U.K. Citizens Snapping Up Overseas Real Estate

New study shows steady growth for next five years; U.S. remains a top choice.

Spain, France, and the U.S. continue to be the three most popular destinations for British and Irish buyers, with Florida being their overwhelming favorite location in America.

Other popular locations for British and Irish buyers include Cyprus, Greece, Canada, and Australia. Younger, more adventurous buyers also are snapping up properties in Bulgaria, Croatia, Egypt, and India.

One reason British interest in U.S. real estate is high is because the U.K. went through its own real estate downturn and they know the opportunity to buy at bargain prices may be short-lived. Plus, the strength of the pound and the euro gives them exceptional buying power.

The survey confirms the results of a study on international buyers released earlier this year by the National Association of Realtors. That study, the 2007 NAR Profile of International Home Buying Activity reported that 20 percent of Realtors had sold at least one house to an international client within the last year. By country, buyers were most often from Mexico, the U.K., Canada, India, and China, and half the sales were concentrated in Florida, California, and Texas. To read more, click here.


By Pat Curry
Source: BUILDER Online News Service
Publication date: December 10, 2007