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Interest in overseas property continues to surge

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Interest in overseas property continues to surge

Consumers in the UK remain keen to invest in overseas property, a new report has revealed.

According to Rightmove, the level of interest in buying real estate in another country surged at the turn of the year. The organisation has now noted that this trend has continued since then, with many people still searching for foreign properties to buy.

Spain was identified as one particular hotspot for aspiring purchasers, with the country accounting for more than one in five online searches in the last month.

Interest in the Fuerteventura area was said to have gone up considerably, while many are also casting an eye on opportunities in Valencia, Benalmadena and Torrevieja.

Shameem Golamy, head of Rightmove Overseas, said this is despite ongoing "nervousness" about the Spanish economy over the last few weeks.

"Property buyers are undeterred," he observed.

However, Rightmove noted that many would-be overseas property buyers are searching for opportunities further afield. Australia, for instance, was identified as one popular option, along with India.

"Long-haul destinations like Australia and India remain at the forefront of buyers' minds," Mr Golamy commented.

"India, now a regular in the top 20, is popular with non-resident Indians wanting to move or invest back home."

Foreign exchange companies could therefore be set to see more people looking for the best rates for the Australian dollar and the Indian rupee over the coming months.

Mr Golamy added that continuing uncertainty in the eurozone as a result of its ongoing debt crisis is also having an impact on overseas property buyers.

Turkey, for instance, was said to be benefiting from this trend, as it appeals to buyers who are looking for "non-euro opportunities".

The findings back up recent observations from Liz Rowlinson, editor of A Place in the Sun Magazine, who said people still think of overseas property as a much better investment than other assets.

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