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Overseas home purchases 'driven by investment hopes'

Article Date : Friday, April 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 total of 53 per cent of Brits who buy a property overseas do so for investment purposes, a new survey has revealed.

According to joint research by Savills and holiday-rentals.co.uk, investment motives are a key driver in the acquisition of an overseas home, with rental potential being the most important financial consideration.

Many investors are trying to break into countries with emerging tourist destinations, such as Morocco, as this allows them to benefit from strong capital growth.

Lucian Cook, director of research at Savills, said: "With this in mind, purchasers are increasingly looking further afield to emerging coastal destinations where entry into the overseas homeownership market currently is more affordable."

The study also revealed that 49 per cent of respondents are funding their acquisitions through mortgages.

It was recently reported in the Independent that a record number of Brits are buying property in Morocco and enjoying capital gains of more than 20 per cent a year.
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