Overseas property is more affordable

Buying a second home overseas is far more affordable than it used to be, according to an industry expert.

James Caldwell, director of the Fair Investment Company, stated that purchasing a foreign residence is no longer an activity confined to the super-rich.

This, he said, is partly because air travel has got much cheaper in recent years, while technology has also advanced to make other countries more accessible.

Mr Caldwell commented: "Buying overseas property is no longer an opportunity available only to the rich or famous."

He added that the growing appeal of buying abroad has been partially fuelled by legislatory changes in recent years.

This, he said, has made it much easier to get a mortgage in certain countries, particularly EU member states.

According to market research group Datamonitor, people in the UK and Ireland currently own more than 3.8 million overseas properties.
 

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