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Sticking with tradition

2nd October 2008 | back to article listings BACK    print this article PRINT

When it comes to buying property overseas, there are many who look to find a quick gain in emerging overseas markets. Some of these are risky investments in which buyers can get their fingers burned, while others - such as Cape Verde - are looked on by many as having a much more sound and sustainable base.

Yet for all that, the latest research on where Britons like to buy overseas has shown that the usual suspects are still in the box seat for sales. A survey by Conti Financial Services found that Spain is still top, while France remains in second place. Of the others, Cape Verde is notably seeing growth and Germany is emerging as a trend-breaker, seeing a three per cent rise in the past year, reports Mortgage Solutions.

Commenting on the French and Spanish markets, sales and marketing director at Conti Simon Conn said: "Spain and France are still leading the pack, albeit with a narrowing margin, and it is not difficult to see why. Affordable prices, low interest rates, easy access and great weather have all contributed to the attraction of these destinations."

Mr Conn added that the concentration of some investors on emerging markets is eroding the lead the traditional ones have, but other developments may stand in the way of this trend accelerating.

In particular, those who might until now have used budget airlines to get to these emerging hotspots could find this provision in shorter supply, property Wire reports. It notes that as the likes of XL, Zoom and Oasis have gone bust, Italian carrier Alitalia's future is in doubt and some are predicting as many as 30 airlines could fold in the current economic climate, experts now believe that it is the more established routes that will enjoy the bulk of flights as the industry cuts back.

This, it adds, means places such as France, Spain and Cyprus are likely to be the more accessible locations.

In the case of France, of course, UK buyers are also able to travel across using ferries and the Channel Tunnel, meaning that the level of access from the UK will always be better than anywhere else on the continent.

French property specialist firm VEF has noted that 2008 has so far been a quieter year than 2007, something which many could put down to the reduction in the spending power of potential UK buyers. But following a quiet August, it stated, September was busy, with the areas of Auvergne, Burgundy, Limousin, Vendee, Tarn-et-Garonne and Drome being of particular interest. For all the interest in new markets, it seems France is set to carry on being one of the top destinations for UK investors in property.

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