purchases in property abroad

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Purchases in property abroad on the increase.

The recession which has hit the UK has affected the amount of properties purchases abroad, but enquiries are on the rise again as many countries are enticing property buyers by offering low interest rates and has pushed estate agents to get their customers to offer bargain prices in order to sell their property. This has seemed to push property buyers abroad to look at potential opportunities in this market and they seem to be snapping up cheap property purchases abroad.

For many years bespoke property magazines and property TV channels were a perfect way of buying the holiday home abroad and dominated our screens with timeshare sales. It seemed that just about anyone could hop on a plane, buy a property for next to nothing and live the dream in better weather than the UK.

With property investors trying to flog the next best buy from Croatia and Bulgaria to Florida to Thailand holiday-makers and amateur investors. Consumers are not enticed by "living the dream abroad" but instead are looking at the capital return on their investment and reducing lender financing and currency transfer costs.

Figures for British citizens buying property abroad show that the demand for expatriates looking for homes is on the increase with more and more people taking out cash purchases or finance raised rather than secured loans or remortgaging of a UK property.

So how do we know property purchases is on the increase? Well thats simple, its money with banks abroad that have huge amounts of repossessed stock they want to sell quickly are offering high LTVs of 80% to 90% and at low prices. Combined with low interest rates this creates opportunities for investors.

Investors confidence in property is still sky-high, with 80% selecting it as their number one investment choice, according to an April poll made by the Worldwide Property Group.

It is the highest figure for the survey since August 2010 and it is fuelled by low interest rates, with 91% believing rates won’t rise more than 1% in the next year. And while 83% reckon it is a good time to invest in UK property, some 63% believe now is the time to invest in overseas property.

With the increase in people looking for the next best property buy we have seen major increase in consumers purchasing currency for hugh net worth property not only in the normal places like in France, Spain, the US and Portugal, but also Bulgaria, Romania, Andorra, Estonia, Kosovo and Ireland.

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