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26 April 2010

Overseas property investors recover their passion

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by Gill Montia

Overseas property investors recover their passion

Overseas property investors are feeling more inspired, according to research by Worldwide Property Group.

In the property portal’s March confidence tracker survey, 75% of respondents said they believe now is a “great” time to buy a foreign home.

Furthermore, almost all those questioned were actively considering buying a property overseas, with the USA and Spain topping the list of most desired locations.

Both countries have seen sharp price falls in the global economic downturn and the findings suggest that potential purchasers believe these markets have now bottomed out, and could be returning to capital growth.

Confidence in the UK property market also remains high, with 81% of respondents expecting house prices to remain level over the coming year.

On the question of investment potential, 78% of participants felt that property generally offers better safety and returns than any other major medium to long-term investment.

Commenting on the figures Worldwide’s managing director, Kevin Wilkes, says: “Property in many of the world’s regions offers tremendous investment potential and the public are starting to realise this.”

“As low travel costs and new technology continue to make the world a smaller place … many who would have previously only considered purchasing in their immediate locality are now more confident and comfortable with buying abroad.”

In related news, Spain saw a slight easing of the downward pressures on its housing market during the first three months of 2010.

The Spanish Housing Ministry recently reported that prices fell by an average 4.5% year-on-year, compared with an annual fall of 6.2% in the final quarter of 2009, and 7% in the third quarter.

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