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Are you wondering if this is the right time to be selling overseas property?
Maybe it is, keeping in mind the uncertain political and economic environment around the world. Better sell your overseas property and hold on to your money.
But, here’s the question: whom to sell your overseas property to? For every seller, there has to be a buyer. Just as you have your reasons to sell, a buyer has their reasons to buy.
Who are the biggest buyers of overseas property and why are they in the market? Let’s find out!
Without question, the Chinese are the #1 buyers in the overseas property market. In 2017 alone, the Chinese purchased properties worth $32 billion in Europe, North America and Australia. Chinese interest remains strong despite the restrictions on the outflow of money imposed by the Chinese government. The Chinese are serious buyers who pay in full and by cash and stick to their commitments.
Scandinavian countries such as Sweden and Norway are incredibly prosperous and most people, there have high disposable incomes. The weather in that part of the world, however, is very harsh, especially during the winter. That’s why many Swedish and Norwegian families look to buy second homes in Spain, Portugal, France and other overseas property destinations. They are scrupulous and trustworthy buyers.
Brits are among the biggest buyers of overseas property, especially in Spain and France. The British expat community is large, numbering in the millions and is spread out across Europe and the rest of the world. They are heavily involved in the overseas property market, either as buyers or sellers. The British interest has gone down a bit because of Brexit and the weakness of the Pound, which means they have lesser buying power. But they remain major buyers even today.
The Russians were the biggest buyers of overseas property until they were replaced at the top by the Chinese. Russian investors were hit by the fall in oil prices and the devaluation of the Rouble. But with oil prices set to rise, we expect Russian buyers to figure prominently in the overseas property market yet again. They remain the biggest buyers of properties in Bulgaria, Croatia, Hungary and many other countries.
Americans are fast emerging as major buyers in the overseas property market. They are the richest country in the world, and the fact that the US dollar is at its strongest right now gives them enormous buying power. You will certainly get a good price for your overseas property if you were to sell to an American buyer.
The Irish are very smart, intelligent buyers in the overseas property market who know how and where to find a bargain. They were among the earliest to invest in Bulgaria – they recognized the potential of Bulgaria as an overseas property destination much before anyone else.
Australian buyers are in a lot of ways similar to Americans – they are rich, ambitious and not afraid to pay good money for a high quality property in a first class location.
Contact us today to buy or sell overseas property in any part of the world to international investors.