Keen investors still entering overseas property market

Dedicated foreign property buyers are continuing to snap up residences in other countries, an analyst has stated.

According to Mark Bishop of A Place in the Sun magazine, there are fewer people around spending about £40,000 or £50,000 on a house.

This, he stated, is partly because the credit crunch has restricted people's finances, leaving the way open for more affluent buyers with greater disposable income.

Mr Bishop commented: "What we have got delivered in this current market is the keenest of the keen."

He described this group as people who are "perhaps" a more sophisticated type of buyer, who probably have greater wealth and specialist knowledge.

Mr Bishop added that the many of them are also likely to be a little bit older than those who bought foreign property prior to the credit crunch.

According to Cater Allen Private Bank, more than three million people are expected to buy a property overseas within the next two years.

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