Words: Ashley Rigg
Published: 22nd November 2011
*British buyers still dominate overseas property market
The Chinese and the Russians make all the headlines. Stories of the emerging world’s novo riche buying trophy assets in the West make great news copy.
However, the majority of overseas buyers in many European destinations are still British.
Figures published from Turkey last week show that of the 123,000 foreigners that own property in the country, 35,656 are British citizens followed by 28,306 Germans and 10,859 Greeks.
The sad fact is that in 2010, 4649 Brits bought property in Spain. In 2008 the figure was 12419. Buyers from other nationalities increased over the period but not nearly enough to make up for the decline in the purchasers from the UK.
Cyprus is another case in point. The collapse in the British buyer market has decimated overseas property sales. The Russians are still buying but again not in the same volumes as the British.
There are a number of exceptions in Europe. Montenegro and Bulgaria are dominated by Russian buyers for example and further afield proximity plays a key role. Canadian’s are by far the biggest purchasers in the US for example and the Chinese are beginning to play a key role some local markets in Australia.
However, for most of us in Europe it is British obsession with sunshine and property ownership that is still the key driver behind overseas property sales.
Source: Global edge
User Comments
We need the media to stop focusing on the troubles in Tahrir Square in Cairo and focus instead on the fantastic climate, the beaches and the incredible marine life in the Red Sea Resorts of Sharm, Hurghada and Marsa Allam. All have been totally unaffected by the Revolution and are now more than ever amongst the cheapest places on the planet to buy real estate.
Peter Mitry,
Egypt Real
Dear Ashley, do you have figures for Italy as well?
Tanja Haug,
Realinvest