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29 July 2010

Economic doldrums drive international property interest

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by Gill Montia

Economic doldrums drive international property interest

The Capital Gains Tax hike and the start of the summer holiday season have had no real impact on interest in international property.

According to the latest Primelocation International Search Index, total searches for overseas property were down 7% in June but up by 138% on the same period last year.

The website therefore claims that financial pressures in the UK haven’t dampened interest, adding that other research indicates that one-third of international property searchers are looking to relocate abroad permanently.

The UK’s uncertain economic outlook could therefore be acting as spur for international househunters, particularly as many Britons are now facing more years in the workplace before retirement.

The firm’s international development manager, Ann Wright, comments: “The data, taken in conjunction with the results of the MyHomeLife panel research, indicates the increasing diversity of the international property market, encompassing investment buyers, relocators, semi-permanent movers as well as traditional second-home owners.”

She adds: “While transactions have not yet recovered fully to return to their pre-crash levels, with finance and buyer caution remaining an issue in many cases, this broad range of different buyers is undoubtedly an important factor in explaining the current stability of the international property market.”

In related news, The Financial Times has reported that in June, Eurozone mortgage borrowing increased at it fastest pace in almost two years, indicating that confidence in property markets across the EU’s 16 member countries is returning.

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