece, all for different reasons.
Why are Spain and France so popular? Spain receives over 40 percent of enquiries from people who are eager to buy overseas property in Europe, while France gets 30 percent of the enquiries. Together, Spain and France account for the bulk of the interest in overseas property in Europe. For sure the other countries do not come close to Spain and France in popularity in the overseas property market. British buyers in particular, are among the most aggressive investors in properties in these countries, encouraged by the strength of the pound and the relative weakness of the euro.
What makes Spain so special? Well, Spain receives as many as 70 million tourists each year, which is the highest in Europe. No other country offers the sort of lifestyle that Spain does. There is always a party on in tourist hotspots such as Costa del Sol and the Canary Islands, for example.
France is not as exciting as Spain, but there is a lot to be said about France as well. As a long term investment, there is nothing that beats buying an apartment or villa in France. France is economically and politically a very stable country, which makes it very attractive to Russian and Chinese cash rich investors who are looking for safe havens abroad to park their assets.
Portugal is popular too – it serves as a perfect low cost alternative to Spain and has a very friendly tax structure for foreigners who buy properties there. Portugal is culturally open and diverse country which is also very safe and friendly to foreigners. The people here are very liberal in their thinking, which is nice to see.
Italy is the most fashionable country in Europe and very popular with cash rich buyers too, as it offers a high quality of life which is not available anywhere else in the world.
What about Greece? The Greek Islands such as Mykonos, Crete, Samos and Rhodes are actually doing very well in the overseas property market in Europe, attracting scores of high net worth buyers. The crisis in Athens has had no effect on them.
Turkey is the fast rising star of the overseas property market and much is expected from it, now that the government has made it easier for foreigners to buy property there with a new law called the Reciprocity Law.
Bulgaria and Cyprus get a lot of attention too. Bulgaria has a vast unspoiled coastline and has a very low cost of living. Cyprus has a very friendly tax regime and is a very beautiful country. So, for cash rich buyers, there are opportunities galore in the European overseas property market.
If you need to buy or sell overseas property online contact one of our expert team today.