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Nubricks Blog - 3.81 Million Foreign Homes and Rising

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26 May 2008

3.81 Million Foreign Homes and Rising

foreign homes rising

A report published by Datamonitor has found that British and Irish investors currently own 3.81 million properties overseas and with recent figures showing that record numbers of Britons are fleeing the UK with nearly 2 million option to emigrate abroad in the last decade, the number of foreign owned homes looks set to continue rising.


The data anticipates that the overseas property market is expected to double in value between now and 2012, with estate agents predicting it will grow by 13% annually over the course of the next 5 years. The report stated that the overseas property sector was worth £44.4 billion in 2006, and suggested that potential property investors are increasingly happy to cast their eye further afield in the hope of bagging a bargain or as a first time buyer with the view of simply getting on the property ladder in some way. Although investment property in traditionally strong markets such as Spain, France and the USA were said to be the most popular, emerging markets were proving to be particularly attractive to younger investors.

Britons are choosing to emigrate overseas on the back of high numbers of foreign migrant workers entering the UK, a yob culture, greater opportunity to further their careers internationally and the desire of many to seek the good life overseas, so much so that UK citizens are heading abroad in record numbers. More than 200,000 British citizens left the country in 2006 as emigration hit record levels. Among 400,000 emigrants in 2006, the Office for National Statistics said 207,000 were British citizens. Nearly one in three went to live in Australia or New Zealand. A quarter went to Spain or France, and around one in 12 went to the United States. The rising rate of emigration meant that nearly 1.6 million Britons left the country to live abroad between 1997 and 2006, the greatest exodus since before the First World War and what can only be described as a "Brain Drain" epidemic.

With currently over 1 in 10 Britons living abroad and as more and more Britons not only plan to retire abroad but are moving away for good before even reaching retirement, the overseas property market is seeing a steady influx of new buyers, with an upward trend predicted over the next ten years.
Category: property market

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