Overseas mortgage enquiries soar by 20%
10 October 2009
The overseas property market could be showing signs of recovery, according to new figures. Mortgage quotes for holiday homes abroad were up 20 per cent in September for overseas mortgage specialists Conti.
Conti puts the surge down to falling property prices in Europe and low interest rates.
Operations director Clare Nessling said: "The staycation trend may have reduced the number of Britons holidaying abroad this summer, but many of those who did venture overseas have returned home with plans to buy their very own place in the sun."
Easy access to popular locations may also be a contributing factor, Nessling added. Good rental opportunities for Spain villas and gites in France are also likely to have influenced potential investors.
France (31 per cent), Spain (22 per cent) and Turkey (13 per cent) were the top three locations for mortgage enquiries. Conti comments that buyers are sticking to the destinations they know and trust, rather than investing in "more adventurous", emerging markets.
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