British Buyers Showing Increased Interest in Foreign Property
02 August 2011
More British buyers are showing an interest in buying property overseas, and the most popular countries for buying property are Portugal, Turkey and the United States. The United States in particular is being seen as a prime investment location.
Although British buyers still see UK property as being a good investment, they are increasingly looking towards buying more foreign property due to the much greater choice it presents. In addition it has become much easier to buy foreign property over the last few years, and many countries now have increased transparency for property transactions, and this is especially true for Spain.
Spain still remains a popular destination for second home buyers, and now it is possible to contact the local town hall to request a Land Registry certificate at minimal cost. This new measure has been introduced to increase buyer’s confidence in the market, as Spain has suffered from negative reports due to a number of illegal homes being built during the property boom.
The Land Registry certificate enables potential buyers to see if there have been any legal proceedings against the building which could result in further action. The town hall is now legally obligate.
Although this is great news for potential buyers, it doesn't help those who already have property which is deemed to be illegal. Apparently the Land Registry will look more leniently on homes which were built several years ago, and which were purchased in good faith.