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8 April 2010

Overseas property investors rush for mortgages

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by Gill Montia

Overseas property investors rush for mortgages

Confidence is growing amongst prospective overseas property investors, with foreign mortgage specialist, Conti, reporting its busiest month for almost a year.

In March, the number of prospective buyers taking their mortgage quotes through to the application stage increased by 48%, compared with the previous monthly average.

The evidence suggest that buyers are becoming more serious about their intended investments and according to Conti, overseas mortgage providers currently have a healthy appetite for lending to foreign investors.

This combined with falling property prices and historically low interest rates makes it much more affordable to invest in a home abroad.

The broker’s operations director, Clare Nessling, comments: “The most popular destinations amongst our clients are still France and Spain, both of which come with easy access and good rental opportunities.”

She adds: “Turkey is also popular, as it offers some great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro.”

In related news, Primelocation International has recently reported a sharp rise in searches.

The property portal’s latest International Search Index shows France experiencing the biggest leap in interest, followed by the US.

In addition, firm is predicting that a higher proportion of searches will translate into sales during April and May.

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