Overseas Property
Overseas property usually refers to overseas property investment, or a second home overseas. Typically, the owner of an overseas property has invested in the second home as a ‘holiday home’, or a place for retirement. The property is usually located in a hotter climate than the owner’s native country, and such places are often used as a relaxation retreat for people in higher wage brackets with high stress jobs. The acquisition of overseas property can draw resentment from the local population around the property, as an influx of property owning ‘tourists’ can be perceived as a threat to their culture and often couched in the terms of an ‘invasion’. However, overseas investment does provide additional income for the surrounding area, albeit seasonal.
Investment in overseas property has become popular among the populations of wealthier countries, and as the most desirable overseas properties are often in remote locations where the property owner’s native language is often spoken sparsely if at all, it has provided an interesting scenario in which the citizens of wealthier nations have to try to adopt the language and customs of the people around their property.
Popular destinations for overseas properties are the south coast of France, the Mediterranean coast of Spain or inland Spain, and Italy. In the Americas, by far the most popular location for overseas property buyers is Florida.
As with many trends, overseas property investors are constantly looking for that ‘undiscovered’ place to buy their overseas property, and like many industries, the overseas property market did not fare well in the recent recession.
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