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How the crunch could boost France and Germany

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

When it comes to buying property overseas, many Britons have held back in recent months from doing so. This is not because there are no prospects left out there - new markets are emerging and others persisting even as places like Spain have suffered - but because many Britons no longer have the means to do so, given the difficulty in obtaining credit and selling properties in Britain to raise the funds.

However, the credit crunch could have some advantages for our nearer European neighbours. An increase in preference among British holidaymakers for the continent over further-flung destinations may help bolster the tourist property sector.

One man making such a prediction about British holidaying habits is Graham McKenzie, managing director of online travel industry portal TravelMole.

He forecasted: "Potentially there may be an upsurge in ferry bookings, so people will be able to shove all their stuff in a car and just jump in with their kids and everything and just go off to France, Germany or Spain."

Such a situation may particularly bolster areas such as the north of France, where a quick sail across to Calais or Dunkirk is possible.

Mr McKenzie also suggested that cities in Europe with cheap flights available will also be likely to do well from the tourist trade, so investors may wish to consider their investments in terms of how many cheap flights could be heading to French destinations like Paris, Nice or Bordeaux, German cities like Berlin and Munich or Cypriot cities like Larnaca and Paphos.

All this is a far cry from some people's ideal holidays. A list of up-and-coming destinations by tourist website Opodo last month found that dream destinations included such exotic locations as Lima in Peru, Seoul in South Korea, Abu Dhabi and Orlando. However, it did also include Berlin, which, if Mr McKenzie is correct, could be one of the biggest winners in the year ahead.

While some of the Opodo list may be on the back-burner for a while, other research has indicated that, whatever other restrictions the current economic problems may have brought, the majority of Britons planning to go overseas this winter are not giving up their plans to do so. Earlier this month a survey by travel search engine Kayak.co.uk found this to be the case for 60 per cent of respondents. While over a third of these were willing to fly long-haul to reach their chosen destination, there was much to indicate that Europe will be favoured by these persistent travellers. 23 per cent said a European city would be their trip of choice, while 41 per cent fancied a beach holiday above all else, which could be good news for the French Riviera or Cyprus.

So for those investing in overseas property for holiday buy-to-let, the message is clear; Britons are still willing to travel in large numbers, with European markets still having much to gain.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4494.html. Alternatively, please see our full press release archive.

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