France remains the leading choice for Brits buying property abroad, according to the latest overseas property hot spots report compiled by overseas mortgage firm Conti.
The country is top of the list for the fourth year running, accounting for 45% of mortgage enquiries received so far this year. This compares with 39% last year, and 15% back in 2008.
Spain, in second place with 33% of enquiries, is also up from 31% last year and from 14% in 2008, which Conti puts down to “excellent” buying conditions and signs that the market is starting to bottom out.
Portugal, accounting for 10% of enquiries, is in third position for the second year running. Conti says that although its share is down by 2% on last year, interest has picked up again over the last three months as falling property prices entice buyers back.
However, interest in Turkey has fallen over the last year with the country now accounting for just 6% of enquiries.
“Buyers have increasingly been sticking to locations they know and trust, which is why France and Spain are out on their own at the moment, and Portugal is starting to rise in popularity again too,” said Clare Nessling, Conti’s operations director.
“The euro zone crisis continues, but the growing strength of the pound against the euro is boosting the budgets of people in the UK who are looking to buy property in these locations. This together with some bargain property prices and low interest rates, are making it even more affordable. It also helps that these countries offer easy access from the UK, and rental opportunities are good too.”