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British Property Buyers in Bulgaria up 77% y/y
Updated: 2005-12-23

British Property Buyers in Bulgaria up 77% y/y

Business
An increasing number of Britons are buying second homes in Dubai and Bulgaria, according to a report of the British consultancy company HIFX.

The number of Britons buying homes in Dubai is up 60 per cent on last year, while 77 per cent more people are buying a property in Bulgaria, says the Global Property Hot Spots report, as cited by www.aboutproperty.co.uk.

"Although France and Spain remain the most popular destinations to buy abroad, due to their proximity and the cheap price of travel, British citizens are starting to look further afield," Alex Wright, director of HIFX, commented.

"Dubai is an attractive location for Brits with the winter sun averaging eight hours a day. Property prices are relatively cheap compared to international standards and rental yields are still high. Dubai has many grand projects to increase its visitor numbers which should sustain rental incomes for investors," Wright adds.

"Bulgaria also is booming and the Black Sea resorts are reminiscent of Spain 20 years ago; investors are buying in their droves and there is similar activity in some of the ski resorts.

"Supply is in danger of outstripping demand from a rental perspective so investors should be wary; capital growth is what most speculative investors are chasing at the moment. Traditional areas such as Spain and France are still popular with families looking for a holiday home and retirees who plan to spend the majority of their time abroad but the younger generation are becoming more adventurous."

Spain and France are still the countries where Britons own the most foreign homes, but interest in them is declining.

However, Spain accounts for 35 per cent Brits homes overseas with France accounting for 24 per cent.

But interest in buying in Spain has dropped 26 per cent, HFIX reveals, with the number of Brits asking about France falling 24 per cent.

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