'Traditional locations outweigh the draw of foreign exchange rates'

Brits keen to live abroad are ignoring currency rates offered by exotic locations in favour of more traditional expat locations, a leading property publication indicates.

A Place in the Sun Magazine recently claimed that potential expats are being drawn to short-haul destinations that can be easily reached from the UK.

Richard Way, editor of the publication, stated his belief that countries such as Korea and Singapore may be popular with some young professionals who wish to take advantage of favourable exchange rates.

However, the expert explained that the majority of potential expats have more confidence investing in assets located in countries that have good transport links with Britain.

Mr Way said: "People are looking at destinations that they are familiar with and that they know from holidaying there.

"People are coming back to those sorts of markets at the moment."

Meanwhile, the International Monetary Fund recently stated that Cape Verde's economy has benefitted from its pegged exchange rate, which may interest UK investors.

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By Linsey Summers