The market for properties abroad is developing in ways few would have foreseen even 5 years ago. Not only are there more places to search for that dream home (who had heard of Cape Verde before this century?) but buyers are using the market in innovative new ways.
First-time buyers look abroad
Getting onto the property market in the UK is becoming more of a struggle for many people each year and there are few signs that the gap between earnings and property prices is set to narrow any time soon. To combat this, or perhaps to build up some equity to make that first UK purchase, increasing numbers of young people are buying in foreign climes. "Buy abroad, rent in Britain" - BARBIE as it has become known - is the latest trend.
It's not difficult to see why this is working for so many. With prices in many markets climbing at 15% - 20% or more each year and the overseas mortgage market becoming so well developed a modest down-payment can secure a very attractive property. In the right location guaranteed rental yields make the rest of the equation work - the mortgage is covered by the rent leaving the owner to watch the value climb, often quite rapidly.
Retirement planning for the young at heart
The same basic metrics are driving those in their early 40's and even younger to look at building a useful nest-egg for their twilight years. Buy now, sometimes by using accrued equity in your UK home, use the property occasionally for holidays, rent it out the rest of the year and when retirement beckons you have two properties (or more!) to help pay for retirement.
If you choose the location carefully - popular areas with plenty of long-term tourist potential - renting out is generally not a problem and selling up when you're ready shouldn't pose a problem either. Or, of course, you can move out and live that idyllic lifestyle you've always dreamed of.
Couldn't you imagine youself in a nice French property? Or on a lovely Italian hillside? or maybe even playing golf next to the Mediterranean in Spain?
