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Market Analysis

Research conducted by the Association of International Property Professionals is reported on by Nubricks, regarding where Brits bought in 2007. Spain topped the league and France came second. "So, for all the emerging market manifestation, it is the consistent ‘big boys’ that are still the main attraction to UK residents hoping to buy on foreign soil", said Nubricks

The sands of time are slowly shifting though, and the rise of the new markets is beginning to challenge the status quo. Bulgarian property has been the ‘underdog’ trailblazer yet again, pulling a whopping 6% of the British buying market share to come in fourth place.

On average, British buyers spent £99,200 on overseas property in 2007, according to the AIPP research. That’s just an increase of 1% on the average spend in 2006 (£98,166).

The AIPP estimates that the Brits bought approximately 242,000 properties abroad in 2007, an increase of 21% on 2006. With an average spend of £99,200; this calculates out that around £24 billion was spent in the overseas market last year by British buyers.

Bulgarian real estate agents, Address, believe that the mortgage lenders will be the main property factor by the end of the year in Bulgaria, saying that whilst greedy developers and foreign investors hopes for fast profits used to set the trend, the financial institutions are now in the driving seat. Mortgages, loans and the terms of these will be the main factor on the property market in Bulgaria. It will be up to the local banks to take the burden of the global financial crunch.