France more popular than ever for Brits buying abroad
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France still tops the overseas property hot spot list, according to the latest overseas property report compiled by Conti.
The country recieved 43% of mortgage enquiries this year, an increase of 12% compared with the same period in 2009, and a massive jump of 29% compared with 2008.
Spain was in second place claiming 24% of enquiries, up by 2% on last year, and by 9% since 2008.
Turkey, holding on to third position, continues to enjoy a booming market, increasing its share to 18%, an increase of 5% since last year, and 7%over the last two years.
These three countries are dominating the hot spots table and together now account for 85% of all enquiries received.
The only other country in Conti’s top ten to see a significant increase in enquiries over the last year is the USA, rising from 1% to 5%.
Florida, where property prices have plummeted over the last couple of years, is particularly popular, with many homes being sold for less than it cost to build them. A Conti client recently bought a two-bed property in Orlando for $65,000, when in 2006 it actually sold for $210,000.
Clare Nessling, operations director at Conti, says: “The percentage of people enquiring about French mortgages has more than tripled over the last two years, and it’s currently out on its own as far as popularity goes.
“Not to be outdone, however, Spain is still holding on strong, and has experienced an increase in enquiries over the last year, despite the negative headlines, and still accounts for a quarter of enquiries received.
“It’s clear that investors are favouring the tried and trusted locations when it comes to overseas property. But they also want easy access, good rental opportunities and security with price appreciation over the long term.
“On top of this, the falling value of the euro has made property in the eurozone around 10 per cent cheaper to British buyers over recent months, so this is also contributing to the increasing popularity of France and Spain.”
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