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British Buyers Increasingly Look For Overseas Real Estate

The Eurozone crisis is having a knock-on effect for Brits looking to buy foreign homes. That’s the conclusion to be drawn from new figures which show that an increasing number of Brits are looking further afield for overseas property.

Searches for properties in the popular European locations have plummeted over recent months with Brits increasingly looking outside the Eurozone countries. Keep reading to learn which locations are popular with Brits in 2012.

UK buyers increasingly looking for property in UAE, Australia and the USA

Research from a leading property website has found that web searches for property in Spain and Cyprus fell 15 per cent in the final quarter of 2011 compared with the previous quarter. Searches for properties in Italy declined by 14 per cent while online enquiries for properties in France and Portugal fell by nine per cent.

At the same time, searches for property in the United Arab Emirates rose by 47 per cent, the US 25 per cent and Australia 22 per cent. The US is now UK buyers’ second favourite destination, after France.

Nigel Lewis from the website that undertook the research said: “The UAE enjoy low rates of taxation, a stable and wealthy economy and an attractive property market, so it’s easy to understand why many highly-paid professionals would be tempted.”

If you’re thinking of buying in Dubai, it’s vital that you get the right representation. As Lewis explains: “Buyers considering more far flung property markets such as the UAE should seek legal advice to ensure they understand the property laws in the country.”

Lewis concluded: “Although places such as Spain, Portugal and Italy remain popular among UK buyers demand for them is on the decline, which is not surprising given the ongoing sovereign debt crisis in the Eurozone.”

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