UK and Irish property ownership to double in 5 years

The value of foreign property owned by both citizens and residents of the UK and Ireland is set to roughly double over the next five years, according to a study carried out by Datamonitor on behalf of Overseas Property Professional Magazine.

The research puts the value of the overseas property market in 2006 at about £44.4 bn (EUR 62.1 bn). UK and Irish-based estate agents are forecasting that the market will grow at an annual rate of over 13% between now and 2012 - almost doubling the value of the market.

Spain, France and the US remain the most popular destinations for property purchases, although younger buyers are increasingly looking to markets like Brazil, Egypt and Croatia. These younger buyers, looking for a combination of investment and personal use, increasingly drive demand for overseas homes. More than 70% of property owners say their purchase was driven by a desire to improve their lifestyle.

The study was carried out between June and September and is the largest of its kind ever undertaken in the UK and Ireland into the overseas property market. The full report will be launched at the OPPLive trade conference and exhibition to be held at Excel London on 4 and 5 December.