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Overseas property 'still seen as a good investment'

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Consumers in the UK have been forced to tighten the purse strings in the last few years as a result of the recession and the global economic crisis.

Many people have therefore trimmed their spending on luxuries and indulgences that they can manage without. However, a number of purchases that could be viewed in this light remain popular with some.

For instance, editor of A Place in the Sun Magazine Liz Rowlinson has noted that many Britons are still keen to snap up holiday homes in desirable locations outside the UK.

"People are still thinking of it very much as a good investment, [compared] to the unattractive terms of other assets," she observed.

However, Ms Rowlinson acknowledged that attitudes among overseas property owners have changed in the last few years, due to recent economic conditions around the world.

For instance, she noted that the continuing global financial crisis has left some individuals feeling very uncertain about the future.

As a result, some are putting off decisions such as selling their property, or attempting to "second guess the markets and currencies".

Overseas property investors could therefore benefit from arranging a currency comparison in order to help them determine their next course of action.

Ms Rowlinson stressed that while some overseas property owners are looking at selling their residence, this is not a "completely negative" development.

Indeed, she pointed out that this is something that people with a second home often think about anyway. But while some may have previously done so with the intention of cashing in on capital appreciation, this is not necessarily the case today.

"People's costs are rising, whether it is related to running costs, fuel bills and utility bills, or whether it is related to local costs that have gone up with currency fluctuations," Ms Rowlinson commented.

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