Travel agents urged to embrace foreign property boom
ABTA Convention special report: A predicted doubling in overseas home ownership has been presented as a new alternative revenue stream for travel agents.
An expert in the sector told the ABTA Travel Convention that the value of UK foreign property ownership is estimated at GBP23 billion and the number of Britons planning to purchase abroad is set to double in the next five to seven years.
Avanti International Developments travel division managing director Laurence Hicks said the number of UK families owning a second property abroad grew by 20% between 2003-04 and there are now 250,000 owning a second home overseas.
This figure is forecast to grow with changes to pension tax legislation on April 6 to give tax breaks for overseas investments.
Travel agencies such as Thomson and independent consortia retailers have started offering overseas properties through referral schemes.
Hicks said there were “substantial rewards” for agents making positive referrals.
Spain is the most popular country for Brits to own a home overseas at 62,000 followed by France at 47,000, the US at 14,000, Portugal at 4,000 and Italy at 3,000. Other EU countries make up 35,000 and other non-EU countries 66,000.
Report by Phil Davies
Phil Davies
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports
All eyes on Qatar as Qatar Airways leads a season of global events