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And still they lead

19th February 2008 | back to article listings BACK    print this article PRINT

One of the major themes of recent overseas property buying, whether for investment or holiday home purposes, has been the increasing tendency of Britons to look for new markets and leave the old ones behind.

As a result, many have gone looking for a pot of gold at the fort of distant rainbows far away from home, whether by investing in the exciting boom markets of India and Cape Verde or by taking a chance on the fortunes of eastern Europe and Turkey.

Yet for all that, it appears the old ones are still the best for most. Estate agency website primelocation.com has stated that France and Spain are still the big two when it comes to overseas property investment.

Louise Hall, the site's business director, said the reason was the enduring appeal of the two countries, which met the criteria British buyers were looking for better than anywhere else. She stated: "The UK buyer is primarily looking for good weather, easy lifestyle, good transport links, rentability for income purposes and familiarity - which is why France and Spain have always been in positions one and two."

Ms Hall added that Portugal was one of the next best performers, but emphasised that "there is a big gap in property search volumes between number two and number three positions, which has been consistent for a number of years".

This is certainly true of second homes, which the Department of Communities and Local Government calculated in the 2005-06 financial year to make up 57 per cent of second homes owned by Britons, with 34 per cent in France and 23 per cent in Spain. This may increase further if prices fall in Spain, leading to an increase in the availability of plenty of bargains. It may also do so in France due to the additional transport advantages created by the faster Eurostar.

As ever, those buying property, including the buy-to-let investors, will be on the lookout for the next new hotspots in both countries and in the case of France this may be found in Nimes, a town in the south between Avignon and Montpellier. Homes Worldwide has reported that this may make an excellent place to buy due to being just 40 minutes from the coast, three hours from Paris via enhanced TGV rail links and blessed with an airport that takes cheap flights from Luton, Liverpool and East Midlands airports. Some of the apartments available in the town can be had for as little as €72,000 (£54,400).

With such prices, locations and accessibility, perhaps it is small wonder that countries like France and Spain are so far ahead of the pack.

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