Super-rich making money from property and buying abroad
While the demographic of the overseas property investor appears to be growing more youthful, foreign real estate remains an attractive asset for the affluent elite, new research shows.
With budget airlines and high house prices at home, a broader range of people is becoming interested in second homes, but a Barclays Wealth Management survey of Britain's well-heeled elite suggests the country's wealthiest still have a penchant for property abroad.
The poll revealed that 14% of respondents were planning on moving abroad, with almost half (46%) planning on investing in a second home outside the UK.
Reasons cited for wanting a foreign retreat included a better lifestyle (87%), cheaper housing and living costs (79%) and paying less tax (57%).
Additional to lifestyle improvements buying abroad can offer, the super-rich will no doubt be attracted by the prospects of healthy investment returns from the right overseas market - almost half (44%) of the super-rich sample questioned said they had made their fortunes through shrewd property investment.
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