Buying Property Abroad
Property abroad – Don't stop at Europe!
The majority of people from the UK who buy a property abroad buy in Europe; but markets elsewhere are also very attractive.
The reason many people choose to buy their property abroad in Europe is because it offers easy access. Low cost flights from most UK airports mean that nearly all of Europe, and particularly the more popular holiday destinations, are easily accessible to a wide range of people. This means that you can own a holiday home that you can get to in a couple of hours.
For others, though, there are countries outside Europe that are desirable places to buy property abroad. At the moment, these are being bought largely for investment purposes; they can bring in good rental income and are likely to rise in price over the next few years. The most popular places to buy property abroad outside Europe at the moment are:
Morocco – with its ancient culture, great weather and proximity to Europe, Morocco is becoming ever more popular with people looking for property abroad. It is still a relatively short flight away, but its culture and lifestyle are so different from the UK that it is attractive to a large number of people. Rental incomes are good here, and it is a growing market for overseas owners.
Dubai – the amount of property for sale in Dubai has grown enormously over the past few years. Developments are rampant at present, and apartment buildings and townhouses are all being built alongside great facilities and amenities. Tourists flock to Dubai for its mix of fabulous shopping, great weather and Arabic culture, and the city is only going to increase in popularity in years to come.
Goa – Lovers of India have been visiting Goa for decades, but people are only just starting to look at it as a serious choice for buying property abroad. Its beaches, food and culture make it perfect for Brits trying to escape the UK winter and more and more property is becoming available to overseas buyers here. Be aware, though, that you can only buy and sell property on the open market in Goa, or indeed anywhere else in India, if you can prove Indian descent or ancestry. Otherwise you are allowed to buy but not, at the moment, to sell.
USA – Florida has typically been the destination for people wanting to own property abroad. It is still the most popular area for overseas buyers, but other parts of the USA are now opening up, including ski resorts and the west coast. Although more expensive to travel to, the similarities in language and culture make the USA an easy place to move to. Florida, though is strictly 'zoned' so far as renting out your property goes. Some developments are zoned for rentals, while others are for owner-occupiers only. And never the twain shall meet!
More information on buying property abroad:
Researching buying a property abroad Why buy a property abroad? Points to Consider when buying a property abroad How to finance your property abroad – various options and likely costs Building a property abroad General tips for buying a property abroad Buying a property abroad with friends Choosing your new property Could buying a property abroad secure your future Insuring your property abroad Buying property abroad as an investment Living permanently in your property abroad Maintaining your property Property abroad - FAQs Renting your property abroad Tax and your property abroad The responsibilities of owning a property abroad The true costs of an overseas property Viewing your property abroad Legal considerations when buying a property abroad