British and Irish Own Nearly 4 Million Overseas Properties

In a new report compiled by the business intelligence organisation Datamonitor, the growing number of UK and Irish citizens owning property abroad will continue to increase.

In one of the largest studies undertaken on the overseas property market, Datamonitor took 3 months to compile the research, has cast valuable light on property market trends.

The report states that the actual figure of UK and Irish overseas property owners amounts to 3.81 million with a total value of £44.4 billion. The figure relates to the true outright ownership of property and discounts the purchase of timeshare and fractional ownership.

According to estate agents in the UK and Ireland, the overseas property market will almost double within 5 years taking the annual growth rate to 13%. The main driver of overseas property investment has come from the growing number of younger buyers keen to get on the property ladder. The reasoning behind this drive is a mixture of personal and investment purposes, with 70% stating that they are purchasing to improve their lifestyle.

Preferred investment locations were also highlighted; younger buyers are looking to more exotic property markets favouring Latin America, North Africa, and Eastern Europe, with the long term favourites such as Spain, America, and France still popular overseas property investment destinations.

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