Brits Spend £24bn on Foreign Property
Property investors from the UK bought around £24 billion worth of foreign property last year, new figures have revealed.
According to the Association of International Property Professionals, almost 242,000 purchases were made by British buyers last year, an increase of 21% over the previous 12 months.
Volumes were up but the value of transactions remained relatively the same. This was attributed to a number of factors, including the increasing popularity of countries that still offer relatively cheap properties compared to more established markets.
Despite a move towards less expensive markets, established locations such as Spain and France were still found to dominate the buyers’ decisions in attracting 25.4% and 17% of British purchasers respectively.