Brits fuel global property boom

British bargain hunters are fuelling a boom in house prices around the world. With relatively few bargains to be found here, tens of thousands are looking abroad to invest in a cheap holiday home or an idyllic spot for retirement, according to a report yesterday.

Traditional European hotspots such as France and Spain are not as popular as they were in the 90s, when a continental bolthole was still something of a novelty.

These days the boom nations for housing demand can be found mostly in Eastern Europe and Scandinavia.

With cheaper air travel bringing more distant destinations within easier reach, there is also a growing demand for second homes in countries such as South Africa and Canada.

A survey of international house price inflation shows the countries where high demand has caused a sudden surge in property prices. Bulgaria, for example, comes with house prices increasing by 20.5% a year.
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