24bn Spent on overseas property

Brits spent close to £24bn acquiring properties overseas in 2007, according to the Association of International Property Professionals' (AIPP).

The Associations annual market report reveals that there were around 242,000 completed overseas property purchases made by British buyers, up 21% on 2006.

Spain was the most popular destination; figures show that 25.4% of all Brits buying property abroad last year bought a home in Spain. France came second (17%), followed by USA (9.7%). Bulgaria was the fourth most popular overseas property destination, making it the leading emerging market last year.

"Some may be surprised to hear that Spain is still at number one as the primary destination for Britons buying property abroad as there has been some negative media coverage over the Spanish property market", Paul Owen, CEO of AIPP said. "However, our figures show it is still the favourite destination for the British buyer; even a six per cent decrease in purchases did not manage to knock it from top spot."

Displayed in chronological order, the remainder of the top 10 destinations for British buyers in 2007 was: Morocco (4.9%), Dubai (4.8%), Italy (3.7%), Portugal (3.6%), Cyprus (2.9%) and Turkey (2%).

Figures collated in this report are for completed property transactions only and not for deposits paid. Consequently, the AIPP claim that this is "the most reliable source of information in the industry", because every transaction can be verified.