South East Asia property too expensive for British buyers
31 August 2010
Property in South East Asia has dropped off the radar for cash-strapped British buyers, according to data from a leading UK property website.
Property in South East Asia has dropped off the radar for cash-strapped British buyers, according to data from the United Kingdom’s leading property website.
The report from RightMove Overseas compared search statistics from July 2008 and July 2010, and the results do not bode well for South East Asian countries that previously enjoyed substantial interest from the United Kingdom.
Two of the biggest losers globally were the Philippines and Malaysia which have witnessed a 76.39% and 67.30% in search activity respectively. Thailand saw a 51.07% decline in interest, according to the report.
Robin Wilson, Head of Overseas at Rightmove, said, “Two years on from when the Credit Crunch first started to really bite, it’s clear that the overseas property market is radically different. Many of the market dynamics that used to be in place have gone, some would argue for good.
For example, you’d be hard pushed to find a casual investor looking to make a quick buck by flipping off-plan apartments in out of the way places, availability of mortgage finance is much harder and many businesses have failed to adapt to the new conditions.”
[Source: Thailand Business News]
