Property in Spain remains top drawer

Monday, 21, Jan 2008 11:03

Spain remains the most attractive overseas property investment destination for Brits looking to buy abroad, according to a study carried out by A Place in the Sun magazine.

The sunny escape took the title for the second consecutive year, with France's enviable Mediterranean lifestyle again following in second place.

However, in a surprising turnaround, Turkey was voted as the third most attractive destination, with a wide range of developments marketed in the UK and year-round sunshine proving to be a big drawer.

Bulgaria, last year's number three and former darling of overseas investment specialists, plummeted five places to seven, like a stone through a wet paper bag.

The United States came in fourth on the list.

With prices in some areas of the US down by as much as thirty per cent over the last year and the dollar weakening, the country has become the focus of sustained interest from UK buyers, despite the subprime crisis.

As many as 389,000 Brits moved permanently abroad last year, according to the Office of National Statistics, with many staying with Europe.

Seven of the top ten emigration destinations were in the EU, with Italy, Cyprus, and Greece all ranked highly among investors.

Surprisingly, given its increasing press coverage during 2007, Cape Verde fell one place to ten.

"What's really interesting about out annual top 20 survey is that it shows UK buyers as traditional in one respect - in favouring Spain and France - but also willing to seek out new hotspots and investment opportunities elsewhere: across Europe, north Africa, North America, Asia and the Middle East," said Richard Way, editor of A Place in the Sun magazine.

"When looking for a second home or new life in the sun it seems that Spain's mix of great weather, rich culture, and beautiful coastline is keeping the country at the number one spot, but buyers aren't afraid to consider Germany, Montenegro, Morocco, Las Vegas, Thailand or Dubai."