Research 'very important when purchasing foreign property'

Making a money transfer and investing in a foreign property has been described as a wise move providing plenty of research is carried out.

Les Calvert, director at Property-Abroad.com, described how the international market is appealing to Brits, with popular tourist destinations a good bet.

"As far as an investor is concerned then, like every investment, it depends on the amount of research that you do both within the market as a country and on a local basis," he stated.

It was noted that carrying out plenty of research looking at how the local area is thriving in the current economic climate can help individuals to decide if purchasing a second home in the region is wise.

Mr Calvert encouraged people to consider whether tourism remains strong before spending money on a property.

"People are still investing in overseas property, but only the astute investor," he remarked.

It was suggested that there are numerous deals to be made closer to home in the UK, with individuals able to find some good deals.

According to the expert, distressed sales are an ideal place to look, as money can be made on the investment.

Mr Calvert explained that auctioned properties can help people to get a good second home and "ride out the storm", as it is likely to have been purchased at a bargain price.

It was recently reported by Knight Frank that the global housing market is at its weakest since 2009, with worldwide mainstream house price inflation only just avoiding falling into negative territory.

Prices rose on average by 0.1 per cent in the three months to June 2011 and by 1.7 per cent over the previous 12 months.

Meanwhile, property value declined in 23 of the 50 countries monitored by the organisation's index.

Posted by Chris Barber

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