Overseas sector booms
Speaking at the Glasgow Mortgage Business Expo, Conn said: “Lower
interest rates, more disposable incomes, cheap flights and a buy-to-let boom have
all helped the overseas market. However cheap flights should not be a main
consideration. Full research on the property and its market should be carried out.” He cited Buzz flights as an example, claiming many people bought overseas properties as a result of its flight patterns, only for the operator to change its destinations it was flying to.
Conn also confirmed new overseas markets were coming to the fore, but expressed his concerns over a number of growing destinations: “Eastern Europe, Dubai, South Africa and Australia and New Zealand are all seeing a rise in interest. With South Africa the interest is due to the future market, with the football World Cup in 2010 and rugby matches all
taking place there.
“However Dubai is a difficult market as foreigners are not able to hold
the freehold title. There is also a problem on rental return.”