A new survey has indicated in what overseas countries investors are likely to purchase.
In the Autumn of 2013, Rightmove conducted a survey of over 3,000 would-be overseas buyers. The results give a valuable insight into what buyers are searching for in the next year.
The results indicate that there were three key drivers for people looking to purchase property abroad. As a percentage, these were found to be:
- To use as a second home-51%
- As an investment-13%
As the data shows, more than half of respondents said that they were looking to invest in overseas property for use as a second home.
European countries continued to dominate the preferred locations, with 60% of potential buyers wanting to purchase in either Spain or France. Both boasting diverse cultures, excellent weather and fantastic transport links, it is no surprise that these locations remain popular.
Of the 36% of respondents who said that they were looking to buy a property overseas in order to emigrate, their top five preferred locations were all in Europe:
Similar to those searching for a second home, those respondents looking to emigrate said they were looking for European locations in order to stay relatively close to friends and family.
13% of people said that they were buying overseas for investment purposes. As investors’ main concern is getting the best return on their purchase, the process is much less emotional than buying a home as a lifestyle decision.
Investors were found to be driven by current affairs. Economic difficulties faced by a country are seen as opportunities by savvy investors. In the coming year, potential buyers are keeping close tabs on the situation in Greece, in the hope of picking up a bargain.