Established overseas property markets attract city bonus spending in 2007

2007 should be a bumper year for overseas property agents indicated by a new opinion poll by Populus of 100 high net worth individuals, just over half (51%) of whom say they intend to invest in property overseas this year and would set aside 21% of the expected average bonus of £294,000 towards paying for their international property. A quarter of those looking or intending to buy overseas say they have a budget of £500,000 or more to spend and were more likely to be aged 35 and over.

It appears the moneymaking appeal of emerging property markets is clearly not a priority for the city’s top earners according to the recent poll conducted on behalf of overseas property agents Pure International. 28% of those surveyed put a place in France at the top of their wish lists mentioning it as their overseas property location of choice along with the more traditional overseas home locations of the United States (23%), Italy (21%), Spain (19%), Switzerland (18%) and Canada (15%).

Beach property continues to attract the eye of most city investors when selecting property abroad followed by ski, urban and interestingly golf resort property which lags in fourth place just before rural farmhouse property.

Of the sample group with average salaries of £331,000 polled, almost 60% revealed they already owned at least one property abroad and 29% stated it accounted for at least half of their investment portfolio. Three quarters felt that property is a more secure investment than a pension, two thirds of whom believed that UK property is more valuable than their overseas property.

When asked to rank symbols of achievement in terms of their importance owning a luxury property overseas came fourth above a luxury car and attractive partner!