Dubai is a very popular spot for investment for British
property investors who want some sun.
HIFX's new Global Property Hot Spots report highlights that
Dubai as well as
Bulgaria are becoming more popular with UK residents who want a second home.
60% more Britons are buying a home in Dubai this year than last, with those buying in Bulgaria rising 77%.
France and Spain are the top places for UK residents to buy second homes, however, interest there is on the wane.
France and Spain remain popular destinations, however,
investors are looking further afield.
Dubai is a highly attractive location for Brits as you get an average 8 hours of winter sun. Property prices are cheap compared to international prices, with rental yields high. Dubai has many grand projects to increase its visitor numbers which should sustain rental incomes for investors."
But, overall, Britons owning property abroad tend to cluster closer to home.
35% of Brits with homes overseas have a place in Spain, with 24% having a property in France.
Interest in buying in Spain has now dropped 26%, HFIX reveals, with interest in France falling 24%.
Whereas, those enquiring about Bulgaria rose 8%.
"Bulgaria is booming and the Black Sea resorts are reminiscent of Spain 20 years ago; investors are buying in their droves and there is similar activity in some of the ski resorts," said HIFX's Mr Wright.
