Brits look to recession-hit countries for holiday home purchases
Brits look to recession-hit countries for holiday home purchases
More than 80 per cent of Britons searching for a holiday home abroad are showing interest in the European countries that have been affected most by the global economic crisis.
According to currencies.co.uk, Brits looking to buy abroad in the next 12 months have been considering Portugal, Greece, Ireland, Spain and Italy. Spain has seen the highest surge in interest and it is expected to keep growing in the coming months.
However, despite the rising number of enquiries, it is unlikely that many of them will turn into purchases, with most Brits remaining unsure about investing in property overseas.
This will not have been helped by last month’s increase in interest rates implemented by the European Central Bank, which has strengthened the euro against the pound. As a result, any major purchase in Europe has become much more expensive for British buyers, so most investors are tending to hold off for the time being.
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11 May 2011
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