Copyright 2006 Nicholas Marr
Its a fact that Brits love the thought of moving abroad or owning a home overseas. All the indications point towards a continuing increase in Brits buying a property abroad. According to recent surveys overseas property investment is of interest to one in three future retirees in Britain. A study by Clerical Medical Insurance Company has also found that 49 per cent of those interviewed would be interested in living somewhere within Europe.
The desire to own a home abroad.
The lure of purchasing overseas property is steadily becoming stronger for British people, with gradually higher numbers expressing an ambition to move abroad. A survey, carried out for the BBC by ICM Research, found that the majority of the 1,000 people polled said they had considered emigrating. This is consistent with a study taken in 2003, however, the number of people hoping to buy overseas property in the near future has almost doubled.
So who are these Brits
Young people were found to be the most likely to want to emigrate, with reasons such as lower prices, nicer weather and a better quality of life the most attractive factors of life in a foreign country.
Where in the world do they want to buy property abroad
Australia, Spain, Canada, New Zealand and the US were found to be the most popular areas. Lord Triesman, foreign office minister, commented: "It's clear that more British people are going to live abroad. Up to 14 million Britons live overseas for at least part of the year."
Bulgaria is really getting the British excited.
With world-class ski facilities a low cost of living, Bulgaria is heading to the top as a hot touring spot. The golfing industry seems to have a lot to do with this, as well. With new golf courses scheduled to be built over the next few years, predictions are that the prices of property will be increasing, too. In 2003, the property prices in Bulgaria increased by thirty-one percent. It is stated that many investors are currently buying blind, never before having been to Bulgaria. The price of house can be as low as $7,000, however, be prepared for a fixer-upper at that price.
Overseas property hot spot Turkey.
Turkey is also coming to the lead for real estate investments. With the a simple buying process, the number of homes owned by foreigners increased by two-hundred and fourteen percent between 2003 and 2005. While it is still considered to be new in the investors market, the potential for growth is great. Even after the prices have risen over the last couple of years, the fact is, homes in Turkey are affordable and you can purchase a two to three bedroom home for as little as $35,000. With these prices, the sunny weather and magnificence of Turkey, it is no wonder it is projected to be a hotspot for 2006.
So what does the future hold
I predict that the overseas property market is set to take on a new type of buyer. This buyer is not purchasing a property as a second home or for retirement. This new overseas property buyer will be buying to live abroad. Technology and an increasing amount of companies accepting home working will enable Brits to work overseas whilst holding down a job in the UK. Official figures show that 350,000 people emigrated from the UK in 2004 up a third over the course of ten years. |
