Overseas property market set to grow
The overseas property market is likely to experience further growth this year, according to industry analysts.
Exchange Insurance Company (EIC) stated that people in the UK and Ireland currently own more than 3.8 million homes in other countries.
However, the firm believes that ongoing problems in the global economy will not deter prospective buyers from purchasing more properties overseas.
EIC said the overall number of foreign property owners could increase by as much as 10% in 2008
This would be higher than the 8% increase recorded in 2007 and an indicator that the credit crunch is not severely impacting on the overseas property sector.
According to ShelterOffshore.com, property investors in the UK are shunning the domestic market partly because of declining economic conditions.
The website said many Britons who have owned homes in the UK believe they can get more for their money if they invest in property abroad.
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