French and Germans targeting distressed property
News Article Date: Wednesday 21st of October 2009
PropertyEarth.Net, the UK chain free property portal, today publishes statistics which show that investors from all over the world are searching for bargains among the UK’s chain free and repossessed properties.
PropertyEarth.Net's data reveals that interest is primarily coming from Europe, with investors from Germany and France making up 33 per cent of all European visitors. Overseas buyers still view the UK as a strong long term investment destination and realise this is the best opportunity they are likely to get to buy into the market.
The high number of potential investors from Germany and France can be attributed both to a rise in consumer confidence following recent announcements that both countries have emerged from recession, and the continued strength of the euro against the pound. As Germany’s property market has remained fairly resilient against the recession, German investors are now looking elsewhere for property bargains.
The Spanish recession and the fall in sterling's value has also led to Spanish Expats returning to Britain, and those that sold their homes at much reduced prices could be searching the UK's distressed property market for an opportunity to buy back in at an affordable level.
The websites said the weak pound has drawn foreign property investors from all over the world, attracted by the fact that British chain free properties provide an average return of 6.59 per cent annually. British Sterling has lost almost 3 per cent against the dollar over the past month, and the continued strong dollar has led to American property investors to consider Britain as an investment opportunity which is likely to recover more quickly than their home market.
Dominic Toller, managing director of PropertyEarth.net, said: “PropertyEarth.net has even had interest from large investment funds and high net worth international buyers who want to purchase entire blocks of flats. British property is currently viewed as a very good investment.
“The internet has revolutionised searching for property investment opportunities. This is the first recession when property investors have been able to search internationally without leaving their home country.”
Send us a mortgage enquiry for your mortgage requirements in Spain, France, Portugal, Cyprus, Florida, Dubai and Turkey
Click here to send a Spanish mortgage enquiry
Follow our mortgage blog – the latest news and often irreverent views
Click here to follow our overseas mortgage blog Thanks for reading