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Posted On: 17/03/2010
Anyone who has been reading about overseas property in the last few months will have read the reports on the increasing numbers of Russian and Scandinavian buyers, which are apparently filling the gap left by British buyers in countries like Italy and Spain.
There have been several reports in recent weeks that the Brits are returning to overseas property, and I can't say the reports aren't true, because I am well aware that they are. However, according to recent statements from Italian agents and developers, who exhibited at the La Dolce Vita show in London.
"The number of UK buyers we sell to has gone right down and buyers from Russia, Scandinavia and the Benelux countries are more important now," said Lois Allan, CEO of agent L’Architrave.
"But it's good to have a presence in the UK. We’re exhibiting at La Dolce Vita for the first time, not because we're expecting a lot of sales but because the market is starting to pick up and we want to network."
His thoughts were echoed by Julia Kazlouskaya of Calabria Dreams, who said that apart from the odd buyer from places like Germany and Denmark Russian are now the dominant force in the Calabrian market.
These reports are reminiscent of 2008 when the increasing levels of Russian and Eastern European buyers began attracting the attention of UK overseas agents, who started hiring Russian translators and advertising on Russian property portals.
In the reports I have read the new wave of European buyers would seem to be targeting Italy, France (leasebacks), Austria, the Caribbean, Turkey and Spain.
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