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Overseas property 'attractive to many Brits'

Article Date : Tuesday, March 20, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

A growing number of British investors of all ages are investigating the overseas property market, one expert has said.

According to Adrian McDermott, managing director of Escapes2, rising house prices in the UK make the prospect of buying a cheap property in a foreign country more appealing to young people.

He said that older people are selling up in Britain and going elsewhere because they are aware that a better standard of life awaits them.

"The world's becoming a smaller place. People are more likely to go to some of these far-flung destinations," he continued.

He added that globalisation in communications and travel means that more and more people are demanding an adventurous investment.

"And obviously with property prices in the UK, once [older Brits] sell their two-bed terraced house in the UK they can buy a five-bed villa in Brazil."

Philip Orr, owner of property company Jamijo, recently told Belfast Today that a growing number of people are starting to recognise that buying an overseas home can be "a very shrewd investment".
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