Overseas Property

Some buy property abroad for holiday homes, or purely as an investment with intention to buy and let; some choose to buy land and build on it, some buy brand new properties, others buy second hand. Either way, international real estate is a growing market. A recent survey suggests that around 500,000 British citizens live abroad in a second home for part of the year either for work or to escape the British weather.  Others choose to relocate overseas permanently, what with spending cuts and increasing taxation at home, with an estimated 5.5million live abroad permanently.

 There are some important factors when looking at overseas properties, as a lot of people dive in head first and find themselves in a financial nightmare. Once decided on the location and the property, it’s a good idea to have a good lawyer, one who can speak the language of the country you are buying, as there are many legal issues you might not be aware of when buying the property, such as hidden taxes that are not applicable in the buyer’s home country. However if careful, many can enjoy their holiday homes without any trouble and some find them to be a great investment. In 2010, it was reported that Brazil was top for Overseas Property investments, with a fast growing economy and a lot of inward investment; many are now considering buying property in this hotspot. With Brazil at the top, followed by France and USA, it emphasises the importance of location when decided on buying an overseas property.