Rainy Summer leads to overseas boom

The latest HiFX Monthly Global Property Hotspots Report reveals almost double the interest in overseas investments compared to last summer, with property enquiries up in June by 46% and July by 40%.   

With no sign of the hoped for Indian Summer in sight, currency expert HiFX is predicting a continued increase in enquiries over the next couple of months, leading to a boom in overseas property sales in 2008.

While more Brits are looking to buy abroad, the favoured destinations are closer to home again.  This month's figures show an increase in enquiries to old favourites France, Italy and Spain, as well as the slightly more exotic Morocco, Cyprus and Turkey.

HiFX, help over 30,000 people buy and sell currency each year, recommend property buyers protect themselves by locking into current exchange rates by use of forward contracts. In essence, a 'forward contract' means that you can buy the currency now (locking into a favourable rate), and pay for it later.  To do this, all clients are required to pay is a 10% deposit upfront and the 90% balance upon the maturity of the contract (up to two years into the future).

Pie chart showing the percentage of property enquires to HIFX by country during July 2007:

Breakdown: