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A Place in the Sun: Take care when buying overseas property

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Those looking to make an overseas money transfer to invest in property abroad should be as careful as they would be in the UK, according to A Place in the Sun.

Andy Bridge, managing director of the group, commented on recent research that suggests 67 per cent of Brits want an overseas home to retreat to.

"Many people aspire to owning overseas and we champion the cause, believing it gives people the opportunity to enjoy another country with friends and family for many years," he commented.

"That said, buying overseas is a serious business and should be carried out as diligently as you would a UK house purchase."

Mr Bridge stressed the benefits of buying homes abroad, saying people could rent out the house for a number of weeks to cover annual costs of maintaining the property.

However, he added: "In the current market, you would be hard-pushed to point to a particular country and suggest property prices were set to rise and likely to deliver a return in the next few years."

With this in mind, budding landlords were advised to invest in a country they love and in a location well-served by travel connections and not dependent on one low-cost carrier service that may be cut.

"[Take] a realistic view of the likely rental yield," he said, continuing: "Then you need to make sure you can afford it and do as much as you can to protect yourself against currency variations."

Recent research by the Worldwide Property Group found that Brits would rather invest in properties abroad than in the UK.

Nearly 70 per cent of respondents said it was a good time to make a foreign investment and 65 per cent considered doing so.

While Britons are steering clear of investing in their capital, London Central Property said that international instability has led to an upswing of overseas interest in prime London properties.

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