Spain top for holiday homes
Soaring house prices in the UK are prompting increasing numbers of young people to consider buying property abroad, a survey has revealed.
Research involving 1,000 people aged 18 to 29 by Oceanico Developments found that one in two were planning to buy homes in foreign climes, Sky News reports.
Many are “jet-to-let” investors – buyers who plan to rent out their new homes to holidaymakers for part of the year.
Spain is the country most favoured, followed by France, the United States, Italy and Portugal, with prices considerably lower than in Britain.
Oceanico, which deals with property developments in Portugal, told Sky it believed the trend to buy abroad would grow.
The news channel quoted a spokesman for the firm as saying: “As property prices in the UK remain prohibitively high and the rental market approaches saturation, it’s only natural that investors turn to foreign shores to make their pound travel further.”
Report by News from Abroad
Ginny McGrath
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