Industry NewsInternational

Brits reject far-flung destinations

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Editor's note: This item is republished with permission from Global Edge Marketing Ltd. The original post can be viewed here. British overseas homebuyers are reverting back to more traditional second-home destinations, according to a survey of 1,200 second-home owners by Savills International. During the overseas property boom, the proportion of Brits buying outside of Western Europe grew significantly as buyers became motivated by the potential for capital gains. However, since the market turned in September 2008, buyers have returned to the traditional favorites of Spain, France, Portugal and Italy. "In 2010, the overseas second-home market will be characterized by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots," says Charles Weston-Baker, head of Savills International. The survey data also confirms that 2009 was one of the worst years for the industry. From 2003-08, 70 percent of respondents invested...