Brits buying overseas turn to UAE as Europe falters

At the other end of the scale, the number of searches for property in Spain fell by 15% during the final three months of 2011 compared to the previous three. Portuguese property fell by 9% while searches for Italian and Cypriot property fell by 14% and 15% respectively.

Nigel Lewis, property analyst at PrimeLocation.com, says:

“The UAE enjoy low rates of taxation, a stable and wealthy economy and an attractive property market, so it’s easy to understand why many highly-paid professionals would be tempted.”

“Although places such as Spain, Portugal and Italy remain popular among UK buyers, demand for them is on the decline, which is not surprising given the on-going sovereign debt crisis in the Eurozone.

“One note of caution is that buyers considering more far flung property markets such as the UAE should seek legal advice to ensure they understand the property laws in the country and to safeguard against any unwelcome legal surprises that they might then have to deal with long after they’ve moved in.”