2008 overseas property hotspots revealed

Thursday, 07, Feb 2008 10:04

Dubai, Brazil, Egypt, the US and Turkey are all poised to be hot property in 2008, according to research from overseas investment portal Homesgofast.com.

Enquiries to the website from over 170,000 visitors in January 2008 give an early indication of the most sought-after locations, according to the company.

The research also points to an investor trend towards lower-priced properties.

Over 50 per cent of visitors to the site were seeking property in the overseas market for £60,000 or less.

However, the number looking to buy abroad has increased 30 per cent since January 2007, as Brits look to avoid the rocky ride at home.

"Cheaper overseas property investments are in vogue, with the majority of our top five property regions offering prime real estate at bargain prices," said Nicholas Marr, chief executive of Homesgofast.

"The creeping credit crunch means that more investors are looking for property in places like Egypt to avoid having to raise finance."

Homesgofast found Dubai was the top investment hotspot for January 2008 - with many clients coming from the British Asian community - despite the region witnessing a development slowdown as new laws take effect.

Brazil was the second most popular location on offer, closely followed by Egypt.

Both countries are witnessing increased interest from UK buyers thanks to growing reputations for strong appreciation, reasonable rental markets and beautiful beachfront properties, according to Homesgofast.

Despite worries over falling prices in some areas the US property market continues to catch the attention of UK investors - with Western New York and Florida ranking fourth.

It is thought the sliding dollar makes prices a more realistic ambition for a greater number of investors.

Finally, in fifth place, was property investment in Turkey. Its growing popularity as a holiday destination and its good rental potential, have both bolstered interest in the Mediterranean country.

"Brits dismayed by sky-high house prices at home are increasingly looking at property in other countries - which offer competitive prices with solid appreciation - as an ideal investment or new home abroad," concluded Mr Marr.