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Overseas property buyers sticking to traditional destinations

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Overseas property buyers sticking to traditional destinations

In today's globalised and connected world, it has become easier than ever to arrange an overseas money transfer to some exotic and far-flung destinations.

Similarly, the increased affordability of flying around the world has made these places far more accessible to consumers than they were in previous decades.

As a result, the world has become a much smaller place and people have become very willing to invest money in countries they would have probably overlooked years before. But with a global financial crisis impacting on consumer sentiment in many countries, the tide may be starting to turn.

According to mortgage specialist Conti, interest in purchasing overseas property remains particularly strong among people in the UK.

Indeed, director of the group Clare Nessling has said "plenty" of Britons are continuing to see what bargains are available in other countries so they can take advantage of them.

However, it seems the destinations they are looking at are becoming much less unusual than they were just a few years ago.

"The flurry of interest we saw in the far-flung emerging markets seems to have totally disintegrated," Ms Nessling commented.

"It's clear that investors are favouring the tried and trusted locations when it comes to overseas property."

Ms Nessling said second home buyers in Britain believe they could get better returns on their investment if they purchase a property in another country than they would at home.

Easy access to a destination was also flagged up as an important issue, along with opportunities to rent out their accommodation. She added that "security with price appreciation over the long term" is another determining factor to overseas property investors.

This comes shortly after Tim Morgan of Emerging Real Estate noted that Turkey has become one of the main investment hotspots in Europe among those who are looking to buy residential property.

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