Over nine in 10 overseas homeowners intend to buy more properties abroad, with half planning further purchases within the next year, a survey by the Property Investor Show North reveals.
The survey shows confidence in the overseas market is strong, with the expansion of the EU, rocketing house prices in the UK and the strength of the pound fuelling further investment. Almost one in five foreign homeowners now own more than one overseas property.
PISN says investment remains a key motivator for nearly of people buying property overseas, with good returns expected mostly through capital gains rather than rental yields. However, over one third of overseas purchasers bought their property abroad as a second home for themselves and 9% as their main home, with a better quality of life the main motivator for making the shift.
The prospect of better weather and fewer taxes also proved to be persuasive.
Of the 95% of overseas investors planning expansions abroad, many are planning on expanding further into new markets. The most popular locations for overseas properties remain Spain, France and Florida, but Eastern Europe and South Africa are both beginning to make their mark as new hotspots.