What is overseas buying?

Answer 1

An increasing number of people in wealthy nations are overseas buying property in other countries to use as holiday homes, retirement homes, or as an investment. The most popular places to buy overseas property are in hot countries, in tourist resorts, by the coast, or in cities. Many countries welcome the invasion of foreign property owners as it brings with it foreign money and is often beneficial to the local economy. Others resent the practise. Some countries even have legislation to prevent foreigners owning property. Many people from northern Europe and the UK have bought property in the southern European countries, most notably Spain, to use as holiday homes. Increasingly people are buying homes in Eastern Europe in the hope that the low property prices there will increase in the future, for example when those countries gain membership of the EU. Most notably Bulgaria has recently turned into one of the hottest property markets in Europe because of its unique combination of hot climate and magnificent mountains and sea resorts. According to some sources the number of Britons buying a property in Bulgaria has risen by 77% in 2005. A good example that indicates the development growth can be found by looking at the recent boom of skyscrapers that are being developed in Bulgaria. Currently there are three skyscraper projects in development. [1] Most potential investors opt for a professional service to take advantage of local expertise and spare themselves the hassle of dealing with foreign legal regulations and language problems.