British buyers looking for property overseas have seen the upside of Greece's troubled descent into financial chaos, a 'top ten' survey by leading overseas property magazine A Place in the Sun reveals.
Within its annual analysis of its readers' buying trends, which finds out the ten most popular places to buy overseas, it's clear how many people are sticking to what they know in these uncertain times including the more reassuring European haunts such as Spain and France - and rejecting riskier bets like Bulgaria. But many, the research shows, are also taking advantage of troubled economies such as Italy and (in particular) Greece.
A Place in the Sun editor, Liz Rowlinson, says, “France and Spain are the two biggies for us, and will be for some time. France is solid – it’s not peaked or troughed – and the British do love Spain. There are really well-supported flights and there’s still good value to be had.”
Costa del Sol
Rowlinson points out that you can get quality property on the Costa del Sol or Murcia for below £100,000. She advises not cashing in your chips too soon in Spain, however. “Buy for the long-term, allowing the market to recover over the next five to 10 years.”
She believes purchasers are “following their hearts” now, rather than worrying too much about investment, which means the high status in the charts of both Italy and Greece.
“People are seizing the day and just getting on with it. Even if things fall a bit, if you like a place you’ll still feel it’s a good buy,” says Rowlinson.
Affordable luxury?
The Caribbean (at No.9) might sound like a luxe entry for the middle market, but Rowlinson points out that parts of the Caribbean are still affordable.
“There are projects that are within budget at around £200,000 on the west coast of Barbados, for instance.”
And why Malta, a bolt from the blue in 10th place and only two places down Cyprus? “There’s ongoing interest in places like Malta and Cyprus,” says Rowlinson. “Both are in good, central locations in Europe and new apartments are being built. People aspire to these spots to use as holiday homes, or to rent out as part of their pension fund.”