Buyers looking to purchase an overseas property for lifestyle reasons are unlikely to base their decision on fluctuations in the currency market it has been claimed. According to Robin Wilson, head of overseas at Righmove, personal circumstances are more important than economic strength.
The expert's comments come just after the Worldwide Property Group released research which shows that low interest rates have made foreign real estate more attractive to UK-based investors. Indeed, 73 per cent of respondents to the survey stated their belief that now is a good time to buy overseas.
"When you're buying for lifestyle reasons, returns on investment and interest rates just aren't as important – you either want a home abroad or you don't. When you make the move is likely to have more to do with personal circumstances than goings on in the currency markets," Mr Wilson said.
He added that the US, the Caribbean and Spain topped the list of most popular foreign property destinations because the majority of activity buyers are "lifestyle-focused".