The latest report published by the Association of International Property Professionals (AIPP) reflects that British buyers continue to purchase abroad, although their preferred locations contradict the negative media coverage on the more established markets.
AIPP’s annual research report is possibly the only independent, authoritative and definitive market report of its kind in the UK. In its 2007 edition, the Association saw Spain come out on top, being the country where the most British buyers have completed overseas property purchases.
Over 25.4% of properties purchased by British buyers in 2007 were in the beautiful Spain. And although the country remains king to most UK buyers, the market in Spain is down 6.2% compared with 2006 figures
Established destinations continue to hold the top spots in the ranking; 17% of UK buyers chose property in France as their preferred purchase although this market has also seen a fall of 1.9% in 2007.
Surprisingly, third place went to theUSA with an increasing 9.7% of the UK buyers’ market share. Likewise, the country is the only established market augmenting its market share, up 2.2% from 2006. The figures correlate with those recently published by NAR, the American National Association of Realtors, who saw most internationals purchase real estate in Florida being carried out by UK citizens (33%).
AIPP comments: “It is clear that once again the established destinations are holding up well against the huge number of emerging markets.” With Spain, France and USA amounting to 52.1% of the market share, Paul Owen, Chief Executive of the AIPP, continues to explain: “When we add in other established markets like Italy, Portugal and Cyprus, nearly 2/3rds of property purchases last year were in established, familiar markets.” However, the last three countries appear in rankings 7-9, beaten by new emerging destinations.
The new kid on the block is Morocco, in 5th place, with a healthy market share of 4.9%. Dubai follows directly behind in sixth place although the emirate has been the overall winner, seeing the largest increase of UK market share, up to 4.8% from a mere 1.5% in 2006.
Finally, Mr. Owen concludes: “The market needs factual data. Previously, there has not been an official body with the time, knowledge and desire to produce information; the AIPP fills that void.”