20 June 2005
With the trend for buying second homes abroad on the up, Britons are looking further afield for their perfect property, a new study has revealed.
According to a report in the Sunday Times, Dubai has emerged as a key destination for Britons buying abroad.
The emirate, one of seven that make up the United Arab Emirates, has become a popular choice for UK second home owners in the recent global boom and is being transformed into a glamorous holiday hotspot.
Although the exact number of people buying properties in Dubai is not known, their number is said to be significant.
With the current house price boom in the UK, it seems to be a prudent move for buyers to release equity in their properties to buy abroad.
It is estimated that more than 230,000 people now have second homes outside the UK, the Office for National Statistics said and at least 62,000 have bought in Spain and 47,000 in France.
The British are also the key foreign buyers in Bulgaria and other Eastern European countries and also account for a large proportion of overseas property investors in Cyprus, Australia, America and South Africa.
According to estimates by The Economist, residential property in developed economies has leapt in value by more than £16,500 billion to more than £38,000 billion, in just five years.
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