News

Font size: A A A

Bulgaria Properties 13th Most Attractive to British Buyers

Thursday, Feb 24, 2011

Bulgaria has made it to the thirteenth spot in a new ranking of property markets, which remain popular for foreign mortgages among Britons.

The Bulgarian market has attracted 1.3% of the searches for properties abroad at the site of Rightmove Overseas in January, while their number increased by 40,5% over December.

Britons continue to be attracted most by the idea of taking out a foreign mortgage for a property in Spain, the ranking shows.

Australia, New Zealand and Canada have recorded the highest increases in the searches for properties on the site, up by a whopping 114%, 91% and 80%.

"We're still seeing healthy traffic and interest for quality properties, particularly in more authentic areas; smaller towns, inland locations and less resort style apartments," Robin Wilson, head of overseas at Rightmove, said.

Owning a second home abroad was once the preserve of the super-wealthy, but in the past decade a heady combination of TV property shows and cheap mortgages has convinced an estimated half a million Britons to buy their own place in the sun.

The value of UK-owned foreign property investments peaked at GBP 58 B in 2008, up from GBP 10 B in 2000.

Recently however British owners of second homes overseas have been selling up due to falling rental income and weakness of sterling.

Source: novinite.com