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Investors looking to eastern Europe 'as alternative to UK'

Article Date : Tuesday, April 10, 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

Soaring property prices in the UK mean that investors are being compelled to look overseas for more affordable investments, Savills has said.

According to the property advisor, booming property prices in most British cities have led to "investor caution", with some investors already priced out of the market.

Some buyers are now looking to overseas markets, such as Bulgaria and other eastern European nations.

Mat Oakley, head of research at Savills, said: "We don't think this year we'll see the same volume of money invested in commercial property in the UK ? or indeed in many other countries ? than we saw last year and the year before.

"There are investors out there saying "prices have got too high for us, we'll look at different asset classes or different locations'."

Bulgaria recently emerged as the latest European hotspot for British investors hoping to buy an overseas property, according to Moneycorp's new Foreign Focus Index (FFI).

The popularity of Bulgaria has been attributed to factors including cheap flights, good summer weather and winter skiing.
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