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Overseas property market 'booming'

Article Date : Friday, August 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

Property prices in France, Spain, US and Italy have risen by more than 50 per cent, according to an expert.

Mark Bodega from currency specialists HiFX said that the Economist Research Unit calculated increases in the value of property in developed economies as $30 trillion (about £15 trillion) over the last five years, hitting a new total of $70 trillion.

"Whilst this boom has created a whole generation of potential property investors, it seems that those Brits who bought 20 years ago are now selling up, and choosing to purchase smaller properties," he said.

"In Spain, for example, Brits tend to move more inland away from the busy Costas,” he added.

Previously Mr Bodega had explained how the prospective entry of Cyprus and Malta into the EU in 2008 had already boosted overseas property purchases.

He said that higher tax payers in particular were enquiring about luxury apartments in Malta for investment and all investors were attracted to the island because of the lower taxation and absence of council, property and inheritance tax.
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