Younger property buyers look to Brazil
Younger property investors are looking to further afield markets such as Brazil for overseas homes, according to industry experts.
A study carried out by Datamonitor for Overseas Property Professional magazine found that younger buyers, who are increasingly driving the market, are looking to Brazil, Egypt and Croatia due to their high yields.
Datamonitor also found that British and Irish citizens now own over 3.81 million properties overseas and forecasted that this figure will continue to grow.
Researchers valued the overseas property market in 2006 as being worth £44 billion, with 70 per cent of property owners claiming that their purchase was motivated by a desire to improve their lifestyle.
The study, which contacted 4,800 consumers and 880 estate agents and property developers this year between June and September, is the largest of its kind ever undertaken in the UK and Ireland into the overseas property market.
Last month Samuel Lieber, head of the Alpine International Real Estate Equity Fund, named Brazil as the world’s most interesting property market owing to its developing public real estate market and its 30-year mortgage products which are widely available.
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