Brits favour buying property in Florida as demand increases
A growing number of Brits are targeting reduced priced property in Florida, with homes in Orlando proving particularly popular, according to UK-based firm, the Overseas Guides Company (OGC).
OGC, which provides Brits with up-to-date guidance and advice on purchasing properties abroad, saw a 35% increase in enquiries in the final quarter of 2011 compared with Q4 2010, with demand for properties in USA showing the strongest hike in popularity.
A new statistical report issued by OGC confirms the USA as the destination of choice for Brits, as it recorded the highest level of growth in terms of enquiries during 2011.
While the USA property market recording an 11.11% share for the year as a whole, it accounted for 13.3% in Q4 2011 compared with just 3.62% in Q1 2011. The USA’s gain may be Europe’s loss but it suggests that interest in buying property overseas is still strong.
A key driver for the overall rise in demand for properties in USA was a surge in the volume of Brits targeting homes in Florida, where prices remained low and opportunities for cash-buyers to snap up bargain holiday homes in Orlando, among other parts, were abundant.
For pure investors, the crisis in the Eurozone could well have made the U.S. property market even more attractive proposition than a property in one of the single currency zone's more fragile economies.
Richard Way, editor of OGC, said: "What stands out for us at OGC is the continued interest in buying overseas property. The unprecedented price drops in a number of countries, noticeably Spain, Portugal and Florida, have attracted buyers who could not afford to buy abroad before the downturn, or simply were put off by the prices.
“Furthermore, as other forms of investment have become less attractive in terms of ROI and risk, people have considered investing in something that not only offers a potential long-term capital gain but which they can also get pleasure from, that's to say a holiday home somewhere warm.”
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