Expats snap EU property bargains


The damaged economies of various EU member countries have presented an interesting opportunity for canny British property investors.

New reports show that eight out of ten Britons who are buying a property overseas have chosen to do so in European areas that have recently been hit by powerful recessions, namely Portugal, Ireland Italy, Greece and Spain, a collective sneeringly dubbed ‘PIIGS’.

The PIIG nations are particularly inviting for British expats seeking foreign properties as their property markets have been ravaged by economic downturn. According to foreign investment specialist currencies.com, interest in Spanish properties has increased by 27 percent in the last three months, and interest in the other countries has gone up by between 18 to 22 percent.

It is thought that these types of investments are suited to those who have very healthy bank balances that allow them to buy outright without mortgages. Spain has always been a popular choice for Britons seeking a property abroad, yet the expat property row over there has cast a shadow over people’s plans. However the Spanish government are keen to stress that this unsightly situation affects a minority of British expats in Spain, and a recent campaign has been launched to get more British expats into the Spanish property market.

If you are interested in purchasing a property overseas then it’s advised that you first speak to a recommended financial planner planner who can assist with finding the perfect foreign investment suited to your specific needs.