Brits thinking about taking out
annual multi trip insurance and heading off on trips to visit property abroad might want to temper their enthusiasm somewhat.
Dan Johnson, director of TheMoveChannel.com, argued that people should be very careful about their motivations to purchase overseas property at present, as many markets still remain volatile and could well continue to diminish in the months ahead.
He commented: "You are going to have to be choosing something that's going to work for you on a three to seven year timescale, because there is not going to be sufficient capital growth in the next year, maybe even two."
According to Knight Frank's Global House Price Index published earlier this month, property prices in Dubai fell by 7.5 per cent in the second quarter of 2009, compared to a 41 per cent fall in the first quarter. Prices in the country have fallen by 47.3 per cent in the past year.
InsureandGo offers annual multi trip insurance for anyone jetting off on a regular basis to visit properties abroad.
