Global Economic Problems 'not Deterring Overseas Buyers'

Turbulence in the global economy is not putting Britons off buying foreign properties, according to new research.

Figures from the Association of International Property Professionals (AIPP) found that the number of overseas transactions went up by 21 per cent to 240,000 last year.

Many of these purchases were said to have been in established European locations, including France, Portugal and Italy.

However, Spain was named as people's favourite location, as it attracted more than a quarter of those who bought a foreign property in 2007.

Paul Owen, chief executive of AIPP, told Country Life that this finding could prove to be a surprise to some industry analysts.

He commented: "There has been some negative media coverage about the Spanish property market."

Despite this, the country has been rated highly in recent polls including a survey by A Place in the Sun magazine.

Research by the magazine found that it was Britons' favourite foreign property market for the second consecutive year.propertyshowrooms.com