Wondering where in the world most Brits are buying property – if indeed at all?
Article written by The Overseas Guides Company
The latest Overseas Guides Company (OGC) Quarterly Index was released recently, with Southern Europe again making the headlines – although this time for the right reasons!
The OGC Quarterly Index tracks the number of enquiries received about country-specific buying guides, and 2012 has shown some interesting trends. Spain was the star performer, continuing its rise in the third quarter of this year when it made up 24 per cent of all enquiries. This was equalled only by France – the traditionally our most enquired about destination for British property buyers.
France also saw an increased level of enquiries in the three months to August, as did other countries across Southern Europe including Cyprus, Greece, Italy, Portugal and Turkey.
On the flip side, English-speaking long-haul destinations remained flat in the number of enquiries being made, with America and Australia remaining static, and both Canada and New Zealand only posting tiny increases.
What is driving people to look at Southern Europe rather than more long-haul destinations?
For one, better value for money. Property prices in this region have come down drastically, led by the economic downturn of 2008 and then further by the Eurozone debt crisis. Property in these popular Mediterranean destinations looks incredibly appealing when you compare the prices with lifestyle destinations in the UK.
The other reason is the exchange rate, which means Brits are getting more for their money in Europe than elsewhere. At the end of July this year, with the Olympics in full swing, the euro reached a four-year low against Sterling. The result was a considerable spike in the number of house hunters scouting about in August.
To browse properties for sale in Europe, visit the lisitings on Rightmove Overseas. Wherever you buy abroad, using currency exchange specialist Smart Currency Exchange to make currency transfers could save you considerable amounts of money thanks to their exchange rates typically being 2-4 per cent better than banks. You can find out more by downloading their free report here or visiting the Currency Zone.