Owning a foreign property 'is becoming the norm'

Article Date : 29 October 2007

Buying a holiday home abroad is becoming increasingly common among British families, new research has found.

A study by NatWest International found that 250,000 people from the UK owned a foreign property, mainly in European countries such as France and Spain.

Mike Freer, head of business development at the firm, said the trend of buying a holiday home abroad was becoming the norm, as it provided numerous benefits to the owner.

He commented: "They provide great investment potential, a wonderful lifestyle and a permanent escape from the hassle and expense of holiday arrangements."

Mr Freer added that although the upfront purchase cost was a "huge" financial commitment, a holiday home could "literally" pay for itself.

NatWest's study also found that tourist destinations were the most popular investment markets, as 52 per cent purchased in a location they had previously visited on holiday.

According to research by Yorkshire Bank, most of the property being purchased in other countries by British buyers is located in Spanish regions such as the Costa del Sol and Costa Blanca.

Owning a foreign property 'is becoming the norm'

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