Foreign property markets ‘haven’t halted’
The foreign real estate market, such as Brazilian property, is far from a grinding halt, it is being claimed.
Homesgofast maintains that while low levels of consumer and bank confidence have resulted in reduction in the numbers of people buying real estate overseas, the market is all about value for money.
Nicholas Marr, chief executive of the firm, said despite the industry slowing down, it is far from a halt and the economic climate is benefiting some areas.
The Spanish market is suffering most from the credit crunch as most real estate agencies are reducing staff, he added.
He concluded: "Those buyers who are in the fortunate position not to require high loan to value finance are now reaping the rewards; they have the power."
Figures from the Institute for Public Policy Research, published on the BBC website in December 2006, showed that 5.5 million Britons permanently moved abroad in 2006 with 761,000 living in Spain, 678,000 living in the United States and 1.3 million in Australia.
