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Demand for holiday homes to take off

17th November 2005 | back to article listings BACK    print this article PRINT

The number of Brits buying property abroad is set to spiral to 4.4 million – double its current levels – according to new research done by the high street bank Barclays.

Five per cent of us already have a place in the sun, with the same amount again saying that they fully intended to buy a property abroad in the near future. The survey also found that some 37 per cent of respondents are considering buying a holiday home, with Spain by far the most popular choice for the ideal getaway.

The news will come as an incentive to get in there early, as increased demand will inevitably lead to price increases and a scramble in the coming years to get the best properties. Last month, the Spanish ministry of housing claimed that the current rise in property prices was beginning to slow down with the lowest rise for three years, but this news could reverse that trend.

Average property prices have already been rising by 13.4 per cent through 2005, and many buyers have already been priced out of one of Europe's most competitive property markets. Just this week, it emerged that the boat market was booming as people were being priced out of traditional property and opting instead to moor in one of Spain's beautiful ports.

Suzanne Clay, head of European business development at the bank, said: "The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle free purchase. That's why we offer a range of products to help Brits manage their finances and property efficiently when they are living abroad."

Nevertheless, many potential investors are wary about red tape and foreign paperwork, with 58 per cent of those intending to buy being concerned about getting caught out by local legal or tax issues. But with the expansion of the European Union and expertise available, buying property abroad is often easier than it seems.

After Spain, which seemed attractive to almost a third of people asked, the US, France and Italy were the most popular, each attracting roughly one in ten votes. Dubai and Morocco made surprising entries, with a further nine per cent of respondents unsure about where they would choose. Only eight percent were worried about being taken for a ride and paying too much for a property.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/2324.html. Alternatively, please see our full press release archive.

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