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Overseas property market predicted to grow
The overseas property market is expected to double in value between now and 2012, it has been claimed.
A report published by Datamonitor on behalf of Overseas Property Professional magazine found that British and Irish investors currently own 3.81 million properties overseas.
The report noted that the overseas property sector was worth £44.4 billion in 2006, and suggested that estate agents predict it will grow by 13 per cent annually over the course of the next 5 years.
Investment property in Spain, France and the USA were said to be the most popular, while emerging markets further afield were attracting younger investors.
A study by Savills Research and Holiday-Rentals.co.uk published earlier in the eyar discovered that half of the second homeowners surveyed said that investment had been their main reason for purchasing a property abroad.
Lucian Cook, director of Savills Research, stated that many people were looking to emerging destinations that are more "affordable".
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