IT IS an image that will resonate with many Britons: you’ve just
got back to work after an idyllic two-week family holiday on the
French coast; the boss is still away; but instead of kicking back
and enjoying long lunches, you’ve been spending every waking hour
pounding away on your computer. This fervent activity is not being
channelled into lastminute profit and loss presentations for the
CEO. Rather, you are on Google tapping in search terms such as
“property Sardinia sea views under £200,000”. In your mind’s eye it
is already July 2008 and you are on that flight, escaping to your
bolthole in Turkey, Greece or Spain.
You are not alone. Buoyed by strong house-price increases at home
(7,076 homes changed hands for seven-figure sums last year, almost
double the number in 2005, according to Halifax), comparatively low
values abroad, and a glimmer of hope of decent weather, the
attraction of a bolthole abroad is obvious.
The number of Britons with an overseas home increased by 45 per
cent between 2004 and 2006, according to the market research company
Mintel. And although estimates of the number of Britons with homes
abroad vary wildly – a study by Grant Thornton and Lombard Street
Research puts the number at 300,000, Mintel at 800,000 – all the
reports concur on two points: there are a lot of holiday-home owners,
and the number is growing.
The commonplace nature of overseas home-ownership should not,
however, be confused with it being easy. An “authentic” Bulgarian
bargain for £20,000 may be tempting, but cut corners on research and
you could be in for a bumpy ride. We’ve all heard the horror stories
of Britons “buying” properties they don’t legally own – only last
year, a handful of unfortunate homeowners learnt that their homes
would be demolished after an anticorruption crackdown in Marbella.
So, make the most of the boss’s absence to do your homework: scour
these top 50 overseas property websites, and you could soon be on
your way.
FACTS, FIGURES AND BUYING GUIDES
When it comes to the great British appetite for buying abroad, no
country is left unexplored. From investment flats in Rio or
Reykjavik to sprawling villas in Seville and Sydney, you’re sure to
find a British buyer after profit and pleasure. According to Savills,
Greece and Singapore experienced double-digit price growth last year.
Meanwhile property price rises in Poland, Bulgaria, Canada, Sweden
and Spain all outperformed those at home. But last year’s hotspot
could be next year’s “not spot”, so it is important to understand
the dynamics of the property markets in these far-off places.
Consult as many sources as possible before making up your mind – and
beware of those with a vested interest who insist that their
development (four hours from the airport and built on industrial
wasteland) is going to bring in 15 per cent rental yields and 40 per
cent house-price growth. There is no such thing as doing too much
research into the local property market.
The Move Channel:
info on buying in France, Italy, Poland, Portugal and Spain, plus
homes for sale worldwide.
www.themovechannel.com
Nubricks : blog
specialising in new homes and podcasts. Look out for the “101
overseas property resources” links.
Our
guide to the top 50 overseas websites
