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France and Spain top property hotspots for Brits

Monday, 18 December 2006 12:00 AM

The number of Brits investing in overseas homes in France and Spain rose last month in a "strong resurgence" of interest in property in the countries.

New data from currency specialist HIFX shows enquiries for France and Spain from October to November rose from 25 to 28 per cent and 24 to 27 per cent respectively.

Despite recent favourable exchange rates for the dollar, the latest figures show a drop in enquiries for US properties.

Following French and Spanish properties, the next largest number of enquiries was for Bulgarian property (11 per cent), followed by Cape Verde property (eight per cent).

"Despite a fair amount of dabbling by investors in some more exotic locations, old time favourites France and Spain are still the first choice for British buyers looking for a holiday home or retirement home," said Mark Bodega of HIFX.

"With the markets in both countries having slowed down over the last 12 months, we are seeing some really good bargains coming up, and it seems that many canny Brits have also spotted this and are beginning to return to these traditional overseas markets in increasing numbers.

"Spain for example, pioneered the trend to own overseas property and is still one of the UK's favourite destinations for a place in the sun.

"Whilst the market has cooled, the more traditional Brits are now looking for opportunities away from the traditional hotspots, in the lesser known costas and inland amongst the olive groves."

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