Bulgarian Investment Property

by Simon Lambert

The number of Britons leaving for foreign climes could rise rapidly, according to study which claims a third of overseas homeowners plan to retire abroad.

Substantial numbers of Brits could opt for the expat lifestyle according to research released today by Natwest International, which says one in three current and potential overseas homeowners want to retire elsewhere.

Meanwhile, almost three-quarters of 30 to 50-year-old current and potential overseas homeowners said they would consider leaving the country permanently.

The study commissioned by the personal banking arm of Natwest International polled more than 2,600 UK adults, of whom one in eight said they did not enjoy the UK lifestyle.

Mike Freer, head of business development at Natwest International, said: 'It's evident from our research that many Brits intend to escape the hectic British lifestyle to enjoy a more relaxed standard of living overseas.

'As the days get shorter and temperatures drop, now is the time when many dream of a life abroad.

'Surprisingly however it's the 'middle ages' most keen to make the move, perhaps prompted by demanding jobs and continuous warnings to plan for the future.'

Overseas home ownership has become a major growth area over the past decade, with the rapid rise in house prices in the UK helping Britons to buy up cheaper properties abroad.

Despite the rush to hotspots such as Bulgaria, Turkey, Dubai, or the Cape Verde Islands, old favourites Spain and France remain the top choices for those looking to purchase a holiday home.

And while Spanish property market has seen substantial increases in prices over recent years, Natwest International, which offers Spanish Euro and pound mortgages, said holiday homes in Spain remain good value. It said only a fifth of Britons with Spanish boltholes paid more that £200,000 for their home, meanwhile 68% said they spent at least three months of the year there.

However, experts warn that potential overseas homeowners should not be seduced by attentive developers promising low prices, and must weigh up their purchase carefully.

Consumer group Which? said borrowers should avoid being tempted to bend the truth about their income to secure their property, and remember estate agents, lawyers and property management firms all have a vested interest in customers signing up for homes.

Which? said no matter how cheap an overseas property may first appear, it will almost certainly turn into a major financial commitment. It's overseas property pitfalls include overstretching finances, buying sight unseen, buying without a lawyer and failing to check credentials.

Bulgarian investment property

Labels: bulgaria real estate, bulgarian investment property, holiday homes