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Confidence in the UK is higher than ever before. It has been a year since the business-friendly Prime Minister David Cameron returned to power in Britain with a thumping victory in the general elections. Since then, the British economy has largely recovered from the economic crisis of 2008-2009 and things have never looked better.
The pound has never been stronger, especially in comparison to the euro. Incomes are on the rise across Britain and people have more money to spend than ever before. The rising confidence among Britons is very much noticeable and this has led many to go on an overseas property buying spree.
In the same survey, 23 percent of British buyers said that they were considering buying overseas property over the next year or year and a half. The most important reasons for Brits to consider buying properties in Europe are a desire for a more laid back lifestyle and a better weather. Also, the strength of the pound means that their money goes further in Spain or France than it does in London.
This is just a fact that many British investors have come to terms with. Indeed, housing costs in London are astronomical. An average apartment in the city costs £513,000, which is even higher than it was back in 2007, just before the financial crisis.
So where do Brits buy overseas property in Europe? Spain, France, Portugal, Cyprus, Greece, Turkey, Bulgaria and Italy are the most popular overseas property destinations for British buyers. They buy high end apartments, villas, lands and pretty much everything they can get their hands on.
The Brits have arrived on the world stage and they are making it count. A majority of the British buyers who buy overseas property are aged between 55 to 64 and are looking for comfortable retirement homes abroad. Those aged between 45 to 54 are buying overseas property too.
Brits are buying apartments and villas in Spain like there is no tomorrow. Spain has always been the favourite destination of most British tourists. Millions of Brits visit Spain every winter, and tens of thousands end up buying property there. Spain has never been more attractive as an overseas property destination. It has recovered from the economic recession and things look great in Costa del Sol, Canary Islands, Murcia, Valencia, Catalonia, Madrid, Costa Blanca and other regions of Spain once again. Spain is hot, more so than ever before.
What about France? 30 per cent of Brits looking to buy overseas property have France as their #1 choice. France looks really attractive right now because of the weakness of the Euro, low property prices and low mortgage rates. A property in France is always a great investment and there has never been a better time to buy property here.
Portugal has a great reputation as the safest country in the world, the nation with the best law and order situation. Lisbon has the lowest crime rate in the world and the Algarve has some of the finest natural landscapes. The climate in Portugal is as perfect as it gets, and it serves as a less expensive alternative to Spain.
Italy – Great food, beautiful people, fast cars and high fashion. Italians are the coolest people on the planet and Italy is always popular as a destination for overseas property investment. Milan and Rome are world class cities, but Italy lives in its small towns and villages, which are incredibly beautiful, quiet and perfect in every way. Britons love the Italian culture and there are thousands who buy luxury villas and apartments here.
Greece, Cyprus, Bulgaria and Turkey are the other popular destinations for British buyers. Greece Islands such as Mykonos, Rhodes, Crete and Samos are as beautiful as ever and have been relatively unaffected by the economic crisis. Bulgaria and Cyprus are the most affordable places to buy a house or an apartment in Europe, while Turkey is the fastest rising overseas property destination. For British buyers, the world is their oyster!
If you need to buy or sell overseas property online contact one of our expert team today.