Overseas Property Appeals to 1.4M Britons

January 24, 2009

Some 40% of Brits either own, or intend to buy an overseas property in the future, with 2.4% (1.44 million of the total population) stating that they would look to purchase within 12 months, according to a new survey from Barclays Bank in association with Homes Overseas magazine. The research found that the most popular country for those polled was France (25.9%), followed by Spain (24.9%). Italy, Portugal, Dubai and South Africa ranked 3rd to 6th respectively. Brits aged 16 – 24 were found to be the most likely to consider buying abroad in the next 12 months, while at present, people aged 55 and over are the biggest owners of overseas property. Villas (48%), apartments (39%) and farmhouses (29%) are the most popular types of properties for those that own, or intend to buy, property abroad. When asking Brits what their main motivation would be to buy abroad, 35.6% said that retirement was the biggest single thing driving them overseas, while 31.4% were after a holiday home and 25.4% were looking to invest purely for capital gains. Bad weather, a lower quality of life and an expensive cost of living were all listed as reasons for choosing an overseas property for the above instead of the UK. For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.