HIFX's seventh Global Property Hot Spots into trends for Brits buying property abroad showed France and Spain continue to beat off competition from the emerging markets, such as the Eastern Bloc countries.
Together, France and Spain have made up just over half (55%) of all HIFX’s currency transactions for buying property abroad in November. During the same period enquiries relating to property purchases in a number of the newer hotspots either declined (Bulgaria, Turkey and Morocco), or remained the same Cyprus, Cape Verde and Dubai.
Mark Bodega, marketing director of HIFX, commented: “Despite a fair amount of dabbling by investors in some more exotic locations, old time favourites France and Spain are still the first choice for British buyers looking for a holiday home or retirement home. With the markets in both countries having slowed down over the last 12 months, we are seeing some really good bargains coming up, and it seems that many canny Brits have also spotted this and are beginning to return to these traditional overseas markets in increasing numbers. Spain for example, pioneered the trend to own overseas property and is still one of the UK’s favourite destinations for a place in the sun. Whilst the market has cooled, the more traditional Brits are now looking for opportunities away from the traditional hotspots, in the lesser known costas and inland amongst the olive groves.”
