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Tuesday, October 07th, 2008
You are here: Shelter Offshore » Property Abroad » Buying Property Abroad
Tuesday, October 07th, 2008
We have received a whole host of facts, figures and statistics from the homes overseas market in recent days as leading companies release data relating to the numbers of Britons and other foreign nationals who are buying property abroad.
Some of these facts and figures are positively surprising – such as the fact that the amount of property us Brits own overseas collectively amounts to some £58 billion worth of real estate!
But it’s what’s being written and published off the back of all this data that’s worrying us. We want to say to our readers ‘beware!’ because in our opinion there is bad, or at least questionable advice being given to those contemplating buying property abroad.
Read On...
There’s no escaping the fact that for us Britons, shopping is a favourite pastime! And even in these economically challenging times we cannot reign in our passion completely it seems. A new survey conducted by a private banking arm of Banco Santander has revealed that one commodity we still aspire to, hanker after and plan on buying is a home abroad.
Yes indeed, property abroad is still an attractive investment commodity with up to three million of us Brits actively planning on making a purchase over the next two years according to the bank’s survey.
Depending on the age of respondents questioned by the Cater Allen Private Bank survey, the intention to purchase a home overseas was either driven by a strong desire for investment diversification or by lifestyle enhancement reasons.
There seems to be an overwhelming amount of positive press relating to the overseas property market in general, with specific companies promoting the benefits and advantages of specific nations and their attractive housing markets. But how can this be when we in the UK are entering a recession according to the OECD, and when the US is suffering from a bleak property outlook too?
How is it that there are markets out there seemingly defying the odds and continuing to boom? Well, we would just like to point out a couple of things – one, you need to remain level headed about overseas property potential and not believe everything you read, because the vast majority of this promotion of international real estate is being done by companies attempting to sell it!
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The only press that property investment seems to get recently at home or overseas is negative with a continuous downward spiral of negativity. Egypt however may well be the one country where a property investor can expect to receive very healthy returns on investors and overseas holiday or retirement home seekers can find an absolute bargain at a fraction of the price of comparable overseas locations.
The Egyptian property market never really got dragged into the sheer hype that was driving other more popular overseas property investment destinations such as Dubai or Bulgaria. It came onto the radar screens of global property investors much later, only really making headway since 2005. Today when we take a look at the current property market in Egypt there are quite a few good reasons as to why Egypt seems to be avoiding the dramatic crashes of the other property markets.
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The fall in UK’s property market is already beginning to have a significant effect on many of the favourite retire to the sun destinations of Brits. During the past boom bust property swings we’ve all become too familiar with the traditional property ladder and its dependence on first time buyers keeping the market buoyant and preventing property chains from posing threats of a potential property grid lock.
It appears that the recent surge in interest for property overseas may well have resulted in the creation of a new ladder equally prone to the grid lock effect when first time buyers disappear off the radar.
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