More looking to USA for 'pure investment'

Article Date : 27 June 2007

A growing number of UK and Irish investors are looking to buy properties in the USA for purely investment purposes, according to one expert.

While many investors continue to buy properties in tourist areas to use as holiday homes and also rent out, Adrian McDermott, managing director of Escapes2, said that more people are now interested in investment properties.

The current oversupply of properties following a downturn in the country's investment market has led to a number of people being able to negotiate favourable deals and take advantage of the weakened dollar.

"If they're not in a major rush to sell on again, they can wait two or three years, they're working out that now is an excellent time to buy," he commented.

Last month, Bank of Scotland International reported that more than two in five Britons have considered purchasing property abroad and moving overseas permanently.

More looking to USA for 'pure investment'

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