UK housing market pushing people to overseas property investment
Diminishing investment opportunities in the UK are changing the profile of the overseas property investor, an industry expert has said.
Whereas in the past purchasing overseas property was about lifestyle and holidays, an increasing number of people are recognising the potential profits in overseas real estate. The new kind of investor includes first-time buyers priced out of the UK market and people looking for a secure alternative to pension funds.
"The influx of low-cost airlines has meant that European destinations in particular are rising in demand," Phillip Orr of property agents Jamijo told Belfast Today. "And with former communist states Bulgaria and Romania recently joining the EU, central European countries are set to become very popular.
"In countries such as Bulgaria a studio apartment can be bought for less than the cost of an average deposit, with a one-bedroom apartment around £40,000."
The number of Britons investing in overseas property has increased by 45% in the last two years, with 800,000 people in the UK owning a property abroad.
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