Buying property abroad - overseas properties

Overseas property purchasing has been growing for Britains. With increasing house prices in the UK, and avalibaility of new areas such as Eastern Europe, China, and Africa. There is much interest in finding an area where property prices will increase as the nations grow in wealth.

An increasing number of people in wealthy nations are buying property in other nations to use as holiday homes, retirement homes, or for an investment. The most popular places to buy overseas property are in hot countries, in tourist resorts, by the coast, or nationa that are expected to see rapid economic growth (so therefore a rise in house prices) or in cities. Many nations welcome the invasion of foreign property owners as it brings with it foreign money and is often beneficial to the local economy. Others resent the practise. Some nations even have legislation to prevent foreigners with property. Some feel it is way to gain absentee land lord problem which has caused many political issues. Many local people may not be able to buy land, or homes, as a result of foreign people buying the houses.

Many people from northern Europe and the UK have bought property in the southern European nations, notably Spain, to use as holiday homes. Increasingly people are buy homes in Eastern Europe (nearly all of the real estate was owned by the state, until recent past) in the hope that low property prices will increase in the future, for example when those nation gain membership of the EU.

Bulgaria has recently turned into one of the property markets in Europe because of its unique combination of hot climate, mountain views and sea resorts. A good example that indicates development growth can be found by looking at the recent boom of skyscrapers being developed in Bulgaria.

Important isssues

You can get conned, Don't be inpatient or pressured,, Get familiar to a location, residency rules, reliable sources, independent advice.

At the present time, the Romanian Constitution prohibits a foreign national from directly owning real estate in Romania.

The Spanish did consider introdung a law and taxes to make it more diffiult for foreign buyer.

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