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Demand rises for mortgages on overseas investment property
04/09/2008 @ 11:36
The demand for mortgages on overseas investment property is rising due to the massive downturn in the UK housing market.
As the threat of recession looms and zero growth has been reported in the British economy for the second quarter of this year, buyers are seeking to invest their savings in more hospitable regions such as the Caribbean and the Bahamas. Whereas economic vitality is a major pull, year-round warm weather and a relaxed atmosphere is also an attractive prospect for many.
Andrew Arnott, from Investec Private Bank, told wealth-bulletin.com: "As the UK housing market slows down, many high net worth individuals are increasingly looking to purchase overseas properties as they see them as representing a better investment opportunity."
Although many world destinations can cause confusion through complex financial wrangling, many areas of the Caribbean offer significant tax incentives designed to protect personal wealth and in turn boost regional investment from both individuals and businesses.
Buyers are advised to shop around for the best deals on Caribbean property.
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