The market for buying property abroad is fast changing, with your traditional locations such as France and Spain being closely followed by the USA, Eastern Europe and even the Middle East in terms of desirability. Here are the top five most desirable places to buy abroad:
5. Dubai
Dubai is rising in popularity, with many considering purchasing in such a hive of development activity. You can pick up a studio flat for £45,000, double for a one bedroom flat and around £120,000 for a two bedroom flat. Fees are around 4% including mortgage registration, estate agent fees as well as land registry fees. New-builds may be exempt as developers often pay these fees to make the offer more attractive. Whilst buying a property is relatively cheap, renting is high, meaning that the net yield from rent is far higher in Dubai than in London or New York for instance.
4. Bulgaria
Bulgaria is fast becoming popular, and its no wonder, given that the average property price is around £75,000. It is however advised that UK buyers choose reputable and well known agents if buying property. It is also paramount that you view before buying, as you never know quite what may lie in store. Fees are very low with a two bedroom flat having a charge of £300 and larger properties of up to £1200. You may also have to pay a bank legal fee of 1.2% within which there is a mortgage registration fee included. Estate agent fees are around 2.5% and there is a Land Registry fee of 0.1%. Bulgaria will see considerable investment coming in the coming years and is a sensible place to invest if you buy carefully.
3. Florida
Central Florida has average prices of around $450. You’ll have to pay Title Insurance, a filing tax as well as agency fees, all of which should cost around $3-5000 as well as 3-5% broker fees. On the Gulf Coast, property is booming. Tampa bay has turned into a financial hub with offices and apartments springing up along the shore. A place such as this could prove a worthy investment indeed. Make sure you get overseas property insurance though, as you don’t want to be getting a termite infestation or anything!
2. France
With average prices at around £170,000, many parts of France are still popular with Britons. Fees are around 10% for old properties and 5% for new ones, covering the deeds, taxes and other fees. There is also a 1-2% mortgage registration charge too, which is usually paid by Agencies. Be careful however, as with the new Hollande administration, taxes may well increase as France struggles to manage its budget deficit.
1. Spain
The most popular location by far for Brits to buy property is Spain, and this has been the case for quite a number of years now. Prime areas will see prime area purchase prices of around £250,000 whilst the average price of properties elsewhere was around the £110,000 mark. Note that wou’ll have to pay around 10-11% in notary fees to cover land taxes as well as mortgage charges. The most popular areas include the sunny coastal areas as well as the Majorca and Menorca