Brits spend £24bn on foreign property
Property investors from the UK bought about £24 billion worth of foreign property last year, new figures have revealed.
According to the Association of International Property Professionals, about 242,000 purchases were made by British buyers last year.
This is 21% up on the number recorded 12 months earlier, illustrating the growing appeal of foreign property ownership.
However, the overall value of the transactions was not found to be significantly higher than during the previous year.
This was attributed to a number of factors, such as the increased popularity of countries that offer relatively cheap properties.
Despite the move towards less expensive markets, established locations such as Spain and France were found to dominate people's destination choices.
Last year, the countries respectively attracted 25.4% and 17% of British investors.
This reinforces the findings of a study by Holiday-Rentals, which found that European countries account for nine out of ten foreign properties that are owned by Britons.
< Back to latest news