You are here: Home - Saving & Banking - News -

European property boom fuelled by canny Brits

0
Written by:
29/03/2007

Foreign property markets are booming as more British purchasers look abroad, according to the Foreign Focus Index (FFI) launched this week by foreign exchange company Moneycorp.

It is estimated that at least 250,000 British people now own a property abroad, with the key motivation for making a foreign purchase the chance to make returns on an investment rather than the convenience of owning a holiday home.

More than a quarter of enquiries for new property purchases in the final quarter of 2006 were for a Spanish second home.

However, Bulgaria has emerged as one of the main countries for foreign property investment, with as many British nationals looking to buy there as in the US.

Around 10% of the people looking tom buy abroad are considering Bulgaria for the low-cost flights to the country, low cost of living and good winter skiing facilities coupled with a pleasant summer climate.

“Bulgaria is a great place for property investment and in my opinion will be one of the hottest European destinations for Brits over the next 10 years,” said Ulster property developer Peter Morrow.

“The housing market here in Northern Ireland is booming, with prices having risen around 45% in the past year alone, but I think Bulgaria will outperform even that record.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Many unprepared for financial slings and arrows

Millions of people are failing to put aside enough money to cover themselves for a financial emergency, according to research...

Close