Prospective expatriates are deferring their decision to invest in overseas property until confidence returns to the housing market, a real estate website has stated.
Director of Nubricks.com Adam Samuel pointed out that there are lots of potential expatriate medical insurance policyholders with money but they appear to be unsure what to do with it.
‘Everybody seems to be waiting for the day where there is some confidence and that day is not upon us at the moment,’ he explained.
His comments come after a report by Rightmove Overseas claimed that the foreign property market has changed ‘radically’ since the global financial downturn, witnessed by the fact that overseas locations have seen an average fall of 37 per cent in property searches over the last two years.
Mr Samuels commented that it is a ‘very cautious time’ for prospective British expatriates looking to invest abroad and said it is unlikely that the foreign property market will show a rapid improvement in coming months.
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