Foreign property 'offers investment chance'

Monday April 27th , 2009

Adam Samuel, director at the overseas property advice firm Nubricks, says that the weakness of global stock markets and low savings rates are causing more people to look at property investments abroad.

He commented: "Bank savings rates are not great and other investment vehicles are to be less trusted because of the media coverage they have been given."

Research by the housing website PrimeLocation.com shows there was an increase of 14 per cent in the number of people searching for foreign properties between March 2008 and 2009.

Spain was the subject of most property enquiries, with around 31 per cent of people looking for houses or apartments in the country.

Mr Samuel added that buyers are increasingly willing to browse property bargains across a range of overseas markets.

He said Croatia and South Africa are proving surprisingly popular because of the strength of the pound against their respective currencies.