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Property boom hits Europe - 4 April 2007

With the British property market showing no signs of slowing down, it is no surprise that foreign markets are also booming, with many Brits purchasing a second home abroad. Reports show that up to 250,000 Brits now own a property abroad. The key motivation for buying overseas property appears to be how much money (or return) can be made, rather than simply the enjoyment of owning a holiday home.

In recognition of this, the UK's first Foreign Focus Index (FFI) has been released this week by currency exchange specialist, Moneycorp. The FFI provides information including why people are buying abroad, where they are looking, how much they can expect to pay and what they will get for their money. The results show that the trend towards buying abroad shows no sign of abating.

More than a quarter of enquiries for new property purchases in the final quarter of 2006 were for a Spanish second home, perhaps not too surprising given the continued popularity of the country with both tourists and overseas property buyers. Bulgaria has emerged as one of the main countries for foreign property investment with as many Brits looking to buy there as in the United States. More than one in ten (12%) Brits buying abroad are looking to do so in Bulgaria, spending on average EUR 90,000. Thanks to low cost flights, winter skiing and summer sun, properties in Bulgaria certainly look to be an attractive investment.

The Moneycorp FFI also offers a host of simple tips and information to make buying a foreign property less stressful.

The FFI also offers advice from leading overseas property experts who talk about the main attractions for investors to a given region, through to a step-by-step guide to investing for the right reasons and the implications of foreign exchange rates on a property purchase.

For the latest news on the property market in Bulgaria, listen to our brand new On Demand Radio Show now!

 

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