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First-timers 'opting for European markets'

Article Date : Tuesday, April 03, 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

Europe is more of an attractive option than Australia for first-time buyers looking to buy property abroad because of its location and stable markets, according to BuyAssociation.

The property website said that first-time buyers who are buying overseas generally stick "closer to home" because it easier to monitor the application process in a country like Spain.

He added that with the current market in Australia, in which house prices are undergoing a market correction, some values are "plateauing", making it harder for people to buy property short-term and sell it on for a high profit.

"I think there are more attractive options for first-time buyers in Europe," said overseas property editor Paul Collins.

According to survey by National Savings and Investments, four in ten young people are contemplating buying a property in Spain, while one in five are paying close attention to the countries in eastern Europe, such as Bulgaria and Turkey.

"British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here," said senior savings strategist Dax Harkins.
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