Dreaming of a place in the sun

Published 03rd Sep 2007

Mark Bodega, at HiFX, comments, “The summer months are traditionally a quieter time in terms of property enquiries as people tend to be away on holiday; we usually see an uplift in enquiries from September onwards, when Brits come back from holiday, dreaming of owning their own place in the sun.
“This year, anyone choosing to holiday in the UK will no doubt have been extremely disappointed with the weather which may have prompted the rush of enquiries we have seen over the last couple of months.”

While more Brits are looking to buy abroad, the favoured destinations are closer to home again. This month’s figures show an increase in enquiries to old favourites France, Italy and Spain, as well as the slightly more exotic Morocco, Cyprus and Turkey.

Bodega continues, “People buy property abroad for many different reasons but a depressing British summer is enough to spur any overseas property buyer or investor into action.

Consider all risks
However, buyers should not be dazzled by the promise of a place in the sun and forget to consider carefully the currency risks associated with buying a property abroad – currency fluctuation can make a huge difference to the amount of money you pay and protecting yourself from these fluctuations should definitely be part of the planning process.”

Bodega concludes, “We always remind people that they would never agree to buy a property in the UK if they did not know how much it was going to cost them; if you agree to buy an overseas property without fixing the exchange rate at the outset, that's exactly the gamble you are taking.”

Source: ' 'Move Channel Ltd' '

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