Looking For Your Very Own Place in the Sun?
Looking For Your Very Own Place in the Sun?
Research has shown that more and more people in the UK are investing in overseas property. So, where do you look to find your dream place in the sun?
Independent research has identified that the number of British households with an overseas property has risen by 45% in last two years. The Office for National Statistics report of 2006 Social Trends indicate that over a million of us own a second home, of which a quarter are overseas. However, separate research suggests that a significant proportion of the population considers overseas property ownership to be a lifestyle ambition, with up to 800,000 keen to buy into the trend.
Compared to property prices in the UK there’s no doubt that there are bargains to be had, notably in Eastern Europe. But it would seem that the region is just not attracting Brits at the levels that could have been expected, although weather may be a significant factor in this trend.
Turkey is top of the league for foreign exchange transfers undertaken to emerging markets, and the country’s Mediterranean coast is its top property hotspot. Prices appear to have settled at affordably low levels and with a low cost of living, looming membership of the EU and readily available cheap flights to Dalaman, property prospects look very good with opportunities for some excellent returns on investment.
At the top luxury end of the property market, the proximity of a prestigious golf course appears to be a key factor in the purchasing decision process. The high quality of Spanish and Portuguese golf courses have been instrumental in the countries’ continued top rankings in the overseas property ownership league tables with Spain attracting 45% of the market.
However, luxury golf and villa developments are also responsible for fuelling foreign ownership property markets in destinations right around the world. Multi-million dollar homes are commonplace in California – where wealthy investors are just as happy to knock down and start again rather than compromise in their bid to secure prime locations. New championship golf complexes are therefore a surefire bet and big business for prospective property developers. In fact, Tiger Woods recently announced plans to develop his first golf course in the United Arab Emirates. The Tiger Woods Dubai will be part of Dubailand, the region’s largest tourism and leisure project. Planned to complete in 4 separate phases, the first of the Dubailand mega projects opens in 2009; and at twice the size of Florida’s Walt Disney World, the project looks set to rocket property prices to even higher levels.
Foreign property ownership in Dubai is already increasing at a fantastic pace. At the forefront of 21st Century developments, Dubai’s most prominent constructions have made headlines around the world. Reclaimed from the sea, the Three Palm and the World Islands developments are visible from outer space; a creation of a series of artificial island homes, exclusively for the world’s mega rich and all commanding multi million dollar price tags.
| By Andrew Regan Published: 3/8/2007 |
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