Overseas Property Report - August 2007

Purchasing a property overseas could be one of the best moves you ever make. Not only is overseas property becoming increasingly popular among Brits due to it's appealing nature of being an idyllic retreat to escape to, but reports from Knight Frank predict that property in Turkey is to increase by 12.5% in 2007. These reasons, along with the prospect of renting the property out through the high season; from May to October makes property in Turkey a very tempting option indeed.

With properties starting at just £20,450 for an apartment with easy access to five gorgeous beaches and local amenities, many people are seeing the potential to expand their property portfolio with a reputable agent, such as International Property Agents, who provide an excellent service right from enquiry to the comprehensive after sales service which ensures that clients get the most out of their property, financially and enjoyment-wise.

A recent survey carried out by International Property Agents looked into the reasons behind why people want to purchase property overseas. Over half of the respondents (59%) purchased their property as an investment and a holiday-home; 45% of which intend to rent out their property to benefit from an extra stream of revenue.

More than a quarter (27%) of the respondents cited retirement as one of their reasons for purchasing overseas property with the cost of living in the UK being so much higher than in Turkey, as well as an improved quality of life and that much sought after Mediterranean lifestyle being something to aspire to. Coupled with a property that is increasing in value, and has over 300 days of sunshine shining on it each year it, more British people are retiring overseas than ever before.

The respondents in the main part; 71%, funded their overseas property with savings; just 3% of which supplemented their savings by remortgaging their UK property.

The increased interest in overseas property comes after a disappointing summer in the UK, and inflated house prices which are providing homeowners with increased capital to invest elsewhere.