Brits join the new craze and invest in PIIGS!
And no it wasn’t a typo!! PIIGS as in Portugal, Italy ,Ireland and Spain have recently been ‘penned’ together (pardon the pun) under this amusing new acronym. These are the countries that have been hit the hardest by the recession, are rolling in debt and in the case of Portugal,Ireland and Greece have had to be handed the truffle (so to speak) and bailed out to keep them from the slaughter house...(Too far??)
Studies show that a massive 82% Britain’s looking to purchase property abroad are interested in cashing in on these particular European countries because they have been hit the hardest.
Currencies.co.uk who compiled the data, based their studies on customers who are looking to buy property abroad in the next 12 months. They conclude that of the PIIGS nations they have seen notable growth in the number of enquiries particularly in Spain who have seen the biggest increase and with exception of Greece.
So evidence suggests that those investors who have been sitting on their cash and waiting for the right time to invest should be looking to the PIIGS and with Spanish property prices at an all time low investors in buying property in Spain will be grunting all the way to the bank...(sorry I couldn’t help myself!)
By Sorrel Lewis
Source: Buy Association