Spain, France and the USA remain the top destinations for overseas property buyers according to new research.

In overseas property portal newS report, ‘Top of the Props June 2011”, the property portal website saw the top three countries sharing nearly a third of all its property searches that month.

Dan Johnson said: "The Spanish market is awash with great deals at the moment as Spanish banks continue to try and shift property cheaply. This phenomenon is unlikely to change soon, as there is plenty of supply, while the failure of some banks in the recent stress tests, means they'll be keener than ever to divest the repossessed stock from their balance sheets.

"France is an altogether different market, with a much higher concentration of lifestyle buyers purchasing holiday homes because they love the country and want to spend time there - it's not such a price-sensitive market, though buyers are still pushing for good deals."

Jed Smith, managing director of quantitive research for America's National Association of Realtors, said that the US's popularity is stemming from favourable exchange rates, low prices, well-defined legal codes and attractiveness as a holiday destination.

He exclusively told OPP: "In recent years the U.S. dollar has depreciated, making a purchase by a Euro buyer even less expensive over a period of time.  U.S. exchange rates appear to be in a decline that may be somewhat misleading when one considers the domestic value of the dollar and what can be purchased.  The strength of other foreign currencies will enhance the buying power of foreigners."

"Compared to some parts of the world, U.S. property rights are well defined, and the U.S. real estate market has traditionally not been highly correlated with foreign investment markets.  A number of investors allegedly find that owning physical assets in the U.S. is a comfortable choice during difficult times.  Typically, US Property appreciates over time and can, in many cases, be rented as well as used by the owner."

"Miami is considered by many to be a world-class international city, and a number of other cities—San Francisco, New York, Houston, Phoenix, and others—attract significant foreign interest.  Proximity to transportation tends to be an important factor.  Foreign purchasers are heavily attracted to Florida, Arizona, Texas, and California for educational, business, medical, and recreational purposes, among others.  In addition, there are significant concentration of foreign interest in Pennsylvania, North Carolina, Virginia, Tennessee, Washington state, Illinois, Georgia, Hawaii, and New Jersey."

"The media has made much of declining home prices, and given concern over the U.S. budget and debt limits, the stock market, and alleged and perceived complications with the U.S. economy can provide a hesitancy to purchase property in the U.S.—either by U.S. residents or foreigners.  Nevertheless, the U.S. economy is large and, from a long run perspective, likely to be as resilient in the future as has been the case in the past - you can, of course, find doomsayers on the negative side of what is almost a philosophical argument.  Accordingly, this appears to be a really good time to buy property."

  Source OPP