For
many years, the purchase of property overseas was not common
for British people. Aristocrats may have a home in the south
of France and some fortunate retirees may have owned a
property in Spain, but this was not common. In recent
years, however, record numbers of Britons have
purchased a second home overseas and not just in
traditional locations like France and Spain.
The
first destination to earn a significant amount of attention
was Bulgaria, where a huge wave of investment from Britain,
Germany and Scandinavia saw early investors making huge
profits on properties in desirable locations. The market for
property in Bulgaria is still growing and the country
represents a great location for a second home, enjoying
great sunshine during the summer and glorious winters in the
mountains.
Many
people are suggesting that the "next big thing" will be
property in Romania, particularly since the country was
granted full EU membership, leading to a huge investment in
essential infrastructure, which is much needed in a country
still catching up for lost time after the devastating
effects of communism. British investors are one of the
largest groups of new investors in Romania.
Britons are also among the largest investors in
property in Dubai. The
Palm Jumeirah Resort is often cited as one of the great
feats of modern engineering and is causing a huge stir among
potential buyers with a large pile of money burning a hole
in their pockets. The next development - in the shape of the
world - is considerably larger and has far more real estate
to purchase.
If you
are attracted to the prospect of heat but are not so sure
about living in the desert, perhaps
property in Brazil or
property in Morocco are what you are looking for. While
Brazil is often cited as a third world country and has a
huge number of people living in poverty, the flip side of
this coin is that cost of living is a fraction of that in
Western Europe and in particular that of the UK.
Morocco is another destination that is growing in
popularity by the day, which is unsurprising when you
consider the bargains that are on offer in one of the
world's most glamorous countries.
Investing in a second home abroad does not guarantee large
returns and you should be sure to take expert advice before
making any large investment. It is always worth taking into
account that not all countries are as stable as those of
Western Europe and that any investment has an element of
risk involved
